Pengana International Equities Ltd Registered · ASX:PIA
Pengana International Equities Ltd Registered — Pengana International Equities — Investor Presentation (February 2025)
25 slides from Pengana International Equities Ltd Registered's investor presentation, Feb 17, 2025
Slide 1: Chairman's Letter
ASX ANNOUNCEMENT PIA DECEMBER 2024 INTERIM REPORT CHAIRMAN’S LETTER Dear Fellow Shareholders, Pengana International Equities Limited released its results for the half year to 31 December 2024 to the ASX on 17 February 2025. For personal use only Highlights • Net Profit after tax of $26.9 million, a
Slide 2: Investment Manager's Outlook
Investment Manager’s Outlook Inflation continues to drift slowly back to central bank targets, enabling further gradual interest rate reductions over the coming months. While this should lend support to the global economy and corporate earnings growth over the rest of the financial year , geo-politi
Slide 3: Pengana International Equities Limited 31 December 2024 Investor Presentation
For personal use only PENGANA INTERNATIONAL EQUITIES LIMITED (ASX: PIA) 31 December 2024 Investor Presentation
Slide 4: Important Information & Disclosures
IMPORTANT INFORMATION & DISCLOSURES For personal use only This report has been prepared by Pengana Investment Management Ltd (ABN 69 063 081 612, Australian Financial Services Licence No. 219462) (“Pengana”). This report does not contain any investment recommendation or investment advice and has bee
Slide 5: Agenda
PENGANA INTERNATIONAL For personal use only EQUITIES LIMITED (ASX: PIA) AGENDA I Corporate overview II Highlights for the half-year ending 31 December 2024 The Strategy III Portfolio update from Harding Loevner IV Harding Loevner overview PENGANA INTERNATIONAL EQUITIES LIMITED (ASX: PIA) | PAGE 3
Slide 6: Corporate Overview
CORPORATE OVERVIEW RESPONSIBLE INVESTING – CAPITAL GROWTH – RELIABLE INCOME For personal use only PIA’s objective is to provide shareholders with: • capital growth from investing in an ethically screened and actively managed portfolio of international businesses, and • regular, reliable and fully fr
Slide 7: Responsible Investing: The Largest International Ethical LIC on the ASX
RESPONSIBLE INVESTING: THE LARGEST INTERNATIONAL ETHICAL LIC ON THE ASX Ethical Screens For personal use only Pre trade application of Pengana’s Ethical Screens that seek to avoid investment in companies that derive operating revenues from direct and material business involvement1 in the following
Slide 8: Agenda
PENGANA INTERNATIONAL For personal use only EQUITIES LIMITED (ASX: PIA) AGENDA I Corporate overview II Highlights for the half-year ending 31 December 2024 The Strategy III Portfolio update from Harding Loevner IV Harding Loevner overview PENGANA INTERNATIONAL EQUITIES LIMITED (ASX: PIA) | PAGE 6
Slide 9: Financial Highlights for the Half-Year Ending December 2024
FINANCIAL HIGHLIGHTS FOR THE HALF-YEAR ENDING 31 DECEMBER 2024 For personal use only Next quarter dividend 1.35 cps to be paid on 17 March 2025, Annual dividend1 5.4 cps paid quarterly, yield of 4.3% or fully franked at 30% tax rate 6.2% grossed up for franking Net Assets $353 million or $1.37 per s
Slide 10: Sustainable Fully Franked Dividends
SUSTAINABLE FULLY FRANKED DIVIDENDS PIA’s objective is to provide shareholders with capital growth from investing in an ethically screened and actively managed portfolio of global businesses, in addition to providing shareholders with regular, reliable and fully franked dividends For personal use on
Slide 11: Dividend Yield
DIVIDEND YIELD Quarterly Fully Franked Dividends For personal use only The current profit reserves & franking balance are able to sustain fully franked quarterly dividends into FY2027 Based on closing share price at 14 February 2025 and a 30% company tax rate PENGANA INTERNATIONAL EQUITIES LIMITED (
Slide 12: NTA and Share Price Movements July 2017 to December 2024
NTA AND SHARE PRICE MOVEMENTS 1 JULY 2017 TO 31 DECEMBER 2024 For personal use only Pre Tax NTA Share Price $1.70 $1.60 $1.50 $1.40 $1.30 $1.20 $1.10 $1.00 $0.90 $0.80 Jun 17 Dec 17 Jun 18 Dec 18 Jun 19 Dec 19 Jun 20 Dec 20 Jun 21 Dec 21 Jun 22 Dec 22 Jun 23 Dec 23 Jun 24 Dec 24 As at 18 August 2023
Slide 13: Agenda
PENGANA INTERNATIONAL For personal use only EQUITIES LIMITED (ASX: PIA) AGENDA I Corporate overview II Highlights for the half-year ending 31 December 2024 The Strategy III Portfolio update from Harding Loevner IV Harding Loevner overview PENGANA INTERNATIONAL EQUITIES LIMITED (ASX: PIA) | PAGE 11
Slide 14: Top Holdings as at December 2024
TOP HOLDINGS AS AT 31 DECEMBER 2024 For personal use only Total number of portfolio holdings: 55 PENGANA INTERNATIONAL EQUITIES LIMITED (ASX: PIA) | PAGE 12
Slide 15: Portfolio Positioning
PORTFOLIO POSITIONING EXPOSURES AS AT 31 DECEMBER 2024 For personal use only GEOGRAPHIC EXPOSURE SECTOR EXPOSURE Under/Over Under/Over Cash Cash Utilities Western Europe Real Estate Middle East Materials Information Technology Eastern Europe Industrials Asia Health Care Financials Pacific Energy Sou
Slide 16: Quality & Growth Investment Philosophy
QUALITY & GROWTH INVESTMENT PHILOSOPHY WE BUILD DIVERSIFIED PORTFOLIOS OF HIGH-QUALITY, GROWING COMPANIES. For personal use only More Profitable Lower Risk* Faster Growth Profit Margin Return on Assets Return on Equity Std. Dev. of ROE Debt/Equity Sales Growth Earnings Growth Cash Flow Growth 21.3 6
Slide 17: What's On Our Mind?
