Fund & Manager Details

Key Facts

Fund Type:	Single	Discretionary/Quantitative:	Discretionary
Strategy:	Fixed Income	FUM (millions):	AU$86.76m
Style:	N/A	Fund Inception Date:	Since 31 August 2011
Geographic Mandate:	Asia	Latest Return Date:	March 2024
Fund Domicile:	Australia	Investor Type:	Wholesale & Retail
Status:	Open	Reporting Status:	Pending

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 generate regular income with some long-term capital growth by investing in fixed interest securities issued by companies in Asia and the Middle East. This may include high yield debt and convertible notes. The Fund may also invest in cash and money market instruments and derivatives including over-the-counter participatory notes and foreign exchange contracts. The Fund is managed using a disciplined value-oriented approach supported by intensive, on-the-ground bottom-up fundamental research resulting in a concentrated portfolio of fixed interest securities issued by companies in Asia and the Middle East, which, in the view of the investment manager, are undervalued, on either an absolute or relative basis, have the potential to generate regular income and have the potential for some capital appreciation.
Other funds operated by manager:
Antipodes Asia Fund, Antipodes China 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	Quarterly	30 June 2018	AU$0.0163686

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:
1.13%	0%	No	N/A
Buy Spread:	Sell spread:	Early Redemption Fee:	Fees Notes:
0.500%	0.500%

Performance & Risk

Returns

Latest Return Date:	Latest Result:	Fund Inception Date:	Annualised Return:
March 2024	0.72%	31 August 2011	6.25%
Latest 3 Months:	Latest 6 Months:	Latest 12 Months:	Latest 2 Years p.a.:
6.53%	10.15%	4.43%	1.40%
Latest 3 Years p.a.:	Latest 4 Years p.a.:	Latest 5 Years p.a.:	Latest 7 Years p.a.:
-4.14%	0.37%	0.81%	2.28%

Performance Statistics

% Positive Months (S.I.):	Average Return:	Average +ve Return:	Average -ve Return:
69.54%	0.53%	1.61%	-1.93%
Best Month:	Worst Month:	Up Capture Ratio (S.I.):	Down Capture Ratio (S.I.):
9.82%	-8.34%	91.75%	18.27%
Largest Drawdown (S.I.):	Longest Drawdown (S.I.):	Current Drawdown (%):	Current Drawdown (Months):
-33.45%	31 months	-16.08%	31 months

Risk

Annualised Standard Deviation (S.I.):	Downside Deviation (S.I.):	Sortino Ratio (S.I.):	-
8.00%	5.50%	0.75	-
Sharpe Ratio (12 months):	Sharpe Ratio (3 years):	Sharpe Ratio (5 years):	Sharpe Ratio (S.I.):
0.08	-0.44	-0.01	0.56
Please note, Sharpe and Sortino ratios are calculated using the Australian Risk Free Rate

Ranking, Research & Availability

Fund Quintile in its Peer Group (Fixed Income - Credit) as at March 2024

AFM's Quintile Rankings show performance and Key Performance Indicators (KPI's) of Antipodes Asia Income 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

Total Return

Standard Monthly Deviation

Sharpe Ratio (S.I.)

Sortino Ratio (S.I.)

Downside Deviation (S.I.)

Largest Drawdown (S.I.)

3 Year

5 Year

7 Year

Antipodes Asia Income Fund

RBA Cash Rate + 5%

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

Morningstar Star Rating:	5 stars, October 2021
Lonsec:	Investment Grade, October 2016
SQM:	Superior: 4 stars, August 2017

Availability:As reported by each Fund Manager.

Available on Investment Platforms:

OLIVIA123, BT Wrap, HUB24, Macquarie Wrap

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.

