Antipodes Global Fund – Class P (IOF0045AU) Report & Performance

What is the Antipodes Global Fund – Class P fund?

Antipodes Global Fund aims to outperform the benchmark over the investment cycle (typically 3-5 years).

  • The fund features a very flexible approach to investing in global shares with the aim of generating attractive long-term returns while maintaining an emphasis on capital preservation.
  • Net exposure is permitted to track between 50%-100% (with a maximum allowable gross exposure of 150%), however more typically it has ranged between 50-70%.
  • This has provided good protection in down markets, but has also resulted in the strategy lagging in strongly rising markets.

Growth of $1000 Investment Over Time

Performance Report

Peer Comparison Report

Peer Comparison Report

Latest News & Updates For Antipodes Global Fund – Class P

Antipodes Global Fund – Class P Fund Commentary September 30, 2023

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.

READ HISTORICAL PERFORMANCE COMMENTARIES

Product Snapshot

  • Product Overview
  • Performance Review
  • Peer Comparison
  • Product Details

Product Overview

Fund Name APIR Code
? A Product Code is unique a identifier code issued by a group or governing body, to reference products in a large group. For an example, APIR codes are commonly used for Funds and Ticker codes are commonly used for Securities such as ETFs and Stocks.
Structure
?
Asset Class
? An Asset Class breakdown provides the percentages of core asset classes found within a mutual fund, exchange-traded fund, or another portfolio. Asset classes (in microeconomics and beyond) generally refer to broad categories such as equities, fixed income, and commodities.
Asset Category
? An Asset Category is a grouping of investments that exhibit similar characteristics and are subject to the same laws and regulations. Asset categories (or a sub-asset class) are made up of instruments which often behave similarly to one another in the marketplace, looking down to the Asset Category level is important if looking to build a diversified portfolio.
Peer Benchmark Name
? A Peer Index (benchmark) refers to a peer group of investment managers who have the same investment style or category. It is used to compare the performance of one manager to their peer group, which makes it simpler for investors to choose between the vast number of investment managers.
Broad Market Index
? A Market Index (benchmark) refers to a hypothetical portfolio of investments that represents a segment, asset or category of an investable market. Market Indices are used to benchmark managers performance, to assist their style reliability and ability to provide excess returns.
FUM
? Funds/Assets under management (AUM) is the total market value of the investments that a person or entity manages on behalf of clients. Assets under management definitions and formulas vary by company.
Management Fee
? A management fee is a charge levied by an investment manager for managing an investment fund. The management fee is intended to compensate the managers for their time and expertise for selecting finanical products and managing the portfolio.
Performance Fee
? A performance fee is a payment made to an investment manager for generating positive returns. This is as opposed to a management fee, which is charged without regard to returns. A performance fee can be calculated many ways. Most common is as a percentage of investment profits, often both realized and unrealized. It is largely a feature of the hedge fund industry, where performance fees have made many hedge fund managers among the wealthiest people in the world.
Spread
? A spread can have several meanings in finance. Basically, however, they all refer to the difference between two prices, rates or yields. In one of the most common definitions, the spread is the gap between the bid and the ask prices of a security or asset, like a stock, bond or commodity. This is known as a bid-ask spread.
Antipodes Global Fund – Class PIOF0045AUManaged FundsForeign EquityLong ShortForeign Equity - Long Short IndexDeveloped -World Index3.18 BN1.2%15.00%0.6%

Performance Review

Fund Name Last Month
? Returns after fees in the most recent (last) month).
3 Months Return
? Returns after fees in the most recent 3 months.
1 Year Return
? Trailing 12 month returns.
3 Years Average Return
? Average Annual returns from the last 3 years.
Since Inc. Average Return
? Average (annualised) returns since inception
1 Year Std. Dev. (Annual)
? The standard deviation (or annual volatility) of the last 12 months.
3 Years Std. Dev. (Annual)
? The average standard deviation (or annual volatility) from the last 3 years.
Since Inc. Std. Dev. (Annual)
? The average standard deviation (or annual volatility) since the fund inception.
1 Year Max Drawdown
? The maximum drawdown in the last 12 months - a drawdown is a peak-to-trough decline during a specific period for an investment, trading account, or fund.
3 Year Max Drawdown
? The maximum drawdown in the last 36 months - a drawdown is a peak-to-trough decline during a specific period for an investment, trading account, or fund.
Since Inc. Max Drawdown
? The maximum drawdown since inception - a drawdown is a peak-to-trough decline during a specific period for an investment, trading account, or fund.
Antipodes Global Fund – Class P0.15%3.5%7.61%6.23%4.54%6.29%8.69%11.85%-3.77%-12.18%-47.21%

