CFML Antipodes Global Fund

About this Fund

Fund Detail

PDS https://informedinvestor.com.au/view/pds/101682-2023-05-06-02:20.pdf
FUND MANAGER Antipodes Partners
ASX Code
INVESTMENT STYLE The Fund provides a diversified exposure to listed international equities, including both developed and emerging market equities.
INVESTMENT PROFILE The Fund aims to provide a total return (before the deduction of fees, charges and tax) that exceeds the return from its Benchmark over the investment cycle (typically 3 to 5 years).
BENCHMARK MSCI All Country World Net Index (AUD)
FUND SIZE MSCI All Country World Net Index (AUD)
FEES 1.21% p.a.



Benefits of investing in the CFML Antipodes Global Fund

Investing in the Fund offers investors a range of benefits.

  • Investing in the Fund means that your money is pooled together with that of other investors, allowing you to hold a diversified portfolio of international shares which is not often available to you as an individual investor with small amounts to invest.
  • Investment via the Fund gives you access to a well resourced and experienced team of the underlying investment manager that is focused on selecting assets on your behalf in order to deliver attractive long term returns.
  • Further, investing in international shares offers Australian based investors an exposure to a much wider range of companies and industries than can be accessed in the Australian market. Investing in international shares can also bring exposure to international currencies in which the purchased shares are denominated. This may at times help reduce risk if the currency and equity returns are uncorrelated, but may also reduce returns and capital value if the Australian dollar appreciates materially against foreign currencies. The Fund may be currency hedged, depending upon the underlying fund manager's judgement as to what the appropriate currency hedge ratio should be. The Fund will generally have some foreign exchange exposure; the exact amount will vary with the underlying fund's targeted hedging ratio.
  • International shares are classified as a growth asset class and should over the longer term deliver capital gains. The underlying fund also earns income from dividends which will be assessed on an annual basis for payment to investors.

Risk level


Investor suitability

This Fund is suitable for investors seeking capital growth, with some income, who have long term investment goals and a tolerance for high levels of volatility.




Key Features

About the Fund

The Fund provides a diversified exposure to listed international equities through a carefully selected portfolio of investments, including both developed and emerging market equities. Although currency exposure will be actively managed, the Fund's neutral exposure will be currency unhedged. The Fund will also provide exposure to shorting, both at the stock level and using index derivatives, for risk management and to add value. The Fund can have a net equity exposure of 50 to 100% (including equity derivatives). The Fund obtains this exposure by investing in the Antipodes Global Fund (underlying fund).

The Fund's objective is to provide a total return (before the deduction of fees, charges and tax) that exceeds the return from its benchmark, the MSCI All Country World Net Index (AUD), over the investment cycle (typically 3 to 5 years).


How we invest your money

The Fund aims to outperform the benchmark by gaining exposure to long and short positions in international equities (investment strategy). The Fund gains exposure to a long/short investment strategy through an investment in the Antipodes Global Fund (underlying fund), which has the same investment strategy as the Fund.

Description of the underlying fund

The underlying fund is the Antipodes Global Fund, where Pinnacle Fund Services Limited (Pinnacle) is the responsible entity. Pinnacle have appointed Antipodes Partners Limited to manage the investment assets across the underlying fund.

Antipodes Partners seeks to take advantage of the market's tendency for irrational extrapolation in response to changes in the operating environment, identify great businesses that are not valued as such and build high conviction portfolios with a capital preservation focus. Whilst the underlying fund primarily invests in international equities, the underlying fund's constitution permits a wide range of investments including but not limited to: cash and deposits; fixed income and debt securities; company securities other than shares (including options, convertible notes, rights and debentures); derivatives - exchange traded and over-the-counter; currency contracts; interests in managed investment schemes and collective investment vehicles; unlisted securities and securities that are not traded on a recognised market; bullion, land and other physical commodities.

The underlying fund will typically have a net equity exposure of 50 to 100% and typically invests in a select number of attractively valued companies listed on global equity markets (usually between 20 and 60). Equity shorts and currency positions may be used where the underlying investment manager sees attractive opportunities and also to offset specific unwanted portfolio risks and provide some protection from tail risk. Derivatives may also be used to amplify high conviction ideas.

Asset classes and asset allocation ranges for the underlying fund

  • International shares: net exposure 50% to 100% (gross exposure 150%)
  • Cash: 0% to 50%
  • Currency hedge ratio: 0% to 100%