Antipodes Fund ARSN 087 719 515 APIR IOF0045AU FUND UPDATE AS AT 31 MAY 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 3-5 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 FACTS Investment manager Inception 1 date 1 July 2015 Benchmark Management fee Performance fee All Country World Net Index in AUD 1.20% p.a. Buy/Sell spread ±0.30% Minimum investment AUD $25,000 Distribution Net Asset Value (NAV) Strategy AUM 15% of net return in excess of benchmark Annual, 30 June $3,326m $5,543m Unit redemption price $1.7601 Changes to key service providers Risk profile Nil High (refer to PDS) 1 Investment strategy adopted 1 July 2015 NET PERFORMANCE (%) Fund Benchmark Difference 1 month -3.2-0.1-3.1 3 months -0.9 1.9-2.8 YTD 2.4 3.5-1.1 1 year 7.9 10.0-2.1 2 year p.a. 13.2 12.2 1.0 Inception 1 41.8 29.3 12.5 Inception 1 p.a. 12.7 9.2 3.5 Up-market capture 95 - - Down-market capture 50 - - Past performance is not a reliable indicator of future performance Returns are quoted in AUD and net of applicable fees, costs and taxes PERFORMANCE CONTRIBUTION 2 (%) 1 month -2.20 Short -0.76 Currency/Liquidity -0.20 2 Based on gross returns in AUD SECTOR CONTRIBUTION 2,5 (%) Top 5 1 month Bottom 5 1 month Staples 0.72 Banks -1.64 Internet 0.38 Communications -0.60 Transport 0.19 Durables -0.57 Software 0.10 Retail -0.43 Process Industries 0.02 Industrial -0.28 USD TOTAL RETURNS USA Europe Japan AC Asia ex JP China A+B+H EM ex Asia Brent Crude ($/bbl) Gold ($/ozt) Govt. HY. AUD EUR JPY CNY 1M 2.4% (3.3%) (1.0%) (1.3%) (1.6%) (9.6%) 3.8% (0.6%) (0.8%) (1.2%) 0.2% (3.4%) 0.7% (0.0%) 1Y 13.8% 4.8% 14.6% 17.3% 9.5% 4.8% 52.8% 3.1% 1.8% 2.5% 1.6% 3.8% 1.8% 6.6%
ASSET ALLOCATION Short Equities Other 3 Equities Other 3 Weight (% NAV) 91.1 0.7-24.5-3.7 Count 62 1 40 3 Avg. weight 1.5 0.7-0.6-1.2 Top 10 (% NAV) 26.7 - -9.7 - Top 30 (% NAV) 64.6 - -21.1-3 Index futures and other non-single stock derivatives SECTOR EXPOSURE 5 (%) Sector Short Net Banks 11.1-2.3 8.8 Communications 8.5-0.7 7.8 Energy 8.3-1.9 6.5 Software 8.2-1.9 6.4 Hardware 7.6-3.7 3.9 Internet 7.5-0.6 7.0 Staples 6.8-0.4 6.4 Durables 5.3-1.7 3.6 TOP 10 EQUITY LONGS (%) Name Country Weight Gilead Sciences United States 3.0 Samsung Electronics Korea 2.9 Baidu China/HK 2.8 Cisco Systems United States 2.7 QUALCOMM United States 2.6 KT Corporation Korea 2.6 Ping An Insurance China/HK 2.6 Electricite de France France 2.6 Microsoft United States 2.5 INPEX Japan 2.4 CURRENCY EXPOSURE 4 (%) ISO Cash equity Currency Difference JPY 7.7 14.8 7.1 EUR 11.7 18.3 6.6 USD 29.6 35.3 5.7 NOK 0.6 4.2 3.7 AUD 1.5 3.6 2.1 GBP 0.6 1.6 1.0 CAD 0.0 0.3 0.3 TWD 0.0 0.2 0.2 MXN 0.4 0.4 0.0 Retail 5.0-0.7 4.3 Other 23.3-14.4 8.9 5 