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

Antipodes Global Fund (PIE) - Performance Table

DATE	PERIOD	Fund	Benchmark	Difference
31 Aug 2021	1 month	0.3	1.6	-1.4
31 Aug 2021	3 month	-0.1	8.2	-8.2
31 Aug 2021	Year to date	8.2	18.6	-10.4
31 Aug 2021	1 year	15.0	23.5	-8.5
31 Aug 2021	3 year p.a.	3.8	12.1	-8.3
31 Aug 2021	Inception p.a.	4.1	12.7	-8.6

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.

Antipodes Global Fund (PIE) - Unit Prices

Date	Entry price	NAV	Exit price
25 Jul 2018	1.0008	1.00	0.9992
26 Jul 2018	1.0004	1.00	0.9988
27 Jul 2018	1.0015	1.00	0.9999
30 Jul 2018	0.9963	1.00	0.9947
31 Jul 2018	1.0019	1.00	1.0003
01 Aug 2018	1.0001	1.00	0.9985
02 Aug 2018	0.9959	1.00	0.9943
03 Aug 2018	0.9995	1.00	0.9979
06 Aug 2018	1.0023	1.00	1.0007
07 Aug 2018	1.0037	1.00	1.0021
08 Aug 2018	1.0009	1.00	0.9993
09 Aug 2018	1.0175	1.02	1.0159
10 Aug 2018	1.0062	1.01	1.0046
13 Aug 2018	0.9975	1.00	0.9959
14 Aug 2018	1.0004	1.00	0.9988
15 Aug 2018	0.9980	1.00	0.9964
16 Aug 2018	0.9942	0.99	0.9926
17 Aug 2018	0.9970	1.00	0.9954
20 Aug 2018	0.9996	1.00	0.9980
21 Aug 2018	1.0002	1.00	0.9986
22 Aug 2018	1.0015	1.00	0.9999
23 Aug 2018	1.0040	1.00	1.0024
24 Aug 2018	1.0007	1.00	0.9991
27 Aug 2018	1.0066	1.01	1.0050
28 Aug 2018	1.0018	1.00	1.0002
29 Aug 2018	1.0047	1.00	1.0031
30 Aug 2018	1.0081	1.01	1.0065
31 Aug 2018	1.0137	1.01	1.0121
03 Sep 2018	1.0149	1.01	1.0133
04 Sep 2018	1.0187	1.02	1.0171
05 Sep 2018	1.0073	1.01	1.0057
06 Sep 2018	1.0017	1.00	1.0001
07 Sep 2018	1.0073	1.01	1.0057
10 Sep 2018	1.0124	1.01	1.0108
11 Sep 2018	1.0173	1.02	1.0157
12 Sep 2018	1.0151	1.01	1.0135
13 Sep 2018	1.0163	1.02	1.0147
14 Sep 2018	1.0188	1.02	1.0172
17 Sep 2018	1.0165	1.02	1.0149
18 Sep 2018	1.0246	1.02	1.0230
19 Sep 2018	1.0274	1.03	1.0258
20 Sep 2018	1.0271	1.03	1.0255
21 Sep 2018	1.0293	1.03	1.0277
24 Sep 2018	1.0302	1.03	1.0286
25 Sep 2018	1.0318	1.03	1.0302
26 Sep 2018	1.0308	1.03	1.0292
27 Sep 2018	1.0341	1.03	1.0325
28 Sep 2018	1.0312	1.03	1.0296
01 Oct 2018	1.0338	1.03	1.0322
02 Oct 2018	1.0325	1.03	1.0309
03 Oct 2018	1.0404	1.04	1.0388
04 Oct 2018	1.0428	1.04	1.0412
05 Oct 2018	1.0481	1.05	1.0465
08 Oct 2018	1.0495	1.05	1.0479
09 Oct 2018	1.0465	1.05	1.0449
10 Oct 2018	1.0352	1.03	1.0336
11 Oct 2018	1.0166	1.02	1.0150
12 Oct 2018	1.0233	1.02	1.0217
15 Oct 2018	1.0141	1.01	1.0125
16 Oct 2018	1.0157	1.01	1.0141
17 Oct 2018	1.0171	1.02	1.0155
18 Oct 2018	1.0137	1.01	1.0121
19 Oct 2018	1.0130	1.01	1.0114
23 Oct 2018	1.0129	1.01	1.0113
24 Oct 2018	0.9993	1.00	0.9977
25 Oct 2018	1.0007	1.00	0.9991
26 Oct 2018	0.9952	0.99	0.9936
29 Oct 2018	0.9925	0.99	0.9909
30 Oct 2018	0.9830	0.98	0.9814
31 Oct 2018	0.9930	0.99	0.9914
01 Nov 2018	0.9823	0.98	0.9807
02 Nov 2018	0.9849	0.98	0.9833
05 Nov 2018	0.9823	0.98	0.9807
06 Nov 2018	0.9839	0.98	0.9823
07 Nov 2018	0.9728	0.97	0.9712
08 Nov 2018	0.9706	0.97	0.9690
09 Nov 2018	0.9645	0.96	0.9629
12 Nov 2018	0.9598	0.96	0.9582
13 Nov 2018	0.9586	0.96	0.9570
14 Nov 2018	0.9501	0.92	0.9485
15 Nov 2018	0.9472	0.95	0.9456
16 Nov 2018	0.9439	0.94	0.9423
19 Nov 2018	0.9459	0.95	0.9443
20 Nov 2018	0.9335	0.93	0.9321
21 Nov 2018	0.9319	0.93	0.9305
22 Nov 2018	0.9330	0.93	0.9316
23 Nov 2018	0.9335	0.93	0.9321
26 Nov 2018	0.9403	0.94	0.9387
27 Nov 2018	0.9382	0.94	0.9366
28 Nov 2018	0.9441	0.94	0.9425
29 Nov 2018	0.9362	0.94	0.9346
30 Nov 2018	0.9350	0.93	0.9334
03 Dec 2018	0.9366	0.94	0.9350
04 Dec 2018	0.9269	0.93	0.9255
05 Dec 2018	0.9273	0.93	0.9259
06 Dec 2018	0.9197	0.92	0.9183
07 Dec 2018	0.9209	0.92	0.9195
10 Dec 2018	0.9092	0.91	0.9078
11 Dec 2018	0.9074	0.91	0.9060
