Market Commentary – April 2018
Global equities rose +1.0% (USD terms, +2.6% AUD) in April, with investors seeking comfort in a spate of strong corporate earnings and easing trade tensions between the U.S and China. Against this backdrop, trade sensitive cyclicals and commodities outperformed. Notably weak were non-Asian Emerging Markets, where U.S. dollar strength and rising Treasury yields provided headwinds.
During April the Antipodes Global Fund, Antipodes Global Fund – Long and Antipodes Asia Fund outperformed their benchmarks. Major contributors to performance included our Low Cost Oil, Global Recovery, Software Incumbent, Online Services,European Recovery & Korean exposures, whilst our short exposures detracted.
For further information, please refer to our Monthly Fund updates.