classification REGIONAL EXPOSURE 4,5 (%) Region Short Net North America 29.6-13.7 15.9 Developed Asia 21.2-5.7 15.5 Korea/Taiwan 10.2-1.6 8.5 Japan 11.1-4.1 7.0 Developing Asia 21.8-1.8 20.0 China/Hong Kong 21.3-1.0 20.3 India 0.0-0.8-0.8 Rest EM Asia 0.5 0.0 0.5 Western Europe 16.3-5.3 11.0 Eurozone 15.1-2.9 12.2 United Kingdom 0.6-0.9-0.3 Rest Western Europe 0.6-1.4-0.9 Australia 1.5-1.7-0.2 Rest of World 0.7 0.0 0.7 Total Equities 91.1-28.2 62.8 Other 0.7 0.0 0.7 Cash 8.3 - - Totals 100.0-28.2 63.5 BRL 0.3 0.3 0.0 THB 0.5 0.5 0.0 SEK 0.0-0.1-0.1 HKD 0.0-1.3-1.3 KRW 10.2 7.8-2.4 SGD 0.0-3.0-3.0 CNY 21.1 17.2-4.0 MARKET CAP EXPOSURE (%) Band Short Net Mega (>$100b) 19.9-6.5 13.3 Large (>$25 <$100b) 31.7-10.1 21.6 Medium (>$5 <$25b) 30.2-8.4 21.8 Small (<$5b) 10.0-3.2 6.8 4 Where possible, regions, countries and currencies classified on a look through basis FURTHER INFORMATION T: 1300 010 311 E: invest@antipodespartners.com
Antipodes Fund Only ARSN 118 075 764 APIR WHT0057AU FUND UPDATE AS AT 31 MAY 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 3-5 years) Fund features In the absence of finding individual securities that meet minimum risk-return criteria, cash may be held to maximum 25% 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 2015 1 month -2.3-0.1-2.1 Benchmark Management fee Performance fee All Country World Net Index in AUD 1.20% p.a. 15% of net return in excess of benchmark 3 months 0.3 1.9-1.6 YTD 3.8 3.5 0.3 1 year 12.8 10.0 2.8 Buy/Sell spread ±0.30% Minimum investment AUD $25,000 Distribution Annual, 30 June Net Asset Value (NAV) $750m Strategy AUM $1,508m Unit redemption price $1.2293 1 Investment strategy adopted 1 July 2015 2 year p.a. 17.3 12.2 5.1 Inception 1 46.2 29.3 16.9 Inception 1 p.a. 13.9 9.2 4.7 Up-market capture 113 - - Down-market capture 69 - - Past performance is not a reliable indicator of future performance Returns are quoted in AUD and net of applicable fees, costs and taxes PERFORMANCE CONTRIBUTION 2 (%) 1 month -2.36 Currency/Liquidity -0.11 2 Based on gross returns in AUD SECTOR CONTRIBUTION 2,4 (%) Top 5 1 month Bottom 5 1 month Staples 0.72 Banks -1.65 Internet 0.39 Communications -0.63 Hardware 0.24 Durables -0.56 Transport 0.22 Retail -0.29 Process Industries 0.08 Healthcare -0.20 USD TOTAL RETURNS USA Europe Japan AC Asia ex JP China A+B+H EM ex Asia Brent Crude ($/bbl) Gold ($/ozt) Govt. HY. AUD EUR JPY CNY 1M 2.4% (3.3%) (1.0%) (1.3%) (1.6%) (9.6%) 3.8% (0.6%) (0.8%) (1.2%) 0.2% (3.4%) 0.7% (0.0%) 1Y 13.8% 4.8% 14.6% 17.3% 9.5% 4.8% 52.8% 3.1% 1.8% 2.5% 1.6% 3.8% 1.8% 6.6%
