Monthly Updates

Antipodes Global Fund

ARSN 087 719 515 APIR IOF0045AU
MONTHLY REPORT | 30 April 2022


Global equities were down in April (-3.1%) with Consumer Staples, Energy and Utilities outperforming and Communication Services, Information Technology and Consumer Discretionary underperforming. The downturn was led by US equities, which underperformed broader global markets (-3.9%). The broader de-risking was in response to a more hawkish stance from the Fed and the view battling inflation remained the focus, despite growth concerns evident in the 1Q22 GDP data. European equities outperformed global markets (-0.4%) taking relief in incumbent French President Macron and his centre party remaining in power.

Asian equities outperformed the wider market (-1.2%) over the month. Chinese equities outperformed global and regional markets (-1.0%) stemming from supportive government rhetoric and indications of easing. This was despite the continued worries relating to COVID-19 restrictions and fresh regional lockdowns. Japan underperformed global and regional markets (-3.6%) as the Bank of Japan continued on a separate path of sustained easing with less of an inflationary pressure to tighten monetary policy.

Elsewhere, Brent Crude (+1.3% in USD) and Gold (-2.1%) were up and the US Dollar (+4.7%) was strong.

Key contributors included:

  • Oil & Natural Gas cluster, notably EQT Corp and Coterra Energy contributed to portfolio performance in April fuelled by the recent surge in commodity prices. In addition, news of an LNG export agreement between the US and the European Commission was received positively, with both companies benefitting from the renewed demand outlook for US gas exports.
  • Merck within the Healthcare cluster, with the company reporting robust earnings for 1Q22. The highlight was a 50% increase in sales from 1Q21, led primarily by key cancer drug Keytruda, as well as the company’s COVID-19 antiviral drug and vaccines business.
  • Internet Software Asia/EM, notably and KE Holdings, with Chinese technology stocks rallying towards the end of the month as China’s leadership vowed to drive economic stimulus and end speculation around the continued crackdown on internet companies.
  • Consumer Cyclical Asia/EM including ICICI Bank and Indian based ICICI Bank rose over the month after reporting strong March quarter results. This included recording a net profit increase of 59% on prior year reporting, in addition to reporting an improvement in asset quality over the quarter. Ratios for both gross and net non-performing assets, however declined. benefitted from stronger sentiment around Chinese stocks, particularly towards the end of the month.
  • Shorts, as the market became increasingly concerned about policy tightening in the face of slowing economic growth, short positioning in weaker businesses regardless of their cyclical or secular growth profile contributed to performance.

Key detractors included:

  • Internet/Software – DM cluster, notably Amazon and Compass Inc. Amazon reported its first quarterly loss since 2015, with online sales slipping 3% as pandemic induced goods consumption faded. Despite this, growth in other parts of the business, including cloud computing and advertising, remains strong. Amid a robust real estate environment in the US, real estate broker Compass Inc. detracted upon weaker investor sentiment.
  • Hardware cluster, notably TSMC, with the recent pullback reflecting heightened investor concerns of a broader economic slowdown impacting the semiconductor industry. TSMC’s earnings momentum and improving outlook however, continues to outperform industry peers in absolute price performance terms.
  • Consumer Cyclical – DM cluster, including Flutter Entertainment who reported solid US market share gains during the month. Despite this, poorer sentiment around US based competitors weighed on the company. In addition, the company’s UK and Ireland markets reported weaker revenue due to stronger gambling measures, highlighting contractions relative to pandemic comparative levels.

Net performance (%)

Past performance is not a reliable indicator of future performance. Returns are quoted in AUD and net of applicable fees, costs and taxes. All p.a. returns are annualised.

Performance & risk summary1

1All metrics are based on gross of fee returns in AUD terms. The upside/downside capture ratio is the percentage of benchmark performance captured by the fundduring 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.

Performance contribution2 (%)

2Based on gross returns in AUD

Top & bottom sector contribution2,3 (%)

3Antipodes classification

Fund facts

Asset allocation4

4Call (put) options represented as the current option value (delta adjusted exposure)

Sector exposure4,5 (%)

5Antipodes classification

Top 10 equity longs4 (%)

Currency exposure4,6 (%)

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

Regional exposure4,5,6 (%)

Market cap exposure4 (%)

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)
  • In the absence of finding securities that meet minimum risk-return criteria, cash may be held
  • Equity shorts and currency positions used to take advantage of attractive risk-return opportunities, offset specific long portfolio risks and provide some protection from negative tail risk. Derivatives may also be used to amplify high conviction ideas
  • Typical net equity exposure of 50% to 100%; maximum gross exposure of 150% of NAV
Fund Ratings

Further information

1300 010 311

Australia Head Office

Antipodes Partners Limited
Level 35, 60 Margaret St
Sydney NSW 2000

UK Office

Antipodes Partners Limited
6th Floor, Nova North
11 Bressenden Place
London SW1E 5BY UK


This communication is prepared by Antipodes Partners Limited (‘Antipodes’) (ABN 29 602 042 035, AFSL 481580) as the investment manager of the Antipodes Global Fund (ARSN 087 719 515) (‘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

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 Global Fund – November 2021) 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 April 2022) 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