Monthly Updates

Antipodes Global Fund (PIE)

MONTHLY REPORT | 31 December 2021

Investors should refer to the quarterly Fund Update which is on and


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:

  • Consumer Cyclical – DM, notably UniCredit and Flutter Entertainment. UniCredit pushed higher over the month upon management committing to €16b of payouts from FY22-FY25, which was announced in addition to the €652m buyback that commenced in mid-December. Flutter Entertainment rebounded from a poor November for gaming stocks, announcing the purchase of Italian gaming operator, Sisal, for £1.62b late in the month. The acquisition aligns with the company’s desire to increase market share in Italy and boost Flutter’s presence in regulated markets.
  • Mediatek in the Hardware cluster continued to benefit from its Dimensity 9000 chip, which was officially released in mid-December with the announcement that smartphone manufacturers Oppo and Xiaomi will begin to equip their new generation handsets with the chip. In addition, Mediatek also announced their new Wi-Fi and smart TV chipsets, which were positively received.
  • Industrials cluster, including both Siemens and Airbus. Siemens continued to benefit from market reappraisal of the business, supported by strong performance of listed subsidiary, Healthineers. Airbus reacted strongly on the announcement it had received a major order for 100 A320neo family aircraft from Air France-KLM, with purchase rights on 60 more aircraft, in addition to four Airbus A350F Freighters. The order supplemented a strong month for Airbus which also received commitments from Singapore Airlines to replace its freighter fleet and Qantas in replacing Boeing as the preferred aircraft for the long-term renewal of its domestic narrow-body fleet.

Key detractors included:

  • Infrastructure/Property – DM, notably Frontier Communications and Électricité de France (EDF). Frontier was impacted by reports of slower than expected broadband growth by cable companies which impacted market consensus for Frontier’s subscriber growth prospects. EDF was impacted by the shutdown of four nuclear reactors during the month after inspections discovered faults as part of routine maintenance to the reactors at the Civeaux plant, which also caused a precautionary shutdown of the Chooz plant in the east of France, which uses the same technology. EDF stated they believe the shutdowns would result in a loss of 1TWh or output by the end of 2021, lowering profit guidance.
  •, within the Internet/Software – Asia/EM cluster amid news in late December that Tencent has filed to reduce its stake in to approximately 2.3%, down from 17% and will no longer be the largest shareholder.
  •, within the Consumer Cyclical – Asia/EM cluster detracted after reporting Q3 revenue was down 9% from the previous quarter after the re-emergence of COVID-19 in China, despite also reporting international flight reservations increased 40% from the previous quarter.

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.

Total exposure1 (%)

wdt_ID Composition Weight

1 All exposures contained within this report are with respect to the weight

Top 10 equity longs (%)

Fund Facts

wdt_ID Characteristics -

Sector exposure2 (%)

2Antipodes classification

Asset allocation3

3 Call (put) options represented as the current option value (delta adjusted exposure)

Currency exposure3,4 (%)

4 Where possible, regions, countries and currencies classified on a look through basis

Regional exposure 2,3,4 (%)

Market cap exposure3 (%)

Investment Manager

• Global pragmatic value manager, long only and long-short

• Structured to reinforce alignment between investors and the
investment team

• 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

Fund features

• Objective to achieve absolute returns in excess of the benchmark over the investment cycle (typically 3-5 years)

• The Fund may use FDIs typically for netting and hedging arrangements. FDIs cannot be used to leverage portfolio exposure

• Total exposure limited to 100% of Net Asset Value to remain net long

Fund overview
wdt_ID Unit Class Units NZD (Accumulating)

5 As a percentage of the net asset value of the Fund per annum (Fee rate includes GST). 6 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. 7 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 (PIE), please refer to the Product Disclosure Statement (PDS). The PDS is available from or

Further information

1300 010 311


Antipodes Global Fund (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, and on 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 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 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.