{ "schemaVersion": "1.1", "canonicalUrl": "https://managedfunds.nz/funds/antipodes/global-long/", "fetchedAt": "2026-06-20T08:25:17.192Z", "fund": { "slug": "global-long", "name": "Antipodes Global Fund – Long (PIE)", "managerSlug": "antipodes", "category": "international-equities", "riskProfile": null, "isPie": true, "isEtf": null, "ticker": null, "isHedged": null, "isResponsibleInvestment": null, "isThematic": null, "isFifNotPie": null, "shortDescription": null, "availableVia": [ "direct" ], "dataStatus": "pending-ingestion" }, "manager": { "slug": "antipodes", "name": "Antipodes", "legalName": null, "parent": null, "website": "https://www.antipodes.com", "hq": "Sydney" }, "category": { "slug": "international-equities", "name": "International Equities", "shortName": "International Equities" }, "metrics": { "status": "ok", "matchScore": 2.4000000000000004, "sortedFundName": "ANTIPODES GLOBAL FUND (PIE)", "sortedManager": "FUNDROCK NZ LIMITED fundrock.com", "sortedUrl": "https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH12434/OFR12435/FND10396/", "fetchedAt": "2026-05-22T02:52:03.801Z", "source_doc": "sorted/SCH12434/OFR12435/FND10396", "source_doc_date": "2026-05-22", "source_doc_url": "https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH12434/OFR12435/FND10396/", "source_tier": "C", "riskIndicator": 4, "annualFundChargePct": 1.21, "peerAvgFeePct": null, "fiveYearReturnPct": 12.55, "peerAvg5YearReturnPct": 3.77, "growthAssetsPct": 0, "incomeAssetsPct": 1, "fundSizeNzd": 133390161, "pdsUrl": "/disclose-document/mdod583b396aa77707ebdc90bfd2a953ea7/20250903-Antipodes-PDS.pdf", "strategySummary": "“\n 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 may be used to establish short positions in securities or market indices and to gain or reduce exposure to currencies where Antipodes sees attractive opportunities and also to offset specific unwanted portfolio risks and provide some protection from unexpectedly large movements in the", "topHoldings": [ { "asset": "Amazon.Com, Inc.", "assetClass": "Shares", "type": "International Equities", "country": "US", "weightPct": 5.16 }, { "asset": "Microsoft Corporation", "assetClass": "Shares", "type": "International Equities", "country": "US", "weightPct": 3.7 }, { "asset": "Total SA", "assetClass": "Shares", "type": "International Equities", "country": "FR", "weightPct": 3.19 }, { "asset": "Merck & Co., Inc.", "assetClass": "Shares", "type": "International Equities", "country": "US", "weightPct": 3.18 }, { "asset": "Brookdale Senior Living Inc.", "assetClass": "Shares", "type": "International Equities", "country": "US", "weightPct": 2.85 }, { "asset": "Keysight Technologies Inc", "assetClass": "Shares", "type": "International Equities", "country": "US", "weightPct": 2.76 }, { "asset": "Barrick Mining Corporation", "assetClass": "Shares", "type": "International Equities", "country": "CA", "weightPct": 2.5 }, { "asset": "Taiwan Semiconductor Manufacturing Co., Ltd.", "assetClass": "Shares", "type": "International Equities", "country": "TW", "weightPct": 2.45 }, { "asset": "Capital One Financial Corporation", "assetClass": "Shares", "type": "International Equities", "country": "US", "weightPct": 2.12 }, { "asset": "Societe Generale S.A. Class A", "assetClass": "Shares", "type": "International Equities", "country": "FR", "weightPct": 2.03 } ], "fundStartDate": "25 July 2018", "minimumInvestmentNzd": 25000, "documents": [ { "label": "ANTIPODES GLOBAL FUND (PIE) (FND10396) Full portfolio holdings 31 March 2026.xlsx Download the full portfolio holdings. XLSX, 6.48 KB", "href": "https://smartinvestor.sorted.org.nz/disclose-document/full-portfolio/FND10396/ANTIPODES-GLOBAL-FUND-PIE-FND10396-Full-portfolio-holdings-31-March-2026.xlsx" }, { "label": "20250903 Antipodes PDS.pdf How this investment works, including about the provider, risks, costs and potential returns PDF, 281.34 KB", "href": "https://smartinvestor.sorted.org.nz/disclose-document/mdod583b396aa77707ebdc90bfd2a953ea7/20250903-Antipodes-PDS.pdf" }, { "label": "20260331 