Pengana International Equities Limited snares Antipodes as manager in overhaul

The $322 million Listed Investment Company, Pengana International Equities Limited (ASX: PIA), confirmed it has snared one of the highest performing global equities managers in the Australian market, Antipodes, to manage its global investment portfolio.

In an announcement to the ASX, PIA said it would appoint Antipodes Partners Limited (Antipodes) as "…sub‑investment manager of the Company's global equities portfolio, under the existing investment management framework.

"The appointment would also involve a transition of the Company's investment strategy to Antipodes' differentiated global SMID (Small to Medium Cap) equities strategy, which the Board believes is well suited to the Company's next phase."

Performance has been particularly strong for the Antipodes Global SMID strategy, having delivered 32.6% per annum after fees for the year to 30 April 2026, and 27.1% per annum net of fees since inception in November 2022 to 30 April 2026.

Russel Pillemer, CEO at Pengana Capital Group, described the Antipodes agreement as a coup for investors in PIA. "Pengana is delighted that the PIA board has endorsed the appointment of Antipodes as manager, and we are very excited to have landed a manager of this calibre.

"Antipodes has some of the best performance in the market, and was a standout among potential managers to take over this portfolio.

"We see this appointment as creating an exciting new phase for a revitalised PIA", Pillemer said.

PIA also announced an integrated capital management proposal "…designed to give all shareholders genuine choice, transparent liquidity and a clear path forward", and reduce the current discount to NTA.

The proposal includes an equal-access off-market buyback allowing shareholders to exit at after-tax NTA less transaction costs, a fully franked special dividend, and potential recapitalisation for investors who remain.   

Once the capital management process is completed, PIA will transition to Antipodes, positioning the company for stronger performance.

The update also said: "Quarterly dividends will continue and, following a stabilisation period, the Board intends to consider ongoing discount to NTA management mechanisms including a rolling quarterly Buy-back (within applicable regulatory limits and subject to solvency and Board discretion), providing continuing shareholders with an ongoing, transparent opportunity to realise value at or around NTA over time."

The proposals will be subject to shareholder approval at an extraordinary general meeting which is expected sometime during July 2026.