https://data.pengana.com/wp-json/pen/performance?fund_code=PENVGT&date=30/04/2025&aggregation_code=Class%20A 
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            [date] => 30/04/2025
            [table] => 
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


0.1%
9.8%
19.0%
14.9%
9.1%
11.0%
10.7%





Current Strategy (Partial Simulation)4


Axiom Global Equity Strategy







12.0%
13.1%
8.6%




Index5
-1.7%
13.5%
16.5%
14.2%
11.1%
13.6%
12.2%
8.3%






Swipe horizontally to see all columns

            [piechart] => Array
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                            [0] => Sector Breakdown
                            [1] => ["Consumer Discretionary", 0.182660366],["Consumer Staples", 0.041149171],["Financials", 0.167946085],["Health Care", 0.081689122],["Industrials", 0.084647545],["Information Technology", 0.237443045],["Real Estate", 0.025090466],["Communication Services", 0.151327637],["Cash", 0.028046563],
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                    [1] => Array
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                            [0] => Capitalisation Breakdown
                            [1] => ["In between 10bn - 50bn USD", 0.110979903],["In between 50bn - 150bn USD", 0.242749301],["In between 150bn - 500bn USD", 0.305086877],["Above 500bn USD", 0.313137357],["Cash", 0.028046563],
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                    [2] => Array
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                            [0] => Region Breakdown
                            [1] => ["North America", 0.684093175],["Europe ex-UK", 0.157698756],["Emerging Markets", 0.050042661],["Japan", 0.067114209],["UK", 0.013004636],["Cash", 0.028046563],
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            [topholdings] => AMAUSD/Amazon.com, Inc./United States/Consumer Discretionary,2046251/Apple Inc./United States/Information Technology,BOSUSD/Boston Scientific Corporation/United States/Health Care,CISUSD/Cintas Corporation/United States/Industrials,B7TL820/Meta Platforms Inc Class A/United States/Communication Services,MICUSD/Microsoft Corporation/United States/Information Technology,2857817/Netflix, Inc./United States/Communication Services,SAPEDE/SAP SE/Germany/Information Technology,BFZ1K46/Spotify Technology SA/United States/Communication Services,B2PZN04/Visa Inc. Class A/United States/Financials,
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            [topholdingsintro] => Array
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                    [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] => Boston Scientific Corp. engages in the development, manufacture, and marketing of medical devices that are used in interventional medical procedures. It operates through the MedSurg and Cardiovascular segments. The MedSurg segment includes Endoscopy, Urology, and Neuromodulation. The Cardiovascular segment consists of Cardiology and Peripheral Interventions. The company was founded by John E. Abele and Pete Michael Nicholas on June 29, 1979 and is headquartered in Marlborough, MA.
                    [3] => Cintas Corp. engages in the provision of corporate identity uniforms through rental and sales programs. It operates through the following segments: Uniform Rental and Facility Services, First Aid and Safety Services, and All Other. The Uniform Rental and Facility Services segment consists of the rental and servicing of uniforms and other garments including flame resistant clothing, mats, mops and shop towels, and other ancillary items. The First Aid and Safety Services segment includes first aid and safety products and services. The All Other segment contains fire protection services and its direct sale business. The company was founded by Richard T. Farmer in 1968 and is headquartered in Cincinnati, OH.
                    [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] => 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.
                    [7] => 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.
                    [8] => 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.
                    [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.
                    [10] => 
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109.178516 192.04 109.271756 193.148 108.46471199999999 194.256 109.251924 195.364 107.705472 196.472 108.735996 197.58 109.50012 198.68800000000002 107.807444 199.79600000000002 108.494016 200.90400000000002 109.12153599999999 202.012 110.054824 203.12 110.498824 204.22799999999998 110.570012 205.33599999999998 109.96543199999999 206.444 108.485284 207.552 109.424936 208.66 108.82124400000001 209.768 108.406844 210.876 108.746504 211.98399999999998 109.069144 213.09199999999998 108.015088 214.2 106.7858 215.308 107.392748 216.416 106.94623200000001 217.524 106.33928399999999 218.632 105.23698 219.74 104.38731200000001 220.848 105.204272 221.956 105.597064 223.064 105.270132 224.172 104.306652 225.28 102.848704 226.388 101.83904799999999 227.496 102.32285999999999 228.604 101.61512400000001 229.71200000000002 101.774372 230.82000000000002 101.9795 231.928 101.07522 233.036 101.115032 234.144 100.449624 235.252 99.57820000000001 236.36 98.23036400000001 237.46800000000002 98.08044000000001 238.576 100.245236 239.684 100.805564 240.79199999999997 102.100416 241.89999999999998 100.643652 243.00799999999998 98.742444 244.11599999999999 98.201356 245.224 96.52096399999999 246.332 98.31753599999999 247.44 96.307252 248.548 95.447964 249.656 95.500356 250.76399999999998 94.671112 251.87199999999999 94.427948 252.98 92.579576 254.088 92.75199599999999 255.196 91.05103199999999 256.304 93.144196 257.41200000000003 97.038224 258.52 95.639476 259.62800000000004 94.43224000000001 260.736 94.64802399999999 261.844 94.189668 262.952 92.945432 264.06 93.009664 265.168 93.19274 266.276 90.10353599999999 267.384 90.139352 268.492 90.085036 269.6 89.4291 270.708 87.35384400000001 271.81600000000003 85.907588 272.924 85.219832 274.032 82.909108 275.14 81.373164 276.248 79.653256 277.356 81.375236 278.464 80.773764 279.572 78.873592 280.67999999999995 78.04508799999999 281.788 79.15124 282.89599999999996 82.28218 284.004 82.98207199999999 285.11199999999997 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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.

