Antipodes China Fund
31 May 2024
Key Facts
| Index Used: | Asia Pacific Index | Discretionary/Quantitative: | Discretionary |
| Peer Group: | Equity Long - Asia | FUM (millions): | AU$ 40m |
| Investment Style: | Growth | Fund Inception Date: | October 2005 |
| Geographic Mandate: | China | Latest Return Date: | May 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 Antipodes China Fund aims to achieve the investment objective by investing in companies across a range of market capitalisations listed in Hong Kong, Mainland China, Macau and Taiwan (Greater China) and companies listed on other exchanges, which have significant assets, investments, production activities, trading or other business interests in the greater China region, or which derive a significant portion or their revenue from the greater China region.
The Antipodes China Fund aims to achieve the investment objective by investing in companies across a range of market capitalisations listed in Hong Kong, Mainland China, Macau and Taiwan (Greater China) and companies listed on other exchanges, which have significant assets, investments, production activities, trading or other business interests in the greater China region, or which derive a significant portion or their revenue from the greater China region.
Fund Fees
| Management Fee: | 1.28% | Performance Fee: | 15% |
| Buy Spread: | 0.3% | Sell spread: | 0.3% |
| High Water Mark: | Yes | Hurdle: | MSCI China Free Index (HKD) |
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 China Fund has a track record of 18 years and 7 months and has outperformed the Asia Pacific benchmark since inception in November 2005, providing investors with an annualised return of 6.2% compared with the benchmark's return of 4.74% over the same period.
The Manager has delivered these returns with 5.55% 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 0.26 since inception. The fund has provided positive monthly returns 71% of the time in rising markets and 44% of the time during periods of market decline, contributing to an up-capture ratio since inception of 30% and a down-capture ratio of 82%.
The Antipodes China Fund returned -2.2% in May, a difference of -3.01% compared with the Asia Pacific benchmark which rose by +0.81%. Over the past 12 months, the fund's best monthly return was +8.6% compared with the benchmark's best return of +5.23%, and its worst monthly return was -5.48% vs the benchmark's worst return over the same period of -5.42%.
| Year | Jan % | Feb % | Mar % | Apr % | May % | Jun % | Jul % | Aug % | Sep % | Oct % | Nov % | Dec % | YTD % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2024 | -5.48 | 6.15 | -0.34 | 5.80 | -2.20 | NA | NA | NA | NA | NA | NA | NA | 3.47 |
| 2023 | 9.25 | -7.67 | 2.92 | -1.99 | -8.87 | 1.26 | 8.60 | -5.40 | -1.60 | -4.53 | 0.02 | -1.68 | -10.88 |
| 2022 | -0.32 | -8.39 | -13.31 | 2.79 | -0.71 | 5.60 | -10.37 | 1.08 | -7.88 | -14.22 | 22.26 | 3.83 | -22.45 |
| 2021 | 3.08 | -0.58 | -3.05 | 3.66 | 2.54 | 2.76 | -15.24 | 3.16 | -0.71 | -3.63 | -0.42 | -2.81 | -12.12 |
| 2020 | -1.63 | 1.82 | -4.46 | 1.04 | -0.90 | 5.80 | 6.55 | 4.23 | -1.39 | 6.22 | 2.28 | 6.63 | 28.60 |
| 2019 | 6.01 | 7.03 | 2.98 | 1.40 | -9.86 | 8.19 | 1.25 | -1.26 | -0.44 | 2.95 | 1.70 | 3.01 | 24.05 |
| 2018 | 8.21 | -4.04 | -3.53 | 0.99 | 4.91 | -6.80 | -2.10 | -6.24 | -1.50 | -10.12 | 4.96 | -2.63 | -17.85 |
| 2017 | 2.92 | 1.68 | 3.58 | 4.11 | 4.42 | 0.50 | 0.67 | 4.91 | 2.85 | 4.64 | 1.72 | 0.06 | 37.02 |
| 2016 | -14.87 | -1.78 | 3.38 | -1.35 | 3.36 | -2.94 | 2.77 | 7.43 | -0.17 | -1.43 | 2.86 | -1.88 | -6.19 |
| 2015 | 5.99 | 1.46 | 8.22 | 17.15 | 3.82 | -9.68 | -9.94 | -10.64 | 3.44 | 2.44 | -5.76 | 2.14 | 4.94 |
| 2014 | -3.07 | 0.80 | -5.92 | -1.28 | 0.37 | 2.97 | 7.11 | 0.93 | 1.46 | 3.01 | 2.67 | 6.20 | 15.53 |
| 2013 | 7.47 | -1.18 | -4.39 | 0.64 | 7.52 | -6.19 | 4.70 | 2.36 | -0.80 | 3.39 | 7.42 | 0.18 | 21.91 |
