SUMMARY
- In July, growth factors continued to reassert themselves as inflation expectations declined.
- The Fund’s performance in July was driven by both positive allocation and selection effects. Stock selection was particularly strong in consumer discretionary and health care.
- The Fund’s biggest changes during the month were allocating capital away from information technology and increasing exposure to the consumer sectors.
The Pengana Axiom International Ethical Fund (“Fund”) generated a return of 9.6% in July, outperforming the benchmark, the MSCI All Country World Index (“Index”) by 4.2%.