Antipodes Global Fund (PIE) QFU.pdf The quarterly update published by the provider PDF, 474.70 KB", "href": "https://smartinvestor.sorted.org.nz/disclose-document/a12f24204c098601/20260331---Antipodes-Global-Fund-%28PIE%29---QFU.pdf" }, { "label": "20250903 Antipodes OMI.pdf Other Material Information Document PDF, 571.28 KB", "href": "https://smartinvestor.sorted.org.nz/disclose-document/mdo1ed99a2ffc982f5153eb93c5f728d4cb/20250903-Antipodes-OMI.pdf" }, { "label": "Antipodes Investment Funds SIPO 8 August 2025.pdf Statement of investment policy and objectives PDF, 228.37 KB", "href": "https://smartinvestor.sorted.org.nz/disclose-document/mdo3ea013c53018ed59028039fec389d96e/Antipodes-Investment-Funds-SIPO-8-August-2025.pdf" } ], "_note": "Sorted shows this fund's fees as dollar amounts ($363 on $30k = 1.21% all-in incl. performance fees past 12 months) — the dollar format isn't picked up by the standard %-extract regex. Renamed to 'Antipodes Global Value Fund (PIE)' on 2024-12-03; we keep the original name in funds.ts to match InvestNow's listing. Performance-fee structure: 15% above MSCI ACWI in NZD, high water mark, paid annually 30 June.", "annualFundChargeNote": "Includes performance fees attributed in the past 12 months. Base management fee is lower; performance fee is 15% of excess return above MSCI ACWI (NZ$) with high-water mark." }, "pdsExtract": { "fund_name": "Antipodes Global Fund (PIE)", "objective": "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": "MSCI All Country World Index (Net Total Return) (in New Zealand Dollar Terms)", "risk_indicator": 4, "is_pie": true, "is_hedged": true, "asset_allocation": { "growth_assets_pct": null, "income_assets_pct": null, "equities_pct": 100, "fixed_income_pct": null, "cash_pct": null, "property_pct": null, "other_pct": null }, "fees": { "annual_fund_charge_pct": 1.23, "performance_fee_pct": null, "performance_fee_terms": "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.", "buy_spread_bps": 7.5, "sell_spread_bps": 7.5, "member_fee_nzd": null }, "minimum_investment_nzd": 25000, "minimum_subsequent_nzd": 5000, "distribution_frequency": "none", "source_paragraph": "The Fund provides exposure to a diversified portfolio of international shares which is actively managed. In addition to holding \"long\" positions in international shares, the Fund may also short sell securities, hold cash, lever its assets and use active currency management to generate returns. The investment objective of the Fund is 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).", "_match": { "score": 1, "extractFundName": "Antipodes Global Fund (PIE)", "ourFundName": "ANTIPODES GLOBAL FUND (PIE)" }, "_provenance": { "scheme_id": "SCH12434", "source_doc_url": "https://smartinvestor.sorted.org.nz/disclose-document/mdod583b396aa77707ebdc90bfd2a953ea7/20250903-Antipodes-PDS.pdf", "source_doc_date": "2025-09-02", "source_tier": "A", "pdf_hash": "7e88922493eaa6e1f9aada3a1a934113e7554cd465db27699ca617f180a2acdf", "extracted_at": "2026-05-27T23:16:13.168Z" } }, "sipoExtract": { "scheme_policies": { "investment_philosophy": "Antipodes is a pragmatic value manager that specialises in global and emerging markets equities (long only and long-short). Founded in 2015, Antipodes has adopted a multidisciplinary approach that seeks to deliver attractive risk-adjusted returns over the long-term. As an active manager, Antipodes' investment approach is unconstrained by an index and results in high conviction portfolios.", "responsible_investment_approach": null, "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.", "rebalancing_policy": "As single-sector funds, there is no need for a rebalancing policy.", "currency_hedging_policy": "All Funds target a position of being unhedged (to New Zealand dollars).", "liquidity_policy": "The Funds invest predominantly in liquid investments and hence have daily applications and redemptions. If a Fund were to experience liquidity problems the Manager may defer or suspend redemptions for a period of