Antipodes Global Fund

Transcription

1 Antipodes Fund ARSN APIR IOF004AU FUND UPDATE AS AT 30 JUNE 2018 Fund features pragmatic value manager, long only and long-short Structured to reinforce alignment between investors and the investment team We 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 Objective to achieve absolute returns in excess of the benchmark over the investment cycle (typically 3- 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 0% to 100%; maximum gross exposure of 10% of NAV FUND FACTS Investment manager NET PERFORMANCE (%) Fund Benchmark Difference Inception 1 date 1 July 201 Benchmark Management fee Performance fee All Country World Net Index in AUD 1.20% p.a. Buy/Sell spread ±0.30% Minimum investment AUD $2,000 Distribution Net Asset Value (NAV) Strategy AUM 1% of net return in excess of benchmark Annual, 30 June $3,481m $,792m Unit redemption price $1.803 Changes to key service providers Risk profile Nil High (refer to PDS) 1 Investment strategy adopted 1 July month months YTD year year p.a Inception Inception 1 p.a Up-market capture Down-market capture Past performance is not a reliable indicator of future performance Returns are quoted in AUD and net of applicable fees, costs and taxes PERFORMANCE CONTRIBUTION 2 (%) 1 month 2.28 Short Currency/Liquidity Based on gross returns in AUD SECTOR CONTRIBUTION 2, (%) Top 1 month Bottom 1 month Retail 0.7 Durables Internet 0.2 Banks Industrial Services 0.29 Insurance Software 0.23 Staples 0.06 Healthcare 0.21 REITS/Development USD TOTAL RETURNS USA Europe Japan AC Asia ex JP China A+B+H EM ex Asia Brent Crude ($/bbl) Gold ($/ozt) Govt. HY. AUD EUR JPY CNY 1M 0.6% -0.7% -2.% -4.8% -8.0% -2.6% 2.2% -4.2% -0.% -0.1% -2.4% 0.0% -1.9% -3.4% 1Y 13.9%.3% 10.% 9.9% 3.0% 3.0% 62.% 0.7% 1.8% 2.1% -3.7% 2.4% 1.4% 2.3%

2 ASSET ALLOCATION SECTOR EXPOSURE (%) Short Sector Short Net Equities Equities Other 3 Weight (% NAV) Count Avg. weight Top 10 (% NAV) Top 30 (% NAV) Index futures and other non-single stock derivatives Banks Communications Internet Energy Software Hardware Staples Retail TOP 10 EQUITY LONGS (%) Name Country Weight Electricite de France France 2.8 Industrial Services Other classification Baidu China/HK 2.7 Gilead Sciences United States 2.7 KT Corporation Korea 2.7 Cisco Systems United States 2.7 Samsung Electronics Korea 2. INPEX Japan 2. KB Financial Group Korea 2. Ping An Insurance Group China/HK 2.4 Qualcomm United States 2.4 REGIONAL EXPOSURE 4, (%) Region Short Net North America Developed Asia Korea/Taiwan Japan Developing Asia China/Hong Kong India CURRENCY EXPOSURE 4 (%) ISO equity Currency Difference USD NOK JPY EUR SEK GBP AUD Western Europe Eurozone United Kingdom Rest Western Europe Australia Rest of World Total Equities Cash Totals CAD TWD MXN BRL HKD KRW SGD CNY MARKET CAP EXPOSURE (%) Band Short Net Mega (>$100b) Large (>$2 <$100b) Medium (>$ <$2b) Small (<$b) Where possible, regions, countries and currencies classified on a look through basis FURTHER INFORMATION T: E: invest@antipodespartners.com

