NZ PIE Funds

Fund and Investment Manager

The Antipodes Global Fund (PIE) (the “Fund”) is managed by Implemented Investment Solutions Limited (the “Manager”), with investment management undertaken by Antipodes Partners Limited (the “Investment Manager”).  The Fund was registered under the Financial Markets Conduct Act 2013 (FMC Act) in New Zealand on 23 July 2018.

The aim of the Fund is to achieve absolute returns in excess of the MSCI All Country World Net Index in NZD (the Index) over the investment cycle (typically 3-5 years).

  • The Fund invests in the Antipodes Global Fund – UCITS , Class S (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, including equity shorts and currency positions may be used where the Investment Manager sees attractive opportunities and also to offset specific unwanted portfolio risks and provide some protection from unexpectedly large movements in the value of the portfolio. Derivatives may also be used to amplify positions where the Investment Manager feels strongly about the return potential of an idea. In using derivatives, the Underlying Fund’s total gross exposure may be leveraged to a maximum of 200% of the Net Asset Value.
  • The Underlying Fund’s net exposure will be within a range of 50% to 100% of its Net Asset Value.

Further information is available in the Fund Product Disclosure Statement.

Key information

Unit Class

Units NZD

Bloomberg ticker



Global Long Short Equity

Investment Manager

Antipodes Partners Limited


New Zealand

Base Currency



MSCI All Country Net NZD

Minimum initial amount


Minimum subsequent investments


Investment management fee1


Performance fee2


Buy / sell spreads3



1   As a percentage of the net asset value of the Fund attributable to the relevant Unit Class per annum (Fee rate includes GST).  2   The Performance Fee will be calculated daily in respect of a semi-annual performance period ending on 30 June and 31 December each year (or the immediately preceding Business Day if not a Business Day) (each a Performance Period). The performance fee above has a ‘high water mark’. This means it is calculated on a cumulative basis relative to the Benchmark Index so that any performance under the Benchmark Index in a particular period must first be recovered in following periods before performance fees are paid.   3    When you enter or leave a Fund, any buy or sell spreads applicable at that time will be a cost to you. The buy spread is added to the Unit price on entry to the Fund, and the sell spread is  deducted from the Unit price on exit from the Fund. The buy/sell spreads belong to the Fund and the purpose of buy/sell spreads is to make sure that any transaction costs incurred as a result of an investor entering or leaving the Fund are borne by that investor, and not by other investors in the Fund. There is no GST charged on buy/sell spreads.

Unit prices and fund performance information

As at 30 June 2019

1 mth

3 mth

6 mth





Absolute Performance (%)

Antipodes Global Fund (PIE)







25 Jul 2018

MSCI All Country World Index in NZD








Over / (Under) performance








Fund documents

Application form

If you are making an investment directly with us, then you will be required to complete the application form, which can be obtained from the Manager, and send it with your cheque or payment details to:

The Administrator
MMC Limited
PO Box 106 039
Auckland 1143

Payments by cheque are to be made payable to: "Public Trust ATF Antipodes Investment Scheme”

You can also apply to invest in the Funds through approved investment administration and custodial service platforms (also known as 'wrap platforms’ or ‘PIE investor proxies'). Many adviser groups and distributors prefer using wrap platforms in providing services to their clients. When reading the PDS you should remember that if your investments are purchased through a wrap platform they will be held by a custodian on your behalf. In that case you should refer to the wrap platform’s service terms and relevant material for how you may invest in the Fund. The terms of these wrap platform services are separate and independent to the offer of the Fund under the PDS. Please take time to read the PDS and other information contained on the scheme register (
before making your investment decision.

Application form

Product Disclosure Statement

Contact us

Distribution – New Zealand


Contact Person:

David Batty


+64 (0) 21 288 0303