Pengana International Equities Limited
Full Report Available at independentresearch.com.auPengana International Equities Limited (ASX: PIA) is a Listed Investment Company (LIC) that
provides exposure to an actively managed portfolio of global ethical stocks. The Investment
Manager of the portfolio is Pengana Investment Management Limited, a wholly owned
subsidiary of Pengana Capital Group Limited (ASX: PCG). In March 2021, the two Portfolio
Managers exited the business which resulted in the Investment Manager undertaking a
search for a replacement manager to manage the portfolio. The search was swift and on 10
May 2021, the Company announced that the Investment Manager had appointed Harding
Loevner as the Manager of the portfolio. Harding Loevner are a New Jersey based global
equities manager that was established in 1989 and has over US$84b in AUM. The portfolio
will now be managed using the Harding Loevner investment style and philosophy with the
addition of the PIA ethical screen (see Investment Process Section for further detail regarding
the ethical screen).
The Company will seek to generate superior risk-adjusted returns to the benchmark index
through a portfolio of stocks that meet the Manager’s high quality and sustainable growth
investment criteria. The Manager has a fundamental bottom-up investment approach. In
addition to capital growth, the Company will seek to provide a regular dividend, franked to the
maximum extent possible. The Company moved from a semi-annual to quarterly dividend in
October 2020. The management and performances fees remain unchanged.
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