time." }, "scheme": { "scheme_name": "Antipodes Investment Funds", "manager_name": "FundRock NZ Limited", "sipo_version_date": "2025-08-08", "sipo_review_cadence": "annually" }, "fund": { "fund_name": "Antipodes Global Fund (PIE)", "objective_verbatim": "To achieve absolute returns in excess of the returns of the MSCI All Country World Index (Net Return) (in New Zealand Dollar Terms) over the investment cycle (typically 3-5 years).", "benchmark": "MSCI All Country World Index (Net Return) (in New Zealand Dollar Terms)", "investment_horizon_years": 3, "permitted_assets": [ "International equities", "Cash and cash equivalents", "Derivative instruments including currency instruments", "Managed investment schemes" ], "asset_allocation_ranges": [ { "asset_class": "Shares in the Antipodes Global Fund - UCITS", "target_pct": null, "min_pct": 95, "max_pct": 105 }, { "asset_class": "Funding account (NZ dollar cash and cash equivalents)", "target_pct": null, "min_pct": -5, "max_pct": 5 } ], "exclusions": [], "tilts": [], "performance_objective": "Absolute returns in excess of the MSCI All Country World Index (Net Return) (in New Zealand Dollar Terms) over the investment cycle (typically 3-5 years).", "tracking_error_target": null, "source_paragraph": "To achieve absolute returns in excess of the returns of the MSCI All Country World Index (Net Return) (in New Zealand Dollar Terms) over the investment cycle (typically 3-5 years). The Fund invests in the Antipodes Global Fund - UCITS. The Underlying Fund's investment exposure is predominantly to a broad range of international shares listed on stock exchanges in developed and emerging markets." }, "_match": { "score": 1, "extractFundName": "Antipodes Global Fund (PIE)", "ourFundName": "ANTIPODES GLOBAL FUND (PIE)" }, "_provenance": { "scheme_id": "SCH12434", "doc_type": "sipo", "source_doc_url": "https://smartinvestor.sorted.org.nz/disclose-document/mdo3ea013c53018ed59028039fec389d96e/Antipodes-Investment-Funds-SIPO-8-August-2025.pdf", "source_doc_date": "2025-08-08", "source_tier": "A", "pdf_hash": "f26a118411479ae4f30207ffc46d8a4a4e847095310ec3ef9cd303e581d51af4", "extracted_at": "2026-05-28T00:06:19.644Z" } }, "omiExtract": { "_provenance": { "scheme_id": "SCH12434", "doc_type": "omi", "source_doc_url": "https://smartinvestor.sorted.org.nz/disclose-document/mdo1ed99a2ffc982f5153eb93c5f728d4cb/20250903-Antipodes-OMI.pdf", "source_doc_date": "2025-09-02", "source_tier": "A", "pdf_hash": "06b6f45fa602fdf69b693632c4ddccf2ffdc7354f86f3b2a544efa0859e47127", "extracted_at": "2026-05-28T00:04:30.534Z" }, "scheme": { "scheme_name": "Antipodes Investment Funds", "manager_name": "FundRock NZ Limited", "omi_version_date": "2025-09-03" }, "related_party_transactions": [ { "counterparty": "Apex Investment Administration (NZ) Limited", "relationship": "Both FundRock NZ Limited and Apex NZ are ultimately owned by Apex Group Limited (common ultimate parent)", "nature": "Administration services including unit pricing, fund accounting, and registry services", "fee_or_rate": null }, { "counterparty": "Antipodes Partners Limited (affiliate managing Underlying Funds)", "relationship": "Affiliate of the Investment Manager; Investment Manager invests Fund assets into Underlying Funds managed by this affiliate", "nature": "Investment management of Underlying Funds (Antipodes Global Fund – UCITS, Antipodes Global Fund – Long – UCITS, and Antipodes Emerging Markets)", "fee_or_rate": null } ], "conflicts_of_interest": [ "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." ], "fee_waivers": [ { "fund_name": null, "description": "We may waive or decrease the estimated annual fund charges without notice.", "expires": null }, { "fund_name": null, "description": "We may decrease or waive the management fee for any Fund at any time without notice.", "expires": null }, { "fund_name": null, "description": "We may, in our absolute discretion, rebate the buy and sell spreads and/or estimated annual fund charges (which includes management fees) by agreement with an