Pengana International Equities Limited

Pengana International Equities Limited (ASX: PIA) provides access to the benefits of an actively managed core portfolio of 30-50 ethically screened companies across developed and developing global markets via a listed investment company structure.

TARGETING FULLY-FRANKED DIVIDENDS

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Investment Strategy

Pengana International Equities Limited (ASX: PIA) gives investors access to a diversified portfolio of 30-50 global equities through a Listed Investment Company that has traded on the ASX since March 2004. The Company’s Investment Manager is a wholly owned subsidiary of Pengana Capital Group Limited (ASX: PCG).

The sole purpose of a LIC is to manage investments on behalf of its shareholders. Investors can become shareholders in PIA by purchasing the company’s shares through any stockbroker or online broker.

The aim of PIA is to generate consistent long-term returns whilst reducing volatility and the risk of losing capital.

The strategy is long-only, benchmark independent and typically holds 30-50 companies. The mandate allows investment across geographies, industries and company sizes. The companies considered for inclusion in the portfolio demonstrate large and growing free cash flow generation, and are priced attractively relative to their cash flow.

The Fund utilises a negative screening process which seeks to avoid investment in companies that derive operating revenues from direct and material business involvement in the following:

  • Alcohol
  • Adult content                   
  • Animal cruelty
  • Fossil fuels (coal, coal seam gas, oil)
  • Gambling
  • Genetically modified organisms (GMO)
  • Human rights abuses and exploitation
  • Mining
  • Nuclear
  • Old growth forest logging
  • Securities from issuers on UN sanctions list
  • Tobacco
  • Uranium mining
  • Weapons

Integration of ESG factors into the research process directs investments to well-managed, responsible and progressive companies.

An integral element of the portfolio construction process is the division of stocks that meet the investment criteria into three segments: Core, Cyclical and Opportunistic.

Core
(60-80% of the portfolio) are stable and growing businesses that generate consistent returns.

Cyclical
(0-30% of the portfolio) are businesses operating in cyclical industries that are poised for a cyclical upturn, which is not recognised in their share price.

Opportunistic
(0-20% of the portfolio) are unique, company specific situations that offer attractive potential upside.

The portfolio is created from the 30-50 stock ideas that work best together, rather than just the 30-50 best ideas.

Pengana International Equities Limited is managed by an experienced team of six from the Pengana International Equities team, with over 90 years of combined experience. The team is led by Chief Investment Officer and Portfolio Manager Jordan Cvetanovski and Head of Research and Portfolio Manager Steven Glass.

Benefits of investing

Skilled investment team. The investment team has over 90 years of combined experience investing in global equities and has developed a successful and repeatable investment process.

A truly active strategy. A relatively concentrated portfolio that is selected purely on investment merits rather than index weight.

Investment in high quality businesses at compelling valuations. The strategy invests in businesses with compelling business models that consistently generate large and growing sums of cash.

Focus on risk and return. The portfolio focuses on 30-50 stocks that work together, with sufficient concentration to deliver returns and sufficient diversification to reduce risk.

Investment approach that is suitable across market environments. The investment team invests across different geographies, industries and company sizes and can adjust to changing market environments.

Ethical process. Negative ethical screens exclude industries that, in our opinion, can cause harm to people, animals or the environment. Integration of ESG factors into the research process directs investments to well managed, responsible and progressive companies.

How to invest

Pengana International Equities Limited shares are traded on the Australian Securities Exchange (ASX) under the ticker code PIA.  You can purchase shares through a stockbroker in the same way as you buy shares in other companies.

If you do not have a stock broker, the ASX provides a service which can assist you in choosing a stock broker.

  • Performance History
    Fund performance for Pengana International Equities Limited

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    Investment Period to
    Please select a minimum 60 day date range.
    Performance at October 2020
    1 MTH 1 YEAR 3 YEARS 5 YEARS Since Inception
    Pengana International Equities Limited 0.41% 14.03% 10.61% 6.66% 8.29%
    MSCI World Total Return Index, Net Dividends Reinvested, in A$ -1.07% 2.39% 9.11% 8.47% 7.38%
    Outperformance 1.48% 11.65% 1.50% -1.80% 0.92%

    July 2017 represented the first full month of Pengana International Equities Limited being managed under the new investment mandate with the new investment team. The performance since inception in the table above refers to the movement in net assets per share since the inception of PIA in March 2004.

    Performance figures refer to the movement in net assets per share, reversing out the impact of option exercises and payments of dividends, before tax paid or accrued on realised and unrealised gains. Past performance is not a reliable indicator of future performance, the value of investments can go up and down. Inception date of PIA: 19 March 2004, new investment team with new mandate adopted: 1 July 2017.

