AFM Fund Profile — Antipodes Emerging Markets Equity Fund
- Fund & Manager Details
- Investment Details
- Performance & Risk
- Advanced Analytics
- Research & Availability
- News & Insights
- Documents
Fund & Manager Details
Key Facts
| Fund Type: | Single | Discretionary/Quantitative: | Combination |
| Strategy: | Equity Long | This Funds FUM (millions): | AU$39m |
| Style: | Growth | Fund Inception Date: | Since 01 July 2015 |
| Geographic Mandate: | Asia Pacific | Latest Return Date: | May 2026 |
| Fund Domicile: | Australia | Investor Type: | Wholesale |
| 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 long-short 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. Pinnacle Fund Services Limited acts as the responsible entity of the Fund, while Pinnacle Investment Management Limited supports the development of high-quality investment management businesses and is the distributor of the Fund. |
Fund/Strategy Overview:
The Fund typically invests in a select number of attractively valued companies exposed to emerging markets or listed on emerging market stock exchanges and usually holds a minimum of 30 long holdings.
The aim of the Fund is to achieve absolute returns in excess of the Benchmark over the investment cycle (typically 3-5 years). |
||
| Other funds operated by manager: | |||
| Antipodes Asia Fund, Antipodes China Fund, Antipodes Emerging Market Debt Fund, Antipodes Global Fund, Antipodes Global Fund (PIE), Antipodes Global SMID Active ETF (ASX: MIDS), Antipodes Global Value Fund, Antipodes Global Value Fund (PIE) | |||
Investment Details
Investment Terms
| Minimum Investment: | Minimum Additional Investment: | Minimum Term: | Investment Frequency: |
| AU$25,000 | AU$5,000 | 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 2016 | AU$0.0386 |
Structure
| Offshore/Onshore: | Fund Structure: | Share Classes: |
Trustee/Responsible Entity: |
| Onshore | Unit Trust | AU$ | Pinnacle Fund Services |
| Administrator: | Prime Broker: | Custodian: | Legal: |
| Citigroup | N/A | Citigroup | N/A |
Fund Fees
| Management Fee: |
Performance Fee: |
High Water Mark: |
Hurdle: |
| 1.2% | 15% | Yes | MSCI All Country Asia ex Japan Net Index in AUD |
| Buy Spread: | Sell spread: | Early Redemption Fee: | Fees Notes: |
| 0.300% | 0.300% | No |
Performance & Risk
Returns
| Latest Return Date: | Latest Result: | Fund Inception Date: | Annualised Return: |
| May 2026 | 3.55% | 01 July 2015 | 7.05% |
| Latest 3 Months: | Latest 6 Months: | Latest 12 Months: | Latest 2 Years p.a.: |
| 0.53% | 10.20% | 25.13% | 20.25% |
| Latest 3 Years p.a.: |
Latest 4 Years p.a.: |
Latest 5 Years p.a.: |
Latest 7 Years p.a.: |
| 15.68% | 12.31% | 1.50% | 5.70% |
Performance Statistics
| % Positive Months (S.I.): |
Average Return: | Average +ve Return: | Average -ve Return: |
| 63.04% | 0.65% | 2.89% | -3.19% |
| Best Month: | Worst Month: | Up Capture Ratio (S.I.): |
Down Capture Ratio (S.I.): |
| 14.71% | -13.65% | 79.73% | 94.73% |
| Largest Drawdown (S.I.): |
Longest Drawdown (S.I.): |
Current Drawdown (%): |
Current Drawdown (Months): |
| -41.70% | 54 months | 0.00% | N/A |
Risk
| Annualised Standard Deviation (S.I.): |
Downside Deviation (S.I.): |
Sortino Ratio (S.I.): |
- |
| 13.49% | 9.22% | 0.52 | - |
| Sharpe Ratio (12 months): |
Sharpe Ratio (3 years): |
Sharpe Ratio (5 years): |
Sharpe Ratio (S.I.): |
| 1.39 | 0.87 | 0.00 | 0.43 |
| Please note, Sharpe and Sortino ratios are calculated using the Australian Risk Free Rate | |||
Ranking, Research & Availability
Fund Quintile in its Peer Group (Equity Emerging Markets) as at January 2026
AFM's Quintile Rankings show performance and Key Performance Indicators (KPI's) of Antipodes Emerging Markets Equity 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 Emerging Markets Equity Fund
MSCI Emerging Markets (MMEF) AUD
External Research and Ratings: As reported by each Fund Manager.
| Lonsec: | Recommended, April 2025 |
| Zenith: | Recommended, October 2025 |
Availability:As reported by each Fund Manager.
Available on Investment Platforms:
OLIVIA123, BT Wrap, HUB24, Macquarie Wrap, Netwealth, MLC Wrap, North
News & Insights
Uncovering value amid the market sell off
Tech stocks have borne the brunt of the recent sell off in equity markets and with the Nasdaq firmly in bear market territory, it is unprofitable tech stocks that have been hit the hardest - down almost 60% this year.
Read more...
Meta & the battle for digital advertising supremacy
In this new podcast episode, Alison Savas is joined by Ben Legg, one of the world's leading authorities on the digital advertising industry. Ben is a former Google COO, and now helps global brands advertise on social networks.
Read more...
Norsk Hydro: In discussion with Pål Kildemo
Alison and Pål look at the opportunity for a green aluminium premium, and the structural trends impacting the aluminium market.
Read more...
