https://data.pengana.com/wp-json/pen/performance?fund_code=PENVGT&date=31/12/2025&aggregation_code=Class%20A
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            [date] => 31/12/2025
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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
-2.4% 1.4% 17.6% 21.9% 10.2% 9.9% 11.2%
Current Strategy (Partial Simulation)4

Axiom Global Equity Strategy
10.4% 13.4% 8.9%
Index5 -0.6% 13.6% 21.3% 21.3% 13.4% 14.5% 13.3% 8.9%

Swipe horizontally to see all columns

[piechart] => Array ( [0] => Array ( [0] => Sector Breakdown [1] => ["Consumer Discretionary", 0.112201459],["Consumer Staples", 0.005007649],["Financials", 0.107821456],["Health Care", 0.069368729],["Industrials", 0.143889422],["Information Technology", 0.38354954],["Real Estate", 0.011937277],["Communication Services", 0.150876455],["Cash", 0.015348013], ) [1] => Array ( [0] => Capitalisation Breakdown [1] => ["In between 10bn - 50bn USD", 0.072697113],["In between 50bn - 150bn USD", 0.152648452],["In between 150bn - 500bn USD", 0.254825551],["Above 500bn USD", 0.504480872],["Cash", 0.015348013], ) [2] => Array ( [0] => Region Breakdown [1] => ["North America", 0.719675119],["Europe ex-UK", 0.143931428],["Emerging Markets", 0.065106901],["Japan", 0.049879922],["UK", 0.006058617],["Cash", 0.015348013], ) ) [topholdings] => BYVY8G0/Alphabet Inc. Class A/United States/Communication Services,AMAUSD/Amazon.com, Inc./United States/Consumer Discretionary,BDZ78H9/Broadcom Inc./United States/Information Technology,CBCUSD/JPMorgan Chase & Co./United States/Financials,B7TL820/Meta Platforms Inc Class A/United States/Communication Services,MICUSD/Microsoft Corporation/United States/Information Technology,DWDUSD/Morgan Stanley/United States/Financials,2379504/NVIDIA Corporation/United States/Information Technology,BMTVQK9/Siemens Energy AG/Germany/Industrials,TAIUSD/Taiwan Semiconductor Manufacturing Co., Ltd. Spons/United States/Information Technology, [topholdingsimg] => https://data.pengana.com/wp-content/uploads/alpha-1-e1638852393149.jpg,https://data.pengana.com/wp-content/uploads/download-7.png,https://data.pengana.com/wp-content/uploads/Broadcom-Logo-scaled-e1768364227859.png,https://data.pengana.com/wp-content/uploads/JPMorgan-Chase-Co-e1768364180237.jpg,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/morgan_stanley_logo-1-scaled-e1768364793691.png,https://data.pengana.com/wp-content/uploads/NVIDIA_logo.png,https://data.pengana.com/wp-content/uploads/Siemens-Energy-e1768358767283.jpg,https://data.pengana.com/wp-content/uploads/Tsmc.svg.png, [topholdingsintro] => Array ( [0] => Alphabet Inc. operates as a holding company. The Company, through its subsidiaries, provides web-based search, advertisements, maps, software applications, mobile operating systems, consumer content, enterprise solutions, commerce, and hardware products. [1] => 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. [2] => Broadcom Inc. is a global technology company, which designs, develops, and supplies semiconductors and infrastructure software solutions. It operates through the Semiconductor Solutions and Infrastructure Software segments. The Semiconductor Solutions segment refers to product lines and intellectual property licensing. The Infrastructure Software segment relates to mainframe, distributed and cyber security solutions, and the FC SAN business. The company was founded in 1961 and is headquartered in Palo Alto, CA. [3] => JPMorgan Chase & Co. is a financial holding company, which engages in the provision of financial and investment banking services. It focuses on investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing, and asset management. It operates through the following segments: Consumer and Community Banking (CCB), Commercial and Investment Bank (CIB), Asset and Wealth Management (AWM), and Corporate. The CCB segment originates and services mortgage loans. The CIB segment makes markets and services clients across fixed income, foreign exchange, equities, and commodities. The AWM segment provides initial capital investments in products such as mutual funds and capital invested alongside third-party investors. The Corporate segment manages its liquidity, funding, capital, structural interest rate, and foreign exchange risks. The company was founded in 1799 and is headquartered in New York, NY. [4] => 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. [5] => 