ANTIPODES GLOBAL INVESTMENT COMPANY MONTHLY UPDATEPerformance to 31st May 2017 Dear Shareholder, Global equity markets rose +2.2% (USD terms, +2.7% AUD) during May, buoyed by a broadening of the global economic upswing, improving corporate earnings and receding political risk premiums. European and Asian markets responded positively to the election of reformist presidents Emmanuel Macron and Moon Jae-In, correspondingly regarded as supportive of the on-going European recovery and Korean chaebol reform. In contrast, U.S. equities struck a more defensive note as growth expectations tapered. For the month of May the portfolio outperformed its benchmark. Major positive contributors to performance included our European Recovery, Korean, Emerging Market (EM) Consumer and U.S. Natural Gas exposures, whilst our Low-cost Oil exposures detracted. For further information, please refer to our Monthly Update below. Regards, Antipodes Partners
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Antipodes Global Investment Company (ASX:APL)
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APL1
Benchmark2
Value Add
1 month (%)|
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0
3.4
2.7
0.7
3 month (%)|
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0
10.3
8.5
1.8
6 month (%)|
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0
11.2
12.5
-1.3
Inception (%)3|
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0
15.0
15.1
0.0
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1 Portfolio performance is quoted in AUD net of portfolio related fees, costs and taxes. 2 Benchmark is MSCI All Country World Net Index in AUD. 3 Inception is 11 October 2016. Past performance is not a reliable indicator of future performance.
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