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Antipodes – when you Lose a Champion & When Metrics Loses . . .

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The next RRM LIC/LIT Monthly will delve into how good Antipodes is as a (pragmatic) Value manager. While RRM covers ETFs, the loss of APL is indeed that . . . .a loss. Not only are Antipodes the smartest guys in the room (to their detriment??), they are perennially great communicators. And that mattters!

Like all Pinnacle products, communications have been superlative from the Antipodes Boys & Girls.  . . . . . . Investors are of the general view that there is one great weakness of close end vehicles (LICs/LITs). RRM is more than well aware of the matter.

But there is another way to look at the so-called issue. Antipodes and Pinnacles’ efforts have been superlative in both attempts to address that issue. What that meant is as an investor was communications, disclosure and insight into the thinking of one of the best investment managers in the country. And Antipodes are not a beta tracker – they actually think, and they think about long term trends (Antipodes is a ‘cluster’ trend investor). Whether you are an Antipodes investor or not, its worth listening into Jacob and team – they always say it in a non-biased way.

Before we cut to the below, think about Antipodes as an excellent factor overweight neutraliser in a broader portfolio and in a world in which market cap weighted indices are more than factor heavy currently. And Antipodes will have their day.

We Break to Bring you an Important Message from an Independent Source: Metrics Credit Partners’ rather Expensive Lawyers. Minter Ellison  have ordered a Cease & Desist Order on the term ‘Metrics’ with respect to Risk Return Metrics. Apparently ‘Metrics’, owns Quant. Minters, the known expensive Attack Dogs ( and we have better attack dogs – watch this play out . .  we always win . .  Minters are a Sitting Duck) have sent one of their $XK letters.

The founder of RRM asserts that he thought risk and return metrics were integral to investment analysis since the advent of the PC and Spreadsheet. The Founder goes on to say, “I was the first analyst to review Metrics – liked them from the get go. But now, it appears they own the very basis of investment research – metrics – return, risk, path performance, etc. ARE YOU FUCKEN JOKING?????.”

The well connected owner ran it past many a experienced participant in the sector. Many an eye rolled at the aggressive debt newcomer – how easily they forget. But not the analyst . . . .

Rodney goes on to say, “the irony being that i am well versed in the private debt premia, and illiquidity is the least of the three components. i have been a strong, yet objective, advocate of the asset class. Why wouldn’t I be???? Oh, on the topic, have you seen the iPartners product? 10%, strongest collateral protections I’ve seen – benefit of Ex Deutsche ABS guys. Hands down, the best I have seen. Tell Travis Miller i sent you.”

Rodney goes on to say “if you want real private debt premia, play where the likes of Metrics and Qualitas can’t play – they are too big”. “Peeps think private debt is not capacity constrained. Well, they are thinking about capacity constraints in the wrong way. This reminds me of Winton and ads on the London Tube – dialling down risk to address FUM inflow. Do your remember??i do. And the rest is a Banal history. The things Metrics will learn”. My, the look in his eye.

Capacity constrained.” I’ll tell you about capacity constrained, Does Metrics have a nice word to say re Qualitas? no. Debt managers are bitchey – they compete on deals. Look out – KKR will enter. And you don’t want KKR in the back yard. Rodney said” listen, if KKR trade marks me, now that’d i’d be proud of”. KKR will enter the market because Metrics are losing Supply / Demand premia. Which gets me back to iPartners.

Rodney is running a Book on how Uesless Minters are. One to one – you think they will win??? Rodney says ” I prefer my attack dog”.