Antipodes Asia Income Fund
31 March 2024
Key Facts
| Index Used: | Bloomberg AusBond Composite 0+ Yr Index | Discretionary/Quantitative: | Discretionary |
| Peer Group: | Fixed Income - Credit | FUM (millions): | AU$ 86.76m |
| Investment Style: | N/A | Fund Inception Date: | August 2011 |
| Geographic Mandate: | Asia | Latest Return Date: | March 2024 |
| Investor Type: | Wholesale & Retail | Status: | Open |
| Minimum Investment: | AU$ 25,000 | Investment Frequency: | Daily |
Manager Details
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.
Antipodes is majority owned by its investment team.
Strategy Description
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.
Fund Fees
| Management Fee: | 1.13% | Performance Fee: | 0% |
| Buy Spread: | 0.5% | Sell spread: | 0.5% |
| High Water Mark: | No | Hurdle: | N/A |
Fund Structure
| Offshore/Onshore: | Onshore | Fund Structure: | Unit Trust |
| Share Classes: | AU$ | Trustee/RE: | Equity Trustees Limited |
| Administrator: | Link Fund Solutions Pty Ltd | Prime Broker: | N/A |
| Custodian: | Link Fund Solutions Pty Ltd | Legal: | Equity Trustees Limited; Hall & Wilcox |
Ratings & Availability
Research Ratings
Platform Availability
Performance Review
The Antipodes Asia Income Fund has a track record of 12 years and 7 months and has outperformed the Bloomberg AusBond Composite 0+ Yr benchmark since inception in September 2011, providing investors with an annualised return of 6.25% compared with the benchmark's return of 3.17% over the same period.
The Manager has delivered these returns with 3.89% more volatility than the benchmark, contributing to a Sharpe ratio which has fallen below 1 five times over the past five years and which currently sits at 0.56 since inception. The fund has provided positive monthly returns 72% of the time in rising markets and 64% of the time during periods of market decline, contributing to an up-capture ratio since inception of 92% and a down-capture ratio of 18%.
The Antipodes Asia Income Fund rose by +0.72% in March, a difference of -0.4% compared with the Bloomberg AusBond Composite 0+ Yr benchmark which rose by +1.12%. Over the past 12 months, the fund's best monthly return was +3.51% compared with the benchmark's best return of +3.01%, and its worst monthly return was -3.93% vs the benchmark's worst return over the same period of -1.95%.
| Year | Jan % | Feb % | Mar % | Apr % | May % | Jun % | Jul % | Aug % | Sep % | Oct % | Nov % | Dec % | YTD % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2024 | 3.51 | 2.19 | 0.72 | NA | NA | NA | NA | NA | NA | NA | NA | NA | 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 | NA | NA | NA | NA | NA | NA | NA | NA | -0.97 | 4.26 | -2.43 | 1.67 | 2.42 |
Only seven years of data shown. Click here to view all data.
Annual Returns
Over the past 12 months, the fund has risen by +4.43% compared with the benchmark which has returned +1.47%, for a difference of +2.96%. Since inception in September 2011, the fund has returned +6.25% per annum, a difference of +3.08% relative to the benchmark which has returned +3.17% on an annualised basis over the same period.
Cumulative Returns
On a cumulative basis (assuming reinvestment of distributions), $100 invested since inception would have become $214. The same amount invested in the benchmark over the same period would have become $148.
Annual Returns %
Volatility and Risk
Annual Standard Deviation
The fund's returns over the past 12 months have been achieved with a volatility of 6.56% vs the index's 5.4%. The annualised volatility of the fund's returns since inception in September 2011 is 8% vs the index's 4.11%. Over all other periods, the fund's returns have been more volatile than the benchmark.
Sharpe Ratio
The fund's Sharpe ratio has ranged from a high of 0.08 for performance over the most recent 12 months to a low of -0.44 over the latest 36 months, and is 0.56 for performance since inception. By contrast, the Bloomberg AusBond Composite 0+ Yr Index's Sharpe for performance since September 2011 is 0.3.
Annual Standard Deviation
Sharpe Ratio
Performance in Positive Markets
Since inception in September 2011 in the months where the market was positive, the fund has provided positive returns 72% of the time, contributing to an up-capture ratio for returns since inception of 91.75%. Over all other periods, the fund's up-capture ratio has ranged from a high of 47.4% over the most recent 12 months to a low of 15.5% over the latest 24 months.
Performance in Negative Markets
Since inception in September 2011 in the months where the market was negative, the fund has provided positive returns 64% of the time, contributing to a down-capture ratio for returns since inception of 18.27%. Over all other periods, the fund's down-capture ratio has ranged from a high of 64.05% over the most recent 36 months to a low of -4.33% over the latest 12 months. A down-capture ratio less than 100% indicates that, on average, the fund has outperformed in the market's negative months, and a negative down-capture ratio indicates that, on average, the fund delivered positive returns in the months the market fell.
Average Return in +ve Market %
Average Return in -ve Market %
Sortino Ratio
The fund's Sortino ratio (which excludes volatility in positive months) has ranged from a high of 0.05 for performance over the most recent 12 months to a low of -0.67 over the latest 36 months, and is 0.75 for performance since inception. By contrast, the Bloomberg AusBond Composite 0+ Yr Index's Sortino for performance since September 2011 is 0.4.
Drawdown
Over the past 12 months, the fund's largest drawdown was -5.71% vs the index's -5.2%, and since inception in September 2011 the fund's largest drawdown was -33.45% vs the index's maximum drawdown over the same period of -13.2%.
Sortino Ratio
Drawdown%
Quintile Ranking vs. Average Fixed Income - Credit as of March 2024
The Antipodes Asia Income Fund is not ranked in the first or second quintile for any KPI.
Over the past 12 months, the fund has risen by +4.43% compared with the peer group which has returned an average of +8.27%, for a difference of -3.84%.
The fund's returns over the past 12 months have been achieved with a volatility of 6.56% vs the peer group's average volatility of 2.22%. The annualised volatility of the fund's returns since inception in September 2011 is 8% vs the peer group's 5.21%. Over all other periods, the fund's returns have been more volatile than the peer group.