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PIA - Pengana International Equities
- Thread starter piggybank
- Start date
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
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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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.
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.
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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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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LIMITED EXPOSURE TO SVB AND US BANKS
Dear Shareholder,
As you will probably be aware, Silicon Valley Bank (“SVB”) was put into receivership last week.
PIA does have an exposure to SVB, holding circa 2% of the portfolio in this company.
Whilst we are disappointed with the outcome of this specific investment, we note that this is a
limited exposure for PIA, which owns a highly diversified global portfolio of shares.
In addition, we note that the only other investment that PIA has in the US banking sector is a circa
2% position in First Republic Bank, which appears to be in a different position to SVB.
The investment team continues to monitor First Republic Bank closely for any potential knock-on
effects and will keep the market updated if there are any further developments.
As always, we welcome any further questions and thank you for your continued support.
DYOR
i hold PIA ( as a legacy of the HHL/HHV saga )
Dear Shareholder,
As you will probably be aware, Silicon Valley Bank (“SVB”) was put into receivership last week.
PIA does have an exposure to SVB, holding circa 2% of the portfolio in this company.
Whilst we are disappointed with the outcome of this specific investment, we note that this is a
limited exposure for PIA, which owns a highly diversified global portfolio of shares.
In addition, we note that the only other investment that PIA has in the US banking sector is a circa
2% position in First Republic Bank, which appears to be in a different position to SVB.
The investment team continues to monitor First Republic Bank closely for any potential knock-on
effects and will keep the market updated if there are any further developments.
As always, we welcome any further questions and thank you for your continued support.
DYOR
i hold PIA ( as a legacy of the HHL/HHV saga )
