Market Commentary – December 2017

Cross-asset risk appetite was strong over the quarter, buoyed by the synchronicity of the global economic upswing, accommodative forward guidance from central banks and improving corporate earnings momentum. Against this backdrop, global equities rose +5.7% (USD terms, +6.1% AUD), with Japan (+8.5%), Asia ex Japan (+8.2%) and the U.S. (+6.4%) outperforming whilst Europe (+2.2%) and China (+2.8%) lagged. Across regions, cyclical sectors broadly outperformed.

For the quarter, the Antipodes Global Fund, Antipodes Global Fund – Long Only and Antipodes Asia Fund underperformed their respective benchmarks. All three Funds posted solid absolute returns, reflecting gains in our Consumer and Software Incumbent, Online Services, Natural Gas, Low Cost Oil and Global Cyclical exposures, whilst short exposures detracted.

For further information, please refer to our December fund update.