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Global Small Companies Fund

Specialists in a vast and growing investable universe

LATEST REPORT:
October Report
Overview Performance Portfolio The Team Fund Facts Ratings Reports & Resources

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The Pengana Global Small Companies Fund is an actively managed portfolio of global small-cap stocks.

 

The Fund’s investments are managed by specialist US-based manager Lizard Investors LLC, who create and actively manage small-cap portfolios typically owned by large institutions.

The investment manager uses a value-oriented approach to identify and invest in quality businesses that create significant value but are mispriced, overlooked, or out of favour.

The portfolio is well-diversified across different geographies and industries.

WHY GLOBAL SMALL CAPS

Potential for higher returns.

Global small-cap stocks have the potential to deliver higher returns (alpha) due to the underlying growth potential of the companies.

Access to a vast investment universe.

With over 50,000 listed global small to mid-cap companies on world stock markets, there are many opportunities for investment managers that can generate their own ideas and conduct independent research.

Global small caps are under-owned

  • Over 90% of all listed companies have a market cap of less than $3bn
  • Small- and mid-cap companies comprise 32% of global market capitalisation, yet investors only have a 3% allocation

Active Management is essential

  • Small companies are inherently less efficient than large companies. Relative inefficiency creates opportunities for active managers.
  • The vast majority of small-cap companies do not have analyst coverage

Investment opportunities must meet ALL the following 5 criteria to be considered for inclusion in the portfolio:

1

SUSTAINABLE BUSINESS MODEL

Enduring competitive advantage

2

STRONG BALANCE SHEET

Able to self-fund if capital markets close

3

DISCIPLINED AND ALIGNED MANAGEMENT

Motivated by return on invested capital

4

CORPORATE GOVERNANCE

Protects minority shareholders

5

COMPELLING VALUATION

Inexpensive relative to unlevered free cash flow

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PERFORMANCE

  • CHART
  • TABLE
  • UNIT PRICES

Net performance figures are shown after all fees and expenses, and assume reinvestment of distributions. Performance figures are calculated using net asset values after all fees and expenses, and assume reinvestment of distributions.  No allowance has been made for buy/sell spreads.  Please refer to the PDS for information regarding risks. Past performance is not a reliable indicator of future performance, the value of investments can go up and down.

Inception date: 1 April 2015

PERFORMANCE AT 31 Oct 2025
1 MTH 1 YEAR 2 YEARS P.A. 3 YEARS P.A. 5 YEARS P.A. SINCE INCEPTION P.A.
Global Small Companies Fund 0.7% 10.3% 12.0% 8.8% 5.7% 6.5%
MSCI All Country World SMID Cap Index unhedged in AUD 1.6% 16.8% 20.6% 14.6% 12.8% 9.5%

Swipe horizontally to see all columns

Net performance figures are shown after all fees and expenses, and assume reinvestment of distributions. Performance figures are calculated using net asset values after all fees and expenses, and assume reinvestment of distributions.  No allowance has been made for buy/sell spreads.  Please refer to the PDS for information regarding risks. Past performance is not a reliable indicator of future performance, the value of investments can go up and down.

Inception date: 1 April 2015

Swipe horizontally to see all columns

Download Unit Prices
Where a distribution is shown, the price for that date is prior to the payment of the distribution. The following day's price will exclude that distribution payment amount.

