Pinnacle Investment Management Group Limited · ASX:PNI
Pinnacle Investment Management — Antipodes Summit 2025
19 slides from Pinnacle Investment Management's conference presentation, July 2025
Slide 1: Changing your alpha mindset
Click to edit Master title style Changing your alpha mindset July 2025 Confidential | 1
Slide 2: Disclaimer
Disclaimer Click to edit Master title style Pinnacle Fund Services Limited (ABN 29 082 494 362, AFSL 238371) is the product issuer of the Antipodes Global Fund – Long (ARSN 118 075 764); Antipodes Global Fund (ARSN 087 719 515); Antipodes Emerging Markets (Managed Fund) (ARSN 096 451 393) ); and Ant
Slide 3: Global optionality across the investor lifecycle
Click to equity Global optionality edit Master across the investor lifecycle title style Accumulation phase Pension phase Global Value Fund (Inc. July 2015) Global Fund (Inc. July 2015) Global SMID Fund (Inc. Nov 2022) Globally diversified pragmatic value exposure ✓ Delivering long-term risk adjuste
Slide 4: Market returns dominated by US quality and increasingly concentrated
Click to returns Market have edit Master titlebeen styledominated by US quality and have become increasingly concentrated Value has lagged in this environment, but Antipodes Pragmatic Value approach has kept up Net return (3 years p.a.) 20% 18.4% 18% 16.3% 16% 14% 12% 10% 8% 6% 4% 2% 0% MSCI ACWI MS
Slide 5: ...And have been delivered with lower risk
Click toreturns …And have edit Master been title delivered with lower risk style Antipodes global funds have delivered strong risk-adjusted returns Net return (3 years p.a.) Sharpe Ratio (3 years) 20% 18.4% 18% 1.56 1.56 1.6 16.3% 16% 14% 1.2 12% 10% 8% 0.8 6% 4% 0.4 2% 0% MSCI ACWI MSCI ACWI Value
Slide 6: Markets go down, and it can be painful
Markets go Master Click to edit down, title andstyle it can be painful Variable beta protects capital when it matters most 2000 2007 2016 2018 2020 2022 2025 Global policy Tech wreck Global Financial Crisis Political (Brexit) Repo market breaking COVID-19 pandemic US policy uncertainty 10% tightenin
Slide 7: Pragmatic value: an all-weather approach to value investing
Click to editvalue: Pragmatic Masteran all-weather title style approach to value investing Seeking mispriced opportunities relative to underlying business resilience and growth P/E multiple Growth Take advantage of opportunities presented by change Confidential | 7
Slide 8: Returns delivered from unique and broader sources
Returns delivered Click to edit fromstyle Master title unique and broader sources MSCI ACWI top 10 contributors - last 3Y Global Value Fund - Top 10 contributors - last 3Y Societe Generale SA Siemens Meta Platforms Apple Siemens Energy Flutter Entertainment NatWest Group NVIDIA UniCredit PLC Amazon
Slide 9: 2025 has seen a change in leadership and breadth
2025 has Click to seen edit a change Master in leadership and breadth title style The US mega cap quality bubble is deflating 20.0% 18.0% 16.0% 14.0% 12.0% 10.0% 8.0% 6.0% 4.0% 2.0% 0.0% -2.0% -4.0% S&P500 NASDAQ Mag 7 MSCI Europe MSCI EM MSCI China MSCI Value MSCI Quality MSCI Growth MSCI ACWI MSCI
Slide 10: 2025 has seen a change in leadership and breadth
2025 has Click to seen edit a change Master in leadership and breadth title style The drivers of the market bounce haven’t mirrored the fall 20.0% Europe & Emerging 18.0% Markets have the led rally 16.0% 14.0% 12.0% Value has outperformed 10.0% Quality 8.0% 6.0% 4.0% 2.0% 0.0% -2.0% Mag 7 has -4.0%
Slide 11: 2025 has seen a change in leadership and breadth
2025 has Click to seen edit a change Master in leadership and breadth title style Antipodes global funds have navigated the changing landscape Antipodes 20.0% Europe & Emerging Global Antipodes Global Fund: 16.8% Markets have the led rally SMID Fund: 18.0% 16.4% 16.0% 14.0% Antipodes Global Value Fu
Slide 12: Tailwinds beyond current market darlings
Click to editbuilding Tailwinds beyond Master title style current market darlings Regional shifts Sector/style shifts Valuation anomalies correct Change in fiscal impulse Tangible investment cycle Be careful what you pay US exceptionalism can fade Shifting from AI enablers to adopters New winners wi
Slide 13: Regional broadening: US fiscal exceptionalism has its limits
Regional broadening: Click to edit US fiscal exceptionalism has its limits Master title style US exceptionalism driven by cyclical/fiscal and structural forces Cumulative fiscal deficit to GDP (2016 – 2024) 70 Europe, austerity to arms €500b infrastructure boost, defence spending to rise to 3% of GD
Slide 14: Sector/style broadening: infrastructure led investment cycle and AI adopters
Sector/style broadening: Click to edit Master Infrastructure led investment cycle & AI shifting from enablers to adopters title style Social/ onshoring Social/onshoring: continued investment in domestic infrastructure along with the West’s desire to onshore Energy transition: to meet global goals to
Slide 15: Be mindful of a fattening risk of recession
Be mindful Click of a fattening to edit Master risk of recession title style Finely balanced labour market + risks building in balance sheets = a negative feedback loop Stress in leveraged corporates c. 20% employment Weaker economic Job openings activity falling Pressure on Weaker incomes or higher
Slide 16: Valuation anomalies do correct: are US valuations justified?
Click to editanomalies Valuation Master titledo correct: are US valuations justified? style Current NTM P/E vs. 20-year history Current 75th percentile median 25th percentile Source: Facts et Be careful what you pay, new winners will emerge Confidential | 16
Slide 17: Portfolio positioning
Portfolio positioning Click to edit Master titletakeaways style Region Thematic Exposure Europe 28.6% Mature/Cyclical 14.2% 33% Structural Investment Trends North America 29.4% 45.6% 67.6% Asia/EM Cloud/AI, Energy transition 22.2% 16.6% Defensive 33.9% Antipodes Global Value MSCI ACWI As at June 202
Slide 18: Antipodes Global Funds: investing with a capital preservation mindset
Click to editGlobal Antipodes Master Funds: title styleinvesting with a capital preservation mindset Global Value Fund Global Fund Global SMID Absolute returns 11.6% p.a. 10.3% p.a. 28.2% p.a. Since inception, net of fees (Inc. Jul-15) (Inc. Jul-15) (Inc. Nov-22) 1.03 1.09 2.03 MSCI ACWI 0.89 ACWI S
Slide 19: Thank you. Please connect and follow for more insights
Thank you. Please connect and follow for more insights distribution@pinnacleinvestment.com distribution@pinnacleinvestment.com
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