https://data.pengana.com/wp-json/pen/performance?fund_code=PENGET&date=30/05/2025&aggregation_code=Class%20A
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            [date] => 30/05/2025
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Pengana Axiom International Fund (Hedged)1

The Class was established in 1 July 2017. From June 2021 Axiom was appointed as the investment manager for the Fund.

1M 1Y 2Y 3Y
Since
Axiom Appointed
June 2021
5Y
Since Fund
Inception
July 20173
Since Strategy
Inception
July 20044
Fund: APIR (HHA0002AU)2,3

Managed by Axiom from June 2021
6.3% 6.5% 17.5% 12.4% 4.7% 6.4% 8.4%
Current Strategy (Partial Simulation)5

Axiom Global Equity Strategy
10.7% 10.7% 10.0%
Index (Hedged)6 5.6% 11.9% 16.7% 11.0% 6.9% 13.1% 10.0% 9.7%

Swipe horizontally to see all columns

[piechart] => Array ( [0] => Array ( [0] => Sector Breakdown [1] => ["Consumer Discretionary", 0.162562],["Consumer Staples", 0.039811743],["Financials", 0.167242252],["Health Care", 0.071814168],["Industrials", 0.107129322],["Information Technology", 0.250584959],["Real Estate", 0.024814262],["Communication Services", 0.162507153],["Cash", 0.01353414], ) [1] => Array ( [0] => Capitalisation Breakdown [1] => ["In between 10bn - 50bn USD", 0.092124853],["In between 50bn - 150bn USD", 0.252586542],["In between 150bn - 500bn USD", 0.241362921],["Above 500bn USD", 0.400391545],["Cash", 0.01353414], ) [2] => Array ( [0] => Region Breakdown [1] => ["North America", 0.693937292],["Europe ex-UK", 0.174143446],["Emerging Markets", 0.046984438],["Japan", 0.059119362],["UK", 0.012281321],["Cash", 0.01353414], ) ) [topholdings] => AMAUSD/Amazon.com, Inc./United States/Consumer Discretionary,BOSUSD/Boston Scientific Corporation/United States/Health Care,CISUSD/Cintas Corporation/United States/Industrials,B7TL820/Meta Platforms Inc Class A/United States/Communication Services,MICUSD/Microsoft Corporation/United States/Information Technology,2857817/Netflix, Inc./United States/Communication Services,2379504/NVIDIA Corporation/United States/Information Technology,SAPEDE/SAP SE/Germany/Information Technology,BFZ1K46/Spotify Technology SA/United States/Communication Services,B2PZN04/Visa Inc. Class A/United States/Financials, [topholdingsimg] => https://data.pengana.com/wp-content/uploads/download-7.png,https://data.pengana.com/wp-content/uploads/Boston-Scientific.png,https://data.pengana.com/wp-content/uploads/cintas-logo.png,https://data.pengana.com/wp-content/uploads/meta.jpg,https://data.pengana.com/wp-content/uploads/download-9.png,https://data.pengana.com/wp-content/uploads/Netflix_2015_logo.svg.webp,https://data.pengana.com/wp-content/uploads/NVIDIA_logo.png,https://data.pengana.com/wp-content/uploads/SAP-logo-1.png,https://data.pengana.com/wp-content/uploads/Spotify_Full_Logo_RGB_Green-scaled.png,https://data.pengana.com/wp-content/uploads/download-22.png, [topholdingsintro] => Array ( [0] => Amazon.com, Inc. is an online retailer that offers a wide range of products. The Company products include books, music, computers, electronics and numerous other products. Amazon offers personalized shopping services, Web-based credit card payment, and direct shipping to customers. Amazon also operates a cloud platform offering services globally. [1] => Boston Scientific Corp. engages in the development, manufacture, and marketing of medical devices that are used in interventional medical procedures. It operates through the MedSurg and Cardiovascular segments. The MedSurg