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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.

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February 2025 - Monthly REPORT

February Report

SUMMARY

  • The Fund returned -3.3%, while the benchmark delivered -0.3% in February, as global equities faced volatility from uncertainties around US tariffs and key economic data, despite resilient corporate earnings.
  • Profit-taking in large-cap US tech stocks and caution in highly valued sectors, influenced by shifts in interest rate expectations, contributed to the Fund’s underperformance, particularly in the technology and communications services sectors.
  • The Fund’s top performers were Uber, Visa, and Sony Group, and it established a new position in Spotify Technology, the world’s largest audio streaming platform.

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.
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.
ServiceNow, Inc.
United States
Information Technology
ServiceNow, Inc. provides enterprise information technology (IT) management software. The Company designs, develops, and produces prepackaged computer software, cloud services, and IT service management platform. ServiceNow serves customers throughout the United States.
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 28 Feb 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
 -3.3% 15.1% 28.6% 14% 12.1% 12.8% 12.2%
Current Strategy (Partial Simulation)4

Axiom Global Equity Strategy
 13.9% 14.7% 9.2%
Index5 -0.3% 20.5% 23.9% 14.9% 13.4% 13.6% 13.3% 8.7%

Swipe horizontally to see all columns

PERFORMANCE SINCE STRATEGY INCEPTION

NET PERFORMANCE SINCE INCEPTION6

COMMENTARY

Global equity markets faced headwinds in February with rising investor caution amid ongoing macroeconomic uncertainty. Growth stocks significantly underperformed value however a stronger US dollar added to equity returns in Australian dollar terms.

In the US, economic data remained robust, with retail sales accelerating in January. The labour market showed resilience, and inflationary pressures continued to ease, supporting expectations of potential interest rate cuts later in the year.

The Eurozone remained stable, with composite purchasing managers’ index (PMI) data indicating a steady but moderate expansion. However, retail sales growth slowed in January.

In China, manufacturing activity remained in expansionary territory, with the Caixin Manufacturing PMI indicated accelerating expansion. However, broader economic conditions continued to underwhelm, with weak consumer spending and ongoing property sector challenges.

The Fund’s largest overweight sectors were communication services, consumer discretionary, and information technology, with the largest underweight sectors being financials, consumer staples, and energy. While strong stock selection helped offset broader market weakness, the Fund’s overweight exposure to growth sectors detracted from relative performance.

The Fund’s underweight position in US-based global automotive and clean energy company Tesla was the largest contributor to relative returns in February. The stock declined sharply as vehicle sales fell across key markets such as Europe and China, with increasing competition from Chinese EV manufacturers including BYD. Investor concerns about CEO Elon Musk’s focus on politics, alongside disappointing fourth-quarter earnings, further pressured the stock. The Fund plans to maintain its zero position.

Uber Technologies is a US-based provider of ride-hailing, food delivery and courier services worldwide. It outperformed after Pershing Square’s Bill Ackman revealed a significant investment in the company. He argued that the market was underappreciating Uber’s scalable platform, network effects, and long-term growth potential. Ackman also rejected concerns that robotaxis represented a competitive threat, boosting investor sentiment.

US-based global payments platform Visa also contributed positively. This followed a successful investor day, where it outlined strong long-term growth prospects, reinforcing confidence in its business model.

The Japanese entertainment and electronics group Sony was another strong performer. It benefited from robust demand for its PlayStation 5 consoles and gaming content. The company’s strong holiday-season sales and expanding subscriber base for PlayStation Plus supported investor confidence.

Taiwan-based advanced chip manufacturer TSMC was the largest detractor from relative returns in February. The stock declined due to investor concerns over potential US tariffs on Taiwanese exporters, which triggered a broader sell-off in the sector. However, TSMC announced an additional US$100 billion investment in fabrication plants and advanced packaging facilities in Arizona, which are expected to mitigate near-term tariff risks.

US-based e-commerce and cloud computing company Amazon also detracted from returns. The stock underperformed as macroeconomic concerns weighed on investor sentiment and consumer confidence appeared to weaken. Google-owner Alphabet faced renewed regulatory scrutiny, contributing to a decline in its share price alongside broader weakness in growth stocks.

The Fund established a new position in Sweden-based Spotify Technology. It operates the world’s largest audio streaming platform, offering music, podcasts, and other digital content to over 600 million users globally.

Despite near-term volatility, the Fund remains focused on dynamic growth stocks.  Expected earnings upgrades should help the Fund outperform as economic growth moderates.

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
  • Macquarie Wrap -Super
  • Mason Stevens – IDPS
  • Mason Stevens – Super (Hedged)
  • Netwealth
  • Powerwrap

STATISTICAL DATA2

PORTFOLIO SUMMARY
VOLATILITY7
13.3%
NUMBER OF STOCKS
41
BETA8
1.02

FEATURES

  • APIR CODE HOW0002AU
  • REDEMPTION PRICEA$ 4.096
  • FEES * Management Fee: 1.35% p.a
  • Minimum initial investment $10,000
  • FUM AT MONTH END A$ 381.05m
  • 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)
Alpha Israel Fund
Alpha Israel Fund
Pengana Diversified Private Credit Fund
Pengana Diversified Private Credit Fund
CONTACT INVESTOR SERVICES
INVEST NOW

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.