https://data.pengana.com/wp-json/pen/performance?fund_code=PENVGT&date=30/06/2025&aggregation_code=Class%20A
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Pengana Axiom International Fund

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 20211
5Y
Since Fund
Inception
July 20172
Since Strategy
Inception
July 20043
Fund: APIR (HOW0002AU)1,2

Managed by Axiom from June 2021
3.4% 11.0% 20.2% 21.3% 11.1% 12.3% 11.7%
Current Strategy (Partial Simulation)4

Axiom Global Equity Strategy
12.7% 14.1% 9.0%
Index5 2.6% 18.4% 18.7% 19.2% 12.7% 14.8% 13.0% 8.6%

Swipe horizontally to see all columns

[piechart] => Array ( [0] => Array ( [0] => Sector Breakdown [1] => ["Consumer Discretionary", 0.149370115],["Consumer Staples", 0.025608079],["Financials", 0.138811546],["Health Care", 0.062506664],["Industrials", 0.125279201],["Information Technology", 0.286408326],["Real Estate", 0.021907128],["Communication Services", 0.17287169],["Cash", 0.017237251], ) [1] => Array ( [0] => Capitalisation Breakdown [1] => ["In between 10bn - 50bn USD", 0.066955047],["In between 50bn - 150bn USD", 0.222874251],["In between 150bn - 500bn USD", 0.245168783],["Above 500bn USD", 0.447764669],["Cash", 0.017237251], ) [2] => Array ( [0] => Region Breakdown [1] => ["North America", 0.69132076],["Europe ex-UK", 0.168661119],["Emerging Markets", 0.047996517],["Japan", 0.065929668],["UK", 0.008854685],["Cash", 0.017237251], ) ) [topholdings] => AMAUSD/Amazon.com, Inc./United States/Consumer Discretionary,2046251/Apple Inc./United States/Information Technology,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,TAIUSD/Taiwan Semiconductor Manufactu/United States/Information Technology,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/apple_logo_icon_168588.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/Tsmc.svg.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] => Apple Inc. designs, manufactures, and markets personal computers and related personal computing and mobile communication devices along with a variety of related software, services, peripherals, and networking solutions. Apple sells its products worldwide through its online stores, its retail stores, its direct sales force, third-party wholesalers, and resellers. [2] => 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. [3] => 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. [4] => 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. [5] => 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. [6] => 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. [7] => 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. [8] => Taiwan Semiconductor Manufacturing Company, Ltd. manufactures and markets integrated circuits. The Company provides the following services: wafer manufacturing, wafer probing, assembly and testing, mask production, and design services. TSMC's ICs are used in computer, communication, consumer electronics, automotive, and industrial equipment industries. [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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0 L 104.52001953125 0 104.52001953125 6 0 6 0 0 Z" style="cursor: pointer;"/></g><g data-ac-wrapper-id="394" transform="matrix(1,0,0,1,119.52001953125,0)" id="ac_layer_ax"><text data-ac-wrapper-id="395" 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_au" 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</tspan></text><path data-ac-wrapper-id="396" transform="matrix(1,0,0,1,0,0.5)" id="ac_path_av" 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="397" id="ac_rect_aw" fill="#FFFFFF" fill-opacity="0.00001" stroke="none" d="M 0 0 L 137.32421875 0 137.32421875 6 0 6 0 0 Z" style="cursor: pointer;"/></g></g></g></g></g></svg> [pdfchart2] => [jsonhpid] => 29872 [jsonhpid2] => ) )
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Axiom International Fund

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

June 2025 - Monthly REPORT

Axiom Performance Commentary June 2025

SUMMARY

Summary

  • The Fund returned +3.38% in June, outperforming the benchmark which rose +2.61%, supported by strong stock selection in communication services and industrials.
  • Spotify, Netflix, and Taiwan Semiconductor were top contributors, while Visa, Equinix, and Cintas detracted following mixed investor reactions to guidance updates and sector rotation.
  • The Fund added to Nvidia, Microsoft, and HEICO, initiated new positions in Broadcom and Fujikura, and exited Gartner, Primo Brands, and TE Connectivity. Chipotle received an ESG rating upgrade.

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.
Apple Inc.
United States
Information Technology
Apple Inc. designs, manufactures, and markets personal computers and related personal computing and mobile communication devices along with a variety of related software, services, peripherals, and networking solutions. Apple sells its products worldwide through its online stores, its retail stores, its direct sales force, third-party wholesalers, and resellers.
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.
Taiwan Semiconductor Manufactu
United States
Information Technology
Taiwan Semiconductor Manufacturing Company, Ltd. manufactures and markets integrated circuits. The Company provides the following services: wafer manufacturing, wafer probing, assembly and testing, mask production, and design services. TSMC's ICs are used in computer, communication, consumer electronics, automotive, and industrial equipment industries.
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 30 Jun 20256

Pengana Axiom International Fund

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 20211
5Y
Since Fund
Inception
July 20172
Since Strategy
Inception
July 20043
Fund: APIR (HOW0002AU)1,2

Managed by Axiom from June 2021
3.4% 11.0% 20.2% 21.3% 11.1% 12.3% 11.7%
Current Strategy (Partial Simulation)4

Axiom Global Equity Strategy
12.7% 14.1% 9.0%
Index5 2.6% 18.4% 18.7% 19.2% 12.7% 14.8% 13.0% 8.6%

Swipe horizontally to see all columns

PERFORMANCE SINCE STRATEGY INCEPTION

NET PERFORMANCE SINCE INCEPTION6

COMMENTARY

Commentary

Market Review

Global equities advanced in June, supported by moderating inflation, resilient consumer activity in the US, and improving growth signals in Europe and China. Growth stocks extended their outperformance over value, reflecting renewed optimism around earnings momentum and secular tailwinds such as AI infrastructure investment. A weaker US dollar detracted from performance in Australian dollar terms.