Fund Documents

Manager's Report

Product disclosure/IM

Target Market Determination

Calendar Year Performance
Financial Year 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	3.51	2.19	0.72	N/R	N/R	N/R	N/R	N/R	N/R	N/R	N/R	N/R	6.53
2023	5.59	-1.29	-1.45	-0.23	-3.93	1.14	-1.84	-1.14	0.78	0.23	1.37	1.77	0.69
2022	0.16	-5.50	-1.95	-0.69	-2.33	-5.48	-5.20	3.66	-1.25	-8.34	9.82	7.05	-11.05
2021	1.00	0.62	-0.44	1.52	0.88	0.59	-0.79	2.69	-2.55	-6.85	-1.53	-1.60	-6.58
2020	1.94	1.02	-7.10	1.73	2.51	1.76	1.27	1.28	-0.47	0.99	0.73	3.32	8.93
2019	1.86	2.34	3.26	2.25	0.48	0.07	1.59	0.55	0.27	0.56	1.00	0.27	15.44
2018	0.75	-0.37	-0.18	-0.60	-0.90	-1.19	0.04	2.24	0.40	0.01	-2.83	1.80	-0.93
2017	2.86	2.49	1.09	1.28	-0.11	0.33	0.15	0.61	0.49	1.82	0.12	0.64	12.37
2016	0.20	0.63	-0.94	3.23	2.93	0.22	1.65	2.29	0.24	0.99	-0.78	0.21	11.31
2015	1.36	2.93	1.42	1.66	2.93	-0.70	1.08	-2.43	-0.77	4.07	0.16	-0.54	11.56
2014	0.48	-0.12	-0.43	1.41	1.78	1.92	1.28	0.95	-3.01	1.69	-0.22	-1.74	3.93
2013	0.82	1.83	-0.89	1.27	0.45	-3.64	2.29	-0.66	0.15	1.78	0.98	1.74	6.15
2012	3.49	3.27	0.53	1.64	-0.43	1.51	1.94	0.88	0.94	2.56	2.35	1.83	22.47
2011	N/R	N/R	N/R	N/R	N/R	N/R	N/R	N/R	-0.97	4.26	-2.43	1.67	2.42

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	-1.84	-1.14	0.78	0.23	1.37	1.77	3.51	2.19	0.72	N/A	N/A	N/A	7.73
2022/2023	-5.20	3.66	-1.25	-8.34	9.82	7.05	5.59	-1.29	-1.45	-0.23	-3.93	1.14	4.12
2021/2022	-0.79	2.69	-2.55	-6.85	-1.53	-1.60	0.16	-5.50	-1.95	-0.69	-2.33	-5.48	-23.76
2020/2021	1.27	1.28	-0.47	0.99	0.73	3.32	1.00	0.62	-0.44	1.52	0.88	0.59	11.84
2019/2020	1.59	0.55	0.27	0.56	1.00	0.27	1.94	1.02	-7.10	1.73	2.51	1.76	5.90
2018/2019	0.04	2.24	0.40	0.01	-2.83	1.80	1.86	2.34	3.26	2.25	0.48	0.07	12.42
2017/2018	0.15	0.61	0.49	1.82	0.12	0.64	0.75	-0.37	-0.18	-0.60	-0.90	-1.19	1.32
2016/2017	1.65	2.29	0.24	0.99	-0.78	0.21	2.86	2.49	1.09	1.28	-0.11	0.33	13.20
2015/2016	1.08	-2.43	-0.77	4.07	0.16	-0.54	0.20	0.63	-0.94	3.23	2.93	0.22	7.91
2014/2015	1.28	0.95	-3.01	1.69	-0.22	-1.74	1.36	2.93	1.42	1.66	2.93	-0.70	8.70
2013/2014	2.29	-0.66	0.15	1.78	0.98	1.74	0.48	-0.12	-0.43	1.41	1.78	1.92	11.89
2012/2013	1.94	0.88	0.94	2.56	2.35	1.83	0.82	1.83	-0.89	1.27	0.45	-3.64	10.67
2011/2012	N/A	N/A	-0.97	4.26	-2.43	1.67	3.49	3.27	0.53	1.64	-0.43	1.51	13.05

AFM Fund Profile — Antipodes Asia Income Fund