Antipodes launches PIE funds in NZ
Boutique global equities investment manager, Antipodes Partners, has launched portfolio investment entity (PIE) versions of two of its funds in New Zealand.
The PIE structure would provide investors under special tax rules with a maximum tax rate of 28 per cent on their investment returns.
These new PIE funds would feature Antipodes’ global long-short and global long-only strategies, which had A$5.85 billion and $1.68 billion respectively in assets under management (AUM).
The firm already offered investors its Australian-domiciled funds in New Zealand and launched both of its global strategies in PIE format due to investor demand.
Antipodes’ managing director, Andrew Findlay, said the global investment outlook was “celebrating stocks that display high growth, profitability and momentum independently of their starting multiples”.
“Troubled by fears of de-synchronising global growth, investors continue to prefer the US while at the same time rotating out of low multiple stocks, or ‘value’ in favour of ‘structural growth’ and ‘quality’ exposures, irrespective of price,” he said.
According to Findlay, both North American and Developed European equities looked expensive.
Given these regions represent over three-quarters of the MSCI ACWI, investing in the global index is unlikely to lead to attractive long-term outperformance, he said.
“Comparatively, both Developed Asia – especially Japan, Korea and Taiwan – and the overall emerging market sector stand out as regions with greater return potential, demonstrating the need for active investment management.”
AUTHOR
Oksana Patron
Recommended for you
Sydney investment manager Vado Private has welcomed a new director and head of funds management to its team as it seeks to grow its presence in the Australian private credit market.
Clime Investment Management has been appointed by a US investment firm to manage a portion of its multi-asset fund with managing director Michael Baragwanath hopeful that increased revenue can boost its domestic operations.
A potential deal between Platinum Asset Management and L1 Capital may unlock cross-selling benefits but will be unlikely to reverse structural challenges facing active managers, according to Morningstar.
Global fund manager Janus Henderson has reported four consecutive quarters of positive flows and is hopeful of its strategic partnership with Guardian Life opening up new intermediary channels.
