Antipodes Global Fund – UCITS

Overview

The Antipodes Global Fund – UCITS (the “Fund”) is managed by Antipodes Partners Limited (the “Investment Manager”).

Antipodes Partners is a pragmatic value manager of global equities (long only and long-short) founded in 2015 by Jacob Mitchell together with a number of former colleagues and like-minded value investors. Antipodes Partners’ investment approach seeks to take advantage of the market’s tendency for irrational extrapolation around change, identify great businesses that are not valued as such and build high conviction portfolios with a capital preservation focus. Further information regarding the Investment Manager can be found at http://antipodespartners.com

The Fund is a sub-fund of Pinnacle ICAV (the “ICAV”) and was authorised by the Central Bank of Ireland on 5 May 2017.

Index

The aim of the Fund is to achieve absolute returns in excess of the MSCI All Country World Net Index in USD (the Index) over the investment cycle (typically 3-5 years).

Fund and class information

The Fund’s base currency is USD

Shares Class

S Share Class USD
(Accumulating Shares)

F Share Class USD
(Accumulating Shares)

I Share Class USD
(Accumulating Shares)

ISIN

IE00BYPF2W38

IE00BYPF2X45

IE00BYPF2Y51

Currency

USD

USD

USD

Minimum initial amount

$10,000,000

$5,000,000

$1,000,000

Minimum subsequent investments

$1,000,000

$500,000

$100,000

Performance fee3

N/A

15%

20%

Voluntary cap on covered costs1

0.18%

0.18%

0.18%

Investment management fee2

Nil

0.80%

1.10%

Voting shares

No

Yes

Yes

Registered with the UK FCA

Yes

Yes

Yes

UK reporting fund

No

No

No

Other registrations

None

Switzerland4
Italy5, Spain5
Singapore5

Switzerland4
Italy5, Spain5
Singapore5

1  This represents, as a percentage of the net asset value of the Fund attributable to each Share Class, the maximum amount of covered costs that can be paid out of the Fund to cover fees and expenses in a financial year, including any fees and expenses payable to the Custodian and the Administrator, but excluding Investment Manager and Performance Fees (if any). The Investment Manager has voluntarily undertaken to pay covered costs (fees and expenses of the Fund) to the extent necessary to ensure that the total fees and expenses in a financial year do not exceed the stated levels. The Investment Manager may terminate or modify any such voluntary agreement at any time at its sole discretion upon thirty (30) days’ notice in writing to the Shareholders. 2  As a percentage of the net asset value of the Fund attributable to the relevant Share Class per annum. 3  The Performance Fee will be calculated daily in respect of a semi-annual performance period ending on 30 June and 31 December each year (or the immediately preceding Business Day if not a Business Day) (each a Performance Period). The Performance Fee will accrue on each Dealing Day and be payable within one month of the end of the relevant Performance Period. The first calculation period shall begin at the end of the Initial Offer Period for the relevant Share Class (using the Initial Issue Price) and shall finish on the next following 30 June or 31 December, whichever is sooner. 4  The state of the origin of the Fund is Ireland. This document may only be distributed in or from Switzerland to qualified investors within the meaning of Art. 10 Para. 3, 3bis and 3ter CISA. The Representative in Switzerland is ACOLIN Fund Services AG, Affolternstrasse 56, CH-8050 Zurich, whilst the Paying Agent is Banque Cantonale de Genève, 17, quai de l’Ile, CH-1204 Geneva. In respect of the units distributed in or from Switzerland, the place of performance and jurisdiction is at the registered office of the Swiss representative. The basic documents of the Fund as well as the annual and, if applicable, semi-annual report may be obtained free of charge at the registered office of the Swiss Representative. 5  Open to Institutional Investors only.

Unit prices and fund performance information

As at 31st October 2017

1 mth

3 mth

6 mth

1 yr

Inception1

Inception
p.a.

Inception
date

Absolute Performance (%)

Antipodes Global Fund – UCITS (S Class)

-0.4%

1.5%

-

-

4.9%

-

Jul 2017

MSCI All Country World Index in USD

2.1%

4.4%

-

-

7.7%

-

-

Over / (Under) performance

-2.5%

-2.9%

-

-

-2.9%

-

-

Key investment policies

  • The Fund aims to achieve its investment objective by primarily investing in a select number (usually between 30 and 150) of attractively valued companies listed on the Regulated Markets.
  • Investments will not be made by reference to any benchmark or index or limited to any particular industry or sector and will be chosen based on the investment methodology described in the Fund Supplement.
  • There is no geographical focus in respect of any category of investment by the Fund and the Fund may invest in excess of 20% of its Net Asset Value in emerging market countries (including Russia).
  • The Fund invests in derivative instruments for one or more of the following reasons:
    • for risk management purposes to either increase or decrease the Fund’s exposure to markets and establish currency positions;
    • to take opportunities that may increase the returns of the Fund;
    • with a view to reducing transaction and administrative costs (e.g. the use of an equity swap to establish a short position in a security);
    • to take up positions in securities that may otherwise not be readily available (e.g. access to a stock market where foreign investors face restrictions); and
    • to assist in the management of the Fund’s cash flows (e.g. certain stock markets may require pre-funding of stock purchases that may be avoided through the use of derivatives).
  • The Fund may take synthetic short positions to manage risk and exposure and to capitalise on attractive risk/reward opportunities.
  • While the Fund may be leveraged through the use of financial derivative instruments, any such leverage will not exceed 100% of its Net Asset Value.
  • The Fund may take both long and, through the use of derivative instruments, short positions, and is typically expected to be within the range of 50%-150% long and 0%-50% short of the Fund’s Net Asset Value.

Further information is available in the Fund Prospectus and Supplement.

Literature and filings

Application forms

An application form for the Antipodes Global Fund - UCITS can be requested by emailing the Funds Global Distribution Partner representative:
ucits@pinnacleinvestment.com.au

Pinnacle ICAV information & Fund Prospectus

Pinnacle ICAV is a Dublin registered open-ended investment vehicle with variable capital and segregated liability between its sub-fund. The ICAV was authorised by the Central Bank of Ireland on 5 May 2017.

Fund documents

Prospectus

Antipodes Global Fund - UCITS Supplement

The ICAV financial year end is 30 June 2018. Interim statements (as at Dec 2017) will be available in early February 2018.

Policies & other disclosures

Remuneration Policy

Contact us

Global Distribution

 

Contact Person:

Andrew Findlay

Street Address:

L35, 60 Margaret Street, Sydney, NSW 2000, Australia

 

Pinnacle ICAV – Ireland

 

Registered Address:

25/28 North Wall Quay, IFSC, Dublin 1, Ireland

 

Administrator – RBC Investor Services Ireland Limited

 

Registered Address:

4th Floor, One Georges Quay Plaza, Georges Quay, Dublin 2, Ireland