Antipodes Global Investment Company Limited (ASX: APL) – the first listed investment company (LIC) managed by Antipodes Partners Limited (Antipodes Partners) – officially opened to Australian and New Zealand investors today.
The initial public offering (IPO or Offer) is seeking to raise up to $220 million, with the ability to accept an additional $110 million in oversubscriptions. The IPO has an issue price of $1.10 per share. Investors will also receive one option for every one share issued under the Offer.
APL will provide retail investors with access to a long-short global securities investment portfolio with active currency management.
APL is based on Antipodes Partners’ successful managed fund, the Antipodes Global Fund. In its inaugural year, the actively-managed Antipodes Global Fund delivered 7.4% net return, significantly outperforming the MSCI All Country World Net Index (-0.6%). It also ranked second out of a pool of 54 global equity funds by The Morningstar® Australian Institutional Sector Survey (June 2016).*i
Antipodes Partners’ investment strategy focusses on growing wealth over the long-term by generating absolute returns in excess of the benchmark at below market levels of risk.
Antipodes Partners has grown its funds under management from circa $200 million to $769 million since inception^.
Antipodes Partners’ Chief Investment Officer and Lead Portfolio Manager, Jacob Mitchell said: “Australian retail investors are traditionally weighted towards Australian-domiciled investments. APL offers investors much needed diversification providing easy access to global markets.
“Our ability to generate returns from both long and short positions, as well as active currency management, provides investors with a portfolio that is attractive for both capital preservation and positive returns,” he said.
APL received a ‘Recommended’ rating from Lonsec based on the high regard for Jacob Mitchell, Antipodes Partners’ clearly articulated philosophy and APL’s closed ended structure.ii
Whilst at Platinum Jacob served as Portfolio Manager for the Platinum Unhedged Fund (January 2007 to May 2014, achieving 5.7% per annum outperformance after fees) and the Platinum Japan Fund (January 2008 to November 2014, achieving 9.9% per annum outperformance after fees), the highest alpha generated by any Platinum Trust Fund over this period.
The Board of APL will include Independent Directors Jonathan Trollip (Chairman), Chris Cuffe and Lorraine Berends.
APL’s offer period is open until 30 September 2016. Trading on the ASX is expected to commence on 14 October 2016.
National Australia Bank (NAB) is the Lead Arranger of the Offer. Joint Lead Managers include NAB, Morgans, Morgan Stanley, Ord Minnett and Taylor Collison. The Co-Managers are Bell Potter, JBWere and Wilsons.
Antipodes Partners is supported by leading multi-affiliate investment management firm, Pinnacle Investment Management Limited (Pinnacle) which owns a minority stake in the business. Pinnacle currently has a stable of seven specialist investment managers that collectively manage over $20 billion.
| ASX Code | Shares: APL Options: APLO |
| Offer opens | 15 August 2016 |
| Priority Allocation closes | 23 September 2016 |
| Broker Firm Offer closes | 23 September 2016 |
| General Offer closes | 30 September 2016 |
| Application price per share | $1.10 |
| Option exercise price | $1.10 |
| Listing date on ASX | 14 October 2016 |