12 Dec 2018	0.9188	0.92	0.9174
13 Dec 2018	0.9192	0.92	0.9178
14 Dec 2018	0.9147	0.91	0.9133
17 Dec 2018	0.9106	0.91	0.9092
18 Dec 2018	0.9027	0.90	0.9013
19 Dec 2018	0.9005	0.90	0.8991
20 Dec 2018	0.9053	0.90	0.9039
21 Dec 2018	0.9043	0.90	0.9029
24 Dec 2018	0.8921	0.89	0.8907
27 Dec 2018	0.9297	0.93	0.9283
28 Dec 2018	0.9117	0.91	0.9103
31 Dec 2018	0.9126	0.91	0.9112
03 Jan 2019	0.9156	0.91	0.9142
04 Jan 2019	0.9216	0.92	0.9202
07 Jan 2019	0.9255	0.92	0.9241
08 Jan 2019	0.9314	0.93	0.9300
09 Jan 2019	0.9318	0.93	0.9304
10 Jan 2019	0.9313	0.93	0.9299
11 Jan 2019	0.9269	0.93	0.9255
14 Jan 2019	0.9227	0.92	0.9213
15 Jan 2019	0.9277	0.93	0.9263
16 Jan 2019	0.9345	0.93	0.9329
17 Jan 2019	0.9391	0.94	0.9375
18 Jan 2019	0.9402	0.94	0.9386
21 Jan 2019	0.9429	0.94	0.9413
22 Jan 2019	0.9344	0.93	0.9328
23 Jan 2019	0.9263	0.93	0.9249
24 Jan 2019	0.9298	0.93	0.9284
25 Jan 2019	0.9334	0.93	0.9320
29 Jan 2019	0.9306	0.93	0.9292
30 Jan 2019	0.9357	0.93	0.9341
31 Jan 2019	0.9283	0.93	0.9269
01 Feb 2019	0.9290	0.93	0.9276
04 Feb 2019	0.9271	0.93	0.9257
05 Feb 2019	0.9278	0.93	0.9264
06 Feb 2019	0.9278	0.93	0.9264
07 Feb 2019	0.9278	0.93	0.9264
08 Feb 2019	0.9244	0.92	0.9230
11 Feb 2019	0.9278	0.93	0.9264
12 Feb 2019	0.9306	0.93	0.9292
13 Feb 2019	0.9263	0.93	0.9249
14 Feb 2019	0.9247	0.92	0.9233
15 Feb 2019	0.9214	0.92	0.9200
18 Feb 2019	0.9259	0.93	0.9245
19 Feb 2019	0.9266	0.93	0.9252
20 Feb 2019	0.9288	0.93	0.9274
21 Feb 2019	0.9315	0.93	0.9301
22 Feb 2019	0.9279	0.93	0.9265
25 Feb 2019	0.9263	0.93	0.9249
26 Feb 2019	0.9247	0.92	0.9233
27 Feb 2019	0.9299	0.93	0.9285
28 Feb 2019	0.9310	0.93	0.9296
01 Mar 2019	0.9332	0.93	0.9318
04 Mar 2019	0.9347	0.93	0.9331
05 Mar 2019	0.9349	0.93	0.9333
06 Mar 2019	0.9319	0.93	0.9305
07 Mar 2019	0.9221	0.92	0.9207
08 Mar 2019	0.9082	0.91	0.9068
11 Mar 2019	0.9120	0.91	0.9106
12 Mar 2019	0.9127	0.91	0.9113
13 Mar 2019	0.9172	0.92	0.9158
14 Mar 2019	0.9248	0.92	0.9234
15 Mar 2019	0.9213	0.92	0.9199
18 Mar 2019	0.9248	0.92	0.9234
19 Mar 2019	0.9294	0.93	0.9280
20 Mar 2019	0.9303	0.93	0.9289
21 Mar 2019	0.9287	0.93	0.9273
22 Mar 2019	0.9170	0.92	0.9156
25 Mar 2019	0.9076	0.91	0.9062
26 Mar 2019	0.9117	0.91	0.9103
27 Mar 2019	0.9277	0.93	0.9263
28 Mar 2019	0.9224	0.92	0.9210
29 Mar 2019	0.9237	0.92	0.9223
01 Apr 2019	0.9338	0.93	0.9324
02 Apr 2019	0.9463	0.95	0.9447
03 Apr 2019	0.9450	0.94	0.9434
04 Apr 2019	0.9515	0.95	0.9499
05 Apr 2019	0.9592	0.96	0.9576
08 Apr 2019	0.9549	0.95	0.9533
09 Apr 2019	0.9577	0.96	0.9561
10 Apr 2019	0.9558	0.96	0.9542
11 Apr 2019	0.9520	0.95	0.9504
12 Apr 2019	0.9509	0.95	0.9493
15 Apr 2019	0.9521	0.95	0.9505
16 Apr 2019	0.9629	0.96	0.9613
17 Apr 2019	0.9747	0.97	0.9731
18 Apr 2019	0.9778	0.98	0.9762
23 Apr 2019	0.9796	0.98	0.9780
24 Apr 2019	0.9783	0.98	0.9767
26 Apr 2019	0.9704	0.97	0.9688
29 Apr 2019	0.9749	0.97	0.9733
30 Apr 2019	0.9730	0.97	0.9714
01 May 2019	0.9741	0.97	0.9725
02 May 2019	0.9773	0.98	0.9757
03 May 2019	0.9728	0.97	0.9712
06 May 2019	0.9814	0.98	0.9798
07 May 2019	0.9670	0.97	0.9654
08 May 2019	0.9654	0.96	0.9638
09 May 2019	0.9554	0.95	0.9538
10 May 2019	0.9560	0.96	0.9544
13 May 2019	0.9490	0.95	0.9474
14 May 2019	0.9518	0.95	0.9502
15 May 2019	0.9595	0.96	0.9579
16 May 2019	0.9596	0.96	0.9580
17 May 2019	0.9581	0.96	0.9565
20 May 2019	0.9502	0.95	0.9486
21 May 2019	0.9558	0.96	0.9542
22 May 2019	0.9530	0.95	0.9514
23 May 2019	0.9414	0.94	0.9398
24 May 2019	0.9375	0.94	0.9359
27 May 2019	0.9392	0.94	0.9376
28 May 2019	0.9360	0.94	0.9344
29 May 2019	0.9383	0.94	0.9367
30 May 2019	0.9405	0.94	0.9389
31 May 2019	0.9351	0.93	0.9335
04 Jun 2019	0.9352	0.93	0.9336