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. [6] => Morgan Stanley operates as a global financial services company. The firm provides investment banking products and services to its clients and customers including corporations, governments, financial institutions, and individuals. It operates through the following segments: Institutional Securities, Wealth Management, and Investment Management. The Institutional Services segment provides financial advisory, capital-raising services, and related financing services on behalf of institutional investors. The Wealth Management segment offers brokerage and investment advisory services covering various types of investments, including equities, options, futures, foreign currencies, precious metals, fixed-income securities, mutual funds, structured products, alternative investments, unit investment trusts, managed futures, separately managed accounts, and mutual fund asset allocation programs. The Investment Management segment provides equity, fixed income, alternative investments, real estate, and merchant banking strategies. The company was founded by Harold Stanley and Henry S. Morgan in 1924 and is headquartered in New York, NY. [7] => 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. [8] => Siemens Energy AG engages in the provision of energy technology solutions. It operates through the following segments: Gas Services, Grid Technologies, Transformation of Industry, and Siemens Gamesa. The company was founded in 1866 and is headquartered in Munich, Germany. [9] => 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. 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fill="#7c868e" opacity="1" x="190" y="155">06/2016</text></g></g><g data-ac-wrapper-id="413" id="ac_layer_bj"><g data-ac-wrapper-id="414" id="ac_unmanageable-layer_bi"><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="229" y="155">06/2019</text></g></g><g data-ac-wrapper-id="415" id="ac_layer_bl"><g data-ac-wrapper-id="416" id="ac_unmanageable-layer_bk"><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="267" y="155">06/2022</text></g></g><g data-ac-wrapper-id="417" id="ac_layer_bn"><g data-ac-wrapper-id="418" id="ac_unmanageable-layer_bm"><text aria-hidden="true" font-style="normal" font-variant="normal" font-family="Verdana, 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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="9" y="102">$250,000</text></g></g><g data-ac-wrapper-id="426" id="ac_layer_bw"><g data-ac-wrapper-id="427" id="ac_unmanageable-layer_bv"><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="9" y="65">$500,000</text></g></g><g data-ac-wrapper-id="428" id="ac_layer_by"><g data-ac-wrapper-id="429" id="ac_unmanageable-layer_bx"><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="9" y="28">$750,000</text></g></g></g><path data-ac-wrapper-id="442" pointer-events="none" id="ac_path_ci" fill="none" stroke="#969EA5" d="M 0,0"/><path data-ac-wrapper-id="443" pointer-events="none" id="ac_path_cj" fill="none" stroke="none" d="M 0,0"/><g data-ac-wrapper-id="384" transform="matrix(1,0,0,1,41,10)" clip-path="url(&quot;#ac_clip_aw&quot;)" clipPathUnits="userSpaceOnUse" id="ac_layer_ay"><g data-ac-wrapper-id="385" id="ac_layer_au"><g data-ac-wrapper-id="386" id="ac_layer_ap"><text data-ac-wrapper-id="387" 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_am" style="user-select: none; font-family: Verdana, Helvetica, Arial, sans-serif; opacity: 1; cursor: pointer;"><tspan x="10" dy="0">Current Strategy (Partial Simulation)</tspan></text><path data-ac-wrapper-id="388" transform="matrix(1,0,0,1,0,0.5)" id="ac_path_an" fill="#24c9c1" stroke="#24c9c1" stroke-width="1" d="M 0 0 L 5 0 5 5 0 5 Z" style="cursor: pointer;"/><path data-ac-wrapper-id="389" id="ac_rect_ao" fill="#FFFFFF" fill-opacity="0.00001" stroke="none" d="M 0 0 L 100 0 100 6 0 6 0 0 Z" style="cursor: pointer;"/></g><g data-ac-wrapper-id="390" transform="matrix(1,0,0,1,115,0)" id="ac_layer_at"><text data-ac-wrapper-id="391" 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_aq" 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="392" transform="matrix(1,0,0,1,0,0.5)" id="ac_path_ar" 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="393" id="ac_rect_as" fill="#FFFFFF" fill-opacity="0.00001" stroke="none" d="M 0 0 L 133 0 133 6 0 6 0 0 Z" style="cursor: pointer;"/></g></g></g></g></g></svg> [pdfchart2] => [jsonhpid] => 31666 [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.

