Antipodes Global Fund – Long (PIE)
Managed by Antipodes Antipodes Global Fund – Long (PIE) is a international equities managed fund operated by Antipodes; PIE-structured; FMA risk indicator 4/7. Headline terms: annual fund charge 1.23% · minimum investment NZ$25,000 · distributions no distributions (accumulating). Compared with 81 other same-category funds on this site, the 1.23% annual fund charge sits above the same-category median of 0.61%.
PIE tax treatment — capped at your PIR (max 28%)
This fund is a Portfolio Investment Entity (PIE) under Subpart HM of the Income Tax Act 2007. Income is taxed at your Prescribed Investor Rate (10.5% / 17.5% / 28%), not your marginal income-tax rate. The fund manager calculates and pays the tax on your behalf — when your PIR is correct, you usually don't need to declare PIE income in your annual tax return. See our PIR guide and PIE tax basics for the full picture, or use the PIR calculator to confirm your rate.
Annual fund charge
1.21%
Risk indicator
4/7
1 = lower risk · 7 = higher risk
5-year return p.a.
12.55%
peer avg 3.77%
Fund size
NZ$133.4m
0% growth · 1% income
To achieve absolute returns in excess of the returns of the MSCI All Country World Index (Net Total Return) (in New Zealand Dollar Terms) over the investment cycle (typically 3-5 years).
Benchmark track record
Compare International Equities consistency →How Antipodes Global Fund – Long (PIE) performed against its own market-index benchmark each year, after fees and tax — from the FMA fund-update dataset. Historical track record, not current-year performance; past performance is not a guide to the future.
Beat its benchmark in 1 of 4 years
annual returns to 31 March 2026Since inception: 2.47% p.a. after fees & tax vs benchmark 7.76%.
How Antipodes Global Fund – Long (PIE) differs
Factual contrasts drawn from the PDS, SIPO and latest portfolio holdings — no opinion.
- Benchmark
- MSCI All Country World Index (Net Total Return) (in New Zealand Dollar Terms)
- Top 3 holdings
- Amazon.Com, Inc. (5.2%) · Microsoft Corporation (3.7%) · Total SA (3.2%)
Key facts
Fund start date
25 July 2018
Min. investment
NZ$25,000
Subsequent: NZ$5,000
Distributions
No distributions (accumulating)
Buy / sell spread
7.5 bps (0.07%) / 7.5 bps (0.07%)
Transaction cost on subscription / redemption
Tax structure
PIE
Capped at your PIR (max 28%)
Performance fee
From the Product Disclosure Statement.
15% of the Fund's performance above the Benchmark Index (MSCI All Country World Index (Net Return) (in New Zealand Dollar Terms)), calculated daily and paid annually as at 30 June each year, subject to a high water mark.
Investment policy
From the Statement of Investment Policy and Objectives (SIPO).
Strategic asset allocation ranges
| Asset class | Target | Min | Max |
|---|---|---|---|
| Shares in the Antipodes Global Fund - UCITS | — | 95% | 105% |
| Funding account (NZ dollar cash and cash equivalents) | — | -5% | 5% |
Derivatives policy
Derivatives may be used to establish short positions in securities or market indices, gain or reduce exposure to currencies, offset specific unwanted portfolio risks, and amplify positions. The Underlying Fund's total gross exposure may be leveraged to a maximum of 200% of Net Asset Value, with net exposure typically within 50%-100% of Net Asset Value.
Reading between the lines
Plain-English summary of the scheme's disclosed conflicts and performance-fee mechanics, drawn from the OMI and PDS. Factual restatement — no opinion.
- FundRock NZ discloses that both it and the scheme's administrator Apex NZ share the same ultimate parent, Apex Group Limited, which could lead FundRock to agree commercial terms favouring Apex NZ over investors.
- Antipodes Partners Limited acts as investment manager for these funds while also managing the underlying UCITS and emerging markets funds into which investor money is placed, creating a disclosed conflict between its duties to each investor group.
- Each of the three funds charges a performance fee of 15% of returns above its respective MSCI benchmark index, calculated daily and paid annually each 30 June, subject to a high water mark.