05 Jun 2019	0.9308	0.93	0.9294
06 Jun 2019	0.9280	0.93	0.9266
07 Jun 2019	0.9205	0.92	0.9191
10 Jun 2019	0.9386	0.94	0.9370
11 Jun 2019	0.9534	0.95	0.9518
12 Jun 2019	0.9476	0.95	0.9460
13 Jun 2019	0.9502	0.95	0.9486
14 Jun 2019	0.9563	0.96	0.9547
17 Jun 2019	0.9582	0.96	0.9566
18 Jun 2019	0.9639	0.96	0.9623
19 Jun 2019	0.9721	0.97	0.9705
20 Jun 2019	0.9747	0.97	0.9731
21 Jun 2019	0.9760	0.98	0.9744
24 Jun 2019	0.9726	0.97	0.9710
25 Jun 2019	0.9635	0.96	0.9619
26 Jun 2019	0.9595	0.96	0.9579
27 Jun 2019	0.9612	0.96	0.9596
28 Jun 2019	0.9635	0.96	0.9619
01 Jul 2019	0.9699	0.97	0.9683
02 Jul 2019	0.9686	0.97	0.9670
03 Jul 2019	0.9641	0.96	0.9625
04 Jul 2019	0.9693	0.97	0.9677
05 Jul 2019	0.9745	0.97	0.9729
08 Jul 2019	0.9642	0.96	0.9626
09 Jul 2019	0.9639	0.96	0.9623
10 Jul 2019	0.9616	0.96	0.9600
11 Jul 2019	0.9590	0.96	0.9574
12 Jul 2019	0.9581	0.96	0.9565
15 Jul 2019	0.9540	0.95	0.9524
16 Jul 2019	0.9551	0.95	0.9535
17 Jul 2019	0.9491	0.95	0.9475
18 Jul 2019	0.9432	0.94	0.9416
19 Jul 2019	0.9419	0.94	0.9403
22 Jul 2019	0.9413	0.94	0.9397
23 Jul 2019	0.9546	0.95	0.9530
24 Jul 2019	0.9565	0.96	0.9549
25 Jul 2019	0.9595	0.96	0.9579
26 Jul 2019	0.9655	0.96	0.9639
29 Jul 2019	0.9658	0.97	0.9642
30 Jul 2019	0.9620	0.96	0.9604
31 Jul 2019	0.9586	0.96	0.9570
01 Aug 2019	0.9546	0.95	0.9530
02 Aug 2019	0.9587	0.96	0.9571
05 Aug 2019	0.9503	0.95	0.9487
06 Aug 2019	0.9377	0.94	0.9361
07 Aug 2019	0.9472	0.95	0.9456
08 Aug 2019	0.9480	0.95	0.9464
09 Aug 2019	0.9427	0.94	0.9411
12 Aug 2019	0.9410	0.94	0.9394
13 Aug 2019	0.9414	0.94	0.9398
14 Aug 2019	0.9361	0.94	0.9345
15 Aug 2019	0.9271	0.93	0.9257
16 Aug 2019	0.9360	0.94	0.9344
19 Aug 2019	0.9430	0.94	0.9414
20 Aug 2019	0.9429	0.94	0.9413
21 Aug 2019	0.9465	0.95	0.9449
22 Aug 2019	0.9466	0.95	0.9450
23 Aug 2019	0.9367	0.94	0.9351
26 Aug 2019	0.9399	0.94	0.9383
27 Aug 2019	0.9477	0.95	0.9461
28 Aug 2019	0.9528	0.95	0.9512
29 Aug 2019	0.9589	0.96	0.9573
30 Aug 2019	0.9661	0.97	0.9645
02 Sep 2019	0.9640	0.96	0.9624
03 Sep 2019	0.9596	0.96	0.9580
04 Sep 2019	0.9658	0.97	0.9642
05 Sep 2019	0.9736	0.97	0.9720
06 Sep 2019	0.9651	0.96	0.9635
09 Sep 2019	0.9720	0.97	0.9704
10 Sep 2019	0.9778	0.98	0.9762
11 Sep 2019	0.9849	0.98	0.9833
12 Sep 2019	0.9858	0.99	0.9842
13 Sep 2019	0.9954	0.99	0.9938
16 Sep 2019	0.9971	1.00	0.9955
17 Sep 2019	0.9971	1.00	0.9955
18 Sep 2019	0.9962	1.00	0.9946
19 Sep 2019	1.0015	1.00	0.9999
20 Sep 2019	1.0102	1.01	1.0086
23 Sep 2019	1.0034	1.00	1.0018
24 Sep 2019	0.9932	0.99	0.9916
25 Sep 2019	0.9969	1.00	0.9953
26 Sep 2019	0.9934	0.99	0.9918
27 Sep 2019	0.9879	0.99	0.9863
30 Sep 2019	0.9930	0.99	0.9914
01 Oct 2019	0.9939	0.99	0.9923
02 Oct 2019	0.9824	0.98	0.9808
03 Oct 2019	0.9779	0.98	0.9763
04 Oct 2019	0.9747	0.97	0.9731
07 Oct 2019	0.9799	0.98	0.9783
08 Oct 2019	0.9727	0.97	0.9711
09 Oct 2019	0.9749	0.97	0.9733
10 Oct 2019	0.9756	0.97	0.9740
11 Oct 2019	0.9864	0.99	0.9848
14 Oct 2019	0.9915	0.99	0.9899
15 Oct 2019	0.9984	1.00	0.9968
16 Oct 2019	1.0060	1.01	1.0044
17 Oct 2019	0.9961	1.00	0.9945
18 Oct 2019	0.9886	0.99	0.9870
21 Oct 2019	0.9930	0.99	0.9914
22 Oct 2019	0.9904	0.99	0.9888
23 Oct 2019	0.9914	0.99	0.9898
24 Oct 2019	0.9957	0.99	0.9941
25 Oct 2019	0.9977	1.00	0.9961
29 Oct 2019	1.0069	1.01	1.0053
30 Oct 2019	1.0016	1.00	1.0000
31 Oct 2019	0.9952	0.99	0.9936
01 Nov 2019	0.9945	0.99	0.9929
04 Nov 2019	1.0064	1.01	1.0048
05 Nov 2019	1.0152	1.01	1.0136
06 Nov 2019	1.0153	1.01	1.0137
07 Nov 2019	1.0224	1.02	1.0208
08 Nov 2019	1.0251	1.02	1.0235
11 Nov 2019	1.0159	1.02	1.0143
12 Nov 2019	1.0228	1.02	1.0212
13 Nov 2019	1.0047	1.00	1.0031
