Antipodes Global Investment Company has reported an after-tax profit of $26.8 million and portfolio return of 13.2 per cent return after fees for the period to 30 June.
Chairman Jonathan Trollip said the maiden results were an early but positive reflection of the capabilities of the listed investment company (LIC), which was launched on 11 October 2016.
“[It] has delivered on its investment objectives to provide capital growth and income and much needed diversification via easy access to offshore global markets,” Trollip noted.
Antipodes Partners chief investment officer and lead portfolio manager Jacob Mitchell said he was delighted the LIC delivered shareholder growth in the first nine months since inception through volatile market conditions.
“The portfolio outperformed its benchmark [the MSCI All Country World Net Index at 12.2 per cent], reflecting gains in our Korean, European recovery and emerging market consumer exposures,” Mitchell said.
The company intends to pay a dividend at least annually to shareholders, subject to available profits, cash flow and franking credits.
The directors are continually evaluating the company’s ability to pay dividends and will communicate its intentions as soon as the company has built up sufficient reserves to declare and pay a sustainable dividend.
Last October, ahead of the LIC’s launch, Pinnacle Investment Management director Andrew Findlay, who sits on the Antipodes board as a non-independent director, said many SMSFs preferred to invest via their broker accounts and on-exchange.
In addition, Findlay said generally SMSF investors were searching for long-term capital growth, steady rising dividends and capital preservation.