Antipodes Global Fund – Long P aims to achieve absolute returns in excess of the benchmark over the investment cycle (typically 3-5 years). The Fund typically invests in a select number of attractively valued companies listed on global share markets (usually between 20 and 60). The Fund may use derivatives, both over-the-counter and exchange traded, to achieve long equity exposure. In the absence of finding individual securities that meet minimum risk-return criteria, cash may be held.
Global equities were negative in September (-3.8%) with information technology, consumer discretionary, utilities and industrials sectors weighing on markets whilst energy, financials, healthcare and communication services outperformed. US equities underperformed (-4.4%) despite inflation data cooling, as the market digested a higher-for-longer rates scenario following hawkish messaging from the Federal Open Market Committee. Economic headwinds were further compounded by a stronger US dollar, and an OPEC+ production cut that led to higher oil prices. European equities were similarly lower (-3.6%), however were assisted by a weaker Euro, more supportive policy and economic data from China.
Asian equities outperformed broader global markets over the month (-2.1%). Chinese equities performed in line with the region and outperformed most developed markets (-2.1%), buoyed by more supportive policy and positive inflections in macroeconomic data despite ongoing concerns around the property sector. Japanese equities outperformed both regionally and globally (-1.8%) as the Bank of Japan continued monetary policy easing.
Elsewhere, Brent Crude (+9.7% in USD) was strong from OPEC+ production cuts, Gold (-4.7%) was weak, whilst the US Dollar (+2.5%) strengthened
What is Antipodes Global Fund – Long P Antipodes Global Fund – Long P is an Managed Funds investment product that is benchmarked against Developed -World Index and sits inside the Foreign Equity - Large Specialised Index. Think of a benchmark as a standard where investment performance can be measured. Typically, market indices like the ASX200 and market-segment stock indexes are used for this purpose. The Antipodes Global Fund – Long P has Assets Under Management of 1.02 BN with a management fee of 1.2%, a performance fee of 15.00% and a buy/sell spread fee of %.
How has the investment product performed recently?
The recent investment performance of the investment product shows that the Antipodes Global Fund – Long P has returned 1.86% in the last month. The previous three years have returned 8.35% annualised and 10.52% each year since inception, which is when the Antipodes Global Fund – Long P first started.
How is risk measured in this investment product?
There are many ways that the risk of an investment product can be measured, and each measurement provides a different insight into the risk present. They can be used on their own or together to perform a risk assessment before investing, but when comparing investments, it is common to compare like for like risk measurements to determine which investment holds the most risk. Since Antipodes Global Fund – Long P first started, the Sharpe ratio is 0.74 with an annualised volatility of 10.52%. The maximum drawdown of the investment product in the last 12 months is -5.89% and -13.46% since inception. The maximum drawdown is defined as the high-to-low decline of an investment during a particular time period.
What is the relative performance of the investment product?
Relative performance is what an asset achieves over a period of time compared to similar investments or its peers. Relative return is a measure of the asset's performance compared to the return to the other investment. The Antipodes Global Fund – Long P has a 12-month excess return when compared to the Foreign Equity - Large Specialised Index of -8.67% and -0.56% since inception.
Does the investment product produce Alpha over its Peers?
Alpha is an investing term used to measure an investment's outperformance relative to a market benchmark or peer investment. Alpha describes the excess return generated when compared to peer investment. Antipodes Global Fund – Long P has produced Alpha over the Foreign Equity - Large Specialised Index of -0.63% in the last 12 months and 0.09% since inception.
What are similar investment products?
For a full list of investment products in the Foreign Equity - Large Specialised Index category, you can click here for the Peer Investment Report.
What level of diversification will Antipodes Global Fund – Long P provide?
Antipodes Global Fund – Long P has a correlation coefficient of 0.85 and a beta of 0.93 when compared to the Foreign Equity - Large Specialised Index. Correlation measures how similarly two investments move in relation to one another. This establishes a 'correlation coefficient', which has a value between -1.0 and +1.0. A 100% correlation between two investments means that the correlation coefficient is +1. Beta in investments measures how much the price moves relative to the broader market over a period of time. If the investment moves more than the broader market, it has a beta above 1.0. If it moves less than the broader market, then the beta is less than 1.0. Investments with a high beta tend to carry more risk but have the potential to deliver higher returns.
How do I compare the investment product with its peers?
For a full quantitative report on Antipodes Global Fund – Long P and its peer investments, you can click here for the Peer Investment Report.
How do I compare the Antipodes Global Fund – Long P with the Developed -World Index?
For a full quantitative report on Antipodes Global Fund – Long P compared to the Developed -World Index, you can click here.
Can I sort and compare the Antipodes Global Fund – Long P to do my own analysis?
To sort and compare the Antipodes Global Fund – Long P financial metrics, please refer to the table above.
Has the Antipodes Global Fund – Long P been independently verified by SMSF Mate?