14 Nov 2019	1.0072	1.01	1.0056
15 Nov 2019	1.0086	1.01	1.0070
18 Nov 2019	1.0103	1.01	1.0087
19 Nov 2019	1.0054	1.00	1.0038
20 Nov 2019	1.0001	1.00	0.9985
21 Nov 2019	1.0023	1.00	1.0007
22 Nov 2019	1.0040	1.00	1.0024
25 Nov 2019	1.0096	1.01	1.0080
26 Nov 2019	1.0069	1.01	1.0053
27 Nov 2019	1.0086	1.01	1.0070
28 Nov 2019	1.0085	1.01	1.0069
29 Nov 2019	1.0034	1.00	1.0018
02 Dec 2019	0.9884	0.99	0.9868
03 Dec 2019	0.9830	0.98	0.9814
04 Dec 2019	0.9842	0.98	0.9826
05 Dec 2019	0.9853	0.98	0.9837
06 Dec 2019	0.9871	0.99	0.9855
09 Dec 2019	0.9868	0.99	0.9852
10 Dec 2019	0.9918	0.99	0.9902
11 Dec 2019	0.9943	0.99	0.9927
12 Dec 2019	0.9980	1.00	0.9964
13 Dec 2019	1.0032	1.00	1.0016
16 Dec 2019	1.0020	1.00	1.0004
17 Dec 2019	1.0076	1.01	1.0060
18 Dec 2019	1.0047	1.00	1.0031
19 Dec 2019	1.0046	1.00	1.0030
20 Dec 2019	1.0061	1.01	1.0045
23 Dec 2019	1.0040	1.00	1.0024
24 Dec 2019	1.0015	1.00	0.9999
27 Dec 2019	0.9916	0.99	0.9900
30 Dec 2019	0.9912	0.99	0.9896
31 Dec 2019	0.9896	0.99	0.9880
03 Jan 2020	1.0043	1.00	1.0027
06 Jan 2020	1.0018	1.00	1.0002
07 Jan 2020	1.0066	1.01	1.0050
08 Jan 2020	1.0064	1.01	1.0048
09 Jan 2020	1.0064	1.01	1.0048
10 Jan 2020	1.0082	1.01	1.0066
13 Jan 2020	1.0132	1.01	1.0116
14 Jan 2020	1.0175	1.02	1.0159
15 Jan 2020	1.0146	1.01	1.0130
16 Jan 2020	1.0101	1.01	1.0085
17 Jan 2020	1.0206	1.02	1.0190
20 Jan 2020	1.0224	1.02	1.0208
21 Jan 2020	1.0134	1.01	1.0118
22 Jan 2020	1.0146	1.01	1.0130
23 Jan 2020	1.0090	1.01	1.0074
24 Jan 2020	1.0064	1.01	1.0048
27 Jan 2020	1.0102	1.01	1.0086
28 Jan 2020	1.0033	1.00	1.0017
29 Jan 2020	1.0048	1.00	1.0032
30 Jan 2020	0.9996	1.00	0.9980
31 Jan 2020	0.9938	0.99	0.9922
03 Feb 2020	0.9957	0.99	0.9941
04 Feb 2020	1.0070	1.01	1.0054
05 Feb 2020	1.0123	1.01	1.0107
07 Feb 2020	1.0256	1.02	1.0240
10 Feb 2020	1.0259	1.03	1.0243
11 Feb 2020	1.0278	1.03	1.0262
12 Feb 2020	1.0244	1.02	1.0228
13 Feb 2020	1.0204	1.02	1.0188
14 Feb 2020	1.0261	1.03	1.0245
17 Feb 2020	1.0265	1.03	1.0249
18 Feb 2020	1.0281	1.03	1.0265
19 Feb 2020	1.0326	1.03	1.0310
20 Feb 2020	1.0333	1.03	1.0317
21 Feb 2020	1.0268	1.03	1.0252
24 Feb 2020	1.0056	1.00	1.0040
25 Feb 2020	0.9975	1.00	0.9959
26 Feb 2020	0.9990	1.00	0.9974
27 Feb 2020	0.9853	0.98	0.9837
28 Feb 2020	0.9966	1.00	0.9950
02 Mar 2020	0.9980	1.00	0.9964
03 Mar 2020	0.9836	0.98	0.9820
04 Mar 2020	0.9938	0.99	0.9922
05 Mar 2020	0.9826	0.98	0.9810
06 Mar 2020	0.9637	0.96	0.9621
09 Mar 2020	0.9171	0.92	0.9157
10 Mar 2020	0.9425	0.94	0.9409
11 Mar 2020	0.9178	0.92	0.9164
12 Mar 2020	0.8929	0.89	0.8915
13 Mar 2020	0.9051	0.90	0.9037
16 Mar 2020	0.8138	0.81	0.8124
17 Mar 2020	0.9145	0.91	0.9131
18 Mar 2020	0.8732	0.87	0.8718
19 Mar 2020	0.8605	0.86	0.8591
20 Mar 2020	0.8802	0.88	0.8788
23 Mar 2020	0.8781	0.88	0.8767
24 Mar 2020	0.9132	0.91	0.9118
25 Mar 2020	0.9335	0.93	0.9321
26 Mar 2020	0.9331	0.93	0.9317
27 Mar 2020	0.9118	0.91	0.9104
30 Mar 2020	0.9197	0.92	0.9183
31 Mar 2020	0.9273	0.93	0.9259
01 Apr 2020	0.9029	0.90	0.9015
02 Apr 2020	0.9166	0.92	0.9152
03 Apr 2020	0.9121	0.91	0.9107
06 Apr 2020	0.9358	0.94	0.9342
07 Apr 2020	0.9424	0.94	0.9408
08 Apr 2020	0.9412	0.94	0.9396
09 Apr 2020	0.9423	0.94	0.9407
14 Apr 2020	0.9480	0.95	0.9464
15 Apr 2020	0.9383	0.94	0.9367
16 Apr 2020	0.9402	0.94	0.9386
17 Apr 2020	0.9464	0.95	0.9448
20 Apr 2020	0.9365	0.94	0.9349
21 Apr 2020	0.9316	0.93	0.9302
22 Apr 2020	0.9444	0.94	0.9428
23 Apr 2020	0.9352	0.93	0.9336
24 Apr 2020	0.9393	0.94	0.9377
28 Apr 2020	0.9527	0.95	0.9511
29 Apr 2020	0.9662	0.97	0.9646
30 Apr 2020	0.9502	0.95	0.9486
01 May 2020	0.9650	0.96	0.9634
04 May 2020	0.9596	0.96	0.9580
