AFM Fund Profile — Antipodes China Fund

Fund & Manager Details

Key Facts

Fund Type: Single Discretionary/Quantitative: Discretionary
Strategy: Equity Long FUM (millions): AU$40.5m
Style: Growth Fund Inception Date: Since 28 October 2005
Geographic Mandate: China Latest Return Date: March 2024
Fund Domicile: Australia Investor Type: Wholesale & Retail
Status: Open Reporting Status: Current

Manager Details and Fund Description

Manager: Antipodes Partners Total FUM for all funds: AU$8,000m
Manager Overview:
Antipodes is a global asset manager offering a pragmatic value approach across long only and longshort strategies. It aspires to grow client wealth over the long-term by generating absolute returns in excess of the benchmark at below market levels of risk. Antipodes seeks to take advantage of the market's tendency for irrational extrapolation, identify investments that offer a high margin of safety and build high conviction portfolios with a capital preservation focus.

Antipodes is majority owned by its investment team and its performance culture is underpinned by incentives, a focused offering and the outsourcing of non-investment functions to maximise focus on investing.
Fund/Strategy Overview:
The Fund aims to provide long-term capital growth over a three to five year period, prior to exchange rates effects primarily by investing in companies across a range of market capitalisations listed in Hong Kong, mainland China, Macau and Taiwan (Greater China) and companies listed on other exchanges, which have significant assets, investments, production activities, trading or other business interests in the Greater China region, or which derive a significant portion of their revenue from the Greater China region.

The Fund is managed by Value Partners Hong Kong Limited. Value Partners is a wholly owned subsidiary of Value Partners Group Limited, an investment management group listed on the Main Board of the Hong Kong Stock Exchange (Stock code: 806 HK). Value Partners manages the Fund using a disciplined value-oriented approach supported by intensive, on-the-ground bottom-up fundamental research resulting in a portfolio of individual holdings, which are, in the view of Value Partners, undervalued and of high quality, on either an absolute or relative basis, and which have the potential for capital appreciation.

In addition to direct investment in companies listed in Greater China, the Fund may also invest in cash and short term money market instruments, convertible securities issued by listed companies, listed unit trusts, shares in mutual fund corporations and other collective investment schemes (including real estate investment trusts), derivatives including both exchange-traded and over-the-counter, and participatory notes.
Other funds operated by manager:
Antipodes Asia Fund, Antipodes Asia Income Fund, Antipodes Emerging Markets (Managed Fund), Antipodes Global Fund, Antipodes Global Fund (PIE), Antipodes Global Fund - Long Only (Class I), Antipodes Global Fund Long (PIE)

Investment Details

Investment Terms

Minimum Investment: Minimum Additional Investment: Minimum Term: Investment Frequency:
AU$25,000 AU$10,000 Daily
Regular Savings Option: Regular Savings Min. Amount : Regular Savings Max. Amount : Regular Savings Freq.:
No  
Redemption Notice: Redemption Frequency: Notes:
Daily
Distributions: Distribution Frequency: Last Distribution Date: Last Distribution Amount:
Yes Annually 30 June 2018 AU$0.298374

Structure

Offshore/Onshore: Fund Structure: Share Classes: Trustee/Responsible Entity:
Onshore Unit Trust AU$ Equity Trustees Limited
Administrator: Prime Broker: Custodian: Legal:
Link Fund Solutions Pty Ltd N/A Link Fund Solutions Pty Ltd Equity Trustees Limited; Hall & Wilcox

Fund Fees

Management Fee: Performance Fee: High Water Mark: Hurdle:
2.3% 15% Yes MSCI China Free Index (HKD)
Buy Spread: Sell spread: Early Redemption Fee: Fees Notes:
0.250% 0.250% No

Performance & Risk

Returns

Latest Return Date: Latest Result: Fund Inception Date: Annualised Return:
March 2024 -0.34% 28 October 2005 6.06%
Latest 3 Months: Latest 6 Months: Latest 12 Months: Latest 2 Years p.a.:
-0.01% -6.13% -14.16% -6.57%
Latest 3 Years p.a.: Latest 4 Years p.a.: Latest 5 Years p.a.: Latest 7 Years p.a.:
-15.13% -4.95% -3.68% 0.09%

Performance Statistics

% Positive Months (S.I.): Average Return: Average +ve Return: Average -ve Return:
60.18% 0.65% 4.11% -4.58%
Best Month: Worst Month: Up Capture Ratio (S.I.): Down Capture Ratio (S.I.):
22.26% -16.02% 30.97% 83.80%
Largest Drawdown (S.I.): Longest Drawdown (S.I.): Current Drawdown (%): Current Drawdown (Months):
-50.53% 35 months -44.04% 33 months

