Antipodes Global Fund - Long Only (Class I)
30 June 2024
Key Facts
| Index Used: | All Countries World Index (AUD) | Discretionary/Quantitative: | Discretionary |
| Peer Group: | Equity Long - Large Cap - Global | FUM (millions): | AU$ 652m |
| Investment Style: | Blend | Fund Inception Date: | July 2015 |
| Geographic Mandate: | Global | Latest Return Date: | June 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
Currency exposure will generally reflect the currency of the underlying securities. However, where the Investment Manager believes there is a strong likelihood of a decline in the underlying currency, currency derivatives, both over-the-counter and exchange traded, may be used to hedge subject to the specific restriction that such derivatives cannot be used to gear portfolio exposure.
Fund Fees
| Management Fee: | 1.2% | Performance Fee: | 15% |
| Buy Spread: | 0.3% | Sell spread: | 0.3% |
| High Water Mark: | Yes | Hurdle: | MSCI All Country World Net Index in AUD |
Fund Structure
| Offshore/Onshore: | Onshore | Fund Structure: | Unit Trust |
| Share Classes: | AU$ | Trustee/RE: | Pinnacle Fund Services |
| Administrator: | Citigroup | Prime Broker: | N/A |
| Custodian: | Citigroup | Legal: | N/A |
Ratings & Availability
Research Ratings
Platform Availability
Performance Review
The Antipodes Global Fund - Long Only (Class I) has a track record of 9 years and 7 months and has underperformed the All Countries World (AUD) benchmark since inception in December 2014, providing investors with an annualised return of 10% compared with the benchmark's return of 11.51% over the same period.
The Manager has delivered these returns with 0.07% less volatility than the benchmark, contributing to a Sharpe ratio which has fallen below 1 four times over the past five years and which currently sits at 0.79 since inception. The fund has provided positive monthly returns 91% of the time in rising markets and 27% of the time during periods of market decline, contributing to an up-capture ratio since inception of 66% and a down-capture ratio of 85%.
The Antipodes Global Fund - Long Only (Class I) returned -1.59% in June, an outperformance of -1.59% compared with the All Countries World (AUD) benchmark which ended the month flat. Over the past 12 months, the fund's best monthly return was +5.2% compared with the benchmark's best return of +5.32%, and its worst monthly return was -3.7% vs the benchmark's worst return over the same period of -3.27%.
| Year | Jan % | Feb % | Mar % | Apr % | May % | Jun % | Jul % | Aug % | Sep % | Oct % | Nov % | Dec % | YTD % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2024 | 2.10 | 5.20 | 3.90 | -1.60 | 0.60 | -1.59 | NA | NA | NA | NA | NA | NA | 8.72 |
| 2023 | 5.57 | 1.55 | 3.70 | 2.59 | -1.10 | 1.60 | 2.50 | 0.30 | -3.70 | -2.30 | 2.40 | 1.90 | 15.67 |
| 2022 | 1.20 | -4.28 | -4.27 | 1.12 | 2.19 | -5.44 | 0.71 | -0.90 | -3.16 | 4.00 | 6.71 | -1.80 | -4.56 |
| 2021 | -0.22 | 2.90 | 5.56 | 0.99 | 1.17 | 1.05 | -0.40 | 2.86 | -1.21 | -0.10 | 1.11 | -5.69 | 7.89 |
| 2020 | 1.51 | -2.40 | -10.34 | 2.40 | 1.98 | -0.42 | 0.73 | 2.46 | -0.33 | 1.80 | 9.43 | 0.20 | 6.07 |
| 2019 | 3.36 | 2.84 | 0.05 | 4.94 | -5.68 | 5.81 | 0.15 | -1.25 | 2.08 | 0.32 | 3.37 | 0.45 | 17.15 |
| 2018 | 3.14 | 0.59 | -0.69 | 3.32 | -2.59 | 2.42 | 1.76 | 1.54 | 1.64 | -6.10 | -3.96 | -2.20 | -1.62 |
| 2017 | -2.11 | 0.54 | 5.16 | 2.29 | 4.50 | -1.53 | 0.06 | 1.06 | 3.80 | 3.29 | 2.99 | -0.93 | 20.51 |
| 2016 | -3.23 | 0.25 | -0.47 | 4.35 | 3.98 | -4.55 | 3.08 | 5.70 | -0.22 | 0.93 | 2.38 | 3.37 | 16.13 |
| 2015 | 0.66 | 6.72 | 2.78 | -2.34 | 3.19 | -3.96 | 5.00 | -2.99 | -0.81 | 5.06 | -2.53 | -1.17 | 9.27 |
| 2014 | NA | NA | NA | NA | NA | NA | NA | NA | NA | NA | NA | 3.00 | 3.00 |
Only seven years of data shown. Click here to view all data.
