https://data.pengana.com/wp-json/pen/performance?fund_code=PENVGT&date=28/11/2025&aggregation_code=Class%20A
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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
-2.6% 7.9% 19.5% 20.0% 11.0% 10.7% 11.7%
Current Strategy (Partial Simulation)4

Axiom Global Equity Strategy
11.2% 13.9% 9.1%
Index5 -0.2% 17.4% 22.8% 19.5% 13.8% 14.6% 13.6% 8.9%

Swipe horizontally to see all columns

[piechart] => Array ( [0] => Array ( [0] => Sector Breakdown [1] => ["Consumer Discretionary", 0.110368425],["Consumer Staples", 0.008648219],["Financials", 0.088173569],["Health Care", 0.053060265],["Industrials", 0.132360599],["Information Technology", 0.400181056],["Real Estate", 0.016572199],["Communication Services", 0.176978868],["Cash", 0.0136568], ) [1] => Array ( [0] => Capitalisation Breakdown [1] => ["In between 10bn - 50bn USD", 0.059720142],["In between 50bn - 150bn USD", 0.146447379],["In between 150bn - 500bn USD", 0.275177066],["Above 500bn USD", 0.504998613],["Cash", 0.0136568], ) [2] => Array ( [0] => Region Breakdown [1] => ["North America", 0.747114483],["Europe ex-UK", 0.122447688],["Emerging Markets", 0.062415018],["Japan", 0.05436601],["Cash", 0.0136568], ) ) [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,B7TL820/Meta Platforms Inc Class A/United States/Communication Services,MICUSD/Microsoft Corporation/United States/Information Technology,DWDUSD/Morgan Stanley/United States/Financials,2857817/Netflix, Inc./United States/Communication Services,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.avif,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.avif,https://data.pengana.com/wp-content/uploads/Netflix_2015_logo.svg.webp,https://data.pengana.com/wp-content/uploads/NVIDIA_logo.png,https://data.pengana.com/wp-content/uploads/Siemens-Energy.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] => 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. [4] => 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. [5] => 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. [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] => 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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opacity="1" x="285" y="155.25">09/2023</text></g></g></g><path data-ac-wrapper-id="423" id="ac_path_bt" fill="none" stroke="#CECECE" d="M 48.5 26 L 48.5 137"/><path data-ac-wrapper-id="424" id="ac_path_bu" fill="none" stroke="#CECECE" d="M 48 136.5 L 42 136.5 M 48 99.5 L 42 99.5 M 48 62.5 L 42 62.5 M 48 26.5 L 42 26.5"/><g data-ac-wrapper-id="425" id="ac_layer_c3"><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="30.5" y="138">$0</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="9.25" y="101">$250,000</text></g></g><g data-ac-wrapper-id="430" id="ac_layer_c0"><g data-ac-wrapper-id="431" id="ac_unmanageable-layer_bz"><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="9.25" y="65">$500,000</text></g></g><g data-ac-wrapper-id="432" id="ac_layer_c2"><g data-ac-wrapper-id="433" id="ac_unmanageable-layer_c1"><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="9.25" y="28">$750,000</text></g></g></g><path data-ac-wrapper-id="446" pointer-events="none" id="ac_path_cm" fill="none" stroke="#969EA5" d="M 0,0"/><path data-ac-wrapper-id="447" 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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.

November 2025 - Monthly REPORT

November Report

SUMMARY

  • The Fund returned -2.6% in November, underperforming the benchmark, which declined -0.2%, as volatility linked to US monetary policy and uncertainty around generative AI investment weighed on information technology and industrials.
  • Forward 12-month earnings revisions and aggregate earnings growth remained ahead of the benchmark, with over 70% of holdings upgraded, and the Fund’s price-to-earnings-to-growth (PEG) ratio, which compares valuation to expected earnings growth, improved to 1.1 times.
  • Alphabet, Siemens Energy and Broadcom contributed most to returns, while Oracle, Fujikura and Axon Activity included additions to Alphabet, ASML and Amphenol, reductions to Axon, Meta Platforms and Uber, and the exit of Tokio Marine, with no new positions initiated.