segment includes Endoscopy, Urology, and Neuromodulation. The Cardiovascular segment consists of Cardiology and Peripheral Interventions. The company was founded by John E. Abele and Pete Michael Nicholas on June 29, 1979 and is headquartered in Marlborough, MA. [2] => Cintas Corp. engages in the provision of corporate identity uniforms through rental and sales programs. It operates through the following segments: Uniform Rental and Facility Services, First Aid and Safety Services, and All Other. The Uniform Rental and Facility Services segment consists of the rental and servicing of uniforms and other garments including flame resistant clothing, mats, mops and shop towels, and other ancillary items. The First Aid and Safety Services segment includes first aid and safety products and services. The All Other segment contains fire protection services and its direct sale business. The company was founded by Richard T. Farmer in 1968 and is headquartered in Cincinnati, OH. [3] => Meta Platforms, Inc. operates as a social technology company. The Company builds applications and technologies that help people connect, find communities, and grow businesses. Meta Platform is also involved in advertisements, augmented, and virtual reality. [4] => Microsoft Corporation develops, manufactures, licenses, sells, and supports software products. The Company offers operating system software, server application software, business and consumer applications software, software development tools, and Internet and intranet software. Microsoft also develops video game consoles and digital music entertainment devices. [5] => Netflix, Inc. engages in providing entertainment services. It also offers activities for leisure time, entertainment video, video gaming, and other sources of entertainment. It operates through the United States and International geographic segments. The company was founded by Marc Randolph and Wilmot Reed Hastings on August 29, 1997 and is headquartered in Los Gatos, CA. [6] => NVIDIA Corporation designs, develops, and markets three dimensional (3D) graphics processors and related software. The Company offers products that provides interactive 3D graphics to the mainstream personal computer market. [7] => SAP SE engages in the provision of enterprise application software and software-related services. It operates through the following segments: Applications, Technology, and Support; Qualtrics; and Services. The Applications, Technology, and Services segment includes sale of software licenses, support offerings, and cloud subscriptions. The Qualtrics segment sells experience management cloud solutions. The Services segment offers professional services, premium support services, implementation services for software products, and education services on the use of products. The company was founded by Hasso Plattner, Klaus Tschira, Claus Wellenreuther, Dietmar Hopp, and Hans-Werner Hector on April 1, 1972 and is headquartered in Walldorf, Germany. [8] => Spotify Technology SA engages in the provision of digital music services. It operates through the Premium and Ad-Supported segments. The Premium segment provides subscribers with online and offline streaming access of music and podcasts on computers, tablets, and mobile devices. The Ad-Supported segment offers users with limited on-demand online access of music and unlimited online access of podcasts on computers, tablets, and mobile and smart devices. The company was founded by Daniel Ek and Martin Lorentzon on December 27, 2006 and is headquartered in Luxembourg. [9] => Visa Inc. operates a retail electronic payments network and manages global financial services. The Company also offers global commerce through the transfer of value and information among financial institutions, merchants, consumers, businesses, and government entities. 