Market Commentary – March 2018
Global equities fell -1.0% (USD terms, +1.0% AUD) as early new year market exuberance transpired into a rare negative quarter. Investors first grappled with concerns around accelerating inflation and rising interest rates, followed by unease around the U.S. and China trade tiff and its potential to morph into a negative global growth outcome.
Against this backdrop the Antipodes Global Fund and Antipodes Global Fund – Long outperformed their benchmark whilst the Antipodes Asia Fund underperformed. Major contributors to performance included our Natural Gas, Software and Consumer Incumbents, Online Services & European Recovery exposures, whilst our Gold, Telco Incumbent and short exposures detracted.