Antipodes Global Fund – Long
The Fund aims to outperform the MSCI All Country World Index over the investment cycle (typically 3-5 years).
The Fund typically invests in a select number of attractively valued companies listed on global share markets (usually a minimum of 30 holdings). The Fund may also use exchange traded derivatives to achieve long equity exposure. In the absence of finding individual securities that meet Antipodes’ investment criteria, cash may be held. The Fund aims to provide income and some capital growth over the long-term.
The Fund aims to outperform the Benchmark over the investment cycle (typically 3-5 years). The Benchmark is the MSCI All Country World Net Index in AUD.
The suggested minimum investment period is 5 years.
The Risk Profile is High. The Fund is willing to take high risk in search of greater returns, and investors are comfortable with volatility and with the high risk of negative returns, with the potential to produce higher returns over the long term. Investors aim to invest over a longer period.
Portfolio Allocation
|
Asset Class |
Typical Allocation Range1 |
| Global Equities2 | 75% - 100% |
| Cash | 0% - 25% |
1 The above ranges are indicative only. The Fund will be rebalanced within a reasonable period of time should the exposure move outside of the above ranges.
2 The Fund may also use derivatives to manage equity and currency exposures.
Investment guidelines
- The Fund has a maximum single stock limit of 7.0% of the Fund’s NAV.
- The top 10 positions will typically account for 25% to 35% of the portfolio and the top 30 positions 60% to 80%.
- The Fund is also permitted to also hold fixed income and debt securities, bullion, and other physical commodities.
Antipodes believes that equity investment returns are primarily a function of:
- economic performance of the business and the resilience of this performance; and
- price paid or starting valuation at the time of purchase.
Antipodes seeks to mitigate the risk of permanent loss of capital and/or unforeseen downside volatility by:
- ensuring the price paid for a stock represents a discount to intrinsic value, and
- developing a deep understanding of each stock within the context of the broader portfolio.
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The Antipodes Global Fund – Long has been rated “Highly Recommended” by Zenith Investment Partners, “Recommended” by Lonsec Research, received a Morningstar Analyst RatingTM of “Bronze” and has a “1st Quartile” Evergreen Responsible Investment Grading Index (ERIG) ranking.
All website content in respect of the Antipodes Global Fund – Long (ARSN 118 075 764) (the Fund) is issued by Pinnacle Fund Services Limited ABN 29 082 494 371 AFSL 238 371 (“PFSL”) as responsible entity of the Fund and is prepared by Antipodes Partners Limited (ABN 29 602 042 035) (AFSL 481580) (“Antipodes”) as the investment manager of the Trust. PFSL is not licensed to provide financial product advice.
The information provided in this website is of a general nature only and has been prepared without taking into account your objectives, financial situation or needs. Before making an investment decision in respect of the Fund, you should consider the current product disclosure statement (PDS) and Target Market Determination (‘TMD’) of the Fund and the Fund’s other periodic and continuous disclosure announcements lodged with the ASX, which are available at www.asx.com.au, and assess whether the Fund is appropriate given your objectives, financial situation or needs. If you require advice that takes into account your personal circumstances, you should consult a licensed or authorised financial adviser.
Neither PFSL nor Antipodes guarantees repayment of capital or any particular rate of return from the Fund. Neither PFSL nor Antipodes gives any representation or warranty as to the currency, reliability, completeness or accuracy of the information contained in this website. All opinions and estimates included in this website constitute judgments of Antipodes as at the date of website creation and are subject to change without notice. Past performance is not a reliable indicator of future performance.
The Zenith Investment Partners (ABN 27 103 132 672, AFS Licence 226872) (“Zenith”) rating (assigned Antipodes Global Fund; Antipodes Global Fund – Long– November 2022) referred to on this website is limited to “General Advice” (s766B Corporations Act 2001) for Wholesale clients only. This advice has been prepared without taking into account the objectives, financial situation or needs of any individual, including target markets of financial products, where applicable, and is subject to change at any time without prior notice. It is not a specific recommendation to purchase, sell or hold the relevant product(s). Investors should seek independent financial advice before making an investment decision and should consider the appropriateness of this advice in light of their own objectives, financial situation and needs. Investors should obtain a copy of, and consider the PDS or offer document before making any decision and refer to the full Zenith Product Assessment available on the Zenith website. Past performance is not an indication of future performance. Zenith usually charges the product issuer, fund manager or related party to conduct Product Assessments. Full details regarding Zenith’s methodology, ratings definitions and regulatory compliance are available on our Product Assessments and at Fund Research Regulatory Guidelines.