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sans-serif" font-size="6" font-weight="normal" letter-spacing="normal" text-decoration="none" fill="#7c868e" opacity="1" x="217.6015625" y="155">03/2018</text></g></g><g data-ac-wrapper-id="578" id="ac_layer_g8"><g data-ac-wrapper-id="579" id="ac_unmanageable-layer_g7"><text aria-hidden="true" font-style="normal" font-variant="normal" font-family="Verdana, Helvetica, Arial, sans-serif" font-size="6" font-weight="normal" letter-spacing="normal" text-decoration="none" fill="#7c868e" opacity="1" x="254.6015625" y="155">12/2020</text></g></g><g data-ac-wrapper-id="580" id="ac_layer_ga"><g data-ac-wrapper-id="581" id="ac_unmanageable-layer_g9"><text aria-hidden="true" font-style="normal" font-variant="normal" font-family="Verdana, Helvetica, Arial, sans-serif" font-size="6" font-weight="normal" letter-spacing="normal" text-decoration="none" fill="#7c868e" opacity="1" x="290.6015625" y="155">09/2023</text></g></g></g><path data-ac-wrapper-id="582" id="ac_path_gc" fill="none" stroke="#CECECE" d="M 48.5 26 L 48.5 138"/><path data-ac-wrapper-id="583" id="ac_path_gd" fill="none" stroke="#CECECE" d="M 48 137.5 L 42 137.5 M 48 100.5 L 42 100.5 M 48 63.5 L 42 63.5 M 48 26.5 L 42 26.5"/><g data-ac-wrapper-id="584" id="ac_layer_gm"><g data-ac-wrapper-id="585" id="ac_layer_gf"><g data-ac-wrapper-id="586" id="ac_unmanageable-layer_ge"><text aria-hidden="true" font-style="normal" font-variant="normal" font-family="Verdana, Helvetica, Arial, sans-serif" font-size="6" font-weight="normal" letter-spacing="normal" text-decoration="none" fill="#7c868e" opacity="1" x="30.185546875" y="139">$0</text></g></g><g data-ac-wrapper-id="587" id="ac_layer_gh"><g data-ac-wrapper-id="588" id="ac_unmanageable-layer_gg"><text aria-hidden="true" font-style="normal" font-variant="normal" font-family="Verdana, Helvetica, Arial, sans-serif" font-size="6" font-weight="normal" letter-spacing="normal" text-decoration="none" fill="#7c868e" opacity="1" x="8.9306640625" y="102">$300,000</text></g></g><g 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L 104.52001953125 0 104.52001953125 6 0 6 0 0 Z" style="cursor: pointer;"/></g><g data-ac-wrapper-id="553" transform="matrix(1,0,0,1,119.52001953125,0)" id="ac_layer_fg"><text data-ac-wrapper-id="554" font-style="normal" font-variant="normal" font-family="Verdana, Helvetica, Arial, sans-serif" font-size="5" font-weight="normal" fill="#7c868e" letter-spacing="normal" text-decoration="none" direction="ltr" text-anchor="start" x="10" y="5" aria-hidden="true" id="ac_text_fd" style="user-select: none; font-family: Verdana, Helvetica, Arial, sans-serif; opacity: 1; cursor: pointer;"><tspan x="10" dy="0">MSCI All Country World Total Return Index in AUD (Hedged)</tspan></text><path data-ac-wrapper-id="555" transform="matrix(1,0,0,1,0,0.5)" id="ac_path_fe" fill="#5f5f5f" stroke="#5f5f5f" stroke-width="1" d="M 0 0 L 5 0 5 5 0 5 Z" style="cursor: pointer;"/><path data-ac-wrapper-id="556" id="ac_rect_ff" fill="#FFFFFF" fill-opacity="0.00001" stroke="none" d="M 0 0 L 163.26513671875 0 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Axiom International Fund (Hedged)

