International Fund

The Pengana International Fund aims to provide exposure to a diversified portfolio of highly cash-generative and growing global companies purchased at compelling valuations.

Investment strategy

The Pengana International Fund invests in a portfolio of global companies, diversified across geographies, industries and company sizes.

Launched in 2015, the Fund 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 portfolio is created from the 30-50 stock ideas that work best together, rather than just the 30-50 best ideas.

The investment team develops an understanding of the opportunities using detailed research covering financial statements, company meetings and external research. Companies that meet the investment criteria are divided into three segments:

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

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

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

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

Investment in high quality businesses at compelling valuations. The Fund aims to invest 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.

  • Performance History
    Fund performance for International Fund

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    Investment Period to
    Please select a minimum 60 day date range.
    Performance at December 2020
    1 MTH 1 YEAR 3 YEARS 5 YEARS Since Inception
    International Fund 0.94% 18.73% 13.81% 12.11% 12.04%
    MSCI All Country World Total Return Index in AUD -0.08% 5.90% 10.56% 10.94% 9.99%
    Outperformance 1.02% 12.82% 3.26% 1.17% 2.05%

    Net performance figures are shown after all fees and expenses, and assume reinvestment of distributions. Past performance is not a reliable indicator of future performance, the value of investments can go up and down. Inception date 1 July 2015.

  • Fund Facts
    Minimum investment:


    Recommended timeframe:

    3 years or more

    Inception date:

    1 July 2015


    MSCI All Country World Total Return Index (net) in $A

    Management and Performance fees (incl GST):

    Investors have the choice of:

    Class B

    Management fee: 0.974% of the Class’ net asset value

    Performance Fee: Nil

    Class E

    Management fee: 0.65% of the Class’ net asset value

    Performance Fee: 15% on all performance above the MSCI All Country World Index

    Buy/sell spread:

    0.30% on both applications and redemptions

    Entry/ exit fees:


    Fund pricing:


    Distribution frequency:

    Annually in June

    Typical number of stocks:


    APIR code:


    Platform availability
    • Ausmaq
    • Asgard
    • BT Wrap
    • Colonial First State
    • FNZ
    • HUB24
    • Linear
    • MLC Wrap
    • Macquarie Wrap
    • Mason Stevens
    • Netwealth
    • Powerwrap
  • Unit Prices
    Unit Prices History Table
    Date Application Redemption Distributions
    22 Jan 2021 1.4923 1.4833 -
    21 Jan 2021 1.4924 1.4835 -
    20 Jan 2021 1.4934 1.4845 -
    19 Jan 2021 1.4823 1.4734 -
    18 Jan 2021 1.4768 1.4680 -
    15 Jan 2021 1.4746 1.4657 -
    14 Jan 2021 1.4700 1.4612 -
    13 Jan 2021 1.4723 1.4635 -
    12 Jan 2021 1.4802 1.4714 -
    11 Jan 2021 1.4814 1.4726 -
    08 Jan 2021 1.4788 1.4700 -
    07 Jan 2021 1.4757 1.4669 -
    06 Jan 2021 1.4586 1.4498 -
    05 Jan 2021 1.4441 1.4354 -

    Download Unit Prices

    Where a distribution is shown, the price for that date is prior to the payment of the distribution.  The following day's price will exclude that distribution payment amount.

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    Where a distribution is shown, the price for that date is prior to the payment of the distribution.  The following day's price will exclude that distribution payment amount.

  • 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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    Veronica Price

    Equity Analyst

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  • Investor Notifications
    Notice of change of Address Download
    Complaints resolution process for retail clients who invest through Platforms Download
    Attribution Managed Investment Trust regime changes - 4 December 2017 Download
  • Reports and Resources

    International Fund


  • Ratings and Awards
    Lonsec Investment Grade* Click to View
    Zenith Recommended** Click to View
    SQM Superior*** Click to View

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

    *The Lonsec Rating (assigned January 2020) presented in this document is published by Lonsec Research Pty Ltd ABN 11 151 658 561 AFSL 421 445. The Rating is limited to "General Advice" (as defined in the Corporations Act 2001 (Cth)) and based solely on consideration of the investment merits of the financial product(s). Past performance information is for illustrative purposes only and is not indicative of future performance. It is not a recommendation to purchase, sell or hold Pengana Capital product(s), and you should seek independent financial advice before investing in this product(s). The Rating is subject to change without notice and Lonsec assumes no obligation to update the relevant document(s) following publication. Lonsec receives a fee from the Fund Manager for researching the product(s) using comprehensive and objective criteria.

    For further information regarding Lonsec's Ratings methodology, please refer to our website at:

    ***SQM Research is an investment research firm that undertakes research on investment products exclusively for its wholesale clients, utilising a proprietary review and star rating system. Information contained in this document attributable to SQM Research must not be used to make an investment decision. The SQM Research rating is valid at the time the report was issued (2 April, 2019), however it may change at any time. While the information contained in the rating is believed to be reliable, its completeness and accuracy is not guaranteed. The SQM Research star rating system is of a general nature and does not take into account the particular circumstances or needs of any specific person. Only licensed financial advisers may use the SQM Research star rating system in determining whether an investment is appropriate to a person’s particular circumstances or needs. You should read the product disclosure statement and consult a licensed financial adviser before making an investment decision in relation to this investment product. SQM Research receives a fee from the Fund Manager for the research and rating of the managed investment scheme.

    **The Zenith Investment Partners ("Zenith") Australian Financial Services License No. 226872 rating (assigned November 2018) 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