Risk

Annualised Standard Deviation (S.I.): Downside Deviation (S.I.): Sortino Ratio (S.I.): -
19.37% 13.84% 0.21 -
Sharpe Ratio (12 months): Sharpe Ratio (3 years): Sharpe Ratio (5 years): Sharpe Ratio (S.I.):
-1.10 -0.62 -0.13 0.25
Please note, Sharpe and Sortino ratios are calculated using the Australian Risk Free Rate

Ranking, Research & Availability

Fund Quintile in its Peer Group (Equity Long - Asia) as at March 2024

AFM's Quintile Rankings show performance and Key Performance Indicators (KPI's) of Antipodes China Fund compared to a peer group of funds with a similar strategy and geographic mandate. Each green square places a fund in one quintile (or 20%) of its peer group - five indicating that the fund is in the top (best) quintile for the corresponding KPI.

As a reference point the equivalent "quintile" performance of the peer group's underlying market index is also indicated by the red dot.

1 Year
3 Year
5 Year
7 Year
Antipodes China Fund
Asia Pacific Index Benchmark

External Research and Ratings: As reported by each Fund Manager.

Lonsec: Investment Grade, June 2017
Zenith: Approved, November 2017

Availability:As reported by each Fund Manager.

Available on Investment Platforms:
OLIVIA123, BT Wrap, HUB24, Macquarie Wrap, Netwealth, Asgard, IOOF, MLC Wrap, AMP MyNorth, Colonial FirstWrap, MLC Navigator, Oasis, Ausmaq

News & Insights

Webinar | Premium China Funds Management - Asian Fixed Income Webinar
8 Mar 2022 - Premium China Funds Management
The travails of certain Chinese property developers continue to impact Asian corporate bonds. Jonathan Wu has an update on how we are traversing this landscape.
Read more...
Webinar | Premium China Funds Management  - Asian Equities
28 Feb 2022 - Premium China Funds Management
2022 has begun with extreme volatility in global equity markets. In this webinar, Jonathan Wu, shares a perspective on Asian markets.
Read more...
Webinar | Premium China Funds Management
13 Dec 2021 - Premium China Funds Management
Gordon Ip, Fund Manager for the Premium Asia Income Fund, provided his views on current conditions and the outlook.
Read more...

Fund Documents

Manager's Report

Product disclosure/IM

Target Market Determination



Fund Performance

Historical Performance (all figures shown here are net of fees unless otherwise stated)

Year Jan % Feb % Mar % Apr % May % Jun % Jul % Aug % Sep % Oct % Nov % Dec % YTD %
2024 -5.48 6.15 -0.34 N/R N/R N/R N/R N/R N/R N/R N/R N/R -0.01
2023 9.25 -7.67 2.92 -1.99 -8.87 1.26 8.60 -5.40 -1.60 -4.53 0.02 -1.68 -10.88
2022 -0.32 -8.39 -13.31 2.79 -0.71 5.60 -10.37 1.08 -7.88 -14.22 22.26 3.83 -22.45
2021 3.08 -0.58 -3.05 3.66 2.54 2.76 -15.24 3.16 -0.71 -3.63 -0.42 -2.81 -12.12
2020 -1.63 1.82 -4.46 1.04 -0.90 5.80 6.55 4.23 -1.39 6.22 2.28 6.63 28.60
2019 6.01 7.03 2.98 1.40 -9.86 8.19 1.25 -1.26 -0.44 2.95 1.70 3.01 24.05
2018 8.21 -4.04 -3.53 0.99 4.91 -6.80 -2.10 -6.24 -1.50 -10.12 4.96 -2.63 -17.85
2017 2.92 1.68 3.58 4.11 4.42 0.50 0.67 4.91 2.85 4.64 1.72 0.06 37.02
2016 -14.87 -1.78 3.38 -1.35 3.36 -2.94 2.77 7.43 -0.17 -1.43 2.86 -1.88 -6.19
2015 5.99 1.46 8.22 17.15 3.82 -9.68 -9.94 -10.64 3.44 2.44 -5.76 2.14 4.94
2014 -3.07 0.80 -5.92 -1.28 0.37 2.97 7.11 0.93 1.46 3.01 2.67 6.20 15.53
2013 7.47 -1.18 -4.39 0.64 7.52 -6.19 4.70 2.36 -0.80 3.39 7.42 0.18 21.91
2012 6.08 6.55 -4.74 1.18 -4.91 -7.13 -3.55 2.15 6.00 3.38 2.07 6.66 13.08
2011 -0.85 -1.61 4.88 -0.91 -1.39 -2.10 0.10 -8.59 -15.49 9.63 -5.61 0.54 -21.25
2010 -7.81 1.81 4.72 -0.22 -1.61 -0.51 1.19 1.56 4.84 3.55 0.30 -4.77 2.32
2009 3.47 -2.12 2.99 8.45 13.07 2.65 6.46 -7.68 2.28 5.95 4.62 2.69 50.22
2008 -16.02 0.58 -6.05 4.66 -3.21 -12.65 -2.18 2.85 -5.01 -4.42 1.89 1.62 -33.59
2007 1.08 -1.17 0.51 2.55 10.39 3.11 9.92 2.59 2.54 3.74 -3.45 0.25 36.09
2006 8.67 6.22 9.93 -2.61 -4.24 -0.55 -0.56 2.58 5.21 1.47 7.23 7.66 47.96
2005 N/R N/R N/R N/R N/R N/R N/R N/R N/R N/R 1.69 4.92 6.70