VIEW Fund

April 2025 - Monthly REPORT

April Report

SUMMARY

  • The Fund returned +0.1% in April, outperforming the benchmark, which declined -1.7%, as markets staged a late recovery following a sharp sell-off triggered by US tariff announcements.
  • Outperformance was driven by strong stock selection in communication services, health care, and industrials, with Netflix, ServiceNow, and SAP among the top contributors; Meta Platforms, Alibaba, and Amazon were the largest detractors.
  • A new position was initiated in Tradeweb Markets, while exposure to Amazon, Meta Platforms, and Chipotle was reduced to manage risk given heightened macro uncertainty.

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.
Boston Scientific Corporation
United States
Health Care
Boston Scientific Corp. engages in the development, manufacture, and marketing of medical devices that are used in interventional medical procedures. It operates through the MedSurg and Cardiovascular segments. The MedSurg segment includes Endoscopy, Urology, and Neuromodulation. The Cardiovascular segment consists of Cardiology and Peripheral Interventions. The company was founded by John E. Abele and Pete Michael Nicholas on June 29, 1979 and is headquartered in Marlborough, MA.
Cintas Corporation
United States
Industrials
Cintas Corp. engages in the provision of corporate identity uniforms through rental and sales programs. It operates through the following segments: Uniform Rental and Facility Services, First Aid and Safety Services, and All Other. The Uniform Rental and Facility Services segment consists of the rental and servicing of uniforms and other garments including flame resistant clothing, mats, mops and shop towels, and other ancillary items. The First Aid and Safety Services segment includes first aid and safety products and services. The All Other segment contains fire protection services and its direct sale business. The company was founded by Richard T. Farmer in 1968 and is headquartered in Cincinnati, OH.
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.
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.
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 Apr 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
 0.1% 9.8% 19.0% 14.9% 9.1% 11.0% 10.7%
Current Strategy (Partial Simulation)4

Axiom Global Equity Strategy
 12.0% 13.1% 8.6%
Index5 -1.7% 13.5% 16.5% 14.2% 11.1% 13.6% 12.2% 8.3%

Swipe horizontally to see all columns

PERFORMANCE SINCE STRATEGY INCEPTION

NET PERFORMANCE SINCE INCEPTION6

COMMENTARY

Market Review

Global equities were volatile in April, beginning the month with a sharp sell-off following the announcement of sweeping US tariffs. Markets recovered strongly into month-end as geopolitical concerns eased and investor focus returned to earnings and macro fundamentals. Growth stocks outperformed value by a wide margin, reversing March’s sharp rotation and supporting a more favourable backdrop for the Fund’s positioning. A weaker US dollar detracted from performance in Australian dollar terms.

Inflation trends continued to moderate, particularly in the US, where price pressures eased and consumer spending remained firm. A weaker US dollar and softer commodity prices further supported financial conditions. European data was more mixed, with business surveys pointing to slower growth and retail sales losing momentum. In China, economic indicators improved modestly, though consumption remained subdued amid ongoing weakness in the property sector.

Against this backdrop, Axiom continues to focus on dynamic growth businesses with upward earnings revisions. As broad economic growth moderates, the team expects market leadership to shift further towards companies with strong fundamentals, pricing power, and earnings resilience rather than macro-driven cyclicals.

Portfolio Commentary

The Fund outperformed its benchmark in April, supported by strong stock selection in communication services, health care, and industrials. Conversely, financials and consumer staples detracted from relative performance.

Netflix, a global streaming provider, contributed positively after reporting strong first-quarter results and raising full-year guidance. ServiceNow, a US-based enterprise software company, beat expectations with robust forward metrics and encouraging commentary on AI platform adoption. SAP, a German enterprise software provider, rallied on stronger-than-expected cloud backlog and conservative guidance that positions it for future upgrades.

On the negative side, Meta Platforms, a US-based digital advertising and social media company, declined on concerns around reduced advertising budgets from China-based retailers, which proved overstated following solid quarterly results. Amazon, a global e-commerce and cloud provider, also detracted on tariff and budget concerns, despite reporting solid retail results and steady AWS growth. Alibaba, a Chinese technology group, underperformed amid rising trade tensions.

A new position was initiated in Tradeweb Markets, a global financial technology firm that operates electronic marketplaces for trading fixed income, ETFs, derivatives, and other instruments. Axiom sees strong growth potential as electronic trading adoption increases, particularly in less liquid markets. The company is also well-positioned to benefit from structural changes in market infrastructure and growing demand for efficient, transparent execution during periods of heightened volatility. Residual positions in Isetan Mitsukoshi and Vertiv were exited after modest rebounds.

Stock-level changes included net additions to Deutsche Boerse, a European market infrastructure provider, Spotify, a global audio streaming platform, and TJX, a leading US off-price retailer. The position in Deutsche Boerse was increased following its recent initiation. Spotify was added opportunistically amid market volatility, with recent pricing changes and potential regulatory shifts underappreciated by the market. TJX was increased based on weekly credit card data indicating strong sales momentum and the potential for further upside as consumers shift to more affordable retailers in response to tariff uncertainty.

Positions in Meta Platforms, Amazon, and Chipotle, a US fast-casual restaurant chain, were trimmed to manage risk. Chipotle was reduced following softer sales comps, though the long-term investment case remains intact.

No positions received MSCI ESG rating changes during the month, and there were no ESG-specific engagements. However, several management calls are scheduled in the months ahead as part of ongoing stewardship efforts.

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
46
BETA8
1.04

FEATURES

  • APIR CODE HOW0002AU
  • REDEMPTION PRICEA$ 3.7589
  • FEES * Management Fee: 1.35% p.a
  • Minimum initial investment $10,000
  • FUM AT MONTH END A$ 349.96m
  • 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
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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.