Pengana International Equities Limited (ASX: PIA)
Pengana International Equities Limited is a Listed Investment Company that exists to provide shareholders with capital growth and regular, reliable fully franked dividends.
Pengana International Equities Limited (trading on the ASX as PIA) is the largest international ethical Listed Investment Company (“LIC”) on the ASX, that exists to provide shareholders with capital growth as well as regular, reliable, and fully franked dividends.
The strategy aims to generate superior risk-adjusted returns, through investing in an actively managed portfolio of global companies that meet the team’s high-quality and durable growth criteria at reasonable prices. A robust ethical framework provides an added layer of risk mitigation.
These companies are identified through the conduct of fundamental research, with a long-term, global perspective, and must exhibit the following four key investment criteria: competitive advantages, quality management, financial strength, and sustainable growth potential.
Harding Loevner was appointed the investment manager on 10th May 2021. Harding Loevner is a New Jersey-based global equity fund manager formed in 1989 with over US$ 84 billion in Assets under Management.
For up-to-date fund statistics please find the latest monthly report here
- Shares can be bought and sold on the ASX
- Quarterly-annual fully franked dividends
- Investment activities are not affected by redemptions or unexpected cash inflows or outflows
- Regular reporting to shareholders e.g. semi-annual financial reports and weekly NTA
- Shareholders can interact with directors and management
- The company is subject to ASX and ASIC supervision
Investing in high-quality, ethically screened, growing businesses at reasonable prices leads to superior risk-adjusted returns over the long term.
This “quality-growth” investment philosophy has been the foundation of Harding Loevner’s strategies since the firm was founded in 1989.
The philosophy is expressed in the four key criteria that a company must meet before we will consider it for investment:
Competitive Advantage
Sustainable return on capital above the cost of capital within a supportive industry structure enabling it to earn better financial returns than rivals.
Sustainable Growth
An industry structure supporting long-term growth in revenues, earnings, and cash flow. Growth is underpinned by long-term fundamental trends, not ephemeral factors.
Financial Strength
Balance sheet strength and free cash flow generation to fund long-term growth in all environments.
Quality Management
Skilful management with a good record, a clear strategy, and a consistent regard for shareholders.
Top Holdings can be viewed here
Latest Fund performance can be viewed here
Founded in 2003 and headquartered in Sydney, with offices in Melbourne, Brisbane, and Perth, Pengana currently manages over AUD$4 billion across a range of international and Australian strategies.
We hunt for the world’s leading investment teams in order to bring our investors unique, differentiated, and smart investment products.
Our unique business model also delivers centralised support from our corporate team, so our fund managers can focus on what they do best – managing portfolios.
Pengana’s premium investment products employ active strategies with non-benchmark mandates, giving our investment teams the freedom to invest in their best ideas.
With independent investment teams in Chicago, Connecticut, New Jersey, United Kingdom, Israel, Melbourne, and Sydney, our range of independently managed investment strategies provides a well-blended and uncorrelated level of diversification.
Each strategy is run by a separate investment team with unique skills relevant to their investment class. Our focus and track record is to provide investors with long-term returns, adjusted for risk minimisation.
Pengana Capital is a wholly owned subsidiary of Pengana Capital Group.
Analyst, Consumer Discretionary
Portfolio Manager, Global Equity (Co-Lead) & World Equity Partner
Joined Harding Loevner in 1997.
Previous Experience
Rockefeller & Co., Inc., 1988–97
- Investment Analyst, New York & London
- Private Equity Manager, Paris
Chase Manhattan Bank, N.A., 1983–88
- Distressed Debt Manager, Indonesia
- International Credit, New York
Education
- University of North Carolina, Chapel Hill, BA, Political Science, 1983
- Chartered Financial Analyst, 1993
Analyst, Industrials & China
Portfolio Manager, Global Equity (Co-Lead), World Equity & Chinese Equity Partner
Joined Harding Loevner in 2010
Previous Experience
New China Capital Management, LLC (manager of The Cathay Capital Group), 2005–10
- Vice President, Connecticut and China
Harding, Loevner Management, L.P., 2004
- Summer Analyst
China International Economics Consultants, 2002–03
- Senior Strategy Consultant, China
Accenture, 1998–02
- Consultant, China
Education
- Shanghai Jiaotong University, BA, International Trade, 1998
- Yale School of Management, MBA, Finance, 2005
The latest monthly report is available here
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The issuer of the securities is identified at the top of this page. The prospectus and, where applicable, target market determination for the product are available in the Documents section of this listing. Prospective investors should consider the Prospectus before deciding to acquire the securities and applications for securities must be made by completing the application form provided with the Prospectus. This product listing was vetted by and approved by the issuer identified above before publishing. Investment Markets (Aust) Pty Ltd AFSL 527875 (IM) is not the issuer of the securities.
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