Antipodes Global Fund

Investment Objective

The aim of the Fund is to achieve absolute returns in excess of the MSCI All Country World Net Index in USD (the Index) over the investment cycle (typically 3-5 years). The Investment Manager will adopt an active investment strategy in order to take advantage of attractive opportunities where the possible or expected return outweighs the identified risks involved in such investment. The Investment Manager is of the belief that, in the long term, prices of securities it believes to be undervalued tend to revert to their true value. The Investment Manager uses fundamental research to identify securities where prices do not reflect this value by a significant margin of safety.

Latest Meeting Note

Meeting 05 Oct 2021

The Antipodes Global Fund is a high conviction, directional long/short equity strategy that takes a pragmatic approach to value investing, in that, they believe future returns are a function of the starting valuation/margin of safety and... Read more

The Antipodes Global Fund is a high conviction, directional long/short equity strategy that takes a pragmatic approach to value investing, in that, they believe future returns are a function of the starting valuation/margin of safety and the resilience of the economic performance of the business (degree and durability of the competitive advantage). This philosophy has historically led to positions not seen in traditional value funds, e.g. Siemens, Microsoft, Facebook. Investment teams in Sydney and London undertake fundamental bottom-up research at both the industry and stock level, combined with propriety quantitative tools that analyses on an ongoing basis global equities with a minimum market cap of $5bn. Core characteristics the team look for is a margin of safety, where the intrinsic investment value is materially different to the market valuation, and ‘multiple ways of winning’, where the investment has multiple factors that contribute to an expected outcome. The assessment of ESG factors is a key step in the investment process and in each possible investment the team look for acceptable standards of corporate behaviour and disclosure, and a pathway to continual, sustainable improvement. Resultingly, the fund falls into the Article 8 category. The portfolio construction process takes a 'clustering' approach, where stocks with similar characteristics are grouped together, helping to provide a better awareness and control of style and macro risks. There is typically a minimum of 8 alpha clusters in the book, with no group allocated more than 15% of capital. The long book is typically around 90% of NAV and the short book 30%, leading a net that varies between 50-70%.

Performance

JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC YTD
2022 0.9 0.8 0.3 0.8 0.9 0.7 0.6 0.9 0.2 0.6 0.6 0.8 0.7
2021 0.9 0.7 0.7 0.6 0.9 0.3 0.7 0.4 0.1 0.1 0.0 0.7 1.0

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Close Current Site Absolute Hedge is a market leading UCITS research database providing proprietary research on funds, themes and strategies in the UCITS space. Kepler Trust Intelligence is produced by the investment companies team at Kepler Partners and is the UK’s premier source of detailed qualitative research on investment trusts. Kepler Liquid Strategies is a Dublin domiciled UCITS fund platform featuring a number of best-of-breed fund managers. Kepler Partners is a corporate advisory and asset raising boutique specialising in the regulated funds market in Europe and investment trusts in the UK.