Antipodes Global SMID Active ETF (ASX:MIDS) has released its monthly investment update for the period ending 31 October 2026, disclosing net performance figures, portfolio composition, and fund characteristics as at that date, with the fund recording a net return of negative 2.0% for the one-month period against a benchmark return of negative 1.2%.

Key Points

  • The fund returned negative 2.0% net for the one month to 31 October 2026, compared with the MSCI ACWI SMID Cap Net Index in AUD benchmark return of negative 1.2%.
  • Over the one-year period, the fund returned 14.3% net versus the benchmark return of 5.1%, a difference of 9.2 percentage points.
  • Since inception on 2 November 2022, the fund has returned 24.0% per annum net, compared with the benchmark's 11.9% per annum, a difference of 12.1 percentage points per annum.
  • The fund's Net Asset Value (NAV) per unit stood at $9.8019 as at the reporting date.
  • International Workplace Group was the largest equity holding at 5.1% of the portfolio, with the top 10 equity longs collectively representing 29.9% of the portfolio.

Fund Performance for the Month Ending 31 October 2026

According to the filing, the fund recorded a net return of negative 2.0% for the one-month period to 31 October 2026, while the benchmark returned negative 1.2%, resulting in a difference of negative 0.8 percentage points. Over the three-month period, the fund returned negative 2.7% against a benchmark of negative 1.0%. For the calendar year to date, the fund returned 5.4% compared with the benchmark's 5.2%. The fund's management fee is disclosed as 1.20% per annum, with a performance fee of 15% of net return in excess of the benchmark. All returns are quoted in Australian dollars and are net of applicable fees, costs and taxes.

Portfolio Composition and Regional Exposure as at 31 October 2026

The filing discloses the fund held 77 long stock positions at the reporting date, compared with 6,997 in the benchmark index. Total equities represented 98.8% of the fund, with cash at 1.2%. North America accounted for 48.4% of fund exposure, followed by Developing Asia and Emerging Markets at 19.6% and Western Europe at 17.0%. By sector, Information Technology was the largest allocation at 17.9%, followed by Industrials at 14.8% and Financials at 13.2%. The fund's upside capture ratio since inception was 143.0% and the downside capture ratio was 53.0%, with an average net exposure of 97.6%.

Top Holdings and Fund Risk Characteristics

The filing identifies International Workplace Group (United Kingdom) as the largest equity holding at 5.1%, followed by Brookdale Senior Living (United States) at 4.1% and PT Pakuwon Jati (Indonesia) at 3.7%. Chime Financial and Alchip Technologies held weightings of 3.1% and 3.0% respectively. The fund's standard deviation since inception was 12.9%, compared with 10.1% for the benchmark. The Sharpe ratio was recorded at 1.73 for the fund versus 0.71 for the benchmark, and the information ratio since inception was 2.0. The fund's risk/return profile is classified as High, with annual distributions paid on 30 June.