An option of HEDGED or UNHEDGED portfolios of dynamic and growing companies undergoing positive change, within a robust ethical framework.

May 2025 - Monthly REPORT

May Report

SUMMARY

  • The Fund returned 6.3% in May, outperforming the benchmark, which rose 5.6%, driven by a favourable backdrop for growth stocks and strong stock selection in health care and communication services.
  • Axon, Meta Platforms, and Taiwan Semiconductor Manufacturing Co. were the top contributors, while Alibaba and Broadcom, due to their lack of exposure, and Nvidia, given its underweight position, detracted.
  • The Fund added to Microsoft, Meta, and Amazon following strong earnings, initiated new positions in Siemens Energy and Heico, and exited Danaher and Deckers. Three holdings received ESG upgrades, while two were modestly downgraded.

PORTFOLIO

Top Holdings (alphabetically)

Amazon.com, Inc.
United States
Consumer Discretionary
Amazon.com, Inc. is an online retailer that offers a wide range of products. The Company products include books, music, computers, electronics and numerous other products. Amazon offers personalized shopping services, Web-based credit card payment, and direct shipping to customers. Amazon also operates a cloud platform offering services globally.
Boston Scientific Corporation
United States
Health Care
Boston Scientific Corp. engages in the development, manufacture, and marketing of medical devices that are used in interventional medical procedures. It operates through the MedSurg and Cardiovascular segments. The MedSurg segment includes Endoscopy, Urology, and Neuromodulation. The Cardiovascular segment consists of Cardiology and Peripheral Interventions. The company was founded by John E. Abele and Pete Michael Nicholas on June 29, 1979 and is headquartered in Marlborough, MA.
Cintas Corporation
United States
Industrials
Cintas Corp. engages in the provision of corporate identity uniforms through rental and sales programs. It operates through the following segments: Uniform Rental and Facility Services, First Aid and Safety Services, and All Other. The Uniform Rental and Facility Services segment consists of the rental and servicing of uniforms and other garments including flame resistant clothing, mats, mops and shop towels, and other ancillary items. The First Aid and Safety Services segment includes first aid and safety products and services. The All Other segment contains fire protection services and its direct sale business. The company was founded by Richard T. Farmer in 1968 and is headquartered in Cincinnati, OH.
Meta Platforms Inc Class A
United States
Communication Services
Meta Platforms, Inc. operates as a social technology company. The Company builds applications and technologies that help people connect, find communities, and grow businesses. Meta Platform is also involved in advertisements, augmented, and virtual reality.
Microsoft Corporation
United States
Information Technology
Microsoft Corporation develops, manufactures, licenses, sells, and supports software products. The Company offers operating system software, server application software, business and consumer applications software, software development tools, and Internet and intranet software. Microsoft also develops video game consoles and digital music entertainment devices.
Netflix, Inc.
United States
Communication Services
Netflix, Inc. engages in providing entertainment services. It also offers activities for leisure time, entertainment video, video gaming, and other sources of entertainment. It operates through the United States and International geographic segments. The company was founded by Marc Randolph and Wilmot Reed Hastings on August 29, 1997 and is headquartered in Los Gatos, CA.
NVIDIA Corporation
United States
Information Technology
NVIDIA Corporation designs, develops, and markets three dimensional (3D) graphics processors and related software. The Company offers products that provides interactive 3D graphics to the mainstream personal computer market.
SAP SE
Germany
Information Technology
SAP SE engages in the provision of enterprise application software and software-related services. It operates through the following segments: Applications, Technology, and Support; Qualtrics; and Services. The Applications, Technology, and Services segment includes sale of software licenses, support offerings, and cloud subscriptions. The Qualtrics segment sells experience management cloud solutions. The Services segment offers professional services, premium support services, implementation services for software products, and education services on the use of products. The company was founded by Hasso Plattner, Klaus Tschira, Claus Wellenreuther, Dietmar Hopp, and Hans-Werner Hector on April 1, 1972 and is headquartered in Walldorf, Germany.
Spotify Technology SA
United States
Communication Services
Spotify Technology SA engages in the provision of digital music services. It operates through the Premium and Ad-Supported segments. The Premium segment provides subscribers with online and offline streaming access of music and podcasts on computers, tablets, and mobile devices. The Ad-Supported segment offers users with limited on-demand online access of music and unlimited online access of podcasts on computers, tablets, and mobile and smart devices. The company was founded by Daniel Ek and Martin Lorentzon on December 27, 2006 and is headquartered in Luxembourg.
Visa Inc. Class A
United States
Financials
Visa Inc. operates a retail electronic payments network and manages global financial services. The Company also offers global commerce through the transfer of value and information among financial institutions, merchants, consumers, businesses, and government entities.

Sector Breakdown

Capitalisation Breakdown

Region Breakdown

PERFORMANCE

PERFORMANCE SINCE STRATEGY INCEPTION

NET PERFORMANCE FOR PERIODS ENDING 31 May 20257

Pengana Axiom International Fund (Hedged)1

The Class was established in 1 July 2017. From June 2021 Axiom was appointed as the investment manager for the Fund.