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.
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.
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.
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 30 Nov 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
-2.6% 7.9% 19.5% 20.0% 11.0% 10.7% 11.7%
Current Strategy (Partial Simulation)4

Axiom Global Equity Strategy
11.2% 13.9% 9.1%
Index5 -0.2% 17.4% 22.8% 19.5% 13.8% 14.6% 13.6% 8.9%

Swipe horizontally to see all columns

PERFORMANCE SINCE STRATEGY INCEPTION

NET PERFORMANCE SINCE INCEPTION6

COMMENTARY

Market Review

Global equity markets edged lower in November as volatility increased, driven by uncertainty around US policy and concerns about the pace of generative AI investment. While some US economic data was delayed early in the month due to the government shutdown, subsequent releases were broadly consistent with recent trends of modest growth and easing inflation. A weaker US dollar detracted from returns in Australian dollar terms.

In the US, labour market conditions remained soft, with low unemployment claims but limited hiring momentum. Core producer price inflation held steady at 2.9% year-on-year, reinforcing the view that inflation pressures continue to moderate. Purchasing managers’ data showed improvement in services activity, while manufacturing remained subdued. Consumer confidence was broadly unchanged at low levels. Expectations for a Federal Reserve interest rate cut in December increased over the month, helping stabilise financial conditions.

Elsewhere, economic conditions remained mixed. In Europe, growth showed tentative improvement from low levels, supported by stronger retail sales and firmer confidence indicators. Retail sales rose ahead of expectations in October, while both consumer and business surveys recorded modest gains. Inflation remained contained across the region. In China, growth remained weak, with slower retail sales and industrial production, ongoing weakness in fixed asset investment and continued pressure in the residential property market.

Despite subdued global growth, monetary policy remains supportive across major regions. Axiom believes its focus on companies with positive operating momentum and improving fundamentals, where dynamic earnings growth remains a key driver of long-term returns, is well suited to this environment.

Portfolio Commentary

The Fund underperformed the benchmark in November. At the sector level, communication services contributed positively, while information technology and industrials detracted as volatility increased around generative AI investment and expectations for infrastructure spending. The portfolio remained overweight information technology and communication services, with underweights to financials and consumer staples, consistent with Axiom’s dynamic growth approach.

At the stock level, Alphabet was a key contributor as strong performance from October extended into November. The release of its latest large language model, Gemini 3, which ranked highly across industry benchmarks, reinforced confidence in Alphabet’s innovation. The company also announced new internally developed Tensor Processing Unit semiconductor systems that support sentiment across its generative AI ecosystem. Broadcom, a global semiconductor and infrastructure software company, also performed well as Alphabet’s key design partner, with supply chain research pointing to potential upside to TPU-related demand.

Siemens Energy, a European provider of power generation and grid infrastructure equipment, contributed following its Capital Markets Day, where management raised medium-term revenue growth and margin targets, improving confidence in the company’s earnings outlook.

Detractors included Oracle, a US-based enterprise software and cloud infrastructure provider, which declined as sentiment weakened around OpenAI-related infrastructure spending following increased competition from new foundational models. Oracle’s underlying fundamentals were unchanged, and the Fund maintained its position. Fujikura, a Japanese manufacturer of optical fibre and connectivity solutions, also pulled back after strong year-to-date performance as the Fund took profits, despite continued robust industry fundamentals. Axon, a US-based public safety technology company, underperformed following its earnings report, although backlog and software revenue growth continued to accelerate. Given valuation considerations, the position was reduced while retaining a positive long-term view.

Portfolio positioning was broadly stable. The Fund added to Alphabet, ASML, the Dutch supplier of advanced semiconductor manufacturing equipment, and Amphenol, a global producer of electronic connectors, reflecting confidence in longer-term demand trends. Reductions were made to Axon, Meta Platforms and Uber, reflecting valuation discipline. The Fund exited Tokio Marine, a Japanese property and casualty insurer, amid slowing premium growth and redeployed capital into more dynamic Japanese exposures, including Hitachi and Sony. There were no new position initiations during the month.

There were no MSCI ESG rating changes in November. Engagement activity included discussions with JPMorgan Chase and ServiceNow, focusing on emissions targets, disclosure practices and the internal use of generative AI.

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
42
BETA8
1.04

FEATURES

  • APIR CODE HOW0002AU
  • REDEMPTION PRICEA$ 3.6278
  • FEES * Management Fee: 1.35% p.a
  • Minimum initial investment $10,000
  • FUM AT MONTH END A$ 363.07m
  • 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.