Antipodes Global Fund
30 June 2024
Key Facts
| Index Used: | All Countries World Index (AUD) | Discretionary/Quantitative: | Combination |
| Peer Group: | Equity Alternative - Global | FUM (millions): | AU$ 1,736m |
| Investment Style: | Blend | Fund Inception Date: | July 2015 |
| Geographic Mandate: | Global | Latest Return Date: | June 2024 |
| Investor Type: | Wholesale | 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
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: | MIS |
| 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 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 9.06% compared with the benchmark's return of 11.51% over the same period.
The Manager has delivered these returns with 1.93% less 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 0.83 since inception. The fund has provided positive monthly returns 86% of the time in rising markets and 22% of the time during periods of market decline, contributing to an up-capture ratio since inception of 41% and a down-capture ratio of 62%.
The Antipodes Global Fund returned -2.13% in June, an outperformance of -2.13% 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 +3.9% compared with the benchmark's best return of +5.32%, and its worst monthly return was -3.1% 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 | 1.80 | 3.60 | 3.90 | -0.50 | 0.10 | -2.13 | NA | NA | NA | NA | NA | NA | 6.81 |
| 2023 | 5.11 | 1.49 | 3.50 | 2.00 | -1.40 | 0.00 | 1.60 | 0.40 | -3.10 | -0.70 | 0.10 | 0.30 | 9.43 |
| 2022 | 3.07 | -4.74 | -5.46 | 3.46 | 1.91 | -3.26 | -1.74 | -1.00 | -1.70 | 1.62 | 5.99 | 0.10 | -2.39 |
| 2021 | -0.84 | 2.71 | 5.50 | 0.39 | 1.20 | 0.45 | -0.82 | 2.74 | -0.49 | -1.11 | 1.51 | 0.51 | 12.18 |
| 2020 | 1.20 | -0.50 | -6.00 | -0.10 | 0.71 | -1.40 | 0.12 | 1.66 | -0.63 | 2.08 | 7.31 | -0.10 | 3.92 |
| 2019 | 1.50 | 1.00 | -0.50 | 4.10 | -4.40 | 4.60 | -0.30 | -1.30 | 2.10 | 0.20 | 2.80 | -0.10 | 9.78 |
| 2018 | 1.40 | 1.90 | -0.50 | 2.90 | -3.20 | 2.50 | 1.20 | 1.10 | 1.90 | -2.80 | -4.10 | -0.40 | 1.60 |
| 2017 | -2.64 | -0.33 | 4.60 | 1.90 | 3.70 | -1.70 | -0.70 | 0.70 | 3.30 | 1.80 | 2.60 | -0.70 | 12.96 |
| 2016 | -1.36 | 0.62 | -1.28 | 3.89 | 4.08 | -2.98 | 1.95 | 4.16 | -0.40 | 1.11 | 2.82 | 3.71 | 17.22 |
| 2015 | 0.18 | 7.32 | 1.86 | -2.17 | 4.42 | -3.34 | 5.37 | -0.66 | -0.56 | 4.60 | -2.85 | -1.22 | 12.98 |
| 2014 | NA | NA | NA | NA | NA | NA | NA | NA | NA | NA | NA | 3.48 | 3.48 |
Only seven years of data shown. Click here to view all data.
Annual Returns
Over the past 12 months, the fund has risen by +5.26% compared with the benchmark which has returned +21.18%, for a difference of -15.92%. Since inception in December 2014, the fund has returned +9.06% per annum, a difference of -2.45% 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 $229.
Annual Returns %
Volatility and Risk
Annual Standard Deviation
The fund's returns over the past 12 months have been achieved with a volatility of 6.84% vs the index's 10.52%. The annualised volatility of the fund's returns since inception in December 2014 is 9.01% 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 0.82 for performance over the most recent 48 months to a low of 0.17 over the latest 12 months, and is 0.83 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 86% of the time, contributing to an up-capture ratio for returns since inception of 40.87%. Over all other periods, the fund's up-capture ratio has ranged from a high of 44.8% over the most recent 24 months to a low of 35.86% 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 22% of the time, contributing to a down-capture ratio for returns since inception of 61.93%. Over all other periods, the fund's down-capture ratio has ranged from a high of 44.99% over the most recent 24 months to a low of 35.69% 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 1.47 for performance over the most recent 24 months to a low of 0.21 over the latest 12 months, and is 1.37 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 -3.78% vs the index's -6.22%, and since inception in December 2014 the fund's largest drawdown was -12.16% vs the index's maximum drawdown over the same period of -16.02%.
Sortino Ratio
Drawdown%
Quintile Ranking vs. Average Equity Alternative - Global as of May 2024
The performance of the Antipodes Global Fund ranked it in the second quintile for Volatility, Downside Deviation and Largest Drawdown over 1 & 7 years. Over 5 years the fund ranked in the first quintile for Volatility and Downside Deviation and second quintile for Largest Drawdown, while it ranked in the second quintile for Volatility and Downside Deviation over 3 years.
Over the past 12 months, the fund has risen by +5.26% compared with the peer group which has returned an average of +12.77%, for a difference of -7.51%.
The fund's returns over the past 12 months have been achieved with a volatility of 6.84% vs the peer group's average volatility of 5.14%. The annualised volatility of the fund's returns since inception in December 2014 is 9.01% vs the peer group's 9.16%. Over all other periods, the fund's returns have been more volatile than the peer group.