This investment product is in the process of being independently verified by SMSF Mate. Once we have verified the investment product, you will be able to find more information here.
How can I invest in Antipodes Global Fund – Long P?
If you or your self managed super fund would like to invest in the Antipodes Global Fund – Long P please contact Level 35, 60 Margaret St via phone 1300 010 311 or via email media@pinnacleinvestment.com.
How do I get in contact with the Antipodes Global Fund – Long P?
If you would like to get in contact with the Antipodes Global Fund – Long P manager, please call 1300 010 311.
Comments from SMSF Mates
SMSF Mate does not receive commissions or kickbacks from the Antipodes Global Fund – Long P. All data and commentary for this fund is provided free of charge for our readers general information.
Performance Commentary - August 31, 2023 Global equities were negative in August in USD terms, however higher in AUD/NZD due to exchange rate impacts (-2.8% in USD, +1.1% in AUD, +1.6% in NZD). Over the month, energy, healthcare and information technology outperformed whilst utilities, materials and financials underperformed.
US equities outperformed (-1.7% in USD, +2.2% in AUD, +2.7% in NZD), however were impacted by Fitch downgrading the US’ sovereign credit rating which curbed sentiment. Overall, macroeconomic data was dovish as the Fed shifted to a more neutral tone, with the market increasingly pricing in an end to the Fed’s hiking cycle, although also acknowledging the likelihood that rates would stay higher for longer. European equities underperformed (-4.0% in USD, -0.1% in AUD, +0.4% in NZD) impacted by weakening macroeconomic data and sticky inflation as the market began to price in an increasingly likely stagflation scenario. Weaker Chinese data also impacted sentiment towards European equities.
Asian equities were lower (-4.9% in USD, -1.1% in AUD, -0.6% in NZD) over the month with underperformance led by Chinese equities (-8.6% in USD, -4.9% in AUD, -4.5% in NZD). Weakness in sentiment continued, with fresh default concern within the property sector and macroeconomic data continuing to underwhelm the market over the month. Japanese equities outperformed (-2.4% in USD, +1.5% in AUD, +2.0% in NZD) following stronger macroeconomic data despite growing inflation concerns. Elsewhere, Brent Crude (+1.5% in USD) was higher amid production cut speculation, Gold (-1.3%) was lower, whilst the US Dollar (+1.7%) was stronger.
Performance Commentary - July 31, 2023 Global equities were higher in July (+2.4%) despite a number of central banks hiking, albeit amidst a dovish shift in tone. Energy, communication services and materials sectors outperformed whilst healthcare, utilities and consumer staples underperformed. US equities were higher (+2.2%) supported by cooling inflation data, despite mixed growth and productivity data. The Fed hiked in line with expectations, with a notable dovish shift in tone to being more data dependant going forward. European equities slightly underperformed (+1.8%) with economic data weakening and core inflation data remaining sticky. The ECB hiked as expected, however similarly to their US counterparts, promoted a more dovish tone.
Asian equities outperformed (+3.7%). Led by Chinese equities (+7.7%) as the Politburo outlined their commitment to the economy, most notably the property sector.
Whilst more supportive policies have been announced, sentiment remains somewhat muted as the market awaits more substantial stimulus. Japanese equities underperformed broader markets (+1.8%) as the Bank of Japan announced a tweak to its Yield Curve Control policy, declaring greater flexibility will be allowed on the yield before they step into the market to defend it.
Elsewhere, Brent Crude (+14.2% in USD) was stronger, Gold (+2.4%) was up, whilst the US Dollar (-1.0%) was slightly weaker.
Performance Commentary - June 30, 2023 Global equities were higher in June (+2.9%) with consumer discretionary, industrials and materials sectors outperforming whilst utilities, healthcare and communication services underperformed.
US equities outperformed (+3.7%) with the Fed pausing hiking for the first time in 15 months, however not without hawkish messaging indicating the potential for further hikes in 2023. Subsequently the yield curve repriced, removing some previously predicted rate cuts. Overall US Economic data has been weakening, however key sectors including services and non-residential construction continue to remain resilient.
European equities were higher (+1.9%) though were impacted by China’s economic reopening data failing to meet expectations. The European Central Bank hiked as expected, whilst the Bank of England and Norges Bank surprised markets with 50bp hikes rather than the anticipated 25bp. Hawkish rhetoric continued within the region, with core CPI remaining sticky and the market pricing in an increased probability of a UK recession.
Asian equities underperformed broader markets (+0.4%) over the month. Chinese equities lagged (-1.0%) with several economic data points failing to meet expectations. The PBOC provided further support through additional policy loosening, however this fell short of market expectations. Japanese equities were higher (+1.2%) with the currency remaining week due continued BOJ yield curve control despite core inflation increasing gradually, albeit at levels below other developed economies.
Elsewhere, Brent Crude (+3.1% in USD) was up from output cuts, Gold (-2.2%) was down, whilst the US Dollar (-1.4%) was weaker.
