Quarterly Updates

Antipodes Global Fund – Long (PIE)

QUARTERLY REPORT | 31 March 2024

Investors should refer to the quarterly Fund Update which is on www.fundrock.com and www.business.govt.nz/disclose

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 Global Fund – Long 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 (+0.2%). Utilities, information technology and consumer staples outperformed whilst consumer discretionary, industrials and energy underperformed. US equities outperformed (+0.9%) 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 (-0.6%), and central banks reinforced a higher-for-longer scenario.

Asian equities underperformed (-0.9%). Chinese equities were lower (-0.6%) 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 (-1.4%) 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 NZD and net of applicable fees, costs and taxes. All p.a. returns are annualised.

Fund facts

wdt_ID Characteristics -

Performance & risk summary6

Top & bottom sector contribution1,2 (%)

Top & bottom stock contribution2,3 (%)

Sector exposure2 (%)

Regional exposure3,4,5(%)

Position Changes

Top 5 Increases/Initiations (%)

Top 5 Decreases/Exits (%)

Further information

1300 010 311

1 Based on gross returns in NZD
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 NZD 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.


Antipodes Global Fund (PIE) (the “Fund”)

This Fact Sheet is provided by Antipodes Partners Limited (‘Antipodes’) (ABN 29 602 042 035, AFSL 481580) 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 FundRock NZ Limited on www.fundrock.com, 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, FundRock NZ Limited. 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 FundRock NZ Limited, 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 particular person. Professional investment advice from an appropriately qualified adviser should be taken before making any investment. Past performance is not necessarily 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 FundRock NZ Limited. FundRock NZ Limited 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.