| 2012 | 6.08 | 6.55 | -4.74 | 1.18 | -4.91 | -7.13 | -3.55 | 2.15 | 6.00 | 3.38 | 2.07 | 6.66 | 13.08 |
| 2011 | -0.85 | -1.61 | 4.88 | -0.91 | -1.39 | -2.10 | 0.10 | -8.59 | -15.49 | 9.63 | -5.61 | 0.54 | -21.25 |
| 2010 | -7.81 | 1.81 | 4.72 | -0.22 | -1.61 | -0.51 | 1.19 | 1.56 | 4.84 | 3.55 | 0.30 | -4.77 | 2.32 |
| 2009 | 3.47 | -2.12 | 2.99 | 8.45 | 13.07 | 2.65 | 6.46 | -7.68 | 2.28 | 5.95 | 4.62 | 2.69 | 50.22 |
| 2008 | -16.02 | 0.58 | -6.05 | 4.66 | -3.21 | -12.65 | -2.18 | 2.85 | -5.01 | -4.42 | 1.89 | 1.62 | -33.59 |
| 2007 | 1.08 | -1.17 | 0.51 | 2.55 | 10.39 | 3.11 | 9.92 | 2.59 | 2.54 | 3.74 | -3.45 | 0.25 | 36.09 |
| 2006 | 8.67 | 6.22 | 9.93 | -2.61 | -4.24 | -0.55 | -0.56 | 2.58 | 5.21 | 1.47 | 7.23 | 7.66 | 47.96 |
| 2005 | NA | NA | NA | NA | NA | NA | NA | NA | NA | NA | 1.69 | 4.92 | 6.70 |
Only seven years of data shown. Click here to view all data.
Annual Returns
Over the past 12 months, the fund has returned -0.56% compared with the benchmark which has returned +22.19%, for a difference of -22.75%. Since inception in November 2005, the fund has returned +6.2% per annum, a difference of +1.46% relative to the benchmark which has returned +4.74% 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 $305. The same amount invested in the benchmark over the same period would have become $236.
Annual Returns %
Volatility and Risk
Annual Standard Deviation
The fund's returns over the past 12 months have been achieved with a volatility of 15.4% vs the index's 12.42%. The annualised volatility of the fund's returns since inception in November 2005 is 19.33% vs the index's 13.78%. 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 -0.03 for performance over the most recent 60 months to a low of -0.66 over the latest 36 months, and is 0.26 for performance since inception. By contrast, the Asia Pacific Index's Sharpe for performance since November 2005 is 0.19.
Annual Standard Deviation
Sharpe Ratio
Performance in Positive Markets
Since inception in November 2005 in the months where the market was positive, the fund has provided positive returns 71% of the time, contributing to an up-capture ratio for returns since inception of 29.98%. Over all other periods, the fund's up-capture ratio has ranged from a high of 11.74% over the most recent 60 months to a low of -11.99% over the latest 36 months.
Performance in Negative Markets
Since inception in November 2005 in the months where the market was negative, the fund has provided positive returns 44% of the time, contributing to a down-capture ratio for returns since inception of 82.24%. Over all other periods, the fund's down-capture ratio has ranged from a high of 96.75% over the most recent 36 months to a low of 5.53% 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.
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 -0.18 for performance over the most recent 60 months to a low of -1 over the latest 36 months, and is 0.22 for performance since inception. By contrast, the Asia Pacific Index's Sortino for performance since November 2005 is 0.16.
Drawdown
Over the past 12 months, the fund's largest drawdown was -17.4% vs the index's -6.18%, and since inception in November 2005 the fund's largest drawdown was -50.53% vs the index's maximum drawdown over the same period of -56.51%.
Sortino Ratio
Drawdown%
Quintile Ranking vs. Average Equity Long - Asia as of May 2024
The Antipodes China Fund is not ranked in the first or second quintile for any KPI.
Over the past 12 months, the fund has returned -0.56% compared with the peer group which has returned an average of +8.72%, for a difference of -9.28%.
The fund's returns over the past 12 months have been achieved with a volatility of 15.4% vs the peer group's average volatility of 7.86%. The annualised volatility of the fund's returns since inception in November 2005 is 19.33% vs the peer group's 11.19%. Over all other periods, the fund's returns have been more volatile than the peer group.