The Lonsec Ratings (assigned as follows: Antipodes Global Fund – Long – April 2022) presented on this website are published by Lonsec Research presented in this document are published by Lonsec Research Pty Ltd ABN 11 151 658 561 AFSL 421445. The Ratings are limited to “General Advice” (as defined in the Corporations Act 2001 (Cth)) and based solely on consideration of the investment merits of the financial products. Past performance information is for illustrative purposes only and is not indicative of future performance. They are not a recommendation to purchase, sell or hold Antipodes products, and you should seek independent financial advice before investing in these products. The Ratings are subject to change without notice and Lonsec assumes no obligation to update the relevant documents following publication. Lonsec receives a fee from the Fund Manager for researching the products using comprehensive and objective criteria. For further information regarding Lonsec’s Ratings methodology, please refer to our website at: https://www.lonsec.com.au/fund-manager/investment-product-ratings.
© 2023 Morningstar, Inc. All rights reserved. Neither Morningstar, its affiliates, nor the content providers guarantee the data or content contained herein to be accurate, complete or timely nor will they have any liability for its use or distribution. Any general advice or ‘class service’ have been prepared by Morningstar Australasia Pty Ltd (ABN: 95 090 665 544, AFSL: 240892) and/or Morningstar Research Ltd, subsidiaries of Morningstar, Inc, without reference to your objectives, financial situation or needs. Refer to our Financial Services Guide (FSG) for more information at https://www.morningstar.com.au/s/fsg.pdf. You should consider the advice in light of these matters and if applicable, the relevant Product Disclosure Statement (Australian products) or Investment Statement (New Zealand products) before making any decision to invest. Our publications, ratings and products should be viewed as an additional investment resource, not as your sole source of information. Past performance does not necessarily indicate a financial product’s future performance. To obtain advice tailored to your situation, contact a professional financial adviser. Some material is copyright and published under licence from ASX Operations Pty Ltd ACN 004 523 782 (“ASXO”).
As at 16 April 2023 the Morningstar Analyst RatingTM for the Antipodes Global Fund – Long is ‘Bronze’.
Evergreen Research Pty Ltd trading as ERIG Index ABN 17 647 506 590 is Authorised Representative 001289533 of Evergreen Fund Managers Pty Ltd ABN 75 602 703 202 AFSL 486275. The material is for the information purposes of non-retail clients only.It is not, and is not to be construed as, advice or a recommendation to acquire, hold or dispose of financial products or to use financial services. The ERIG Index measures only the Responsible Investment capabilities of funds. It does not assess the performance or other features of the funds.
Antipodes is a global asset manager offering a pragmatic value approach across long only and long short strategies. Antipodes 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 seasoned investment team and its performance culture is underpinned by sensible incentives, a focused offering and the outsourcing of non-investment functions to maximise focus on investing.
The Antipodes investment team is led by Jacob Mitchell, formerly Deputy Chief Investment Officer (CIO) of Platinum Asset Management. As CIO, Jacob is responsible for the implementation of the firm and Fund’s investment strategy.
Jacob and the Antipodes investment team spend as much time as required to accomplish the investment objectives of the Fund. Antipodes is majority-owned by its seasoned investment team and its performance culture is underpinned by sensible incentives, a focused offering and the outsourcing of non-investment functions to maximise focus on investing.
We believe in three principles of team empowerment – liberation, motivation and dedication.
The talented and experienced analysts and managers who join us are liberated from some of the constraints that have held them back at other firms.
Our approach gives them greater scope to explore and discover investment opportunities, and exposes them to a broad diversity of thought, analysis and style. Antipodes is majority owned by the members of our investment team.
They’re motivated by clarity of leadership and a remuneration model that both rewards their success and ensures that they remain in close alignment with the interests of our clients.
Their dedication comes not only from personal commitment, but from their sole focus on investing. If you study their biographies below, you’ll notice that we’ve drawn our team from a wide variety of abilities and interests. This is a core element of our strategy. As the name Antipodes suggests, we encourage the creative abrasion of contrary points of view that stimulates fresh and clear insights.
