Global equities rebounded in December (+1.4%) with Utilities, Consumer Staples, Health Care and Materials outperforming, whilst Consumer Discretionary, Communication Services and Information Technology underperformed. US equities were up (+1.3%) with Omicron restriction fears easing, strong macro data and high inflation data, whilst the Fed continued it’s more hawkish messaging. European equities outperformed (+4.0%) 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 (-1.0%) led by weak Chinese equities (-4.0%) with ongoing headlines concerning ADR listings and regulation, while the People’s Bank of China commenced policy easing. Japan underperformed (-0.6%) 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||0.5||1.4||-0.9|
|31 Dec 2021||3 month||0.9||6.0||-5.1|
|31 Dec 2021||Year to date||12.2||25.8||-13.6|
|31 Dec 2021||1 year||12.2||25.8||-13.6|
|31 Dec 2021||3 year p.a.||8.5||19.1||-10.6|
|31 Dec 2021||5 year p.a.||7.9||14.3||-6.4|
|31 Dec 2021||Inception p.a.||9.4||12.3||-2.9|
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.
|31 Dec 2021||Average net exposure||64.9%|
|31 Dec 2021||Upside capture ratio||72|
|31 Dec 2021||Downside capture ratio||53|
|31 Dec 2021||Portfolio standard deviation||8.5%|
|31 Dec 2021||Benchmark standard deviation||10.5%|
|31 Dec 2021||Sharpe ratio||1.13|
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.
|Global||31 Dec 2021||27 Feb 2022||POSITION||Long||0.9%|
|Global||31 Dec 2021||27 Feb 2022||POSITION||Short||-0.1%|
|Global||31 Dec 2021||27 Feb 2022||POSITION||Currency||-0.2%|
2Based on gross returns in AUD
|31 Dec 2021||Fund AUM||Global||AUD||$2,984m|
|31 Dec 2021||Strategy AUM||Global Long-Short||AUD||$5,355m|
|31 Dec 2021||Unit redemption price||Antipodes Global Fund (Class P)||AUD||1.8185|
|blank||Equities - Long||Other - Long||Equities - Short||Other - Short|
|Avg. weight (%)||1.6||-||-0.6||-2.0|
|Top 10 (%)||29.0||-||-12.9||-|
|Top 30 (%)||70.6||-||-19.5||-|
4Call (put) options represented as the current option value (delta adjusted exposure)
|Meta Platforms||United States||3.0|
|Frontier Communications Parent||United States||3.0|
|Seagate Technology Holdings||United States||2.6|
6 Where possible, regions, countries and currencies classified on a look through basis
|- United Kingdom||4.6||-||4.6||0|
|- Rest Western Europe||1.6||-||1.6||0|
|- China/Hong Kong||12.5||-0.7||11.8||0|
|Large (>$25b <$100b)||28.9||-4.7||24.2|
|Medium (>$5b <$25b)||19.8||-2.1||17.7|
1300 010 311
Antipodes Partners Limited
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Antipodes Partners Limited
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11 Bressenden Place
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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 ABN 29 082 494 362 AFSL 238371 (‘PFSL’) 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 is available at www.antipodespartners.com. Any potential investor should consider the PDS and TMD before deciding whether to acquire, or continue to hold units in, the Fund.
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).
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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.
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The Zenith Investment Partners (ABN 27 103 132 672, AFS Licence 226872) (“Zenith”) 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.
The Lonsec Ratings (assigned March 2021) presented in this document are published by Lonsec Research presented in this document are published by Lonsec Research Pty Ltd ABN 11 151 658 561 AFSL 421445. The Ratings are 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.