SUMMARY
During July 2021, the Pengana Axiom International Ethical Fund (“Fund”) delivered 7.6% for investors, outperforming the benchmark’s return of 2.8%.
We are pleased to announce that two Australian research houses have now completed their reviews of the Fund since the appointment of the new investment team and the Fund has received a Recommended rating from Zenith as well as a Superior rating from SQM. The reports are available to AFSL holders HERE.
The portfolio continues to overweight information technology, consumer discretionary and communication services, and underweight financials, materials, and consumer staples. In July, we added capital to health care and reduced communication services and consumer discretionary. We started new positions in automaker Volkswagen and dental aligner leader Align Technologies. More detail in the commentary below.