Generated 2026-05-28 from Antipodes Investment Funds OMI (dated 2025-09-02). The verbatim disclosures appear in full below — this summary is a navigation aid, not a substitute.
Scheme disclosures
From the Other Material Information (OMI) document. Scheme-level — applies to every fund in this scheme.
Trustee / Supervisor
Public Trust
Auditor
PricewaterhouseCoopers
Custodian
Public Trust
Conflicts disclosed
2
In OMI
Conflicts of interest disclosed in OMI
- Antipodes Partners Limited, as Investment Manager for the Funds (representing a single investor into the Underlying Funds), may have a potential conflict with its affiliate managing the Underlying Funds (representing all investors in the Underlying Funds).
- Both FundRock NZ Limited and the Scheme's administration manager Apex NZ are ultimately owned by Apex Group Limited, which may influence FundRock to agree commercial terms with Apex NZ that are more favourable to Apex NZ than would otherwise be the case, potentially benefiting Apex NZ at the expense of investors.
How this fund compares to peers
Mechanical comparison vs the 81 other international equities funds in our cohort. Source: FMA Disclose register via Sorted Smart Investor. Past performance is not a reliable indicator of future returns.
Annual fund charge
1.21%
Category median: 0.61%
Pricier than most peers (top 79% by fee)
5y return p.a. (after fees)
+12.55%
Category median: +8.31%
Higher than 85% of peers
Fund size
NZ$133.4m
Category median: NZ$95.7m
58th percentile by AUM
Illustrative 5y fee impact on a sample balance of $10,000
$591
Compounded charge over 5 years (excl. returns)
$289 more than peer median
Read the full fee-vs-peers breakdown →
Mechanical scores only — no opinion or recommendation. Different funds suit different investor goals. ManagedFundsNZ is not a Financial Advice Provider. Read the current PDS and consider speaking to a licensed financial adviser.
Top 10 holdings
As at the latest published quarterly fund update (via Sorted Smart Investor).
| Holding | % of fund |
|---|---|
 Amazon.Com, Inc. | 5.16% |
 Microsoft Corporation | 3.70% |
| TO Total SA | 3.19% |
| MC Merck & Co., Inc. | 3.18% |
| BS Brookdale Senior Living Inc. | 2.85% |
| KT Keysight Technologies Inc | 2.76% |
| BM Barrick Mining Corporation | 2.50% |
 Taiwan Semiconductor Manufacturing Co., Ltd. | 2.45% |
| CO Capital One Financial Corporation | 2.12% |
| SG Societe Generale S.A. Class A | 2.03% |
Documents
Every dated PDS, quarterly fund update and full-portfolio holdings file. Linked from the FMA Disclose register via Sorted Smart Investor.
- ANTIPODES GLOBAL FUND (PIE) (FND10396) Full portfolio holdings 31 March 2026.xlsx Download the full portfolio holdings. XLSX, 6.48 KB
- 20250903 Antipodes PDS.pdf How this investment works, including about the provider, risks, costs and potential returns PDF, 281.34 KB
- 20260331 Antipodes Global Fund (PIE) QFU.pdf The quarterly update published by the provider PDF, 474.70 KB
- 20250903 Antipodes OMI.pdf Other Material Information Document PDF, 571.28 KB
- Antipodes Investment Funds SIPO 8 August 2025.pdf Statement of investment policy and objectives PDF, 228.37 KB
About this category
Funds investing in shares listed outside Australasia. Includes broad global trackers, regional funds, ESG-focused strategies, and theme funds covering automation, healthcare, water and other sectors.
About Antipodes
Australian global-equities manager with a long-bias PIE fund offered to NZ investors.
See all funds from Antipodes →Common questions
Questions people ask about Antipodes Global Fund – Long (PIE)
Drawn from Google's "People also ask" panel and answered with reference to the fund's filed PDS, Fund Update and FMA Disclose data. Not personal financial advice — for guidance specific to your situation, consult an authorised financial adviser.
Is a global equity fund a good investment?