3 Antipodes Fund ARSN APIR WHT007AU FUND UPDATE AS AT 30 JUNE 2018 pragmatic value manager, long only and long-short Structured to reinforce alignment between investors and the investment team We 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 Objective to achieve absolute returns in excess of the benchmark over the investment cycle (typically 3- years) Fund features In the absence of finding individual securities that meet minimum risk-return criteria, cash may be held to maximum 2% Flexibility to hedge for risk management purposes: Currency exposure of the underlying stock position (net short currency position not permitted) Equity market exposure via exchange traded derivatives (limited to 10% of NAV) Leverage not permitted FUND FACTS NET PERFORMANCE (%) Investment manager Fund Benchmark Difference Inception 1 date 1 July month Benchmark Management fee Performance fee All Country World Net Index in AUD 1.20% p.a. 1% of net return in excess of benchmark 3 months YTD year Buy/Sell spread ±0.30% Minimum investment AUD $2,000 Distribution Annual, 30 June Net Asset Value (NAV) $76m Strategy AUM $1,694m Unit redemption price $ Investment strategy adopted 1 July year p.a Inception Inception 1 p.a Up-market capture Down-market capture Past performance is not a reliable indicator of future performance Returns are quoted in AUD and net of applicable fees, costs and taxes PERFORMANCE CONTRIBUTION 2 (%) 1 month 2.11 Currency/Liquidity Based on gross returns in AUD SECTOR CONTRIBUTION 2,4 (%) Top 1 month Bottom 1 month Internet 0.62 Durables Retail 0.8 Hardware Industrial Services 0.26 Industrial Energy 0.2 Soft Commodities 0.00 Software 0.20 Investment Management Services 0.00 USD TOTAL RETURNS USA Europe Japan AC Asia ex JP China A+B+H EM ex Asia Brent Crude ($/bbl) Gold ($/ozt) Govt. HY. AUD EUR JPY CNY 1M 0.6% -0.7% -2.% -4.8% -8.0% -2.6% 2.2% -4.2% -0.% -0.1% -2.4% 0.0% -1.9% -3.4% 1Y 13.9%.3% 10.% 9.9% 3.0% 3.0% 62.% 0.7% 1.8% 2.1% -3.7% 2.4% 1.4% 2.3%

4 ASSET ALLOCATION SECTOR EXPOSURE 4 (%) Sector Weight (% NAV) 89.0 Count 62 Avg. weight 1.4 Top 10 (% NAV) 2.7 Top 30 (% NAV) 62.2 Banks 10.4 Communications 8.9 Internet 8.2 Energy 7.8 Hardware 7.7 Software 7.6 Staples.4 TOP 10 EQUITY LONGS (%) Name Country Weight Electricite de France France 2.8 KT Corporation Korea 2.7 Cisco Systems United States 2.6 Samsung Korea 2.6 Baidu China/HK 2.6 Gilead Sciences United States 2.6 INPEX Japan 2.6 Microsoft United States 2.4 KB Financial Group Korea 2.4 Qualcomm United States 2.4 Retail 4.3 Durables 4.2 Other classification REGIONAL EXPOSURE 3,4 (%) Region United States 29. Developed Asia 21.6 Korea 10. Japan 11.2 Developing Asia 18.1 China/Hong Kong 18.1 Western Europe 17. Eurozone 16.3 CURRENCY EXPOSURE 3 (%) ISO equity Currency Difference USD NOK JPY EUR SEK United Kingdom 0.6 Rest Western Europe 0.6 Australia 1.7 Rest of World 0.6 Total Equities 89.0 Cash 11.0 Totals HKD GBP MXN BRL AUD KRW CNY MARKET CAP EXPOSURE (%) Band Mega (>$100b) 19.8 Large (>$2b <$100b) 27.0 Medium (>$b <$2b) 31.6 Small (<$b) Where possible, regions, countries and currencies classified on a look through basis FURTHER INFORMATION T: E: invest@antipodespartners.com