General Notes
Annual Returns
Over the past 12 months, the fund has risen by +9.73% compared with the benchmark which has returned +21.18%, for a difference of -11.45%. Since inception in December 2014, the fund has returned +10% per annum, a difference of -1.51% relative to the benchmark which has returned +11.51% 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 $249.
Annual Returns %
Volatility and Risk
Annual Standard Deviation
The fund's returns over the past 12 months have been achieved with a volatility of 8.88% vs the index's 10.52%. The annualised volatility of the fund's returns since inception in December 2014 is 10.87% vs the index's 10.94%. Over all other periods, the fund's returns have been consistently less volatile than the benchmark.
Sharpe Ratio
The fund's Sharpe ratio has ranged from a high of 1.15 for performance over the most recent 24 months to a low of 0.29 over the latest 36 months, and is 0.79 for performance since inception. By contrast, the All Countries World (AUD) Index's Sharpe for performance since December 2014 is 0.91.
Annual Standard Deviation
Sharpe Ratio
Performance in Positive Markets
Since inception in December 2014 in the months where the market was positive, the fund has provided positive returns 91% of the time, contributing to an up-capture ratio for returns since inception of 65.82%. Over all other periods, the fund's up-capture ratio has ranged from a high of 76.53% over the most recent 24 months to a low of 51.78% over the latest 36 months.
Performance in Negative Markets
Since inception in December 2014 in the months where the market was negative, the fund has provided positive returns 27% of the time, contributing to a down-capture ratio for returns since inception of 85.17%. Over all other periods, the fund's down-capture ratio has ranged from a high of 82.45% over the most recent 24 months to a low of 62.32% over the latest 48 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 2.13 for performance over the most recent 24 months to a low of 0.35 over the latest 36 months, and is 1.15 for performance since inception. By contrast, the All Countries World (AUD) Index's Sortino for performance since December 2014 is 1.41.
Drawdown
Over the past 12 months, the fund's largest drawdown was -5.91% vs the index's -6.22%, and since inception in December 2014 the fund's largest drawdown was -17.58% vs the index's maximum drawdown over the same period of -16.02%.
Sortino Ratio
Drawdown%
Quintile Ranking vs. Average Equity Long - Large Cap - Global as of May 2024
The performance of the Antipodes Global Fund - Long Only (Class I) ranked it in the first quintile for Volatility and second quintile for Downside Deviation and Largest Drawdown over 7 years, while over 5 years the fund ranked in the first quintile for Volatility, Downside Deviation and Largest Drawdown. Over 3 years, the fund ranked in the first quintile for Volatility and Downside Deviation and second quintile for Largest Drawdown, and over 1 year it ranked in the first quintile for Volatility and Downside Deviation.
Over the past 12 months, the fund has risen by +9.73% compared with the peer group which has returned an average of +17.29%, for a difference of -7.56%.
The fund's returns over the past 12 months have been achieved with a volatility of 8.88% vs the peer group's average volatility of 10.46%. The annualised volatility of the fund's returns since inception in December 2014 is 10.87% vs the peer group's 11.56%. Over all other periods, the fund's returns have been consistently less volatile than the peer group.