The construction of our team is designed to encourage this process of intellectual synergy. It adds breadth to our landscape of opportunity and a more profound understanding of the investments we make.
Jacob is the Founder and Chief Investment Officer of Antipodes.
Jacob was formerly Deputy Chief Investment Officer of Platinum Asset Management and a Portfolio Manager of the flagship Platinum International Fund. He resigned from Platinum effective December 2014 after more than 14 years at the firm during which he also served as Portfolio Manager for the Platinum Unhedged Fund (January 2007 to May 2014) and the Platinum Japan Fund (January 2008 to November 2014).
Prior to joining Platinum, Jacob was Head of Technology and Emerging Industrials Research at UBS Warburg Australia.
He commenced his investment career in 1994 at high conviction, value-based Australian equities manager, Tyndall Australia.
Qualifications: B. Com (University of Western Sydney)
Graham is a portfolio manager with coverage of hardware, industrial and commodity stocks on a global basis.
Prior to joining Antipodes in 2015, Graham worked at Perennial International Equities where he was portfolio manager of the Global Shares High Alpha Trust and co-manager of the Wholesale International Share Trust. Graham was also head of research for 6 years and covered the global technology, content and communications sectors.
Graham has extensive experience analysing and managing global long/short equity portfolios in a career spanning more than 20 years, including active coverage of the Japanese market. From 2007 to 2009 Graham was a portfolio manager at Merrill Lynch Strategic Investment Group in London, responsible for managing a global equity market neutral portfolio. He also held senior equity analyst and portfolio management roles at BlueCrest Capital in London (2005 – 2007) and First State Investments UK/Legal & General (1993 – 2004).
Graham holds a Bachelor of Commerce (Economics and Finance, Honours) from the University of Western Sydney. He has also completed the Chartered Financial Analyst (CFA) Programme, Sydney Futures Exchange Registered Representatives Programme and is a member of the Chartered Financial Analyst Institute (formerly AIMR) and London Society of Investment Professionals.
James is portfolio manager of the Europe/North America Domestic team, with coverage of consumer, domestic services, financials, technology, media and telecommunications.
Prior to joining Antipodes in 2015, James was an investment analyst in the Asia team at Platinum Asset Management.
From 2008 to 2013, James was a member of the ANZ Generalist Banker Program, culminating in his appointment as Head of Financial Institutions at ANZ Papua New Guinea. His diverse experience included working in Treasury, Institutional Bad Loans (Lending Services), Corporate Finance, Trade Finance, Mortgages Credit and Debt Capital Markets across Australia, Hong Kong and Papua New Guinea. Prior to this James worked in a family office as an investment analyst.
James holds a Bachelor of Commerce in Accounting and Finance from Monash University in Melbourne. He has also completed a Graduate Diploma in Applied Finance at FINSIA and a Graduate Certificate of Management (Leadership and Negotiation) from Melbourne Business School.
Rameez is a portfolio manager with responsibility for quantitative systems, macroeconomics and currency.
Prior to joining Antipodes in 2015 Rameez was an investment analyst at Platinum Asset Management for 7 years where he was a senior member of the quantitative and macroeconomic team. While at Platinum he led the build-out of the stock/sector screening and currency/macroeconomic frameworks and other investment team facing systems.
Earlier in his career Rameez worked with the Australian Securities Exchange in a client servicing capacity. He also has extensive experience in the field of software and electrical engineering, working for Qiiss Global, the Upper Parramatta River Catchment Trust, Oriium Consulting and Zubi Consulting (founder) in both project management and development roles.
Rameez holds a combined Bachelor of Commerce (Commercial Law and Finance) and Bachelor of Engineering (Software, Honours) from the University of Sydney.
Andrew has over 20 years experience in financial services across Australia, Hong Kong and Europe. His core focus has been on business management, product development, marketing and distribution.
Prior to joining Antipodes Andrew was a senior executive at Pinnacle Investment Management Limited which he joined in 2009. At Pinnacle he worked with investment professionals across a range of asset classes to establish, manage and grow their businesses. Before joining Pinnacle, Andrew worked at Macquarie Bank for over 5 years, based in both Sydney and Hong Kong.
Earlier in his career Andrew worked in a variety of financial marketing roles with Deutsche Bank in Australia, and with UBS in Zurich and London.
Qualifications: B. Com (University of New South Wales)
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