1M 1Y 2Y 3Y
Since
Axiom Appointed
June 2021
5Y
Since Fund
Inception
July 20173
Since Strategy
Inception
July 20044
Fund: APIR (HHA0002AU)2,3

Managed by Axiom from June 2021
6.3% 6.5% 17.5% 12.4% 4.7% 6.4% 8.4%
Current Strategy (Partial Simulation)5

Axiom Global Equity Strategy
10.7% 10.7% 10.0%
Index (Hedged)6 5.6% 11.9% 16.7% 11.0% 6.9% 13.1% 10.0% 9.7%

Swipe horizontally to see all columns

PERFORMANCE SINCE STRATEGY INCEPTION

NET PERFORMANCE SINCE INCEPTION7

COMMENTARY

Market Review

Global equities rose in May, supported by strong earnings results, easing inflation, and resilient consumer spending in the US. Growth stocks meaningfully outperformed value, creating a favourable backdrop for the Fund’s positioning. The Fund’s currency hedge added value during the month, helping to preserve gains as the US dollar weakened relative to the Australian dollar.

In the US, inflation continued to trend lower while consumer demand remained firm, reinforcing the soft-landing narrative. Europe presented a mixed picture, with business surveys softening slightly but still pointing to modest growth. Retail activity improved marginally, though underlying momentum remained fragile. Commodity prices also declined, helping to maintain supportive financial conditions.

China’s economic signals were mixed. While some indicators improved, manufacturing activity slipped back into contraction, and consumer demand remained sluggish, held back by ongoing weakness in the property sector. Stimulus efforts are beginning to gain traction, but the recovery remains uneven.

Axiom believes the current market continues to favour companies delivering strong earnings momentum, particularly those exposed to secular growth drivers. As macro conditions remain uneven, the team is focused on businesses with clear visibility into earnings upgrades, rather than those reliant on cyclical tailwinds or broad economic strength.

Portfolio Commentary

The Fund outperformed its benchmark in May, supported by strong stock selection in health care, communication services, and consumer staples. These sector exposures added meaningfully to relative returns, while consumer discretionary and information technology holdings modestly detracted.

Axon Enterprises, a US-based provider of public safety technologies, was a top contributor after delivering strong first-quarter results, led by software and services. The company also eased investor concerns about federal budget exposure, supporting a re-rating. Meta Platforms outperformed following strong earnings, robust advertising growth, and continued improvements in return on ad spend through AI-driven enhancements. Taiwan Semiconductor Manufacturing Co, the world’s leading advanced chip foundry, contributed positively after reporting April sales that exceeded seasonal norms and market expectations.

On the downside, Alibaba, a Chinese e-commerce and cloud services group, underperformed after slightly disappointing results in cloud and local services. Axiom remains constructive on its medium-term potential, supported by improving fundamentals. Broadcom, a global semiconductor and software company, detracted from relative returns due to the Fund’s lack of exposure. Nvidia also weighed on performance due to the underweight position amid a strong rally in semiconductors following an upside surprise in hyperscaler capital expenditure.

Several portfolio changes were made during the month. The Fund added to Microsoft, Meta, and Amazon following strong results and guidance that suggest upside to consensus forecasts. New positions were established in Siemens Energy, a German energy technology company with improving fundamentals, and Heico, a US-based aerospace and electronics firm with a scalable aftermarket model. The Fund exited Danaher, a life sciences and diagnostics business, and Deckers, a footwear company, following weaker-than-expected guidance. Apple, TJX, and Sony were trimmed on earnings-related signals, though the team remains constructive on their long-term outlooks.

Three holdings received ESG upgrades. Boston Scientific, a US-based medical device company, MercadoLibre, a Latin American e-commerce and fintech platform, and Tradeweb, a global operator of electronic trading platforms, were recognised for governance improvements. Nvidia and Costco were modestly downgraded. Axiom views these changes as incremental and is engaging with management. ESG discussions with Morgan Stanley and Deutsche Boerse, a European market infrastructure provider, highlighted continued progress on sustainability and human capital initiatives.