05 May 2020	0.9438	0.94	0.9422
06 May 2020	0.9406	0.94	0.9390
07 May 2020	0.9450	0.94	0.9434
08 May 2020	0.9472	0.95	0.9456
11 May 2020	0.9481	0.95	0.9465
12 May 2020	0.9427	0.94	0.9411
13 May 2020	0.9454	0.94	0.9438
14 May 2020	0.9512	0.95	0.9496
15 May 2020	0.9606	0.96	0.9590
18 May 2020	0.9705	0.97	0.9689
19 May 2020	0.9613	0.96	0.9597
20 May 2020	0.9619	0.96	0.9603
21 May 2020	0.9589	0.96	0.9573
22 May 2020	0.9501	0.95	0.9485
25 May 2020	0.9537	0.95	0.9521
26 May 2020	0.9541	0.95	0.9525
27 May 2020	0.9705	0.97	0.9689
28 May 2020	0.9705	0.97	0.9689
29 May 2020	0.9661	0.97	0.9645
02 Jun 2020	0.9658	0.97	0.9642
03 Jun 2020	0.9805	0.98	0.9813
04 Jun 2020	0.9780	0.98	0.9764
05 Jun 2020	0.9724	0.97	0.9708
08 Jun 2020	0.9893	0.99	0.9877
09 Jun 2020	0.9913	0.99	0.9897
10 Jun 2020	0.9840	0.98	0.9824
11 Jun 2020	0.9539	0.95	0.9523
12 Jun 2020	0.9599	0.96	0.9583
15 Jun 2020	0.9472	0.95	0.9456
16 Jun 2020	0.9701	0.97	0.9685
17 Jun 2020	0.9612	0.96	0.9596
18 Jun 2020	0.9619	0.96	0.9603
19 Jun 2020	0.9631	0.96	0.9615
22 Jun 2020	0.9555	0.95	0.9539
23 Jun 2020	0.9601	0.96	0.9585
24 Jun 2020	0.9544	0.95	0.9528
25 Jun 2020	0.9528	0.95	0.9512
26 Jun 2020	0.9446	0.94	0.9430
29 Jun 2020	0.9488	0.95	0.9472
30 Jun 2020	0.9504	0.95	0.9488
01 Jul 2020	0.9485	0.95	0.9469
02 Jul 2020	0.9536	0.95	0.9520
03 Jul 2020	0.9520	0.95	0.9504
06 Jul 2020	0.9677	0.97	0.9661
07 Jul 2020	0.9572	0.96	0.9556
08 Jul 2020	0.9625	0.96	0.9609
09 Jul 2020	0.9594	0.96	0.9578
10 Jul 2020	0.9614	0.96	0.9598
13 Jul 2020	0.9651	0.96	0.9635
14 Jul 2020	0.9694	0.97	0.9678
15 Jul 2020	0.9780	0.98	0.9764
16 Jul 2020	0.9741	0.97	0.9725
17 Jul 2020	0.9785	0.98	0.9769
20 Jul 2020	0.9817	0.98	0.9801
21 Jul 2020	0.9831	0.98	0.9815
22 Jul 2020	0.9761	0.98	0.9745
23 Jul 2020	0.9755	0.97	0.9739
24 Jul 2020	0.9688	0.97	0.9672
27 Jul 2020	0.9699	0.97	0.9683
28 Jul 2020	0.9729	0.97	0.9713
29 Jul 2020	0.9731	0.97	0.9715
30 Jul 2020	0.9648	0.96	0.9632
31 Jul 2020	0.9615	0.96	0.9599
03 Aug 2020	0.9681	0.97	0.9665
04 Aug 2020	0.9781	0.98	0.9765
05 Aug 2020	0.9799	0.98	0.9783
06 Aug 2020	0.9799	0.98	0.9783
07 Aug 2020	0.9802	0.98	0.9786
10 Aug 2020	0.9862	0.99	0.9846
11 Aug 2020	0.9937	0.99	0.9921
12 Aug 2020	1.0028	1.00	1.0012
13 Aug 2020	1.0041	1.00	1.0025
14 Aug 2020	1.0033	1.00	1.0017
17 Aug 2020	1.0092	1.01	1.0076
18 Aug 2020	1.0012	1.00	0.9996
19 Aug 2020	0.9933	0.99	0.9917
20 Aug 2020	0.9965	1.00	0.9949
21 Aug 2020	0.9902	0.99	0.9894
24 Aug 2020	1.0095	1.01	1.0079
25 Aug 2020	1.0125	1.01	1.0109
26 Aug 2020	1.0089	1.01	1.0073
27 Aug 2020	1.0018	1.00	1.0002
28 Aug 2020	0.9937	0.99	0.9921
31 Aug 2020	0.9870	0.99	0.9854
01 Sep 2020	0.9830	0.98	0.9814
02 Sep 2020	0.9919	0.99	0.9903
03 Sep 2020	0.9834	0.98	0.9818
04 Sep 2020	0.9825	0.98	0.9809
07 Sep 2020	0.9851	0.98	0.9835
08 Sep 2020	0.9804	0.98	0.9788
09 Sep 2020	0.9811	0.98	0.9795
10 Sep 2020	0.9790	0.98	0.9774
11 Sep 2020	0.9793	0.98	0.9777
14 Sep 2020	0.9836	0.98	0.9820
15 Sep 2020	0.9885	0.99	0.9869
16 Sep 2020	0.9872	0.99	0.9856
17 Sep 2020	0.9834	0.98	0.9818
18 Sep 2020	0.9726	0.97	0.9734
21 Sep 2020	0.9664	0.97	0.9648
22 Sep 2020	0.9670	0.97	0.9654
23 Sep 2020	0.9682	0.97	0.9666
24 Sep 2020	0.9682	0.97	0.9666
25 Sep 2020	0.9672	0.97	0.9656
28 Sep 2020	0.9789	0.98	0.9773
29 Sep 2020	0.9728	0.97	0.9712
30 Sep 2020	0.9729	0.97	0.9713
01 Oct 2020	0.9718	0.97	0.9702
02 Oct 2020	0.9736	0.97	0.9720
05 Oct 2020	0.9699	0.97	0.9683
06 Oct 2020	0.9823	0.98	0.9807
07 Oct 2020	0.9967	1.00	0.9951
08 Oct 2020	1.0092	1.01	1.0076
09 Oct 2020	0.9967	1.00	0.9951
12 Oct 2020	1.0177	1.02	1.0161
13 Oct 2020	1.0125	1.01	1.0109
