Monthly Updates

Antipodes Global Investment Company Limited

ACN 612 843 517

Company commentary

Company performance for the month was 2.8%, underperforming the benchmark which returned 3.1%. The key contributors and detractors are detailed under the Portfolio Commentary section below.

On 30 August 2021 the Company announced its FY2021 full year results. The highlights of the results were as follows:

  • FY21 net profit after tax of $75.1m
  • Final dividend of 4.0 cents per share (franked as to 100%), taking the annual dividend yield including the FY21 interim dividend to 5.2% (6.7% including franking)
  • Company performance over FY2021 of +21.1%
  • Major initiative to address the share price discount to the NTA via a proposal to undertake a scheme of arrangement (Scheme) that will enable shareholders to exchange their shares in the Company for units in Antipodes Global Shares (Quoted Managed Fund) (ASX:AGX1), an existing actively managed ETF for which Antipodes Partners Limited is investment manager. For more information on AGX1, please visit the fund’s website.

Market commentary

Global equities were positive in August (+3.1%) led by Financials, Information Technology, Utilities and the Communication Services sectors, while Materials, Energy and Consumer Discretionary underperformed. US equities (+3.5%) outperformed amidst economic re-opening and the continuation of accommodative stimulus policy from the US Federal Reserve, despite hawkish tones and the prospect of tapering. The wind down of the American Rescue Plan continues, while US Senate Democrats passed $550b in new spending with the Infrastructure Bill. European equities had a positive month (+2.1%) with continued reopening.

Asian equities were positive (+3.2%) with Chinese equities stable (+0.8%) as the government continued but de-escalated their regulatory crackdown. Japan (+3.7%) was strong despite further lockdowns due to a spike in COVID-19 cases and some political instability. India had a very strong August (+11.6%).

Elsewhere, Brent Crude (-7.4% in USD) was weak after making recent highs with global economic peak growth fears, while Gold was flat and the US Dollar (DXY +0.5%) was neutral.

Portfolio commentary

Key contributors included:

  • Software/Internet – Developed Markets cluster, including Facebook through the higher monetisation potential of newly announced advertising features in Instagram Shop, and Microsoft after announcing price increases on its more than 300m paid seats in Office 365.
  • Software/Internet – Asia/EM cluster, including after announcing strong results highlighting user growth and broader long term margin improvement. Domestic regulation targeting forced exclusivity practices improved sentiment on hopes it could broaden availability of brands on the platform. Meituan also reported strong results with user growth above expectations and improving margins driven by delivery efficiency.
  •, in the Consumer Cyclicals – Asia/EM cluster, after recovering from a sharp sell off as it became evident that China was able to quickly contain the recent COVID-19 outbreak of the delta variant.
  • EDF, in the Infrastructure/Property – Developed Markets cluster, which benefitted from strength in gas prices.
  • Siemens, in the Industrials cluster, after strong quarterly results, led by the automation business, saw an increase in full year guidance.

Key detractors included:

  • Consumer Defensive – Asia/EM cluster, notably Wuliangye which underperformed amidst a sell off with other premium consumer goods in China, and Ping An Insurance after a reduction in its agent force raised concerns that the weakness in new business will continue into the second half of the year.
  • Shorts, which can act as a headwind in upward moving markets.

Performance1,2,3 (%)

Past performance is not a reliable indicator of future performance. All p.a. returns are annualised.
1 Movement in NTA before tax for the period, adjusted for dividends and income taxes paid and the dilutionary effect of options granted to shareholders upon the Company’s initial listing. This figure incorporates underlying portfolio performance net of portfolio related fees and costs, less administration costs of the Company.
2 MSCI All Country World Net Index in AUD (underlying portfolio benchmark).
3Inception date of the portfolio is 11 October 2016.

Net tangible assets (NTA5,6) 4,7

wdt_ID Pre-tax NTA Post-tax NTA

4 These figures are unaudited and approximate only.5 Pre-tax NTA includes provision for tax on realised gains/losses and other earnings, but excludes any provision for tax on unrealised gains/losses and any deferred tax assets relating to capitalised issue costs and income tax losses.6 Post-tax NTA includes tax on both realised and unrealised gains/losses and other earnings, and includes deferred tax assets relating to capitalised issue costs and income tax losses.
7 NTA before tax was $1.270. This represents the NTA excluding all income tax related assets and liabilities. Company tax of $0.000 per share was paid during the month.

