The great earnings cycle divide & examining the case for gold

In this new episode, Alison Savas (Antipodes’ Director of Investments), is joined by Rameez Sadikot (Portfolio Manager and head of Antipodes Quant, Macro and Currency).

In part one, Alison and Rameez discuss the state of global equity markets, including the earnings downgrade cycle divide between the US, and China and Europe, and why investors should be wary of bear market rallies.

In the second half of this episode, the focus turns to gold. After a lacklustre performance through most of 2022, investors are once again beginning to pay attention to gold. Alison and Rameez share Antipodes’ views and due diligence, along with the investment case for Australian gold mining giant, Newcrest Mining (ASX: NCM)*, which itself is in the headlines. The recent bid from US mining giant Newmont shows Antipodes isn’t alone in identifying value in the company.

Key times:

  • Part 1 – State of the markets (1:00 – 15:00)
  • Part 2 – The investment case for gold  (15:00 – 27:00)
  • Part 3 – Examining Newcrest Mining (ASX: NCM)* (27:00 – 30:00).



*Individual stock commentary is illustrative only and not a recommendation to buy, hold, or sell any security. 

You can subscribe to our podcast on AppleGoogle or Spotify, to be notified as soon as upcoming episodes are published

Subscribe to receive the latest news and insights from the Antipodes team

Subscribe to updates

All content in respect of the Antipodes Global Shares (Quoted Managed Fund) (ARSN 625 560 269), the Antipodes Global Fund – Long (ARSN 118 075 764), the Antipodes Global Fund (ARSN 087 719 515), and the Antipodes Emerging Markets (Managed Fund) (ARSN 096 451 393) is issued by Pinnacle Fund Services Limited ABN 29 082 494 371 AFSL 238 371 (“PFSL”) as responsible entity of the Funds and is prepared by Antipodes Partners Limited (ABN 29 602 042 035) (AFSL 481580) (“Antipodes”) as the investment manager of the Trust. PFSL is not licensed to provide financial product advice.
The information provided is of a general nature only and has been prepared without taking into account your objectives, financial situation or needs. Before making an investment decision in respect of the Funds, you should consider the current Product Disclosure Statement (‘PDS’) and Target Market Determination (‘TMD’) of the Funds and the Fund’s other periodic and continuous disclosure announcements lodged with the ASX, which are available at, and assess whether the Fund is appropriate given your objectives, financial situation or needs. If you require advice that takes into account your personal circumstances, you should consult a licensed or authorised financial adviser. The Product Disclosure Statement (‘PDS’) and Target Market Determination (‘TMD’) of the relevant 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.
Links to Product Disclosure Statement: IOF0045AU, WHT0057AU, IOF0203AUWHT3997AU
Links to Target Market Determination: IOF0045AU, WHT0057AU, IOF0203AUWHT3997AU
For historic TMD’s please contact Pinnacle client service Phone 1300 010 311 or Email
Neither PFSL nor Antipodes guarantees repayment of capital or any particular rate of return from the Funds. Neither PFSL nor Antipodes gives any representation or warranty as to the currency, reliability, completeness or accuracy of the information contained in this content. All opinions and estimates included in this website constitute judgments of Antipodes as at the date of website creation and are subject to change without notice. Past performance is not a reliable indicator of future performance.

6 February 2023