Market Commentary – June 2018
Global equity performance was subdued over the quarter, returning +0.5% in USD terms. Troubled by fears of de-synchronising global growth, specifically in Europe, Asia and Emerging Markets where fiscal rectitude, escalating trade tensions, political uncertainty and a stronger US dollar have dampened growth expectations, investors maintained a regional preference for the US whilst rotating out of relatively low multiple stocks, or “value”, in favour of “structural growth” and “quality” exposures, irrespective of price.
Against this backdrop, the Antipodes Global Fund and Antipodes Global Fund – Long underperformed their respective benchmarks for the quarter, whilst the Antipodes Asia Fund outperformed. Solid absolute returns posted by our global strategies reflected gains in our Online Services, Consumer & Software Incumbent, Mobile Connectivity, Low Cost Oil and Natural Gas exposures.