Lizard International Fund
International small cap · since 2009Quality businesses among orphaned and undiscovered international small caps, where analyst coverage is thinnest.
Strategy overview →International equity specialists
Fundamental research, amplified by technology.
Our research standard, codified from decades of investing, is applied across more than 20,000 listed companies every week. The result is the reach of a large research team, with the depth and judgment of fundamental investors.
How technology amplifies it
Every company, read against everything we know.
Each company starts from its own filings, results and transcripts, as fundamental research always has. Technology then brings everything around it into the same view, checks each figure against its source and keeps the result on the record. The portfolio manager decides.
Standing and history
- The whole universe20,000+ companies, assessed every week
- Lifecycle stageWhere it sits in its economic life
- 20+ years of historyHow it has done through cycles
- Our own record17 years of what we concluded before
Context
- ThemesA live set, each across its value chain
- Peers and supply chainSuppliers, customers and competitors
- Country backdropViews and signposts for its market
- Market behaviorPrice signals that test the view
The portfolio manager decideswith the whole view in front of them
- Breadth20,000+listed companies, assessed every week on the same basis
- Themes100+themes tracked since February 2026, with the live set reviewed every week
- History20+ yearsof company history, with 17 years of our own research on the record
- Experience45 yearsof combined investment experience
As of October 2026.
Why it is different
One philosophy. One research standard. Applied without exception.
Consistency is difficult to sustain as a research team grows. Our process is organized around the portfolio managers’ view, so the same principles govern every holding and the same standard applies to every company in the universe.
01
Every holding
In a large research team
The philosophy is interpreted analyst by analyst, and portfolios are exposed to style drift as personnel change.
In our process
The philosophy is codified in our research standard, and every holding is reviewed against it weekly.
02
Every company
In a large research team
Coverage is constrained by headcount, and the depth of research varies by desk.
In our process
More than 20,000 companies are assessed weekly on a common basis, themes are mapped across full value chains and research is verified against primary sources before use.
Portfolios true to their mandate, built on research comparable across every market.
How the process worksRead-across by design
Every result is read across its suppliers, customers and competitors, wherever they are listed.
One record
Theme, country and company views sit together, and each is tested against what we concluded before.
Decisions you can trace
Each decision is recorded with the evidence behind it, to the same standard every time.
The people
Portfolio managers who built the system they use.
Jon Moog and Sudin Poddar bring 45 years of combined investment experience. Jon has managed the international small cap strategy since 2009; Sudin has been a portfolio manager on the emerging markets strategy since its inception in 2012. They came together in 2024 around a shared investment philosophy and have built the research system and tools that extend it across markets. The research is kept in one system, so it forms an institutional memory: dated, retrievable, held by the firm and deeper with every note.
Meet the team
Built to extend
A process designed to extend across universes and mandates.
The lifecycle framework, the research record and the verification behind every view work the same way in any universe of listed companies, so a new mandate would start with the full discipline already in place. Today the system underpins our international small cap and emerging markets strategies.
- Geography
- Regional or global
- Markets
- Developed, emerging or both
- Capitalization
- Small, mid or all cap
- Construction
- Benchmark-aware, concentrated or thematic
Strategies
Every strategy draws on one research system.
Pengana Global Small Companies Fund
Global small and mid cap · sub-advised since 2015Global small and mid cap equities, managed by Lizard as sub-adviser.
Strategy overview →International small cap, separately managed
EAFE or ACWI ex-US small cap · separate accountsOur international small cap process, available as a separately managed account tailored to a client’s guidelines.
Strategy overview →Lizard Emerging Markets
Global emerging markets · all cap · since 2012A benchmark-aware emerging markets strategy that seeks to add value through stock selection rather than country or sector positioning.
Strategy overview →Strategy pages are for professional investors and ask you to confirm your investor type and country first.
Speak with the portfolio managers.
We welcome the opportunity to discuss our approach and how it may fit your objectives.