PORTFOLIO

Total portfolio holdings as at 31 Oct 2025: 39

  • TOP HOLDINGS (alphabetically)
  • Portfolio breakdown
ChemoMetec A/S
Denmark
Health Care
ChemoMetec A/S engages in the development, production, and sale of analytical equipment for fluid cell count and analysis. It operates through the following segments: Instruments, Consumer Goods, Service, and Others. The Instruments segment sells NucleoCounter NC-100, NC-200, NC250, and NC-3000. The Consumer Goods segment offers disposable cartridges, disposable analysis chambers, reagents, and test kits. The Service segment provides service packages and its corresponding guarantees. The Others segment offers measuring modules and accessories. The company was founded by Hans Martin Glensbjerg in 1997 and is headquartered in Allerod, Denmark.
Gaztransport & Technigaz SA
France
Energy
Gaztransport & Technigaz SA is an engineering company engaged in designing containment systems with cryogenic membranes used to transport LNG for onshore and offshore LNG storage. It operates through the following sectors: liquefied natural gas carriers, multi-gas carriers, floating liquefied natural gas units, floating storage and regasification units and onshore storage tanks. The company was founded in 1994 and is headquartered in Saint-Remy-les-Chevreuse, France.
Hilan Ltd.
Israel
Industrials
Hilan Ltd. engages in the provision of Software as a Service (SaaS) for the purpose of managing the enterprise human capital. Its solutions include payroll, human resources, time and attendance, pension, analytics, and business process outsourcing (BPO). The firm offers its services to the industry, high-tech, finance, academic, communications, healthcare, municipal, transportation, retail, education, government, social care, associations, and hotels sectors. It operates through the following segments: Payroll Services, Human Resources, and Organizational Systems, Business Solutions, Computing Infrastructures, and Marketing of Software Products. The Payroll Services, Human Resources, and Organizational Systems segment provides payroll management services, pension operations, enterprise resource planning, other value-added services, and attendance, human resources, business, financial, and relationship management. The Business Solutions segment is involved in the sale of outsourcing and technological value-added solutions, as well as solutions and projects in the field of computing, digital, and innovation. The Computing Infrastructures segment sells solutions in the field of computing infrastructures, managed public and private clouds, advanced information security, and cyber. The Marketing of Software Products segment is composed of the distribution and assimilation of software products and solutions in the field of control, data, analytics and business intelligence, infrastructures and applications in the information technology world, document and content management, information and cyber security, and content delivery network. The company was founded on December 16, 1992 and is headquartered in Tel Aviv, Israel.
Nextracker Inc. Class A
United States
Industrials
Nextracker, Inc. engages in the provision of integrated solar tracker and software solutions used in utility-scale and ground-mounted distributed generation solar projects. Its products enable solar panels in utility-scale power plants to follow the sun's movement across the sky and optimize plant performance. The company was founded by Daniel S. Shugar, Alexander Au, Nicholas Miller, Michael Mehavich, Marco Garcia, and Tyroan Hardy in 2013 and is headquartered in Fremont, CA.
USS Co., Ltd.
Japan
Consumer Discretionary
USS Co., Ltd. engages in the automobile auction business. It operates through the following segments: Auto Auction, Used Car Purchasing and Selling, and Others. The Auto Auction segment operates auto auction connection services through satellite television line and internet; provides used car information services; transportation of display and bid car; and offers financing services for the auto auction members. The Used Car Purchasing and Selling segment deals with the buy and sell of used cars and accident-damaged cars. The Others segment includes the recycling of end-of-life vehicles and waste rubber, and services of used automobiles export processing. The company was founded on October 29, 1980 and is headquartered in Tokai, Japan.

Allocations may not sum to 100% due to rounding.

THE TEAM

Jon Moog

Jon Moog

Chief Investment Officer and Portfolio Manager

Read full profile >
Michael Ryan

Michael Ryan

Deputy Portfolio Manager and Senior Analyst

Read full profile >
Sudin Poddar

Sudin Poddar

MD, Head of Risk

Read full profile >
Tam Phan

Tam Phan

Research Analyst

Read full profile >

Fund Facts

MINIMUM INVESTMENT:

$10,000

RECOMMENDED TIMEFRAME:

Three or more years

INCEPTION DATE:

1 April 2015

BENCHMARK:

MSCI All Country World Index SMID Cap (unhedged in Australian dollars)

MANAGEMENT FEE:*

1.1% p.a. of the Class’ net asset value

PERFORMANCE FEE:*

20.5% (including GST net of RITC) of any return of the Class greater than the return of the benchmark Index.