    None of Pengana International Equities Limited ('PIA'), Hunter Hall Investment Management Limited nor any of their related entities guarantees the repayment of capital or any particular rate of return from PIA. Past performance is no guarantee of future performance. This information has been prepared by PIA and does not take into account a reader’s investment objectives, particular needs or financial situation. It is general information only and should not be considered investment advice and should not be relied on as an investment recommendation.

  • Investment Team
    Jordan Cvet
    Jordan Cvetanovski

    Portfolio Manager

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    Steven Glass
    Steven Glass

    Deputy Portfolio Manager and Analyst

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    James McDonald
    James Mcdonald

    Equity Analyst

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    joy web2
    Joy Yacoub

    Executive Director & Business Manager - International Equities Division

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    Ronald Yu
    Ronald Yu

    Equity Analyst

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    Ryan Fisher
    Ryan Fisher

    Equity Analyst

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    Veronica2
    Veronica Price

    Equity Analyst

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  • Investor Notifications

    There are currently no investor updates for you to note.

  • Reports and Resources
    Important Information

    Information on dividends, financial reports, ASX releases and other important Company information can be found here.

    Pengana International Equities Limited

    • Monthly Reports
      September 2020 - An unnatural situation for capital markets Download
      August 2020 - Healthy growth prospects at the most attractive valuations Download
      July 2020 - A time to stick to fundamentals
      Download
      June 2020 -  Quarterly wrap up and review  Download
      May 2020 - Events that could shake any investor Download
      April 2020 - Outperformed the strongest market since 1987. Where to from here? Download
      March 2020 - Effective risk management strategies and healthy returns into the future Download
      February 2020 - Achieving True diversification in the face of market uncertainty Download
      January 2020 - Minimising Volatility is too often overlooked Download
      Monthly Report December 2019 Download
      Monthly Report November 2019 Download
      Monthly Report October 2019

      Download

      Monthly Report September 2019

      Download

      Monthly Report August 2019

      Download

      Monthly Report July 2019

      Download

      Quarterly Report June 2019 Download
      Monthly Report May 2019 Download
      Monthly Report April 2019 Download
      Quarterly Report March 2019 Download
      Monthly Report February 2019 Download
      Monthly Report January 2019 Download
      Quarterly Report December 2018 Download
      Monthly Report November 2018 Download
      Monthly Report October 2018 Download
      Quarterly Report September 2018 Download
      Monthly Report August 2018 Download
      Monthly Report July 2018 Download
      Quarterly Report June 2018 Download
      Monthly Report May 2018 Download
      Monthly Report April 2018 Download
      Quarterly Report March 2018 Download
      Monthly Report February 2018 Download
      Monthly Report January 2018 Download
      Monthly Report December 2017 Download
      Monthly Report November 2017 Download
      Monthly Report October 2017 Download
      Monthly Report September 2017 Download
      Monthly Report August 2017 Download
      Monthly Report July 2017 Download
      Quarterly Report September 2018 Download
      Monthly Report August 2018 Download
      Monthly Report July 2018 Download
      Quarterly Report June 2018 Download
      Monthly Report May 2018 Download
      Monthly Report April 2018 Download
      Quarterly Report March 2018 Download
      Monthly Report February 2018 Download
      Monthly Report January 2018 Download
      Monthly Report December 2017 Download
      Monthly Report November 2017 Download
      Monthly Report October 2017 Download
      Monthly Report September 2017 Download
      Monthly Report August 2017 Download
      Monthly Report July 2017 Download
    • Financial Reports
      Interim Report for Pengana International Equities Limited to 31 December 2019 Download
      Annual Report for Pengana International Equities Limited to 30 June 2019 Download
      Interim Report for Pengana International Equities Limited to 31 December 2018 Download
      Annual Report for Pengana International Equities Limited to 30 June 2018 Download
      Interim Report for Pengana International Equities Limited to 31 December 2017> Download
      Annual Report for Pengana International Equities Limited to 30 June 2017 Download

  • Ratings and Awards
    Ratings
    Zenith Recommended** Click to View

    This report may only be accessed by holders of Australian Financial Services Licences and their authorised representatives.

    **The Zenith Investment Partners ("Zenith") Australian Financial Services License No. 226872 rating (assigned May 2019) referred to in this document is limited to "General Advice" (as defined by the Corporations Act 2001) for Wholesale clients only. This advice has been prepared without taking into account the objectives, financial situation or needs of any individual. It is not a specific recommendation to purchase, sell or hold the relevant product(s). Investors should seek independent financial advice before making an investment decision and should consider the appropriateness of this advice in light of their own objectives, financial situation and needs. Investors should obtain a copy of, and consider the PDS or offer document before making any decision and refer to the full Zenith Product Assessment available on the Zenith website. Zenith usually charges the product issuer, fund manager or a related party to conduct Product Assessments. Full details regarding Zenith’s methodology, ratings definitions and regulatory compliance are available on our Product Assessment’s and at http://www.zenithpartners.com.au/RegulatoryGuidelines.