Global equity funds invest in shares of companies across international markets and carry market risk; suitability depends on your investment timeframe, risk tolerance, and financial goals. The Antipodes Global Fund – Long is classified at risk indicator 4/7 on the FMA standardised scale and has returned 12.55% p.a. after fees (before tax) over five years as at the latest QFU; past returns do not guarantee future performance.
Are global mutual funds a good investment?
Global mutual funds (managed funds) provide diversified exposure to international equities and are subject to fund manager fees and market risk. The Antipodes Global Fund – Long charges 1.21% p.a. in annual fund charges and has delivered 12.55% p.a. after fees (before tax) over five years as at the latest QFU; whether this suits your needs depends on your investment objectives and risk appetite.
Head-to-head
Compare Antipodes Global Fund – Long (PIE) with…
Side-by-side numbers — fees, returns, risk, fund size, asset mix.
Peer funds
Other International Equities funds
FMA risk band
Same risk band (4/7)
See every NZ retail managed fund with the same standardised FMA risk indicator. Useful for peer-checking volatility-comparable funds outside this category.
View risk band 4 funds →AI & integrations
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Frequently asked questions
Mechanical Q&A grounded in the fund's PDS, SIPO, and latest QFU on the FMA Disclose register. Verify against the source before relying on any of this.
Who manages the Antipodes Global Fund – Long (PIE)?
Antipodes Global Fund – Long (PIE) is managed by Antipodes. Australian global-equities manager with a long-bias PIE fund offered to NZ investors.
What asset class is the Antipodes Global Fund – Long (PIE)?
It is a international equities managed fund. Funds investing in shares listed outside Australasia. Includes broad global trackers, regional funds, ESG-focused strategies, and theme funds covering automation, healthcare, water and other sectors.
What are the fees for the Antipodes Global Fund – Long (PIE)?
The annual fund charge for the Antipodes Global Fund – Long (PIE) is 1.21% p.a., as reported in the latest Quarterly Fund Update sourced from the FMA Disclose register. Always check the current PDS for any additional fees.
What is the risk indicator for the Antipodes Global Fund – Long (PIE)?
The risk indicator is 4/7 on the standardised FMA-mandated scale, where 1 is lower risk and 7 is higher risk. The risk indicator is calculated from the fund's price volatility over the past five years and is published in every Quarterly Fund Update.
Is the Antipodes Global Fund – Long (PIE) a PIE fund?
Yes. The Antipodes Global Fund – Long (PIE) is structured as a New Zealand Portfolio Investment Entity (PIE). Investor tax on the fund's income is capped at the investor's Prescribed Investor Rate (PIR), which has a maximum of 28%. Most NZ-resident retail investors with a taxable income at or below NZ$48,000 qualify for a lower PIR.
How big is the Antipodes Global Fund – Long (PIE)?
Fund size (assets under management) is NZ$133 million as at the latest Quarterly Fund Update. Asset mix is approximately 0% growth assets and 1% income assets.
What does the Antipodes Global Fund – Long (PIE) invest in?
The latest published top holdings are: Amazon.Com, Inc. (5.16%), Microsoft Corporation (3.70%), Total SA (3.19%). Holdings are disclosed in each Quarterly Fund Update; the full portfolio holdings file is also available via the FMA Disclose register.
How can I invest in the Antipodes Global Fund – Long (PIE)?
The Antipodes Global Fund – Long (PIE) is available via Antipodes directly. Always read the current Product Disclosure Statement before investing.
Is a global equity fund a good investment?
Global equity funds invest in shares of companies across international markets and carry market risk; suitability depends on your investment timeframe, risk tolerance, and financial goals. The Antipodes Global Fund – Long is classified at risk indicator 4/7 on the FMA standardised scale and has returned 12.55% p.a. after fees (before tax) over five years as at the latest QFU; past returns do not guarantee future performance.
Are global mutual funds a good investment?
Global mutual funds (managed funds) provide diversified exposure to international equities and are subject to fund manager fees and market risk. The Antipodes Global Fund – Long charges 1.21% p.a. in annual fund charges and has delivered 12.55% p.a. after fees (before tax) over five years as at the latest QFU; whether this suits your needs depends on your investment objectives and risk appetite.