5 Antipodes Asia Fund ARSN APIR IOF0203AU FUND UPDATE AS AT 30 JUNE 2018 pragmatic value manager, long only and long-short Fund features Structured to reinforce alignment between investors and the investment team We 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 Objective to achieve absolute returns in excess of the benchmark over the investment cycle (typically 3- years) The fund may invest in companies that are listed: On Asian share markets On global share markets and which derive >6% of their revenues from Asia In Japan (maximum 30% net exposure) In Oceania and non-asian emerging markets (maximum 1% net exposure) 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 0% to 100%; maximum gross exposure of 10% of NAV FUND FACTS Investment manager Inception 1 date 1 July 201 Benchmark Management fee Performance fee All Country Asia ex Japan Net Index in AUD 1.20% p.a. Buy/Sell spread ±0.30% Minimum investment AUD $2,000 Distribution Net Asset Value (NAV) $76m 1% of net return in excess of benchmark Annual, 30 June Unit redemption price $1.387 Changes to key service providers Risk profile Nil High (refer to PDS) 1 Investment strategy adopted 1 July 201 NET PERFORMANCE (%) Fund Benchmark Difference 1 month months YTD year year p.a Inception Inception 1 p.a Up-market capture Down-market capture Past performance is not a reliable indicator of future performance Returns are quoted in AUD and net of applicable fees, costs and taxes PERFORMANCE CONTRIBUTION 2 (%) 1 month Short Currency/Liquidity 0.9 SECTOR CONTRIBUTION 2, (%) 2 Based on gross returns in AUD Top 1 month Bottom 1 month Internet 0.9 Housing & Construction Communications 0.17 Banks Retail 0.14 Software Transport 0.13 Staples Precious Metals 0.10 Durables USD TOTAL RETURNS USA Europe Japan AC Asia ex JP China A+B+H EM ex Asia Brent Crude ($/bbl) Gold ($/ozt) Govt. HY. AUD EUR JPY CNY 1M 0.6% -0.7% -2.% -4.8% -8.0% -2.6% 2.2% -4.2% -0.% -0.1% -2.4% 0.0% -1.9% -3.4% 1Y 13.9%.3% 10.% 9.9% 3.0% 3.0% 62.% 0.7% 1.8% 2.1% -3.7% 2.4% 1.4% 2.3%

6 ASSET ALLOCATION SECTOR EXPOSURE (%) Short Sector Short Net Equities Equities Other 3 Weight (% NAV) Count Avg. weight Top 10 (% NAV) Top 30 (% NAV) Index futures and other non-single stock derivatives Banks Communications Staples Hardware Internet Durables Insurance Energy TOP 10 EQUITY LONGS (%) Name Country Weight Baidu China/HK 4.4 Industrial Services Other classification Samsung Electronics Korea 4.2 KT Corporation Korea 3.7 INPEX Japan 3.6 KB Financial Group Korea 3. Ping An Insurance Group China/HK 3.2 China Construction Bank China/HK 3.0 LINE Japan 3.0 China Mobile China/HK 2.9 China Telecom China/HK 2.7 REGIONAL EXPOSURE 4, (%) Region Short Net Developed Asia Korea/Taiwan Japan Developing Asia China/Hong Kong India CURRENCY EXPOSURE 4 (%) ISO equity Currency Difference USD JPY AUD TWD Rest EM Asia Australia Rest of World Total Equities Cash Totals INR THB MXN BRL HKD SGD KRW CNY MARKET CAP EXPOSURE (%) Band Short Net Mega (>$100b) Large (>$2 <$100b) Medium (>$ <$2b) Small (<$b) Where possible, regions, countries and currencies classified on a look through basis FURTHER INFORMATION T: E: invest@antipodespartners.com

7 DISCLAIMER Pinnacle Fund Services Limited (ABN , AFSL ) is the product issuer of the Antipodes Fund (ARSN ); Antipodes Fund (ARSN ); and Antipodes Asia Fund (ARSN ), collectively the Funds. The issuer is not licensed to provide financial product advice. You should consider the Product Disclosure Statement (PDS) in its entirety before making an investment decision. The current PDS of the Fund can be found on Limited (, Antipodes ) ABN , AFSL is the investment manager of the Funds. Whilst believes the information contained in this communication is based on reliable information, no warranty is given as to its accuracy and persons relying on this information do so at their own risk. Subject to any liability which cannot be excluded under the relevant laws, 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. Any opinions and forecasts reflect the judgment and assumptions of and its representatives on the basis of information at the date of publication and may later change without notice. This communication is for general information only. The information 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. This communication has been prepared without taking account of any person s objectives, financial situation or needs. Past performance is not a reliable indicator of future performance. Unless otherwise specified, all amounts are in Australian Dollars (AUD). 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.