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Antipodes Global LIC exceeds $220m

Antipodes Global Investment Company yesterday exceeded $220 million in subscriptions, the maximum proceeds under the offer.

The listed investment company (LIC) will now accept up to a further $110 million in oversubscriptions, with the broker firm offer expected to close on 23 September and the general offer marked to close on 30 September.

Trading on the Australian Securities Exchange is expected to commence on 18 October.

Based on the Antipodes Global Fund strategy, the LIC will provide investors with access to a long-short global securities investment portfolio with a currency overlay.

“It is really encouraging to see such strong demand for the Antipodes Global Investment Company,” Antipodes Partners chief investment officer Jacob Mitchell said.

“It’s clear that SMSF investors are increasingly aware of local market limitations and are hence seeking global opportunities.”

At a media briefing last month, Pinnacle Investment Management director Andrew Findlay, who sits on the Antipodes board as a non-independent director, explained the firm was moving into the LIC space as an exchange-listed approach made a lot of sense.

“A lot of SMSFs prefer to invest via their broker accounts and on exchange, whether that means ETFs (exchange-traded funds), ETMFs (exchange-traded managed funds), LICs, direct shares, whatever it happens to be,” Findlay said.

“So from a business perspective, to get Antipodes’s skill into the hands of investors all across the market we need to be available not only in unlisted managed funds format, but also in listed format, and that’s a big part of the reason why a LIC makes sense – to make ourselves available for investors who prefer to invest on exchange and LICs are a big part of that.”

Furthermore, generally SMSF investors were searching for long-term capital growth, steady rising dividends and capital preservation, he noted.

Antipodes Partners is supported by multi-affiliate investment manager firm Pinnacle Investment Management, which owns a minority stake in the business.

Pinnacle has a stable of seven specialist investment managers that collectively manage over $20 billion.

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