PROFILE

Platform Availability

APEX NZ, BT Asgard, BT Panorama, CFS Edge, Centric, HUB24, IOOF, Macquarie Wrap, Mason Stevens, Netwealth, Praemium

STATISTICAL DATA3

PORTFOLIO SUMMARY
VOLATILITY8
15.4%
NUMBER OF STOCKS
46
BETA9
1.07

FEATURES

  • APIR CODE HHA0002AU
  • REDEMPTION PRICEA$ 3.2844
  • FEES * Management Fee: 1.35% p.a
  • Minimum initial investment $10,000
  • FUM AT MONTH END A$ 46.07m
  • STRATEGY INCEPTION DATE 1 July 2004
  • BenchmarkMSCI All Country World Total Return in AUD (Hedged)

Fund Managers

Bradley Amoils

Managing Director/Portfolio Manager

Andrew Jacobson

CEO/Chief Investment Officer

Description

The Pengana Axiom International Fund (Hedged) invests in companies that are dynamically growing and changing for the better, more rapidly than generally expected and where the positive changes are not yet reflected in expectations or valuation.

The Global Equity Strategy seeks dynamic growth by concentrating its investments in global developed markets, and may also invest in companies located in emerging markets.

The investment manager is Axiom Investors, a Connecticut-based global equity fund manager formed in 1998 with over US$19billion in assets under Management.

EXPLORE OUR FUNDS

Harding Loevner International Fund
Harding Loevner International Fund
Axiom International Fund
Axiom International Fund
Axiom International Fund (Hedged)
Axiom International Fund (Hedged)
Australian Equities Fund
Australian Equities Fund
High Conviction Property Securities Fund
High Conviction Property Securities Fund
Global Small Companies Fund
Global Small Companies Fund
WHEB Sustainable Impact Fund
WHEB Sustainable Impact Fund
Emerging Companies Fund
Emerging Companies Fund
High Conviction Equities Fund
High Conviction Equities Fund
Pengana International Equities Limited (ASX: PIA)
Pengana International Equities Limited (ASX: PIA)
Private Equity Trust (ASX: PE1)
Private Equity Trust (ASX: PE1)
Pengana Global Private Credit Trust (ASX:PCX)
Pengana Global Private Credit Trust (ASX:PCX)
Pengana Global Private Income Fund
Pengana Global Private Income Fund
Alpha Israel Fund
Alpha Israel Fund
Pengana Diversified Private Credit Fund
Pengana Diversified Private Credit Fund

1. From 4 June 2021 the capital component of the foreign currency exposure for the Fund is hedged back to Australian dollars.
2. Axiom was appointed fund manager as of 5 May 2021. June 2021 represents the first full month of Axiom managing the Fund.
3. Inception date 1 July 2017. Figures shown are calculated from the continuous performance of both the current and previous strategies. For performance see row labelled Fund: APIR (HHA0002AU) in the table above which is the continuous performance of both the current and previous strategies.
4. Axiom Global Equity Strategy inception 1 Jul 2004.
5. Prior to 1 June 2021, the Axiom Global Equity Strategy performance (labeled ‘Current Strategy (Partial Simulation)’ and shown in the shaded area) includes the strategy performance simulated by Pengana from the monthly gross USD returns of the Axiom Global Equity strategy. The Axiom Global Equity Strategy performance does not include the Pengana ethical screen
6. Prior to 4 June 2021 hedged performance has been simulated by Pengana for both the Fund and Index. This was done by: 1) using 3 month rolling forwards to hedge movements in the AUD/USD spot rate, and 2) deducting the Pengana International Ethical Fund (Hedged) management fee of 1.35% p.a. from the Fund’s performance.
From 4 June 2021, index performance is from the MSCI All Country World Total Return in AUD (Hedged). Prior to 4 June 2021, index performance is simulated from the MSCI All Country World Total Return in USD
7. Performance for periods greater than 12 months are annualised. Net performance figures are shown 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.
8. Annualised standard deviation since inception.
9. Relative to the MSCI All Country World Total Return in AUD (Hedged).
*For further information regarding fees please see the PDS available on our website.