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Market Commentary

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 OilGlobal RecoverySoftware IncumbentOnline Services,European Recovery & Korean exposures, whilst our short exposures detracted.

For further information, please refer to our Monthly Fund updates.