ASSET ALLOCATION SECTOR EXPOSURE 4 (%) Sector Weight (% NAV) 89.5 Count 62 Avg. weight 1.4 Top 10 (% NAV) 26.0 Top 30 (% NAV) 63.0 Banks 10.9 Communications 8.5 Hardware 8.3 Energy 7.8 Software 7.6 Internet 7.3 Staples 6.0 TOP 10 EQUITY LONGS (%) Name Country Weight Samsung Electronics Korea 2.9 Gilead Sciences United States 2.8 Baidu China/HK 2.7 Cisco Systems United States 2.7 QUALCOMM United States 2.6 KT Corporation Korea 2.6 Electricite de France France 2.5 Microsoft United States 2.4 INPEX Japan 2.4 KB Financial Korea 2.4 Durables 4.9 Insurance 4.6 Other 23.7 4 classification REGIONAL EXPOSURE 3,4 (%) Region United States 29.8 Developed Asia 21.7 Korea 11.0 Japan 10.7 Developing Asia 20.2 China/Hong Kong 19.7 Rest EM Asia 0.5 CURRENCY EXPOSURE 3 (%) ISO Cash equity Currency Difference JPY 10.7 15.3 4.6 NOK 0.6 4.2 3.6 EUR 14.4 17.9 3.6 USD 29.8 32.7 2.8 AUD 1.5 3.1 1.6 HKD 0.0 0.6 0.6 GBP 0.6 0.9 0.3 MXN 0.4 0.4 0.0 BRL 0.3 0.3 0.0 THB 0.5 0.5 0.0 KRW 11.0 8.3-2.6 CNY 19.7 15.7-4.0 3 Where possible, regions, countries and currencies classified on a look through basis Western Europe 15.6 Eurozone 14.4 United Kingdom 0.6 Rest Western Europe 0.6 Australia 1.5 Rest of World 0.7 Total Equities 89.5 Cash 10.5 Totals 100.0 MARKET CAP EXPOSURE (%) Band Mega (>$100b) 18.5 Large (>$25b <$100b) 30.3 Medium (>$5b <$25b) 29.4 Small (<$5b) 11.3 FURTHER INFORMATION T: 1300 010 311 E: invest@antipodespartners.com
Antipodes Asia Fund ARSN 096 451 393 APIR IOF0203AU FUND UPDATE AS AT 31 MAY 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 3-5 years) The fund may invest in companies that are listed: On Asian share markets On global share markets and which derive >65% of their revenues from Asia In Japan (maximum 30% net exposure) In Oceania and non-asian emerging markets (maximum 15% 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 50% to 100%; maximum gross exposure of 150% of NAV FUND FACTS Investment manager Inception 1 date 1 July 2015 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 $25,000 Distribution Net Asset Value (NAV) $81m 15% of net return in excess of benchmark Annual, 30 June Unit redemption price $1.3990 Changes to key service providers Risk profile Nil High (refer to PDS) 1 Investment strategy adopted 1 July 2015 NET PERFORMANCE (%) Fund Benchmark Difference 1 month -2.0-1.6-0.5 3 months -1.3 0.8-2.1 YTD 0.5 3.4-2.9 1 year 10.3 15.4-5.1 2 year p.a. 17.1 19.9-2.9 Inception 1 35.1 30.8 4.3 Inception 1 p.a. 10.9 9.6 1.2 Up-market capture 74 - - Down-market capture 23 - - Past performance is not a reliable indicator of future performance Returns are quoted in AUD and net of applicable fees, costs and taxes PERFORMANCE CONTRIBUTION 2 (%) 1 month -1.73 Short -0.37 Currency/Liquidity 0.18 SECTOR CONTRIBUTION 2,5 (%) 2 Based on gross returns in AUD