Asset allocation 9

9 Non-equity derivatives.

Regional exposure10,11 (%)

10Where possible, regions, countries and currencies classified on a look through basis.
11Antipodes classification

Company features

• Aims to achieve absolute returns in excess of the benchmark over the investment cycle (typically 3-5 years).
• In the absence of finding individual securities that meet minimum risk-return criteria, cash may be held.
• Equity shorts and currency positions used to take advantage of attractive risk-return opportunities, offset specific long portfolio risks and provide some protection from negative tail risk. Derivatives may also be used to amplify high conviction ideas.
• Typical net equity exposure of 50% to 100%; maximum allowable gross exposure limit of 150% of portfolio.

Further information

1300 010 311

Antipodes Partners Limited
Level 35, 60 Margaret St
Sydney NSW 2000 Australia

Company performance since inception1,3

Dividend history8

wdt_ID - Dividend per share Ex date Record date Payable % franked

8Maiden dividend covered the 20-month period from IPO to June 2018.

Top 10 equity longs

Sector exposure11 (%)

wdt_ID Characteristics -

12Inclusive of the net impact of GST.

About the Manager

Jacob Mitchell
Chief Investment Officer
Lead Portfolio Manager

Antipodes is an award-winning global asset manager offering a fundamental, value-focused investment approach founded in 2015 by Jacob Mitchell, formerly Deputy Chief Investment Officer of Platinum Asset Management, together with a number of former colleagues and like-minded value investors.

Antipodes is majority owned by its 26 person investment team and its performance culture is underpinned by sensible incentives, a focused offering and the outsourcing of non-investment functions to minority partner Pinnacle Investment Management Limited to maximise its focus on investing.


Antipodes Partners Limited (ABN 29 602 042 035, AFSL 481 580) (‘Antipodes Partners’, ‘Antipodes’) is the investment manager of Antipodes Global Investment Company Limited ABN 38 612 843 517 (‘APL’ or the ‘Company’).

Antipodes Global Investment Company (ACN 612 843 517) is the issuer of the shares in the Company under the Offer Document. Any offer or sale of securities are made pursuant to definitive documentation, which describes the terms of the offer (‘Offer Document’) available at
Any potential investor should consider the relevant Offer Document before deciding whether to acquire, or continue to hold units in, an investment. Past performance is for illustrative purposes only and is not indicative of future performance. This communication is for general information only and was prepared for multiple distribution. This communication is not, and does not constitute, an offer to sell or the solicitation, invitation or recommendation to purchase any securities and neither this communication nor anything contained in it forms the basis of any contract or commitment. Prospective investors who want to acquire under the offer will need to complete an application form that is in or accompanies the Offer Document. The Offer Document is an important document that should be read in its entirety before deciding whether to participate in the offer. Prospective investors should rely only on information in the Offer Document and any supplementary or replacement document. Prospective investors should contact their professional advisers with any queries after reading the Offer Document.
Whilst APL and Antipodes Partners believe the information contained in this communication is reliable, no warranty is given as to its accuracy, reliability or completeness and persons relying on this information do so at their own risk. Subject to any liability which cannot be excluded under the relevant laws, APL and Antipodes Partners disclaim all liability to any person relying on the information contained in this communication in respect of any loss or damage (including consequential loss or damage), however caused, which may be suffered or arise directly or indirectly in respect of such information.
The information is not intended as a securities recommendation or statement of opinion intended to influence a person or persons in making a decision in relation to investment. The information in this communication has been prepared without taking account of any person’s objectives, financial situation or needs. Any persons relying on this information should obtain professional advice before doing so. The issuer is not licensed to provide financial product advice. Please consult your financial adviser before making a decision. Any opinions and forecasts reflect the judgment and assumptions of APL and Antipodes Partners and its representatives on the basis of information at the date of publication and may later change without notice. Any projections contained in this presentation are estimates only and may not be realised in the future. The information is not intended as a securities recommendation or statement of opinion intended to influence a person or persons in making a decision in relation to investment. Unauthorised use, copying, distribution, replication, posting, transmitting, publication, display, or reproduction in whole or in part of the information contained in this communication is prohibited without obtaining prior written permission from APL and Antipodes Partners.
The Zenith Investment Partners (“Zenith”) Australian Financial Services License No. 226872 rating (Antipodes Global Investment Company Limited rating issued June 2020) referred to in this document is limited to “General Advice” (as defined by the Corporations Act 2001) for Wholesale clients only. This advice has been prepared without taking into account the objectives, financial situation or needs of any individual. It is not a specific recommendation to purchase, sell or hold the relevant product(s). Investors should seek independent financial advice before making an investment decision and should consider the appropriateness of this advice in light of their own objectives, financial situation and needs. Investors should obtain a copy of, and consider the PDS or offer document before making any decision and refer to the full Zenith Product Assessment available on the Zenith website. Zenith usually charges the product issuer, fund manager or a related party to conduct Product Assessments. Full details regarding Zenith’s methodology, ratings definitions and regulatory compliance are available on our Product Assessment’s and at