# Antipodes Global Fund – Long (PIE)

> Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings.

- **Manager:** Antipodes
- **Asset class:** International Equities
- **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%)
- **Confidence tier:** C (Sorted Smart Investor → FMA Disclose)
- **Last verified:** 2026-05-22

## Summary

The Antipodes Global Fund – Long (PIE) is a international equities managed fund run by Antipodes. Australian global-equities manager with a long-bias PIE fund offered to NZ investors.

## Investment objective (from PDS)

> 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).

Source: Product Disclosure Statement dated 2025-09-02 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/mdod583b396aa77707ebdc90bfd2a953ea7/20250903-Antipodes-PDS.pdf

## Fund data

- **Annual fund charge:** 1.21% p.a. (from the latest Quarterly Fund Update)
- **5-year return (after charges, after tax at 28% PIR):** 12.55% p.a.
- **Risk indicator:** 4/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk)
- **Fund size (AUM):** NZ$133 million
- **Asset mix:** 0% growth assets · 1% income assets
- **Fund started:** 25 July 2018
- **Minimum initial investment:** NZ$25,000

## Top 10 holdings

1. Amazon.Com, Inc. — 5.16%
2. Microsoft Corporation — 3.70%
3. Total SA — 3.19%
4. Merck & Co., Inc. — 3.18%
5. Brookdale Senior Living Inc. — 2.85%
6. Keysight Technologies Inc — 2.76%
7. Barrick Mining Corporation — 2.50%
8. Taiwan Semiconductor Manufacturing Co., Ltd. — 2.45%
9. Capital One Financial Corporation — 2.12%
10. Societe Generale S.A. Class A — 2.03%

Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register.

## Performance fee (from PDS)


> 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.

## Additional terms (from PDS)

- **Minimum subsequent investment:** NZ$5,000
- **Distribution cadence:** No distributions (accumulating)
- **Buy / sell spread:** 7.5 bps / 7.5 bps (transaction cost on subscription / redemption)

## Investment policy (from 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.

Source: Statement of Investment Policy and Objectives dated 2025-08-08. https://smartinvestor.sorted.org.nz/disclose-document/mdo3ea013c53018ed59028039fec389d96e/Antipodes-Investment-Funds-SIPO-8-August-2025.pdf

## Scheme disclosures (from OMI)

Scheme-level. The same disclosures apply to every fund in this scheme.

- **Trustee / Supervisor:** Public Trust
- **Auditor:** PricewaterhouseCoopers
- **Custodian:** Public Trust
- **Conflicts of interest disclosed in OMI:** 2

### Conflicts of interest (verbatim from 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.

### Related-party transactions

- **Apex Investment Administration (NZ) Limited** (Both FundRock NZ Limited and Apex NZ are ultimately owned by Apex Group Limited (common ultimate parent)) — Administration services including unit pricing, fund accounting, and registry services
- **Antipodes Partners Limited (affiliate managing Underlying Funds)** (Affiliate of the Investment Manager; Investment Manager invests Fund assets into Underlying Funds managed by this affiliate) — Investment management of Underlying Funds (Antipodes Global Fund – UCITS, Antipodes Global Fund – Long – UCITS, and Antipodes Emerging Markets)

Source: Other Material Information document dated 2025-09-02. https://smartinvestor.sorted.org.nz/disclose-document/mdo1ed99a2ffc982f5153eb93c5f728d4cb/20250903-Antipodes-OMI.pdf

## How to invest

Available via: Antipodes directly. Read the current Product Disclosure Statement (PDS) before investing.

## Sources

- **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Antipodes%20Global%20Fund%20%E2%80%93%20Long%20(PIE)
- **Product Disclosure Statement:** /disclose-document/mdod583b396aa77707ebdc90bfd2a953ea7/20250903-Antipodes-PDS.pdf
- **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH12434/OFR12435/FND10396/
- **Manager website:** https://www.antipodes.com

## Citations (authoritative primary sources)

- FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ)
- Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities
- Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html
- Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/

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- **First published:** 2026-05-08
- **Last refreshed:** 2026-05-22
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ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing.