Investors should refer to the quarterly Fund Update which is on www.iisolutions.co.nz and www.business.govt.nz/disclose
Global equities rebounded in December (+3.1%) with Utilities, Consumer Staples, Health Care and Materials outperforming, whilst Consumer Discretionary, Communication Services and Information Technology underperformed. US equities were up (+3.0%) with Omicron restriction fears easing, strong macro data and high inflation data, whilst the Fed continued it’s more hawkish messaging. European equities outperformed (+5.7%) also with Omicron restriction fears easing and high inflation data, the ECB announced policy tightening with reduced QE and balance sheet reduction while remaining accommodative.
Asian equities underperformed (+0.7%) led by weak Chinese equities (-2.4%) with ongoing headlines concerning ADR listings and regulation, while the People’s Bank of China commenced policy easing. Japan underperformed (+1.0%) with higher inflation and unemployment rising slightly.
Elsewhere, Brent Crude (+12.9% in USD) rebounded, while Gold (+3.1%) rose as a safe haven and the US Dollar (DXY -0.3%) was stable.
Key contributors included:
Key detractors included:
|31 Dec 2021||1 month||2.4||3.1||-0.7|
|31 Dec 2021||3 month||2.8||7.5||-4.7|
|31 Dec 2021||Year to date||13.9||24.7||-10.7|
|31 Dec 2021||1 year||13.9||24.7||-10.7|
|31 Dec 2021||3 year p.a.||12.9||19.6||-6.6|
|31 Dec 2021||Inception p.a.||7.0||13.1||-6.1|
Past performance is not a reliable indicator of future performance Returns are quoted in NZD and net of applicable fees, costs and taxes. All p.a. returns are annualised.
1 All exposures contained within this report are with respect to the weight
|Meta Platforms||United States||3.0|
|Frontier Communications Parent||United States||3.0|
|31 Dec 2021||Fund AUM||NGLO||NZD||$10m|
|31 Dec 2021||Strategy AUM||Global Long||NZD||$3,752m|
|31 Dec 2021||Unit redemption price||Antipodes Global Fund - Long (PIE)||NZD||1.2596|
|blank||Equities - Long||Other - Long|
|Avg. weight (%)||1.6||-|
|Top 10 (%)||28.9||-|
|Top 30 (%)||68.8||-|
3Call (put) options represented as the current option value (delta adjusted exposure)
4Where possible, regions, countries and currencies classified on a look through basis
|- United Kingdom||4.7||0|
|- Rest Western Europe||1.6||0|
|- China/Hong Kong||10.7||0|
|Large (>$25b <$100b)||27.9|
|Medium (>$5b <$25b)||19.7|
• Global pragmatic value manager, long only and long-short
• Structured to reinforce alignment between investors and the
• We attempt to take advantage of the market’s tendency for irrational
extrapolation, identify investments that offer a high margin of safety
and build portfolios with a capital preservation focus
• Objective to achieve absolute returns in excess of the benchmark over the investment cycle (typically 3-5 years)
• In the absence of finding individual securities that meet minimum risk-return criteria, cash may be held to maximum 25%
• Flexibility to hedge for risk management purposes:
▪ Currency exposure of the underlying stock position (net short currency position not permitted)
▪ Equity market exposure via exchange traded derivatives (limited to 10% of NAV)
• Leverage not permitted
|wdt_ID||Unit Class||Units NZD (Accumulating)|
4 As a percentage of the net asset value of the Fund per annum (Fee rate includes GST).5 The Performance Fee will be calculated daily in respect of a semi-annual performance period ending on 30 June and 31 December each year (or the immediately preceding Business Day if not a Business Day) (each a Performance Period). The performance fee above has a ‘high water mark’. This means it is calculated on a cumulative basis relative to the Benchmark Index so that any performance under the Benchmark Index in a particular period must first be recovered in following periods before performance fees are paid.
6 When you enter or leave a Fund, any buy or sell spreads applicable at that time will be a cost to you. The buy spread is added to the Unit price on entry to the Fund, and the sell spread is deducted from the Unit price on exit from the Fund. The buy/sell spreads belong to the Fund and the purpose of buy/sell spreads is to make sure that any transaction costs incurred as a result of an investor entering or leaving the Fund are borne by that investor, and not by other investors in the Fund. There is no GST charged on buy/sell spreads.
For further information regarding the Antipodes Global Fund – Long (PIE), please refer to the Product Disclosure Statement (PDS). The PDS is available from
www.iisolutions.co.nz or www.antipodespartners.com.
1300 010 311
THIS FUND FACT SHEET PERTAINS TO THE FOLLOWING:
Antipodes Global Fund – Long (PIE) (the “Fund”)
This Fact Sheet is provided by Antipodes Partners Limited (Antipodes) in good faith and is designed as a summary to accompany the Product Disclosure Statement for the Antipodes Investment Funds (Funds). The Product Disclosure Statement is available from Antipodes, or the issuer Implemented Investment Solutions Limited (IIS) on www.iisolutions.co.nz, and on https://disclose-register.companiesoffice.govt.nz/. The information contained in this Fact Sheet is not an offer of units in the Funds or a proposal or an invitation to make an offer to sell, or a recommendation to subscribe for or purchase, any units in the Funds. If you are making an investment directly then you will be required to complete the application form, which can be obtained from the Manager, IIS. The information and any opinions in this Fact Sheet are based on sources that Antipodes believes are reliable and accurate. Antipodes, its directors, officers and employees make no representations or warranties of any kind as to the accuracy or completeness of the information contained in this fact sheet and disclaim liability for any loss, damage, cost or expense that may arise from any reliance on the information or any opinions, conclusions or recommendations contained in it, whether that loss or damage is caused by any fault or negligence on the part of Antipodes, or otherwise, except for any statutory liability which cannot be excluded. All opinions reflect Antipodes’ judgment on the date of this Fact Sheet and are subject to change without notice. This disclaimer extends to IIS, and any entity that may distribute this publication. The information in this Report/Presentation is not intended to be financial advice for the purposes of the Financial Advisers Act 2008 or the Financial Markets Conduct Act 2013. In particular, in preparing this document, Antipodes did not take into account the investment objectives, financial situation and particular needs of any articular person. Professional investment advice from an appropriately qualified adviser should be taken before making any investment. Past performance is not cessarily indicative of future performance, unit prices may go down as well as up and an investor in the fund may not recover the full amount the capital that they invest. No part of this document may be reproduced without the permission of Antipodes or IIS. IIS is the issuer and manager of the Funds. Antipodes is in the investment manager of the Funds. 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.