14 Oct 2020	1.0071	1.01	1.0055
15 Oct 2020	1.0071	1.01	1.0055
16 Oct 2020	1.0095	1.01	1.0079
19 Oct 2020	1.0073	1.01	1.0057
20 Oct 2020	1.0208	1.02	1.0192
21 Oct 2020	1.0113	1.01	1.0097
22 Oct 2020	1.0105	1.01	1.0089
23 Oct 2020	1.0173	1.02	1.0157
27 Oct 2020	0.9932	0.99	0.9916
28 Oct 2020	0.9790	0.98	0.9774
29 Oct 2020	0.9858	0.99	0.9842
30 Oct 2020	0.9747	0.97	0.9731
02 Nov 2020	0.9846	0.98	0.9830
03 Nov 2020	1.0062	1.01	1.0046
04 Nov 2020	1.0184	1.02	1.0168
05 Nov 2020	1.0071	1.01	1.0055
06 Nov 2020	1.0046	1.00	1.0030
09 Nov 2020	1.0294	1.03	1.0278
10 Nov 2020	1.0315	1.03	1.0299
11 Nov 2020	1.0218	1.02	1.0202
12 Nov 2020	1.0179	1.02	1.0163
13 Nov 2020	1.0345	1.03	1.0353
16 Nov 2020	1.0433	1.04	1.0417
17 Nov 2020	1.0414	1.04	1.0398
18 Nov 2020	1.0354	1.03	1.0338
19 Nov 2020	1.0376	1.04	1.0360
20 Nov 2020	1.0317	1.03	1.0301
23 Nov 2020	1.0475	1.05	1.0459
24 Nov 2020	1.0574	1.06	1.0558
25 Nov 2020	1.0497	1.05	1.0481
26 Nov 2020	1.0506	1.05	1.0490
27 Nov 2020	1.0485	1.05	1.0469
30 Nov 2020	1.0316	1.03	1.0300
01 Dec 2020	1.0359	1.04	1.0343
02 Dec 2020	1.0488	1.05	1.0472
03 Dec 2020	1.0485	1.05	1.0469
04 Dec 2020	1.0658	1.07	1.0642
07 Dec 2020	1.0585	1.06	1.0569
08 Dec 2020	1.0572	1.06	1.0556
09 Dec 2020	1.0602	1.06	1.0586
10 Dec 2020	1.0541	1.05	1.0525
11 Dec 2020	1.0440	1.04	1.0424
14 Dec 2020	1.0406	1.04	1.0390
15 Dec 2020	1.0486	1.05	1.0470
16 Dec 2020	1.0537	1.05	1.0521
17 Dec 2020	1.0500	1.05	1.0484
18 Dec 2020	1.0483	1.05	1.0467
21 Dec 2020	1.0475	1.05	1.0459
22 Dec 2020	1.0480	1.05	1.0464
23 Dec 2020	1.0499	1.05	1.0483
24 Dec 2020	1.0475	1.05	1.0459
29 Dec 2020	1.0400	1.04	1.0384
30 Dec 2020	1.0473	1.05	1.0457
31 Dec 2020	1.0493	1.05	1.0477
05 Jan 2021	1.0566	1.06	1.0550
06 Jan 2021	1.0626	1.06	1.0610
07 Jan 2021	1.0775	1.08	1.0757
08 Jan 2021	1.0827	1.08	1.0809
11 Jan 2021	1.0845	1.08	1.0827
12 Jan 2021	1.0841	1.08	1.0823
13 Jan 2021	1.0834	1.08	1.0816
14 Jan 2021	1.0815	1.08	1.0797
15 Jan 2021	1.0815	1.08	1.0797
18 Jan 2021	1.0795	1.08	1.0804
19 Jan 2021	1.0920	1.09	1.0902
20 Jan 2021	1.0925	1.09	1.0907
21 Jan 2021	1.0917	1.09	1.0899
22 Jan 2021	1.0877	1.09	1.0859
25 Jan 2021	1.0865	1.09	1.0847
26 Jan 2021	1.0754	1.07	1.0736
27 Jan 2021	1.0604	1.06	1.0588
28 Jan 2021	1.0572	1.06	1.0556
29 Jan 2021	1.0368	1.04	1.0352
01 Feb 2021	1.0564	1.06	1.0548
02 Feb 2021	1.0699	1.07	1.0681
03 Feb 2021	1.0669	1.07	1.0653
04 Feb 2021	1.0736	1.07	1.0718
05 Feb 2021	1.0744	1.07	1.0726
09 Feb 2021	1.0743	1.07	1.0725
10 Feb 2021	1.0847	1.08	1.0829
11 Feb 2021	1.0815	1.08	1.0797
12 Feb 2021	1.0876	1.09	1.0858
15 Feb 2021	1.0937	1.09	1.0919
16 Feb 2021	1.0984	1.10	1.0966
17 Feb 2021	1.1065	1.11	1.1047
18 Feb 2021	1.0961	1.10	1.0943
19 Feb 2021	1.0842	1.08	1.0824
22 Feb 2021	1.0805	1.08	1.0787
23 Feb 2021	1.0813	1.08	1.0795
24 Feb 2021	1.0730	1.07	1.0712
25 Feb 2021	1.0668	1.07	1.0652
26 Feb 2021	1.0640	1.06	1.0624
01 Mar 2021	1.0747	1.07	1.0729
02 Mar 2021	1.0745	1.07	1.0727
03 Mar 2021	1.0890	1.09	1.0899
04 Mar 2021	1.0800	1.08	1.0782
05 Mar 2021	1.0992	1.10	1.0974
08 Mar 2021	1.1025	1.10	1.1007
09 Mar 2021	1.1027	1.10	1.1009
10 Mar 2021	1.1034	1.10	1.1016
11 Mar 2021	1.1111	1.11	1.1093
12 Mar 2021	1.1153	1.11	1.1135
15 Mar 2021	1.1160	1.12	1.1142
16 Mar 2021	1.1146	1.11	1.1128
17 Mar 2021	1.1229	1.12	1.1211
18 Mar 2021	1.1219	1.12	1.1201
19 Mar 2021	1.1166	1.12	1.1148
22 Mar 2021	1.1157	1.11	1.1139
23 Mar 2021	1.1246	1.12	1.1228
24 Mar 2021	1.1265	1.13	1.1247
25 Mar 2021	1.1317	1.13	1.1299
26 Mar 2021	1.1373	1.14	1.1355
29 Mar 2021	1.1396	1.14	1.1378
30 Mar 2021	1.1415	1.14	1.1397
31 Mar 2021	1.1431	1.14	1.1413
01 Apr 2021	1.1512	1.15	1.1494
