AFM Fund Profile — Antipodes Emerging Markets (Managed Fund)

Fund & Manager Details

Key Facts

Fund Type: Single Discretionary/Quantitative: Combination
Strategy: Equity Long/Short FUM (millions): AU$14m
Style: Growth Fund Inception Date: Since 01 July 2015
Geographic Mandate: Asia Pacific Latest Return Date: October 2024
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 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.
 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 (usually a minimum 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 Asia Income Fund, Antipodes China Fund, Antipodes Global Fund, Antipodes Global Fund (PIE), Antipodes Global Fund - Long Only (Class I), Antipodes Global Fund Long (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:
October 2024 1.80% 01 July 2015 5.20%
Latest 3 Months: Latest 6 Months: Latest 12 Months: Latest 2 Years p.a.:
8.19% 5.67% 18.86% 17.05%
Latest 3 Years p.a.: Latest 4 Years p.a.: Latest 5 Years p.a.: Latest 7 Years p.a.:
-4.89% -2.39% 0.55% 1.79%

Performance Statistics

% Positive Months (S.I.): Average Return: Average +ve Return: Average -ve Return:
61.34% 0.50% 2.82% -3.18%
Best Month: Worst Month: Up Capture Ratio (S.I.): Down Capture Ratio (S.I.):
14.71% -13.65% 95.46% 97.42%
Largest Drawdown (S.I.): Longest Drawdown (S.I.): Current Drawdown (%): Current Drawdown (Months):
-41.70% 40 months -20.12% 40 months

Risk

Annualised Standard Deviation (S.I.): Downside Deviation (S.I.): Sortino Ratio (S.I.): -
13.50% 9.36% 0.36 -
Sharpe Ratio (12 months): Sharpe Ratio (3 years): Sharpe Ratio (5 years): Sharpe Ratio (S.I.):
1.09 -0.32 0.01 0.32
Please note, Sharpe and Sortino ratios are calculated using the Australian Risk Free Rate

Ranking, Research & Availability

Fund Quintile in its Peer Group (Equity Alternative - Asia) as at October 2024

AFM's Quintile Rankings show performance and Key Performance Indicators (KPI's) of Antipodes Emerging Markets (Managed 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 (Managed Fund)
Asia Pacific Index Benchmark

External Research and Ratings: As reported by each Fund Manager.

Lonsec: Recommended, February 2017
Zenith: Recommended, November 2020

Availability:As reported by each Fund Manager.

Available on Investment Platforms:
OLIVIA123, BT Wrap, HUB24, Macquarie Wrap, Netwealth, MLC Wrap, AMP MyNorth

News & Insights

›
‹
Uncovering value amid the market sell off
20 Jul 2022 - Antipodes Partners Limited
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
13 Jul 2022 - Antipodes Partners Limited
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
7 Mar 2022 - Antipodes Partners Limited
Alison and Pål look at the opportunity for a green aluminium premium, and the structural trends impacting the aluminium market.
Read more...

Fund Documents

Manager's Report

Product disclosure/IM



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 %
2024 -3.40 7.30 3.60 0.20 -3.20 0.20 0.70 -2.50 9.00 1.80 N/R N/R 13.70
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 %
2024/2025 0.70 -2.50 9.00 1.80 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 8.95
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 0.00 0.00 0.00 0.00 0.00 1.18 7.66 1.64 1.91 1.76 1.18 -4.73 10.67