December 2025 - Monthly REPORT

December Report

SUMMARY

  • The Fund declined 2.4% in December, underperforming the benchmark, which fell 0.6%, as market leadership rotated away from growth-oriented exposures despite easing volatility and a more supportive monetary backdrop.
  • Portfolio fundamentals remained resilient, with forward earnings revisions continuing to trend positively and aggregate earnings growth sustaining a premium to the benchmark. Valuation support improved further, with the Fund’s price-to-earnings-to-growth (PEG) ratio declining to 1.0x, reinforcing the attractiveness of the opportunity set.
  • AppLovin, Siemens Energy and Morgan Stanley contributed most to returns, while Broadcom, Netflix and Sony Group detracted. The Fund added to Alphabet, ASML and TJX Companies, reduced Netflix, Oracle and ServiceNow, initiated AerCap Holdings, Danaher and AstraZeneca, and exited Equinix.

PORTFOLIO

Top Holdings (alphabetically)

Alphabet Inc. Class A
United States
Communication Services
Alphabet Inc. operates as a holding company. The Company, through its subsidiaries, provides web-based search, advertisements, maps, software applications, mobile operating systems, consumer content, enterprise solutions, commerce, and hardware products.
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.
Broadcom Inc.
United States
Information Technology
Broadcom Inc. is a global technology company, which designs, develops, and supplies semiconductors and infrastructure software solutions. It operates through the Semiconductor Solutions and Infrastructure Software segments. The Semiconductor Solutions segment refers to product lines and intellectual property licensing. The Infrastructure Software segment relates to mainframe, distributed and cyber security solutions, and the FC SAN business. The company was founded in 1961 and is headquartered in Palo Alto, CA.
JPMorgan Chase & Co.
United States
Financials
JPMorgan Chase & Co. is a financial holding company, which engages in the provision of financial and investment banking services. It focuses on investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing, and asset management. It operates through the following segments: Consumer and Community Banking (CCB), Commercial and Investment Bank (CIB), Asset and Wealth Management (AWM), and Corporate. The CCB segment originates and services mortgage loans. The CIB segment makes markets and services clients across fixed income, foreign exchange, equities, and commodities. The AWM segment provides initial capital investments in products such as mutual funds and capital invested alongside third-party investors. The Corporate segment manages its liquidity, funding, capital, structural interest rate, and foreign exchange risks. The company was founded in 1799 and is headquartered in New York, NY.
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.
Morgan Stanley
United States
Financials
Morgan Stanley operates as a global financial services company. The firm provides investment banking products and services to its clients and customers including corporations, governments, financial institutions, and individuals. It operates through the following segments: Institutional Securities, Wealth Management, and Investment Management. The Institutional Services segment provides financial advisory, capital-raising services, and related financing services on behalf of institutional investors. The Wealth Management segment offers brokerage and investment advisory services covering various types of investments, including equities, options, futures, foreign currencies, precious metals, fixed-income securities, mutual funds, structured products, alternative investments, unit investment trusts, managed futures, separately managed accounts, and mutual fund asset allocation programs. The Investment Management segment provides equity, fixed income, alternative investments, real estate, and merchant banking strategies. The company was founded by Harold Stanley and Henry S. Morgan in 1924 and is headquartered in New York, NY.
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.
Siemens Energy AG
Germany
Industrials
Siemens Energy AG engages in the provision of energy technology solutions. It operates through the following segments: Gas Services, Grid Technologies, Transformation of Industry, and Siemens Gamesa. The company was founded in 1866 and is headquartered in Munich, Germany.
Taiwan Semiconductor Manufacturing Co., Ltd. Spons
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.

Sector Breakdown

Capitalisation Breakdown

Region Breakdown

PERFORMANCE

PERFORMANCE SINCE STRATEGY INCEPTION

NET PERFORMANCE FOR PERIODS ENDING 31 Dec 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
-2.4% 1.4% 17.6% 21.9% 10.2% 9.9% 11.2%
Current Strategy (Partial Simulation)4

Axiom Global Equity Strategy
10.4% 13.4% 8.9%
Index5 -0.6% 13.6% 21.3% 21.3% 13.4% 14.5% 13.3% 8.9%

Swipe horizontally to see all columns

PERFORMANCE SINCE STRATEGY INCEPTION

NET PERFORMANCE SINCE INCEPTION6

COMMENTARY

Market Review

Global equity markets declined in December, with factor rotations weighing on growth-oriented stocks despite easing volatility and a more supportive monetary policy backdrop. Economic data released following the conclusion of the US government shutdown was broadly constructive, reinforcing expectations that inflation pressures continue to moderate while growth remains uneven. A weaker US dollar detracted from returns in Australian dollar terms.