06 Apr 2021	1.1559	1.16	1.1541
07 Apr 2021	1.1613	1.16	1.1595
08 Apr 2021	1.1579	1.16	1.1561
09 Apr 2021	1.1547	1.15	1.1529
12 Apr 2021	1.1512	1.15	1.1494
13 Apr 2021	1.1516	1.15	1.1498
14 Apr 2021	1.1423	1.14	1.1405
15 Apr 2021	1.1450	1.14	1.1432
16 Apr 2021	1.1564	1.16	1.1546
19 Apr 2021	1.1478	1.15	1.1460
20 Apr 2021	1.1355	1.13	1.1337
21 Apr 2021	1.1278	1.13	1.1260
22 Apr 2021	1.1358	1.13	1.1340
23 Apr 2021	1.1420	1.14	1.1402
27 Apr 2021	1.1398	1.14	1.1380
28 Apr 2021	1.1351	1.13	1.1333
29 Apr 2021	1.1425	1.14	1.1407
30 Apr 2021	1.1523	1.15	1.1505
03 May 2021	1.1325	1.13	1.1307
04 May 2021	1.1330	1.13	1.1312
05 May 2021	1.1276	1.13	1.1258
06 May 2021	1.1351	1.13	1.1333
07 May 2021	1.1360	1.14	1.1342
10 May 2021	1.1316	1.13	1.1298
11 May 2021	1.1193	1.12	1.1175
12 May 2021	1.1263	1.13	1.1245
13 May 2021	1.1232	1.12	1.1214
14 May 2021	1.1247	1.12	1.1229
17 May 2021	1.1334	1.13	1.1316
18 May 2021	1.1349	1.13	1.1331
19 May 2021	1.1346	1.13	1.1328
20 May 2021	1.1318	1.13	1.1300
21 May 2021	1.1381	1.14	1.1363
24 May 2021	1.1348	1.13	1.1330
25 May 2021	1.1340	1.13	1.1322
26 May 2021	1.1255	1.12	1.1237
27 May 2021	1.1248	1.12	1.1230
28 May 2021	1.1363	1.14	1.1345
31 May 2021	1.1360	1.14	1.1342
01 Jun 2021	1.1471	1.15	1.1453
02 Jun 2021	1.1465	1.15	1.1447
03 Jun 2021	1.1567	1.16	1.1549
04 Jun 2021	1.1522	1.15	1.1504
08 Jun 2021	1.1450	1.14	1.1432
09 Jun 2021	1.1451	1.14	1.1433
10 Jun 2021	1.1461	1.15	1.1443
11 Jun 2021	1.1558	1.15	1.1540
14 Jun 2021	1.1557	1.15	1.1539
15 Jun 2021	1.1552	1.15	1.1534
16 Jun 2021	1.1468	1.15	1.1450
17 Jun 2021	1.1558	1.15	1.1540
18 Jun 2021	1.1543	1.15	1.1525
21 Jun 2021	1.1499	1.15	1.1481
22 Jun 2021	1.1489	1.15	1.1471
23 Jun 2021	1.1411	1.14	1.1393
24 Jun 2021	1.1451	1.14	1.1433
25 Jun 2021	1.1453	1.14	1.1435
28 Jun 2021	1.1470	1.15	1.1452
29 Jun 2021	1.1556	1.15	1.1538
30 Jun 2021	1.1536	1.15	1.1518
01 Jul 2021	1.1541	1.15	1.1523
02 Jul 2021	1.1546	1.15	1.1528
05 Jul 2021	1.1503	1.15	1.1485
06 Jul 2021	1.1477	1.15	1.1459
07 Jul 2021	1.1461	1.15	1.1443
08 Jul 2021	1.1420	1.14	1.1402
09 Jul 2021	1.1444	1.14	1.1426
12 Jul 2021	1.1471	1.15	1.1453
13 Jul 2021	1.1514	1.15	1.1496
14 Jul 2021	1.1400	1.14	1.1382
15 Jul 2021	1.1420	1.14	1.1402
16 Jul 2021	1.1323	1.13	1.1305
19 Jul 2021	1.1188	1.12	1.1170
20 Jul 2021	1.1240	1.12	1.1222
21 Jul 2021	1.1275	1.13	1.1257
22 Jul 2021	1.1339	1.13	1.1321
23 Jul 2021	1.1349	1.13	1.1331
26 Jul 2021	1.1224	1.12	1.1206
27 Jul 2021	1.1203	1.12	1.1185
28 Jul 2021	1.1309	1.13	1.1291
29 Jul 2021	1.1270	1.13	1.1252
30 Jul 2021	1.1320	1.13	1.1302
02 Aug 2021	1.1205	1.12	1.1187
03 Aug 2021	1.1206	1.12	1.1188
04 Aug 2021	1.1138	1.11	1.1120
05 Aug 2021	1.1130	1.11	1.1112
06 Aug 2021	1.1220	1.12	1.1202
09 Aug 2021	1.1212	1.12	1.1194
10 Aug 2021	1.1278	1.13	1.1260
11 Aug 2021	1.1230	1.12	1.1212
12 Aug 2021	1.1282	1.13	1.1264
13 Aug 2021	1.1243	1.12	1.1225
16 Aug 2021	1.1226	1.12	1.1208
17 Aug 2021	1.1257	1.12	1.1239
18 Aug 2021	1.1330	1.13	1.1312
19 Aug 2021	1.1237	1.12	1.1219
20 Aug 2021	1.1232	1.12	1.1214
23 Aug 2021	1.1268	1.13	1.1250
24 Aug 2021	1.1306	1.13	1.1288
25 Aug 2021	1.1379	1.14	1.1361
26 Aug 2021	1.1329	1.13	1.1311
27 Aug 2021	1.1329	1.13	1.1311
30 Aug 2021	1.1315	1.13	1.1297
31 Aug 2021	1.1350	1.13	1.1332
01 Sep 2021	1.1373	1.14	1.1355
02 Sep 2021	1.1344	1.13	1.1326
03 Sep 2021	1.1344	1.13	1.1326
06 Sep 2021	1.1409	1.14	1.1391
07 Sep 2021	1.1476	1.15	1.1458
08 Sep 2021	1.1415	1.14	1.1397
09 Sep 2021	1.1287	1.13	1.1269
10 Sep 2021	1.1294	1.13	1.1276
13 Sep 2021	1.1296	1.13	1.1278
14 Sep 2021	1.1296	1.13	1.1278
15 Sep 2021	1.1275	1.13	1.1257