Global equities in 2022: Three key themes to watch
In this episode on the Good Value podcast (recorded Monday 31 January, 2022), Jacob Mitchell and Alison Savas discuss three key themes to watch in global markets in 2022.
Read more...
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 % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 6.30 | 2.10 | -8.50 | 6.10 | 3.55 | N/R | N/R | N/R | N/R | N/R | N/R | N/R | 9.11 |
| 2025 | 2.40 | 2.60 | 0.70 | -1.90 | 4.00 | 4.40 | -0.30 | 0.20 | 7.58 | 2.56 | -1.32 | 1.00 | 23.79 |
| 2024 | -3.40 | 7.30 | 3.60 | 0.20 | -3.20 | 0.20 | 0.70 | -2.50 | 9.00 | 1.80 | -4.50 | 2.70 | 11.51 |
| 2023 | 8.16 | -3.17 | 2.40 | 0.20 | -2.20 | 2.90 | 6.20 | -2.70 | -3.70 | -4.00 | 3.10 | 1.40 | 8.00 |
| 2022 | 1.66 | -7.67 | -13.65 | 1.66 | -1.13 | 5.28 | -8.73 | 2.90 | -5.27 | -6.41 | 14.71 | -2.73 | -20.32 |
| 2021 | 3.69 | 3.18 | -2.40 | 1.15 | 0.59 | 1.80 | -7.92 | 5.62 | -2.84 | -1.75 | -9.15 | -3.21 | -11.70 |
| 2020 | 0.10 | -1.90 | -6.00 | 1.46 | -0.36 | 2.58 | 3.84 | 2.04 | 0.79 | 6.15 | 1.49 | 3.53 | 14.02 |
| 2019 | 4.00 | 2.70 | 0.80 | 1.60 | -5.40 | 4.70 | -0.60 | 1.50 | 1.40 | 1.10 | 1.90 | 2.40 | 16.93 |
| 2018 | 2.20 | -0.40 | -1.80 | 2.60 | -2.00 | -0.90 | 0.30 | 1.30 | 2.30 | -5.90 | -1.60 | 0.70 | -3.47 |
| 2017 | -1.27 | 2.77 | 4.30 | 2.40 | 3.10 | -1.20 | -0.80 | 1.70 | 2.50 | 5.50 | 1.10 | 0.70 | 22.60 |
| 2016 | -4.06 | -0.16 | -0.20 | 3.00 | 2.91 | -1.60 | 1.75 | 6.05 | -0.04 | 2.04 | 1.21 | 1.39 | 12.60 |
| 2015 | 7.66 | 1.64 | 1.91 | 1.76 | 1.18 | -4.73 | -1.11 | -2.91 | -0.22 | 4.98 | -2.66 | -0.60 | 6.44 |
| 2014 | N/R | N/R | N/R | N/R | N/R | N/R | N/R | N/R | N/R | N/R | N/R | 1.18 | 1.18 |
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 % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2025/2026 | -0.30 | 0.20 | 7.58 | 2.56 | -1.32 | 1.00 | 6.30 | 2.10 | -8.50 | 6.10 | 3.55 | N/A | 19.86 |
| 2024/2025 | 0.70 | -2.50 | 9.00 | 1.80 | -4.50 | 2.70 | 2.40 | 2.60 | 0.70 | -1.90 | 4.00 | 4.40 | 20.41 |
| 2023/2024 | 6.20 | -2.70 | -3.70 | -4.00 | 3.10 | 1.40 | -3.40 | 7.30 | 3.60 | 0.20 | -3.20 | 0.20 | 4.23 |
| 2022/2023 | -8.73 | 2.90 | -5.27 | -6.41 | 14.71 | -2.73 | 8.16 | -3.17 | 2.40 | 0.20 | -2.20 | 2.90 | 0.47 |
| 2021/2022 | -7.92 | 5.62 | -2.84 | -1.75 | -9.15 | -3.21 | 1.66 | -7.67 | -13.65 | 1.66 | -1.13 | 5.28 | -29.98 |
| 2020/2021 | 3.84 | 2.04 | 0.79 | 6.15 | 1.49 | 3.53 | 3.69 | 3.18 | -2.40 | 1.15 | 0.59 | 1.80 | 28.83 |
| 2019/2020 | -0.60 | 1.50 | 1.40 | 1.10 | 1.90 | 2.40 | 0.10 | -1.90 | -6.00 | 1.46 | -0.36 | 2.58 | 3.31 |
| 2018/2019 | 0.30 | 1.30 | 2.30 | -5.90 | -1.60 | 0.70 | 4.00 | 2.70 | 0.80 | 1.60 | -5.40 | 4.70 | 5.00 |
| 2017/2018 | -0.80 | 1.70 | 2.50 | 5.50 | 1.10 | 0.70 | 2.20 | -0.40 | -1.80 | 2.60 | -2.00 | -0.90 | 10.63 |
| 2016/2017 | 1.75 | 6.05 | -0.04 | 2.04 | 1.21 | 1.39 | -1.27 | 2.77 | 4.30 | 2.40 | 3.10 | -1.20 | 24.67 |
| 2015/2016 | -1.11 | -2.91 | -0.22 | 4.98 | -2.66 | -0.60 | -4.06 | -0.16 | -0.20 | 3.00 | 2.91 | -1.60 | -2.99 |
| 2014/2015 | N/A | N/A | N/A | N/A | N/A | 1.18 | 7.66 | 1.64 | 1.91 | 1.76 | 1.18 | -4.73 | 10.67 |