The Antipodes Global Fund – Long – Ucits was launched with $55m (£39m, €45m) of cornerstone assets.
It is the second sub-fund of the Pinnacle Icav, a Dublin-based Ucits umbrella distributed by Australian multi-boutique platform Pinnacle Investment Management.
The Long – Ucits is a high conviction portfolio of around 30-60 major long holdings – with more than 45% of assets allocated to developed Asia and developing Asia.
The portfolio has a major underweight to the US.
It follows the same investment strategy, philosophy and process as the Antipodes Global Fund – Ucits, which was unveiled in 2017, but without the short equity exposure.
Investment strategy
Antipodes Partners builds high-conviction portfolios and focuses on capital preservation, with the aim to deliver consistent alpha at lower levels of risk than the overall market.
Its investment process seeks to take advantage of the market’s tendency for irrational extrapolation in the identification of investments offering a high margin of safety.
With a 17-strong investment team, Antipodes Partners opened a dedicated office in London last year, its first location outside of Australia.
“At the core of our investment philosophy, we seek in our long investments both attractively priced businesses that offer margin of safety, as well as investment resilience characterised by multiple ways of winning,” company founder Jacob Mitchell 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.”
Antipodes Partners, which has run a dedicated long-only global equity strategy for Australian-based investors since the firm’s inception, manages $1.1bn in long-only global equities.
Overall, the firm runs more than $5.2bn in global equities.