Historical Financial Year Performance (all figures shown here are are percentage per month net of fees unless otherwise stated)

Year Jul % Aug % Sep % Oct % Nov % Dec % Jan % Feb % Mar % Apr % May % Jun % FYTD %
2023/2024 8.60 -5.40 -1.60 -4.53 0.02 -1.68 -5.48 6.15 -0.34 N/A N/A N/A -5.10
2022/2023 -10.37 1.08 -7.88 -14.22 22.26 3.83 9.25 -7.67 2.92 -1.99 -8.87 1.26 -14.66
2021/2022 -15.24 3.16 -0.71 -3.63 -0.42 -2.81 -0.32 -8.39 -13.31 2.79 -0.71 5.60 -30.90
2020/2021 6.55 4.23 -1.39 6.22 2.28 6.63 3.08 -0.58 -3.05 3.66 2.54 2.76 37.68
2019/2020 1.25 -1.26 -0.44 2.95 1.70 3.01 -1.63 1.82 -4.46 1.04 -0.90 5.80 8.81
2018/2019 -2.10 -6.24 -1.50 -10.12 4.96 -2.63 6.01 7.03 2.98 1.40 -9.86 8.19 -4.03
2017/2018 0.67 4.91 2.85 4.64 1.72 0.06 8.21 -4.04 -3.53 0.99 4.91 -6.80 14.44
2016/2017 2.77 7.43 -0.17 -1.43 2.86 -1.88 2.92 1.68 3.58 4.11 4.42 0.50 29.86
2015/2016 -9.94 -10.64 3.44 2.44 -5.76 2.14 -14.87 -1.78 3.38 -1.35 3.36 -2.94 -29.76
2014/2015 7.11 0.93 1.46 3.01 2.67 6.20 5.99 1.46 8.22 17.15 3.82 -9.68 57.49
2013/2014 4.70 2.36 -0.80 3.39 7.42 0.18 -3.07 0.80 -5.92 -1.28 0.37 2.97 10.92
2012/2013 -3.55 2.15 6.00 3.38 2.07 6.66 7.47 -1.18 -4.39 0.64 7.52 -6.19 21.15
2011/2012 0.10 -8.59 -15.49 9.63 -5.61 0.54 6.08 6.55 -4.74 1.18 -4.91 -7.13 -22.59
2010/2011 1.19 1.56 4.84 3.55 0.30 -4.77 -0.85 -1.61 4.88 -0.91 -1.39 -2.10 4.30
2009/2010 6.46 -7.68 2.28 5.95 4.62 2.69 -7.81 1.81 4.72 -0.22 -1.61 -0.51 9.87
2008/2009 -2.18 2.85 -5.01 -4.42 1.89 1.62 3.47 -2.12 2.99 8.45 13.07 2.65 24.16
2007/2008 9.92 2.59 2.54 3.74 -3.45 0.25 -16.02 0.58 -6.05 4.66 -3.21 -12.65 -18.47
2006/2007 -0.56 2.58 5.21 1.47 7.23 7.66 1.08 -1.17 0.51 2.55 10.39 3.11 47.36
2005/2006 N/A N/A N/A N/A 1.69 4.92 8.67 6.22 9.93 -2.61 -4.24 -0.55 25.57