# PIA - Pengana International Equities



## piggybank (17 February 2014)




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## robusta (17 February 2014)

Wow I'm surprised there hasn't been a thread started for this LIC before now. Anyway they are value investors managed by Hunter Hall (HHL)

http://www.hunterhall.com.au/HHV.php

Performance since listing isn't too bad, they are at a nice discount to NTA as well. They did underperform during the GFC but are slowly clawing back.

Here is the latest monthly performance report.

http://www.asx.com.au/asxpdf/20140211/pdf/42mn5glvlc69v6.pdf


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## GlobeTrekker (18 February 2014)

I looked into this LIC recently.  HHV seems to always trade at a fairly hefty discount to NTA, particularly when compared with the other bigger international LICs like PMC, MFF & TGG.  It has a fairly eclectic mix of Australian and international equities in its portfolio that just looked a bit too obscure for my liking.  Its biggest holding is currently 16.6% of its portfolio in Australian company Sirtex Medical which seemed like a rather high proportion of its total assets for an LIC, though that stock has done well recently. HHV has announced that it intends to pay out more in the way of dividends in future, though judging by the last dividend paid it seems these may not always be fully franked.


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## robusta (18 February 2014)

True most of the dividends will not be franked, pretty sure there are not too many franking credits from the bigger international LIC's either. The diversification is a interesting question, while I am happy to see them hold more of a good thing I think they have set a maximum weighting for any one holding and will continue to take profits on Sirtex. 

The discount to NTA will be directly related to future performance. In general us investors are a funny lot, we want to shun a under performer and apply a discount to NTA even though they have returned 6.3% over the last 20 years  compound annual return compared to 5% for the MSCI world index. It is a big capital if but *IF* the returns grow consistently a investor should get the double whammy return of that growth plus the discount to NTA closing. TGG, CAM, ARG, CTN and a few others are examples of this strategy working in the recent past to a greater or lesser extent.


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## System (15 December 2017)

On December 15th, 2017, Hunter Hall Global Value Limited (HHV) changed its name and ASX code to Pengana International Equities Limited (PIA).


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