investor or a group of investors.", "expires": null } ], "performance_fee_mechanics": [ { "fund_name": "Antipodes Global Fund (PIE)", "hurdle_verbatim": "MSCI All Country World Index (Net Return) (in New Zealand Dollar Terms)", "high_water_mark": true, "high_water_mark_reset_terms": "Any previous negative performance fee accruals generated when the Fund underperformed the benchmark must have been recovered before the Investment Manager is paid the performance fee; no explicit reset or perpetual terms stated beyond this recovery requirement.", "crystallisation_cadence": "annually as at 30 June each year", "cap_pct": null, "performance_fee_terms_full": "The performance fee is equal to 15% of the difference between the Fund's return (net of management fees) and its benchmark's return, multiplied by the net asset value of the Fund. The performance fee is calculated and accrued each business day and if due is paid annually as at 30 June each year. The Investment Manager will only be paid the performance fee if the Fund's net daily performance fee accrual is positive. That is, any previous negative performance fee accruals generated when the Fund underperformed the benchmark must have been recovered. The proceeds received by investors for units redeemed during a calculation period will be net of any payable performance fees accrued. Where the accrued performance fee is negative and units are withdrawn, the accrued performance fee will be proportionately adjusted." }, { "fund_name": "Antipodes Global Value Fund (PIE)", "hurdle_verbatim": "MSCI All Country World Index (Net Return) (in New Zealand Dollar Terms)", "high_water_mark": true, "high_water_mark_reset_terms": "Any previous negative performance fee accruals generated when the Fund underperformed the benchmark must have been recovered before the Investment Manager is paid the performance fee; no explicit reset or perpetual terms stated beyond this recovery requirement.", "crystallisation_cadence": "annually as at 30 June each year", "cap_pct": null, "performance_fee_terms_full": "The performance fee is equal to 15% of the difference between the Fund's return (net of management fees) and its benchmark's return, multiplied by the net asset value of the Fund. The performance fee is calculated and accrued each business day and if due is paid annually as at 30 June each year. The Investment Manager will only be paid the performance fee if the Fund's net daily performance fee accrual is positive. That is, any previous negative performance fee accruals generated when the Fund underperformed the benchmark must have been recovered. The proceeds received by investors for units redeemed during a calculation period will be net of any payable performance fees accrued. Where the accrued performance fee is negative and units are withdrawn, the accrued performance fee will be proportionately adjusted." }, { "fund_name": "Antipodes Emerging Markets Fund (PIE)", "hurdle_verbatim": "MSCI Emerging Market Index (Net Return) (in New Zealand Dollar Terms)", "high_water_mark": true, "high_water_mark_reset_terms": "Any previous negative performance fee accruals generated when the Fund underperformed the benchmark must have been recovered before the Investment Manager is paid the performance fee; no explicit reset or perpetual terms stated beyond this recovery requirement.", "crystallisation_cadence": "annually as at 30 June each year", "cap_pct": null, "performance_fee_terms_full": "The performance fee is equal to 15% of the difference between the Fund's return (net of management fees) and its benchmark's return, multiplied by the net asset value of the Fund. The performance fee is calculated and accrued each business day and if due is paid annually as at 30 June each year. The Investment Manager will only be paid the performance fee if the Fund's net daily performance fee accrual is positive. That is, any previous negative performance fee accruals generated when the Fund underperformed the benchmark must have been recovered. The proceeds received