Key Facts

Index Used: Global Equity Discretionary/Quantitative: Discretionary
Peer Group: Equity Long - Large Cap - Global FUM (millions): AU$ 492m
Investment Style: Blend Fund Inception Date: July 2015
Geographic Mandate: Global Latest Return Date: September 2022
Investor Type: Wholesale & Retail Status: Open
Minimum Investment: AU$ 25,000 Investment Frequency: Daily

Manager Details

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.
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.

Strategy Description

The Fund typically invests in a select number of attractively valued companies listed on global share markets (usually between 20 and 60). The Fund is also permitted to utilise exchange traded derivatives for risk management purposes subject to the specific restrictions that such derivatives cannot be used to gear portfolio exposure and that the underlying effective face value is limited to 10% of the NAV of the Fund unless used to manage currency risk.

Currency exposure will generally reflect the currency of the underlying securities. However, where the Investment Manager believes there is a strong likelihood of a decline in the underlying currency, currency derivatives, both over-the-counter and exchange traded, may be used to hedge subject to the specific restriction that such derivatives cannot be used to gear portfolio exposure.
The Fund typically invests in a select number of attractively valued companies listed on global share markets (usually between 20 and 60). The Fund is also permitted to utilise exchange traded derivatives for risk management purposes subject to the specific restrictions that such derivatives cannot be used to gear portfolio exposure and that the underlying effective face value is limited to 10% of the NAV of the Fund unless used to manage currency risk.

Fund Fees

Management Fee: 1.2% Performance Fee: 15%
Buy Spread: 0.3% Sell spread: 0.3%
High Water Mark: Yes Hurdle: MSCI All Country World Net Index in AUD

Fund Structure

Offshore/Onshore: Onshore Fund Structure: Unit Trust
Share Classes: AU$ Trustee/RE: Pinnacle Fund Services
Administrator: Citigroup Prime Broker:
Custodian: Citigroup Legal:

Ratings & Availability

Research Ratings

LonsecRecommended (01 Mar 2021) ZenithHighly Recommended (01 Nov 2020)

Platform Availability

OLIVIA123, mFund

Performance Review

The Antipodes Global Fund - Long Only (Class I) has a track record of 7 years and 10 months and has underperformed the Global Equity Index since inception in December 2014, providing investors with an annualised return of 7.94% compared with the index's return of 9.42% over the same period.

The Manager has delivered these returns with 0.07% more volatility than the index, contributing to a Sharpe ratio which has fallen below 1 five times over the past five years and which currently sits at 0.64 since inception. The fund has provided positive monthly returns 91% of the time in rising markets and 28% of the time during periods of market decline, contributing to an up-capture ratio since inception of 67% and a down-capture ratio of 85%.

The Antipodes Global Fund - Long Only (Class I) returned -3.16% in September, an outperformance of +0.14% compared with the Global Equity Index which fell by -3.3%. Over the past 12 months, the fund's best monthly return was +2.19% compared with the index's best return of +5.71%, and its worst monthly return was -5.69% vs the index's worst return over the same period of -5.74%.

YearJan %Feb %Mar %Apr %May %Jun %Jul %Aug %Sep %Oct %Nov %Dec %YTD %
20221.20-4.28-4.271.122.19-5.440.71-0.90-3.16NANANA-12.42
2021-0.222.905.560.991.171.05-0.402.86-1.21-0.101.11-5.697.88
20201.51-2.40-10.342.401.98-0.420.732.46-0.331.809.430.206.07
20193.362.840.054.94-5.685.810.15-1.252.080.323.370.4517.15
20183.140.59-0.693.32-2.592.421.761.541.64-6.10-3.96-2.20-1.62
2017-2.110.545.162.294.50-1.530.061.063.803.292.99-0.9320.51
2016-3.230.25-0.474.353.98-4.553.085.70-0.220.932.383.3716.13
20150.666.722.78-2.343.19-3.965.00-2.99-0.815.06-2.53-1.179.27
2014NANANANANANANANANANANA3.003.00

Only seven years of data shown. Click here to view all data.

Annual Returns

Over the past 12 months, the fund has returned -16.57% compared with the index which has fallen -10.36%, for a difference of -6.21%. Since inception in December 2014, the fund has returned +7.94% per annum, a difference of -1.48% relative to the index which has returned +9.42% 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 $181. The same amount invested in the index over the same period would have become $202.

Annual Returns %

 
 

Volatility and Risk

Annual Standard Deviation

The fund's returns over the past 12 months have been achieved with a volatility of 9.64% vs the index's 10.88%. The annualised volatility of the fund's returns since inception in December 2014 is 11.08% vs the index's 11.01%. Over all other periods, the fund's volatility relative to the index has been varied.

Sharpe Ratio

The fund's Sharpe ratio has ranged from a high of 0.33 for performance over the most recent 60 months to a low of -1.88 over the latest 12 months, and is 0.64 for performance since inception. By contrast, the Global Equity Index's Sharpe for performance since December 2014 is 0.77.

Annual Standard Deviation

 

Sharpe Ratio

 

Performance in Positive Markets

Since inception in December 2014 in the months where the market was positive, the fund has provided positive returns 91% of the time, contributing to an up-capture ratio for returns since inception of 66.66%. Over all other periods, the fund's up-capture ratio has ranged from a high of 53.65% over the most recent 60 months to a low of -32.85% over the latest 12 months.

Performance in Negative Markets

Since inception in December 2014 in the months where the market was negative, the fund has provided positive returns 28% of the time, contributing to a down-capture ratio for returns since inception of 85.25%. Over all other periods, the fund's down-capture ratio has ranged from a high of 84.62% over the most recent 48 months to a low of 53.4% over the latest 24 months. A down-capture ratio less than 100% indicates that, on average, the fund has outperformed in the market's negative months.

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 0.38 for performance over the most recent 60 months to a low of -1.76 over the latest 12 months, and is 0.89 for performance since inception. By contrast, the Global Equity Index's Sortino for performance since December 2014 is 1.15.

Drawdown

Over the past 12 months, the fund's largest drawdown was -17.41% vs the index's -15.77%, and since inception in December 2014 the fund's largest drawdown was -17.58% vs the index's maximum drawdown over the same period of -15.77%.

Sortino Ratio

 

Drawdown%

 
Fund Index Peer group

Quintile Ranking vs. Average Equity Long - Large Cap - Global as of August 2022

The performance of the Antipodes Global Fund - Long Only (Class I) ranked it in the first quintile for Largest Drawdown and second quintile for Volatility and Downside Deviation over 5 & 7 years, while over 1 & 3 years the fund ranked in the first quintile for Volatility and Largest Drawdown and second quintile for Downside Deviation.

Over the past 12 months, the fund has returned -16.57% compared with the peer group which has fallen an average of -18.51%, for a difference of +1.94%.

The fund's returns over the past 12 months have been achieved with a volatility of 9.64% vs the peer group's average volatility of 11.17%. The annualised volatility of the fund's returns since inception in December 2014 is 11.08% vs the peer group's 11.47%. Over all other periods, the fund's returns have been consistently less volatile than the peer group.

1 Year
3 Year
5 Year
7 Year
Antipodes Global Fund - Long Only (Class I)
Global Equity Benchmark
Quintile Rankings display Key Performance Indicators (KPI's) against the fund's Peer Group. Each green square ranks the fund in one quintile (or 20%) of its peer group - five green squares indicate the fund is in the best quintile for each KPI. The performance of the peer group's underlying index is shown by a red dot.