In the United States, November core inflation slowed to 2.6% year-on-year, below expectations and down from earlier levels. Labour market data remained neutral, while purchasing managers’ indices showed a slowing expansion in services activity and subdued but stable manufacturing conditions. Housing indicators remained soft, with pending home sales declining modestly and price growth decelerating. Against this backdrop, the Federal Reserve reduced interest rates by 25 basis points during the month.

Elsewhere, economic conditions remained mixed. In Europe, construction output improved modestly, while investor confidence strengthened, although consumer sentiment remained subdued. Inflation remained contained across the region. In China, growth continued to diverge, with exports rebounding strongly while domestic consumption and property investment remained under pressure.

Despite subdued and uneven global growth, monetary policy remains broadly supportive across major regions. In this environment, Axiom remains focused on companies exhibiting positive operating momentum and improving fundamentals, where dynamic earnings growth and ongoing earnings revisions are expected to remain key drivers of long-term returns.

Portfolio Commentary

The Fund underperformed the benchmark in December. At the sector level, underweight exposure to consumer staples contributed positively, while overweight positions in information technology and communication services detracted as market leadership rotated away from growth-oriented exposures. Portfolio sector positioning was broadly unchanged, with the largest overweights remaining information technology and communication services, and the largest non-exclusionary underweights in financials and consumer staples.

At the stock level, AppLovin, a digital advertising and app monetisation platform, was the strongest contributor following favourable industry feedback on its new e-commerce advertising offering. Early adoption accelerated into the holiday period, supporting confidence in medium-term revenue potential. Siemens Energy, a provider of power generation and grid infrastructure equipment, also performed strongly as expectations for turbine orders, revenue growth and margins continued to improve after its Capital Markets Day. Morgan Stanley contributed as a steeper yield curve and improving expectations for capital markets activity supported earnings outlooks.

After being a leading contributor in November, Broadcom consolidated following its earnings release, which fell short of elevated expectations. Management’s disclosure of a $73bn AI order backlog created initial uncertainty around revenue timing, although subsequent clarification and positive earnings revisions supported confidence in the medium-term outlook. Netflix detracted following the announcement of a proposed acquisition of Warner Bros Discovery, raising concerns around valuation, dilution, and strategic complexity, resulting in a significant reduction in the position. Sony Group was weaker amid geopolitical tensions and rising memory prices, although management confirmed current-year earnings are insulated from these pressures.

Portfolio activity was focused at the stock level. The Fund added to ASML, TJX Companies and Alphabet, reflecting confidence in improving industry conditions, continued operational outperformance and accelerating generative AI adoption. Reductions were made to Netflix, Oracle and ServiceNow, reflecting acquisition uncertainty, concentration risk and valuation discipline.

Three new positions were initiated during the month. AerCap Holdings, the world’s largest aircraft lessor, benefits from strong demand and constrained aircraft supply, supporting lease yields and capital returns. Danaher is emerging from a period of inventory digestion, with accelerating revenue growth not yet reflected in forecasts. AstraZeneca was added, given the underappreciated growth in its oncology and cardio-metabolic franchises. The Fund exited Equinix, reallocating capital toward healthcare exposures and reducing overall factor risk.

There were no changes to the MSCI ESG rating during the month. Engagement activity included discussions with Amazon, Nvidia, Siemens Energy and TSMC, focusing on emissions disclosure, supply chain practices, human capital management and governance frameworks.

PROFILE

Platform Availability

  • Asgard eWrap
  • BT Investment Wrap
  • BT Panorama
  • BT Superwrap
  • Colonial First Wrap -IDPS
  • Centric IDPS
  • Hub24
  • IOOF Grow Wrap
  • Macquarie Wrap – IDPS
  • Mason Stevens – IDPS
  • Mason Stevens – Super (Hedged)
  • Netwealth
  • Powerwrap

STATISTICAL DATA2

PORTFOLIO SUMMARY
VOLATILITY7
13.4%
NUMBER OF STOCKS
44
BETA8
1.04

FEATURES

  • APIR CODE HOW0002AU
  • REDEMPTION PRICEA$ 3.5408
  • FEES * Management Fee: 1.35% p.a
  • Minimum initial investment $10,000
  • FUM AT MONTH END A$ 352.43m
  • 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.