WHAT’S ON OUR MIND? Continued volatility due to ongoing trade tensions, inflation concerns, and divergent central bank policies 1 The current backdrop For personal use only Inflation continues to drift (slowly) back to central bank targets; unemployment remains low Interest rates will fall (further)
Slide 18: Info Tech: Beyond Chips & Equipment
INFO TECH: BEYOND CHIPS & EQUIPMENT AI Tsunami moving from chips to platforms to software & services PIA Global Active Weights For personal use only Sector PIA % Under / Over Communication 8 16.1 Com munication Ser vices Services Health Care 16.3 Health Car e 6 Industrials 15.7 AI Tsunami Ind ustria
Slide 19: Health Care: Beyond Big Pharma
HEALTH CARE: BEYOND BIG PHARMA Bioprocessing and Diagnostics: A Return to Robust Growth PIA Global Active Weights For personal use only Sector PIA % Under / Over 12 Communication 16.1 Com munication Ser vices Services Health Care 16.3 Health Car e 10 Bioprocessing & Diagnostics Holdings Life Science
Slide 20: Rising Quality Stance at Lower Valuations
RISING QUALITY STANCE AT LOWER VALUATIONS We have maintained our quality and growth premium while lowering relative valuation For personal use only Quality + Growth Rank Profile Relative Valuation Equal-weighted Composite of Relative P/E, P/B, and P/CF 2.00 2.10 2.00 1.50 1.90 Quality + Growth Ranks
Slide 21: Agenda
PENGANA INTERNATIONAL For personal use only EQUITIES LIMITED (ASX: PIA) AGENDA I Corporate overview II Highlights for the half-year ending 31 December 2024 The Strategy III Portfolio update Harding Loevner IV Harding Loevner overview PENGANA INTERNATIONAL EQUITIES LIMITED (ASX: PIA) | PAGE 19
Slide 22: Investment Hypothesis
INVESTMENT HYPOTHESIS For personal use only Investing in high quality, growing businesses at reasonable prices leads to long term superior risk adjusted returns. This “QUALITY GROWTH” Investment philosophy has been the foundation of our strategies since the firm was founded. PENGANA INTERNATIONAL EQ
Slide 23: Investment Process
INVESTMENT PROCESS Analysts search the world for companies that meet high quality and sustainable growth criteria, conduct fundamental research, then value and rate their stocks to make them available to PMs for investment. ESG issues are considered in each step of the process. For personal use only
Slide 24: Harding Loevner's Consistent Results for Our Clients
HARDING LOEVNER’S CONSISTENT RESULTS FOR OUR CLIENTS Our decision-making has produced a distinctive pattern of performance For personal use only HL Global Equity* MSCI* 25 5-Year Annualised Rolling Returns (Net, AUD)1 Alpha 0.81% HL Global Equity Returns (net AUD %) 20 Beta 0.90 15 Outperform R-Squa
Slide 25: For More Information
For personal use only PENGANA INTERNATIONAL EQUITIES LIMITED (ASX: PIA) FOR MORE PENGANA CAPITAL LIMITED ABN 30 103 800 568 CLIENT SERVICE T: +61 2 8524 9900 INFORMATION AFSL 226566 E: [email protected] pengana.com/pia Level 27, Governor Phillip Tower, 1 Farrer Place Sydney, NSW 2000 T: +61
Pengana International Equities — Investor Presentation (February 2025) on 6ix