by investors for units redeemed during a calculation period will be net of any payable performance fees accrued. Where the accrued performance fee is negative and units are withdrawn, the accrued performance fee will be proportionately adjusted." } ], "material_risks_not_in_pds_summary": [ { "risk_name": "Concentration risk", "description": "When investments in an Underlying Fund are concentrated in a smaller number of securities than the broader market index, the unit price of the Fund may be more volatile than the return of the benchmark. The Underlying Funds have both security and sector limits relative to the market index which aim to manage this risk by ensuring satisfactory diversification." }, { "risk_name": "Collateral risk", "description": "The Underlying Fund may pledge collateral as security to a counterparty, which may present risk of loss of that collateral. Risks include the security being forfeited in the event of a default event of an agreement, or the credit risk of the counterparty. In the event the counterparty or clearer becomes insolvent at a time it holds collateral posted by the Underlying Fund, the Underlying Fund will be an unsecured creditor and will rank behind preferred creditors." }, { "risk_name": "Small Company risk", "description": "Investing in securities of smaller companies may be riskier than investing in larger, more established companies. Smaller companies may have limited financial resources, a less established market for their shares, and fewer shares issued. This can cause the share prices of smaller companies to fluctuate more than those of larger companies. The market for the shares of small companies may be less liquid." }, { "risk_name": "Income risk", "description": "The Antipodes Emerging Markets Fund (PIE) may make payments (regular or irregular) as distributions, depending on the income the Fund receives from underlying assets. These may fluctuate significantly in their value with the ups and downs in the economic cycle and the fortunes of the issuing firm. Additionally, the aggregate effect of holding all assets simultaneously may result in risk due to the losses from other assets." }, { "risk_name": "Administration risk", "description": "This is the risk that instructions in relation to your investments in the Funds have not been accurately relayed or processed or that fraudulent instructions are acted upon. We, the Investment Manager, and the administration manager will follow reasonable electronic instructions in good faith. Whilst we cannot always detect fraudulent instructions, we will apply best endeavours to mitigate this risk." }, { "risk_name": "Counterparty risk", "description": "The risk of loss resulting from the insolvency or bankruptcy of a counterparty used by the Investment Manager to execute trades. Antipodes aims to keep this risk to a minimum by only selecting counterparties that it considers appropriate for each Fund and by regularly monitoring the counterparties." }, { "risk_name": "Regulatory risk", "description": "This is the risk that domestic or international laws or regulations are changed adversely or that regulatory supervision of transactions and reporting is performed by managers and their custodians at less than an appropriate standard. Regulatory risk is managed by us by regularly and closely reviewing changes in the law and seeking expert legal advice where necessary." }, { "risk_name": "Short selling risk", "description": "When the Investment Manager takes a short position, it is expected that the asset will depreciate, although there is a risk that the asset could appreciate. In this case, it is possible that the loss could exceed the amount initially invested, which is not the case with a long security." } ], "tax_disclosures": [ "The Funds have each elected to be a Portfolio Investment Entity (PIE fund).", "At the date of this document, the Funds calculate the taxable income accruing from the Underlying Funds, as foreign investment funds, using the Fair Dividend Rate (FDR) method.", "As