In the US, inflation remained contained, with the core PCE Index holding steady at 2.7% year-on-year. Consumer spending showed resilience, although some activity may have been pulled forward by tariff-related pre-buying. In Europe, services continued to outpace manufacturing, and composite PMIs edged higher, while inflation readings fell toward or below central bank targets. Retail sales, however, remained sluggish.

China’s economic data showed modest improvement. Manufacturing returned to expansion territory and consumer spending was steady, though the property sector remained a drag. Stimulus efforts are beginning to gain traction, supporting a slow recovery.

Commodity prices were volatile, driven by geopolitical tensions early in the month, but ended below peak levels.

Axiom continues to favour dynamic growth businesses with clear earnings visibility, particularly in secular growth areas. In a low-growth environment, the team believes company-specific fundamentals will remain the key driver of outperformance.

Portfolio Commentary

The Fund outperformed its benchmark in June, supported by strong stock selection in communication services and industrials. Spotify was a key contributor following incremental pricing actions and positive subscriber trends. A recent antitrust ruling against Apple’s App Store policies also creates potential for margin upside. Netflix outperformed ahead of second-quarter results, supported by momentum in pricing, user growth and content announcements.

Taiwan Semiconductor Manufacturing Co, the world’s largest advanced chip foundry, extended its strong run after reporting May revenue growth that pushed year-to-date figures above 40%. This significantly exceeds full-year guidance and reflects accelerating demand for AI infrastructure, supported by fresh US investment incentives.

On the downside, Visa declined following headlines around stablecoin adoption and potential disruption to cross-border transactions. While Axiom views the risk as overstated, the Fund trimmed its position after strong year-to-date performance and valuation re-rating. Equinix, a global data centre operator, underperformed after updated guidance on funds from operations fell short of expectations at its capital markets day. Axiom retained the position, viewing near-term pressure as linked to proactive capacity investment amid rising generative AI demand. Cintas, a US-based business services company, also lagged due to rotation out of defensives, though it continues to deliver above-industry organic growth and margin leverage.

The Fund added to Nvidia following strong May results and signs of accelerating Blackwell-system adoption. Microsoft was also increased as Azure, its cloud computing platform, continues to show accelerating revenue and AI monetisation trends. The position in HEICO, a US-based aerospace and electronics manufacturer, was further built as fundamentals in the commercial aftermarket improve.

Two new positions were initiated. Broadcom, a US-based semiconductor designer, benefits from leadership in ethernet switching and custom chip development for hyperscalers. Fujikura, a Japan-based fibre optics supplier, is well positioned as demand for high-speed data transmission scales with AI infrastructure growth.

The Fund exited Gartner, Primo Brands and TE Connectivity due to softening operational data and a preference to reallocate to more dynamic growth exposures.

Chipotle, a US-based fast-casual restaurant group, received an ESG rating upgrade driven by governance enhancements. Engagements with Nvidia and Tradeweb, a global operator of electronic trading platforms, focused on emissions, human rights, and ESG-linked compensation targets.

PROFILE

Platform Availability

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

STATISTICAL DATA2

PORTFOLIO SUMMARY
VOLATILITY7
13.6%
NUMBER OF STOCKS
45
BETA8
1.04

FEATURES

  • APIR CODE HOW0002AU
  • REDEMPTION PRICEA$ 4.1079
  • FEES * Management Fee: 1.35% p.a
  • Minimum initial investment $10,000
  • FUM AT MONTH END A$ 378.56m
  • STRATEGY INCEPTION DATE 1 July 2004
  • BenchmarkMSCI All Country World Total Return Index (net, AUD)

Fund Managers

Bradley Amoils

Managing Director/Portfolio Manager

Andrew Jacobson

CEO/Chief Investment Officer

Description

The Pengana Axiom International Fund 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

Prior to June 2021, the Axiom Global Equity Strategy performance (shown in the shaded area) includes the strategy performance simulated by Pengana from the monthly gross returns of the Axiom Global Equity strategy. This simulation was done by: 1) the conversion of US-denominated gross returns to AUD, 2) applying the fee structure of the stated class. The simulation does not include the Pengana ethical screen. From June 2021 the strategy performance is the performance of the Pengana Axiom International Ethical Fund.

1. Axiom was appointed fund manager as of 5 May 2021. June 2021 represents the first full month of Axiom managing the Fund.
2. 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 (HOW0002AU) in the table above which is the continuous performance of both the current and previous strategies.
3. Axiom Global Equity Strategy inception 1 Jul 2004.
4. Prior to June 2021, the Axiom Global Equity Strategy performance (labeled ‘Strategy (Partial Simulation)’ and shown in the shaded area) includes the strategy performance simulated by Pengana from the monthly gross returns of the Axiom Global Equity strategy. This simulation was done by: 1) the conversion of US-denominated gross returns to AUD, 2) applying the fee structure of the stated class. The simulation does not include the Pengana ethical screen. From June 2021 the strategy performance is the performance of the Pengana Axiom International Ethical Fund.
5. MSCI All Country World Total Return Index in AUD.
6. 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.
7. Annualised standard deviation since inception.
8. Relative to the MSCI All Country World Total Return Index in AUD.
*For further information regarding fees please see the PDS available on our website.