Performance Commentary - May 31, 2023 Global equities were down in USD over the month, however higher in AUD/NZD due to exchange rate impacts (+1.0%) with information technology, communication services and consumer discretionary outperforming whilst energy, materials and consumer staples underperformed. US equities were up (+2.7%) driven by a narrow subset of technology stocks. National politics dominated the headlines, highlighted by the US budget debt ceiling negotiations, with a deal finalised in early June. Whilst the focus on US regional banks subsided, the Fed hiked interest rates as expected, though signalled an increased chance of a pause in June. European equities underperformed (-3.9%) largely led by the UK. In addition, commodity prices and China exposed sectors also saw dampened sentiment. The European Central Bank and the Bank of England both hiked rates as expected with the inflation combatting narrative remaining.
Asian equities outperformed broader markets over the month (+1.6%). Chinese equities were weak (-6.0%) with macroeconomic data disappointing and the property market continuing to weigh on sentiment. Japanese equities outperformed globally and regionally (+4.0%) with strong macroeconomic data and continued easing from the Bank of Japan.
Elsewhere, Brent Crude (-8.7% in USD) was weak, Gold (-1.4%) was down, whilst the US Dollar (+2.6%) was up.
Performance Commentary - April 30, 2023 Global equities were up in April (+2.8%) with energy, consumer staples and healthcare outperforming whilst consumer discretionary, information technology and materials underperformed. US equities were higher over the month (+2.6%) with the release of strong purchasing managers’ index (PMI) data, this is despite other prints highlighting broader weakness. Core inflation remained sticky, despite signs of easing, most notably within energy and within the labour market. The regional banking system and uncertainty on the US budget debt ceiling also continued to cause concern. European equities outperformed broader markets (+5.6%) showing resilience despite weaker manufacturing data, with inflation again lower at the headline level as energy pressures eased.
Asian equities underperformed (+0.1%). Chinese equities underperformed globally and regionally (-2.6%) despite solid GDP data, with broader macro data including unemployment and industrial production disappointing relative to reopening expectations. Japanese equities were higher (+1.7%) as the Bank of Japan (BoJ) transitioned governor, with the BoJ maintaining its monetary policy stance, despite announcing a policy review.
Elsewhere, Brent Crude (-0.3% in USD) was slightly lower supported by an OPEC+ output cut, Gold (+1.1%) was up, whilst the US Dollar (-0.8%) was weaker.
Performance Commentary - March 31, 2023 Global equities were up in March (+3.8%) with information technology, communication services and utilities outperforming whilst financials, energy and materials underperformed. US equities outperformed broader markets (+4.2%) despite concerns from the Silicon Valley Bank collapse. The Federal Reserve still hiked rates amongst concerns, although accompanied by a more dovish rhetoric as macroeconomic data weakened further. European equities underperformed (+3.1%) impacted by the Credit Suisse takeover over by UBS fuelling wider concerns around the banking sector. The ECB, Bank of England and Swiss National Bank all hiked rates as expected.
Asian equities also outperformed broader markets over the month (+4.4%) with limited impact from US and European banking sector concerns. Chinese equities underperformed (+3.3%) despite the PBOC cutting the reserve requirement ratio for the first time in 2023 in an effort to further aid recovery. Large technology companies rallied on the government’s show of support for the platform economy over the month.
Japanese equities outperformed (4.7%) as core inflation data rose, with the BOJ continuing its yield curve control policy at least until the end of Kuroda’s tenure.
Elsewhere, Brent Crude (-4.9% in USD) was lower, Gold (+7.8%) was strong as a safe haven, whilst the US Dollar (-2.3%) was weaker.
Performance Commentary - February 28, 2023 Global equities were down in USD over the month, however higher in AUD/NZD due to exchange rate impacts (+1.5%), with information technology, industrials and financials outperforming and materials, utilities and communication services underperformed.
US equities outperformed broader global equities (+1.9%) with the month beginning with expectations that central banks were nearing the end of the hiking cycle. Resilient economic data, however, caused this narrative to shift, pricing in higher peak interest rates across developed economies, with yields moving higher and equities moving lower. European equities outperformed (+3.8%) despite evidence of strong macroeconomic data and repricing of future central bank rate decisions. The region benefitted from further falls in gas prices, discussions of decarbonisation funding stimulus and flow-on benefits from re-opening in China.
Asian equities underperformed broader markets over the month (-1.5%). Chinese equities were down (-3.7%) as a result of increasing geopolitical tensions and some profit taking after the recent rally. Japanese equities underperformed (+0.5%) as a surprise candidate emerged to lead the Bank of Japan, with the view that monetary policy tightening may be increasingly likely.
Elsewhere, Brent Crude (-2.3% in USD) was lower, Gold (-5.3%) was weak, whilst the US Dollar (+2.7%) was stronger.
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