BUY/SELL SPREAD:

0.30% on both applications and redemptions

ENTRY/ EXIT FEES:

Nil

FUND PRICING:

Daily

DISTRIBUTION FREQUENCY:

Twice yearly (June and December)

TYPICAL NUMBER OF STOCKS:

30-80

APIR CODE:

PCL0022AU

*Fees are stated inclusive of GST and net of RITC. For more information, refer to the Fund’s product disclosure statement available under the Reports & Resources section.

PLATFORM AVAILABILITY

  • AMP North
  • Asgard eWrap
  • AET Wholesale Access Fund
  • BT Panorama
  • BT Wrap
  • Colonial First Wrap
  • Centric IDPS
  • Centric Super
  • Hub24
  • IOOF Pursuit
  • IOOF Portfolio Service
  • IOOF Core
  • Macquarie Wrap
  • Mason Stevens
  • MLC Navigator
  • MLC Wrap
  • Netwealth
  • Omniport(lifespan)
  • Powerwrap
  • Praemium
  • uXchange
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RATINGS

RATINGS

*Lonsec rating issued 04/2025 is published by Lonsec Research Pty Ltd ABN 11 151 658 561 AFSL 421 445 (Lonsec). Ratings are general advice only, and have been prepared without taking account of your objectives, financial situation or needs. Consider your personal circumstances, read the product disclosure statement and seek independent financial advice before investing. The rating is not a recommendation to purchase, sell or hold any product. Past performance information is not indicative of future performance. Ratings are subject to change without notice and Lonsec assumes no obligation to update. Lonsec uses objective criteria and receives a fee from the Fund Manager. Visit lonsec.com.au for ratings information and to access the full report. © 2020 Lonsec. All rights reserved.

**The Zenith Investment Partners (ABN 27 103 132 672, AFS Licence 226872) (“Zenith”) rating (assigned November 2024) referred to in this document is limited to “General Advice” (s766B Corporations Act 2001) for Wholesale clients only. This advice has been prepared without taking into account the objectives, financial situation or needs of any individual and is subject to change at any time without prior notice. It is not a specific recommendation to purchase, sell or hold the relevant product(s). Investors should seek independent financial advice before making an investment decision and should consider the appropriateness of this advice in light of their own objectives, financial situation and needs. Investors should obtain a copy of, and consider the PDS or offer document before making any decision and refer to the full Zenith Product Assessment available on the Zenith website. Past performance is not an indication of future performance. Zenith usually charges the product issuer, fund manager or related party to conduct Product Assessments. Full details regarding Zenith’s methodology, ratings definitions and regulatory compliance are available on our Product Assessments and at http://www.zenithpartners.com.au/RegulatoryGuidelines 

Lonsec Rating

Zenith Rating

The Zenith Fund Awards were issued on 15 October 2021 by Zenith Investment Partners (ABN 27 130 132 672, AFSL 226872) and are determined using proprietary methodologies. The Fund Awards are solely statements of opinion and do not represent recommendations to purchase, hold or sell any securities or make any other investment decisions. To the extent that the Fund Awards constitutes advice, it is General Advice for Wholesale clients only without taking into consideration the objectives, financial situation or needs of any specific person. Investors should seek their own independent financial advice before making any investment decision and should consider the appropriateness of any advice. Investors should obtain a copy of and consider any relevant PDS or offer document before making any investment decisions. Past performance is not an indication of future performance. Fund Awards are current for 12 months from the date awarded and are subject to change at any time. Fund Awards for previous years are referenced for historical purposes only.

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REPORTS AND RESOURCES

  • Monthly Reports
  • Financial Reports
  • Responsible Investing
  • PDS
  • Notices
INVEST NOW

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0.5 CPD

Pengana Capital Group