Peer Comparison

Fund Name Peer Index Name
? A group of individuals who share similar characteristics and interests are called peer groups. Peer group analysis is an essential part of assessing a price for a particular stock in investment research. The emphasis here is on making a comparison, meaning that the peer group constituents should be more or less identical to the company being examined, especially in terms of their main business and market capitalization areas.
12 Months Excess Return
? Excess returns are an important metric that helps an investor to gauge performance in comparison to other investment alternatives. In general, all investors hope for positive excess return because it provides an investor with more money than they could have achieved by investing elsewhere.
Excess Return Annualised Since Inception
? Excess returns are an important metric that helps an investor to gauge performance in comparison to other investment alternatives. In general, all investors hope for positive excess return because it provides an investor with more money than they could have achieved by investing elsewhere.
12 Months Alpha
? Alpha is used in finance as a measure of performance, indicating when a strategy, trader, or portfolio manager has managed to beat the market return over 12 months. Alpha, often considered the active return on an investment, gauges the performance of an investment against a market index or benchmark that is considered to represent the market’s movement as a whole.
Alpha Annualised Since Inception
? Alpha is used in finance as a measure of performance, indicating when a strategy, trader, or portfolio manager has managed to beat the market annualized since inception. Alpha, often considered the active return on an investment, gauges the performance of an investment against a market index or benchmark that is considered to represent the market’s movement as a whole.
12 Months Beta
? Rolling 12Month Beta is a measure of the volatility—or systematic risk—of a security or portfolio compared to the market as a whole. Beta is used in the capital asset pricing model (CAPM), which describes the relationship between systematic risk and expected return for assets (usually stocks).
Beta Annualised Since Inception
? Beta is a measure of the volatility—or systematic risk—of a security or portfolio compared to the market as a whole. Beta is used in the capital asset pricing model (CAPM), which describes the relationship between systematic risk and expected return for assets (usually stocks).
12 Months Tracking Error
? 12Month Tracking error is the difference in actual performance between a position (usually an entire portfolio) and its corresponding benchmark over the last 12 months. The tracking error can be viewed as an indicator of how actively a fund is managed and its corresponding risk level. Evaluating a past tracking error of a portfolio manager may provide insight into the level of benchmark risk control the manager may demonstrate in the future.
Tracking Error Since Inception
? Since Inception tracking error is the difference in actual performance between a position (usually an entire portfolio) and its corresponding benchmark since inception. The tracking error can be viewed as an indicator of how actively a fund is managed and its corresponding risk level. Evaluating a past tracking error of a portfolio manager may provide insight into the level of benchmark risk control the manager may demonstrate in the future.
12 Months Correlation
? Correlation, in the finance and investment industries, is a statistic that measures the degree to which two securities move in relation to each other. Correlations are used in advanced portfolio management, computed as the correlation coefficient, which has a value that must fall between -1.0 and +1.0.
Correlation Since Inception
? Correlation, in the finance and investment industries, is a statistic that measures the degree to which two securities move in relation to each other. Correlations are used in advanced portfolio management, computed as the correlation coefficient, which has a value that must fall between -1.0 and +1.0.
Antipodes Global Fund – Class PForeign Equity - Long Short Index-4.32%-4.63%NA%NA%NA%0.694.53%6.51%0.810.84

Product Details

Fund Name Verifed by SMSF Mates Manager Address Phone Website Email
Antipodes Global Fund – Class PYesLevel 35, 60 Margaret St1300 010 311https://antipodespartners.com/media@pinnacleinvestment.com

Product Due Diligence

What is Antipodes Global Fund – Class P

Antipodes Global Fund – Class P is an Managed Funds investment product that is benchmarked against Developed -World Index and sits inside the Foreign Equity - Long Short 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 – Class P has Assets Under Management of 3.18 BN with a management fee of 1.2%, a performance fee of 15.00% and a buy/sell spread fee of 0.6%.

How has the investment product performed recently?

The recent investment performance of the investment product shows that the Antipodes Global Fund – Class P has returned 0.15% in the last month. The previous three years have returned 6.23% annualised and 11.85% each year since inception, which is when the Antipodes Global Fund – Class 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 – Class P first started, the Sharpe ratio is NA with an annualised volatility of 11.85%. The maximum drawdown of the investment product in the last 12 months is -3.77% and -47.21% 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 – Class P has a 12-month excess return when compared to the Foreign Equity - Long Short Index of -4.32% and -4.63% 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 – Class P has produced Alpha over the Foreign Equity - Long Short Index of NA% in the last 12 months and NA% since inception.

What are similar investment products?

For a full list of investment products in the Foreign Equity - Long Short Index category, you can click here for the Peer Investment Report.

What level of diversification will Antipodes Global Fund – Class P provide?

Antipodes Global Fund – Class P has a correlation coefficient of 0.84 and a beta of 0.69 when compared to the Foreign Equity - Long Short 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 – Class P and its peer investments, you can click here for the Peer Investment Report.

How do I compare the Antipodes Global Fund – Class P with the Developed -World Index?

For a full quantitative report on Antipodes Global Fund – Class P compared to the Developed -World Index, you can click here.

Can I sort and compare the Antipodes Global Fund – Class P to do my own analysis?

To sort and compare the Antipodes Global Fund – Class P financial metrics, please refer to the table above.

Has the Antipodes Global Fund – Class 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 – Class P?

If you or your self managed super fund would like to invest in the Antipodes Global Fund – Class 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 – Class P?

If you would like to get in contact with the Antipodes Global Fund – Class P manager, please call 1300 010 311.

Comments from SMSF Mates

SMSF Mate does not receive commissions or kickbacks from the Antipodes Global Fund – Class P. All data and commentary for this fund is provided free of charge for our readers general information.

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Historical Performance Commentary

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.

Key contributors included:

• Internet/Software – DM cluster, namely Meta Platforms with the platform exceeding analyst estimates in the company’s fourth-quarter earnings. CEO Mark Zuckerberg alluded to further efficiencies which may include streamlining Meta’s workforce and further cost cutting.

Key detractors included:

• Consumer Cyclical – Asia/EM cluster including Country Garden Services and Ping An Insurance which saw profit taking after a strong rally to start the year. Country Garden Services was also impacted by weaker January property data as a result of the Chinese New Year period.

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