The firm announced the launch of a Dublin-based Antipodes Global Fund – Long – Ucits which is the second sub-fund to be distributed by Pinnacle Investment Management, an Australian platform.
It follows the first Antipodes Global fund which launched in 2017, ahead of the firm’s plans to expand its dedicated London office – the first outside Australia.
The new fund replicates the investment strategy, philosophy and process as the first, but without the short equity exposure.
With $55m (£38m) in assets since it launched, the fund has a high-conviction portfolio with 30 to 60 holdings and more than 45% of assets allocated to Asia.
The portfolio also has a major underweight to the US, which is the dominant geographic weight in the benchmark.
Antipodes founder Jacob Mitchell (pictured) said the core of the investment philosophy is to seek attractively priced businesses that “offer margin of safety” and “multiple ways of winning”.
He said: “While the investment case will always be predicated on idiosyncratic stock factors such as competitive dynamics, product cycles, management and regulatory outcomes, we seek to amplify the investment case by taking advantage of style biases and macroeconomic risks and opportunities.”
Additionally, Antipodes, which Mitchell launched in 2015, has run a long-only global equity fund for Australian-based investors since the firm’s inception and manages $1.1bn in long-only global equities.
Overall, the firm runs more than $5.2bn in global equities.
The Australian version of the strategy returned 47.9% since inception in July 2015 to the end of February 2018, compared to 28.7% for the MSCI AC World Net Index benchmark.
