Antipodes Global Fund (PIE)

Fund and investment manager

How do we operate?

The Fund invests in the Antipodes Global Fund – UCITS (Underlying Fund) and cash or cash equivalent securities. The Underlying Fund’s investment exposure is predominantly to a broad range of international shares listed on stock exchanges in developed and emerging markets. Derivatives, including equity shorts and currency positions may be used where the Investment Manager sees attractive opportunities and also to offset specific unwanted portfolio risks and provide some protection from unexpectedly large movements in the value of the portfolio. Derivatives may also be used to amplify positions where the Investment Manager feels strongly about the return potential of an idea. In using derivatives, the Underlying Fund’s total gross exposure may be leveraged to a maximum of 200% of the Net Asset Value. The Underlying Fund’s net exposure will be within a range of 50% to 100% of its Net Asset Value.
Given the Fund’s broad mandate and wide range of tools available, its investment performance will depend, to a larger degree than traditional equity investment funds, on Antipodes’ skill in selecting, combining and implementing investment decisions.
These features mean that the Fund will not be appropriate for all investors.

For further information on Antipodes Global Fund (PIE), please download and read our Product Disclosure Statement available for download here.

Key facts

Share class (Accumulating Shares)	Detail
1	Strategy	Global Equity Long Short
2	Investment objective	The aim of the Fund is to outperform the benchmark over the investment cycle (typically 3-5 years)
3	Suggested Minimum Investment Period	5 years
4	Benchmark	MSCI All Country World Net Index in NZD
6	Registration	New Zealand
9	Dealing frequency & cut-off	Daily / 11am NZST
11	Distribution frequency	Accumulating
12	Minimum initial investment	NZD 25,000
13	Minimum additional investment	NZD 5,000
14	Bloomberg code	ANTGNZU:NZ

Product Disclosure Statement (PDS)

Net performance

As at 28th February 2025	Absolute performance (%)
	Fund	Benchmark	Difference
1 month	2.7	0.3	2.4
3 month	9.8	5.9	4.0
Calendar year to date	6.6	2.7	3.9
1 year	23.6	25.1	-1.5
3 year p.a.	12.0	16.2	-4.2
5 year p.a.	10.3	15.1	-4.9
Inception p.a.	7.6	13.0	-5.4

Performance chart

Cumulative performance (over selected time horizon)

All returns are net of fees and in NZD terms. Calculations are based on exit price with distributions reinvested, after ongoing fees and expenses but excluding taxation. Inception date of the Antipodes Global Fund (PIE) was 25 July 2018. Past performance is not a reliable indicator of future performance.

Unit price & distribution history

Date	Entry price	Exit price
20 Mar 2025	1.6571	1.6545
19 Mar 2025	1.6560	1.6534
18 Mar 2025	1.6472	1.6446
17 Mar 2025	1.6284	1.6258
14 Mar 2025	1.6230	1.6204
13 Mar 2025	1.6323	1.6297
12 Mar 2025	1.6319	1.6293
11 Mar 2025	1.6240	1.6214
10 Mar 2025	1.6183	1.6157
07 Mar 2025	1.6509	1.6483

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Portfolio profile as at 28th February 2025

Top 10 equity longs (%)

Name	Country	Weight
Microsoft	United States	4.4
Société Générale	France	3.6
Capital One Financial	United States	3.3
Alphabet	United States	3.2
Barrick Gold	United States	3.2
Amazon.com	United States	2.8
Sanofi	France	2.7
Tesco	United Kingdom	2.5
SCOR	France	2.5
Siemens	Germany	2.4

Sector exposure (%)²

Sector	Long	Short	Net
Financials	17.7	-4.8	13.0
Information Technology	17.4	-0.3	17.0
Industrials	17.3	-1.4	16.0
Materials	11.9	-0.4	11.4
Consumer Discretionary	10.8	-3.3	7.5
Health Care	10.7	-1.0	9.8
Consumer Staples	7.0	-0.8	6.3
Communication Services	6.1	0.0	6.1
Utilities	4.6	0.0	4.6
Real Estate	3.9	0.0	3.9
Energy	3.0	0.0	3.0
Other	0.0	-19.2	-19.2

Currency exposure (%)^{1, 3}

ISO	Long equity	Currency	Difference
JPY	1.6	9.6	8.0
AUD	0.0	7.9	7.9
CHF	3.4	3.8	0.3
NOK	0.0	0.2	0.2
TWD	2.6	2.6	0.1
KRW	7.4	7.4	0.0
MXN	1.7	1.7	0.0
IDR	1.2	1.2	0.0
BRL	1.5	1.4	-0.1
GBP	4.7	3.9	-0.8
CNY	16.3	11.7	-4.5
EUR	20.8	16.1	-4.7
HKD	0.0	-4.9	-4.9
USD	49.1	37.3	-11.8

Regional exposure (%)^{1, 3}

Region	Long	Short	Net	Benchmark
North America	45.1	-23.5	21.6	68.6
Western Europe	37.2	-4.7	32.5	13.9
- Eurozone	24.1	-3.9	20.2	7.1
- United Kingdom	7.7	-0.2	7.5	2.9
- Rest Western Europe	5.4	-0.6	4.8	3.9
Developing Asia/EM	22.3	-1	21.3	8.3
- China/Hong Kong	16.1	-0.5	15.6	3.8
- India	0.0	-0.4	-0.4	1.6
- Rest Developing Asia/EM	6.2	-	6.2	2.8
Developed Asia	5.8	-0.5	5.3	7.5
- Korea/Taiwan	4.1	-0.5	3.6	2.8
- Japan	1.7	-	1.7	4.7
Oceania	0.0	-1.5	-1.5	1.6
Total Equities	110.4	-31.1	79.3	100.0
Other	0.0	-10.1	0.0	0.0
Cash	-10.4	-	0.0	0.0
Totals	100.0	-41.2	0.0	100.0

¹ Where possible, regions, countries and currencies classified on a look through basis. ² GICS Classification. ³ Antipodes Partners classification.

Monthly updates

Antipodes Global Fund PIE Monthly Report

For historical reports and factsheets, please contact clientservices@antipodespartners.com

Quarterly updates