multi-rate PIEs, the Funds will allocate their taxable income to investors and, where applicable, pay tax on allocated income on behalf of investors for an investor with a prescribed investor rate (PIR) greater than zero.", "Investors will not pay tax on distributions (if any) paid to investors from the Funds.", "The Underlying Funds may have foreign withholding tax deducted from income that they receive; however, withholding tax or income received by the Underlying Funds is not recognised under New Zealand tax law and therefore cannot be utilised against any PIE tax liability related to investments in the Funds.", "Under the FDR calculation, the benefit of tax deductibility of fees incurred within the Underlying Funds is minimal because of the dilution effect of calculating taxable income based on 5% of market value.", "If an investor is not a New Zealand resident, the investor's allocated income from the Funds will be taxed at 28%; FundRock will account to the IRD directly for tax on a non-resident investor's allocated income.", "If an investor does not provide their PIR, they will automatically be taxed at the maximum default rate of 28%.", "If an investor provides a PIR lower than the correct PIR, they may need to pay any tax shortfall, plus interest and penalties.", "Taxable income is attributed annually to 31 March, or at any time an investor withdraws all or part of their investment from the Funds.", "If there is a tax loss or there are excess tax credits allocated to an investor, these will generally be available to investors with a PIR other than 0% in the form of a rebate, re-invested by purchasing units or included in net proceeds on full withdrawal.", "For non-individual investors with a 0% PIR, the tax loss or excess credits may be available for offset in that investor's tax return against other income, with any excess available to carry forward.", "The Manager and Supervisor indemnity covers personal liability including PIE tax incurred by or on behalf of the Funds." ], "trustee_supervisor": "Public Trust", "auditor": "PricewaterhouseCoopers", "custodian": "Public Trust", "source_paragraphs": [ "The performance fee is equal to 15% of the difference between the Fund's return (net of management fees) and its benchmark's return, multiplied by the net asset value of the Fund. The performance fee is calculated and accrued each business day and if due is paid annually as at 30 June each year.", "Both we and the Scheme's administration manager, Apex NZ, are ultimately owned by Apex Group Limited. This common ownership may influence us to agree commercial terms with Apex NZ that are more favourable to Apex NZ than would otherwise be the case.", "Antipodes intends to invest the assets of the Funds into underlying offshore funds (called the Antipodes Global Fund – UCITS, Antipodes Global Fund – Long – UCITS, and the Antipodes Emerging Markets) established and managed by an affiliate of Antipodes Partners Limited." ], "_match": { "schemeId": "SCH12434", "ourFundName": "ANTIPODES GLOBAL FUND (PIE)", "scope": "scheme-level" } }, "sources": { "fmaDisclose": "https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Antipodes%20Global%20Fund%20%E2%80%93%20Long%20(PIE)", "sortedSmartInvestor": "https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH12434/OFR12435/FND10396/", "productDisclosureStatement": "/disclose-document/mdod583b396aa77707ebdc90bfd2a953ea7/20250903-Antipodes-PDS.pdf", "pdsExtractSource": "https://smartinvestor.sorted.org.nz/disclose-document/mdod583b396aa77707ebdc90bfd2a953ea7/20250903-Antipodes-PDS.pdf", "sipoExtractSource": "https://smartinvestor.sorted.org.nz/disclose-document/mdo3ea013c53018ed59028039fec389d96e/Antipodes-Investment-Funds-SIPO-8-August-2025.pdf", "omiExtractSource": "https://smartinvestor.sorted.org.nz/disclose-document/mdo1ed99a2ffc982f5153eb93c5f728d4cb/20250903-Antipodes-OMI.pdf" }, "licence": { "reuse": "Citation with link-back to canonicalUrl required. No paid redistribution.", "contact": "hello@managedfunds.nz" } }