Top 5 1 month Bottom 5 1 month Staples 1.06 Banks -1.10 Transport 0.25 Durables -0.73 Software 0.20 Hardware -0.35 Housing & Construction 0.09 Communications -0.34 Process Industries 0.06 Industrial -0.31 USD TOTAL RETURNS USA Europe Japan AC Asia ex JP China A+B+H EM ex Asia Brent Crude ($/bbl) Gold ($/ozt) Govt. HY. AUD EUR JPY CNY 1M 2.4% (3.3%) (1.0%) (1.3%) (1.6%) (9.6%) 3.8% (0.6%) (0.8%) (1.2%) 0.2% (3.4%) 0.7% (0.0%) 1Y 13.8% 4.8% 14.6% 17.3% 9.5% 4.8% 52.8% 3.1% 1.8% 2.5% 1.6% 3.8% 1.8% 6.6%
ASSET ALLOCATION SECTOR EXPOSURE 5 (%) Short Sector Short Net Equities Other 3 Equities Other 3 Weight (% NAV) 88.9 0.6-16.3-4.8 Count 49 1 17 2 Avg. weight 1.8 0.6-1.0-2.4 Top 10 (% NAV) 32.1 - -11.3 - Top 30 (% NAV) 70.3 - -16.3-3 Index futures and other non-single stock derivatives Banks 12.7-2.8 9.9 Staples 11.0-1.0 10.0 Communications 9.9-1.4 8.5 Internet 7.8 0.0 7.8 Hardware 7.7-1.3 6.4 Durables 7.3-0.7 6.5 Insurance 5.9 0.0 5.9 Energy 4.6 0.0 4.6 TOP 10 EQUITY LONGS (%) Name Country Weight Samsung Electronics Korea 4.3 Retail 4.4-1.3 3.1 Other 18.3-12.5 5.8 5 classification Baidu China/HK 4.2 KT Corporation Korea 3.5 KB Financial Korea 3.2 Ping An Insurance China/HK 3.0 China Construction Bank China/HK 2.9 INPEX Japan 2.9 China Mobile China/HK 2.7 Jiangsu Yanghe Brewery China/HK 2.7 ICICI Bank India 2.6 REGIONAL EXPOSURE 4,5 (%) Region Short Net Developed Asia 35.1-9.6 25.5 Korea/Taiwan 22.7-2.7 20.0 Japan 12.3-6.9 5.5 Developing Asia 48.6-3.2 45.4 China/Hong Kong 42.6-1.7 40.9 India 4.2-1.5 2.8 CURRENCY EXPOSURE 4 (%) ISO Cash equity Currency Difference USD 0.0 20.1 20.1 JPY 8.5 20.5 12.0 AUD 2.9 6.1 3.2 TWD 2.0 2.2 0.3 MXN 1.1 1.2 0.2 Rest EM Asia 1.7 0.0 1.7 Australia 2.9-8.3-5.4 Rest of World 2.4 0.0 2.4 Total Equities 88.9-21.1 67.8 Other 0.6 0.0 0.6 Cash 10.5 - - Totals 100.0-21.1 68.5 INR 4.2 4.3 0.1 EUR 0.4 0.4 0.0 BRL 1.3 1.3 0.0 THB 1.7 1.6-0.2 HKD 2.7 1.4-1.3 KRW 20.8 17.2-3.5 SGD 0.0-4.0-4.0 CNY 35.2 27.6-7.6 MARKET CAP EXPOSURE (%) Band Short Net Mega (>$100b) 13.6-4.8 8.8 Large (>$25 <$100b) 25.4-6.2 19.2 Medium (>$5 <$25b) 30.4-6.2 24.2 Small (<$5b) 20.0-3.9 16.2 4 Where possible, regions, countries and currencies classified on a look through basis FURTHER INFORMATION T: 1300 010 311 E: invest@antipodespartners.com
DISCLAIMER Pinnacle Fund Services Limited (ABN 29 082 494 362, AFSL 238371) is the product issuer of the Antipodes Fund Only (ARSN 118 075 764); Antipodes Fund (ARSN 087 719 515); and Antipodes Asia Fund (ARSN 096 451 393), 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 www.antipodespartners.com/funds. Limited (, Antipodes ) ABN 29 602 042 035, AFSL 481580 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.