Antipodes Emerging Markets (Managed Fund)

Performance Summary as at June 2024

The Antipodes Emerging Markets (Managed Fund) has a track record of 9 years and 7 months and has outperformed the MSCI All Country Asia Pacific ex-Japan benchmark since inception in December 2014, providing investors with an annualised return of 4.45% compared with the benchmark's return of 4.39% over the same period.

On a calendar year basis, the fund has experienced a negative annual return on 3 occasions in the 9 years and 7 months since its inception. Over the past 12 months, the fund's largest drawdown was -10.05% vs the index's -8.46%, and since inception in December 2014 the fund's largest drawdown was -41.7% vs the index's maximum drawdown over the same period of -27.63%. The fund's maximum drawdown began in July 2021 and has so far lasted 2 years and 11 months, reaching its lowest point during October 2022.

The Manager has delivered these returns with 2.09% 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 0.27 since inception. The fund has provided positive monthly returns 91% of the time in rising markets and 15% of the time during periods of market decline, contributing to an up-capture ratio since inception of 91% and a down-capture ratio of 97%.