Quarterly Updates

Antipodes Emerging Markets (Managed Fund)

ARSN 096 451 393 APIR IOF0203AU
QUARTERLY REPORT | 31 March 2024

Key Takeaways

  • Higher government bond yields and an increase in geopolitical tensions in the Middle East resulted in risk-off sentiment in global equities over the month.
  • Asian equities were lower over the month, led by Japanese equities, whilst Chinese equities were also lower despite positive data and signs of more
    fiscal support.
  • The Antipodes Emerging Markets (Managed Fund) underperformed the benchmark over the month, however remains ahead over 12 months.


The combination of higher government bond yields and an increase in geopolitical tensions in the Middle East resulted in a risk off move in October. Global equities were negative for the month in USD/AUD terms, however were higher in NZD due to exchange rate impacts (-1.1%). Utilities, information technology and consumer staples outperformed whilst consumer discretionary, industrials and energy underperformed. US equities outperformed (-0.4%) with macroeconomic data highlighting resilience within the economy despite a higher-for-longer rate environment. Further, US treasury bonds fell due to fears of a forecast increase in treasury issuance. European equities underperformed as macroeconomic data disappointed (-1.9%), and central banks reinforced a higher-for-longer scenario.

Asian equities underperformed (-2.2%). Chinese equities were lower (-1.9%) despite positive economic data and more fiscal support. Continued property sector overhang in addition to the tighter US restrictions on firms exporting AI chips to China weighed on investor sentiment. Japanese equities underperformed globally and regionally (-2.7%) as the Bank of Japan tightened monetary policy in line with increasing inflationary data.

Elsewhere, Brent Crude (-8.3% in USD) was volatile but ended lower, Gold (+7.3%) was higher benefiting from a flight to safety, whilst the US Dollar (+0.5%) saw a marginal appreciation.

* Companies mentioned are illustrative only and not a recommendation to buy or sell any particular security.

Net performance (%)

Past performance is not a reliable indicator of future performance. Returns are quoted in AUD. Net returns are based on the returns of the highest fee paying share class of this fund. All p.a. returns are annualised.

Fund Facts

wdt_ID Characteristics -

Performance & risk summary 6 (%)

Top & bottom sector contribution1,2 (%)

Top & bottom stock contribution (%)

Sector exposure2 (%)

Regional exposure3,4,5 (%)

Position Changes

Top 5 Increases/Initiations (%)

Top 5 Decreases/Exits (%)

Fund ratings

Further information

1300 010 311

Australia head office

Antipodes Partners Limited
Level 25, Australia Square
264 George Street
Sydney NSW 2000

UK office

Antipodes Partners Limited
Suite 823
125 Old Broad Street
London EC2N 1AR UK

1 Based on gross returns in AUD
2 GICS classification
3 Call (put) options represented as the current option value (delta adjusted exposure)
4 Antipodes classification
5 Where possible, regions, countries and currencies classified on a look through basis
6 All metrics are based on gross of fee returns in AUD terms since inception. The upside/downside capture ratio is the percentage of benchmark performance captured by the fund during months that the benchmark is
up/down. Standard deviation is a measure of risk with a smaller figure indicating lower return volatility. The Sharpe ratio measures returns on a risk adjusted basis with a figure > 1 indicating a higher return than the
benchmark for the respective levels of return volatility.


This communication is prepared by Antipodes Partners Limited (‘Antipodes’) (ABN 29 602 042 035, AFSL 481580) as the investment manager of the Antipodes Emerging Markets (Managed Fund) (ARSN 096 451 393) (‘the Fund’). Pinnacle Fund Services Limited (‘PFSL’) (ABN 29 082 494 362, AFSL 238371) is the product issuer of the Fund. PFSL is not licensed to provide financial product advice. PFSL is a wholly-owned subsidiary of the Pinnacle Investment Management Group Limited (‘Pinnacle’) (ABN 22 100 325 184). The Product Disclosure Statement (‘PDS’) and Target Market Determination (‘TMD’) of the Fund are available via below links. Any potential investor should consider the PDS and TMD before deciding whether to acquire, or continue to hold units in, the Fund.

Link to Product Disclosure Statement

Link to Target Market Determination

For historic TMD’s please contact Pinnacle client service Phone 1300 010 311 or Email service@pinnacleinvestment.com

This communication is for general information only. It is not intended as a securities recommendation or statement of opinion intended to influence a person or persons in making a decision in relation to investment. It has been prepared without taking account of any person’s objectives, financial situation or needs. Any persons relying on this information should obtain professional advice before doing so. Past performance is for illustrative purposes only and is not indicative of future performance. Options exposure represents the market downside. For put options (typically used to limit potential downside) delta-adjusted exposure is used and for call options (typically used to capture potential upside) exposure is calculated using the current option value. Unless otherwise specified, all amounts are in Australian Dollars (AUD).

Whilst Antipodes, PFSL and Pinnacle believe the information contained in this communication is reliable, no warranty is given as to its accuracy, reliability or completeness and persons relying on this information do so at their own risk. Subject to any liability which cannot be excluded under the relevant laws, Antipodes, PFSL and Pinnacle disclaim all liability to any person relying on the information contained in this communication in respect of any loss or damage (including consequential loss or damage), however caused, which may be suffered or arise directly or indirectly in respect of such information. This disclaimer extends to any entity that may distribute this communication.

Any opinions and forecasts reflect the judgment and assumptions of Antipodes and its representatives on the basis of information available as at the date of publication and may later change without notice. Any projections contained in this presentation are estimates only and may not be realised in the future.

Unauthorised use, copying, distribution, replication, posting, transmitting, publication, display, or reproduction in whole or in part of the information contained in this communication is prohibited without obtaining prior written permission from Antipodes. Pinnacle and its associates may have interests in financial products and may receive fees from companies referred to during this communication.

Zenith Disclaimer: The Zenith Investment Partners (‘Zenith’) (ABN 27 103 132 672, AFSL 226872) rating (assigned Antipodes Emerging Markets (Managed Fund) – November 2022) referred to in this piece 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.

Lonsec Disclaimer: The Lonsec Rating (assigned June 2023) presented in this document is published by Lonsec Research Pty Ltd (‘Lonsec’) (ABN 11 151 658 561, AFSL 421445). The Rating is 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.