Top 10 equity longs (%)

Name	Country	Weight
Facebook	United States	4.3
Microsoft	United States	3.6
Tencent	China/HK	3.6
Siemens	Germany	3.5
Taiwan Semiconductor	Taiwan	2.7
Sanofi	France	2.7
Frontier Communications Parent	United States	2.6
UniCredit	Italy	2.3
Tesco	United Kingdom	2.3
Trip.com Group	China/HK	2.3

Sector exposure (%)²

Sector	Long	Short	Net
Software/Internet	23.9	-2.6	21.3
Industrials/Materials	13.8	-2.0	11.7
Financials	11.7	0.0	11.7
Hardware	9.8	-0.7	9.1
Retail	9.0	-1.9	7.1
Infra./REITS/Communications	7.5	-0.6	6.9
Healthcare	7.0	-0.2	6.7
Housing/Durables	4.4	-0.7	3.7
Energy/Ind. Services	3.9	-0.2	3.7
Consumer & Commercial Services	2.8	-0.2	2.5
Staples	2.5	-0.4	2.1
Other	1.2	-5.5	-4.3

Currency exposure (%)¹ ²

ISO	Long equity	Currency	Difference
AUD	1.2	5.9	4.7
USD	38.3	42.9	4.6
JPY	4.9	7.5	2.5
KRW	3.6	5.5	1.8
NOK	0.7	1.3	0.6
SEK	0.2	0.8	0.5
GBP	3.8	3.9	0.0
CAD	2.9	2.9	0.0
INR	1.6	1.6	0.0
TWD	4.5	4.5	0.0
EUR	20.7	18.8	-1.9
HKD	0.0	-2.9	-2.9
CNY	12.5	7.3	-5.2

Regional exposure (%)¹ ²

Region	Long	Bold
North America	41.2	1
Western Europe	24.8	1
- Eurozone	20.0	0
- United Kingdom	3.8	0
- Rest Western Europe	0.9	0
Developing Asia	14.0	1
- China/Hong Kong	12.4	0
- India	1.6	0
Developed Asia	13.0	1
- Korea/Taiwan	8.1	0
- Japan	4.9	0
Australia	1.2	1
Total Equities	94.2	1
Cash	5.8	1
Totals	100.0	1

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

Monthly updates

Antipodes Global Fund PIE Monthly Report

For historical reports, please visit iisolutions.co.nz/fund-fact-sheets

Quarterly updates

For historical reports, please visit iisolutions.co.nz/fund-updates

How to invest

Contact your Authorised Financial Adviser (AFA).
Contact David Batty, Director Distribution – New Zealand, Pinnacle Investment Management Limited. david.batty@pinnacleinvestment.com.
Email contact@iisolutions.co.nz for an application form.