Antipodes Global Investment Company

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About the Company

Antipodes Global Investment Company Limited (‘the Company’) offers investors access to a long-short global securities investment portfolio with a currency overlay. The Company’s portfolio will be constructed in accordance with the investment approach of Antipodes Partners Limited (‘the Manager’), which aspires to grow wealth over the long-term by generating positive returns in excess of the benchmark at below market levels of risk. The Manager seeks to purchase securities in what it considers to be great businesses that are not valued as such, and build a high conviction portfolio with a capital preservation focus. The Company listed on the Australian Stock Exchange (ASX) on 18 October 2016:

  • Fully Paid Ordinary Shares (ASX Code : APL / ISIN AU000000APL8)

Investment objective

The Company’s investment objectives are to:

  • provide capital growth and income through investing in a concentrated portfolio, predominantly comprised of long and short positions in international listed securities, that will be actively managed with a focus on capital preservation; and
  • achieve returns in excess of the benchmark, MSCI All Country World Net Index in AUD, with reduced levels of risk,

in each case, over a full investment cycle (which the Manager and the Company consider to be a period of typically 3 to 5 years).

Latest videos

  • Zenith Viewpoint on Antipodes Global
  • Zenith QA
  • Best Ideas in the Antipodes Global Investment Company (ASX:APL) Portfolio
  • Antipodes Global Investment Company (ASX:APL) - Shareholder Update July 2019
  • Pinnacle Investment Series 2019: Antipodes Partners

NTA chart

Source: Bloomberg. For historical information purposes only. Please refer to Latest ASX net tangible asset backing announcement for current NTA information.

Investment updates

Latest monthly investment update.


Research reports

Receive the latest Zenith research report for the Company. Available to Financial Advisers only.

Board of Directors

Jonathan Trollip – Chairman

Jonathan Trollip is a non-executive director with over 32 years of commercial, corporate, governance, legal and transaction experience. Prior to becoming a professional non-executive director, he worked as a principal of Meridian International Capital Limited for over 20 years, and before that he was a Partner with law firm Herbert Smith Freehills.

In the philanthropy area he is chairman of Science for Wildlife Limited and a director of The Watarrka Foundation and the University of Cape Town Australia Alumni Trust. Jonathan has a B.Arts, post graduate degrees in Economics and Law and is a Fellow of the Australian Institute of Company Directors.

Jonathan Trollip is non-executive chairman of ASX listed Future Generation Investment Company Limited, Plato Income Maximiser Limited, Spicers Limited, Spheria Emerging Companies Limited and Global Value Fund Limited. He is a non-executive director of ASX listed Propel Funeral Partners Limited and of Kore Potash PLC (ASX, AIM and JSE listed).

Chris Cuffe – Independent Director

Chris Cuffe has many years of experience in building successful wealth management practices. Most notably he joined Colonial First State in 1988 and became its CEO 2 years later, leading the company from a start-up operation to Australia’s largest investment manager.

In 2003 Chris became the CEO of Challenger Financial Services Group Limited and subsequently headed up Challenger’s Wealth Management business. Chris is now involved in a portfolio of activities including a number of directorships, managing public and private investments and in various roles assisting the non-profit sector.

Chris holds a Bachelor of Commerce from the University of NSW and a Diploma from the Securities Institute of Australia. He is a Fellow of the Chartered Accountants Australia and New Zealand, a Fellow of the Institute of Company Directors and an Associate of the Financial Services Institute of Australasia. In October 2007 Chris was inducted into the Australian Fund Manager’s RBS Hall of Fame for services to the investment industry. Chris is a joint founder of online weekly financial newsletter Cuffelinks.

Chris Cuffe is Chairman of Atrium Investment Management Pty Ltd, a national advisory and wealth management firm), and a director of the listed investment companies Argo Investments Limited, Global Value Fund Limited. He is also Chairman of Australian Philanthropic Services (a non-profit organisation assisting philanthropists) and Hearts and Minds Investments Investments, and a director of Third Link Investment Managers (the manager of an Australian equities fund known as Third Link Growth Fund), EGP Capital Pty Ltd, Ventra Capital Pty Ltd and Class Limited.

Lorraine Berends  – Independent Director

Lorraine Berends has worked in the financial services industry for over 35 years and possesses extensive experience in both investment management and superannuation. Before moving to a non-executive career in 2014 she worked for 15 years with US based investment manager Marvin & Palmer Associates. Lorraine contributed extensively to industry associations throughout her executive career, serving on the boards of the Investment Management Consultants Association (IMCA australia) for 13 years (7 as Chair) and the Association of Superannuation Funds Australia (ASFA) for 12 years (3 as Chair). Lorraine has been awarded Life Membership of both IMCA australia and ASFA.

Lorraine holds a BSc from Monash University, is a Fellow of the Actuaries Institute and a Fellow of ASFA.

Lorraine Berends is an independent non-executive director of Plato Income Maximiser Limited, Spheria Emerging Companies Limited and Hearts and Minds Investments (listed investment companies) and Pinnacle Investment Management Group Limited, director of BT Funds Management Limited, BT Funds Management No. 2 Limited and Westpac Securities Administration Limited. She is a director of MDC Foundation Limited (a not for profit company).

Alex Ihlenfeldt – Non-Independent Director

Alex Ihlenfeldt has over 25 years commercial experience in financial services in Australia and overseas and has proven expertise in the provision of the full suite of turn-key, institutional quality non-investment services for investment managers. He is experienced in operating across the full spectrum, from start- up boutiques to mature investment managers.

Alex is currently Chief Operating Officer and Chief Financial Officer of Pinnacle with whom he has been associated since inception in 2006. Prior to joining Pinnacle in 2011, he spent 10 years with the Wilson HTM Investment Group as Chief Operating Officer, Chief Financial Officer and Head of Wealth Management.

Alex has a Bachelor of Commerce (Hons) and is a member of the Institute of Chartered Accountants Australia and New Zealand as well as a Fellow of the Australian Institute of Company Directors.

Alex Ihlenfeldt is a non-executive director of Plato Income Maximiser Limited and an alternate director of Spheria Emerging Companies Limited (listed investment companies), and is a director of Firetrail Absolute Return Limited, Plato Investment Management Limited; Solaris Investment Management Limited; Antipodes Partners Limited; Antipodes Partners Holdings Limited; Antipodes Partners Services Limited; Pinnacle Charitable Foundation Ltd and alternate director of Foray Enterprises Pty Limited and Resolution Capital Limited. Alex is also an executive director of Pinnacle; Pinnacle Services Administration Pty Limited; Pinnacle Fund Services Limited, Pinnacle RE Services Limited and Pinnacle Investment Management (UK) Limited.

Andrew Findlay – Non-Independent Director

Andrew has over 20 years financial services experience in Australia and overseas, with a focus on product development, marketing and distribution. Andrew is managing director of Antipodes Partners Limited, a position held since 3 April 2018. Prior to this Andrew was a senior executive at Pinnacle which he joined in 2009. His primary responsibility was to assist the principals of each investment firm to establish, manage and grow their business. In this role Andrew worked closely with Antipodes through the inception and subsequent growth of its business.

Before joining Pinnacle, Andrew worked at Macquarie Bank for over 5 years and was based in both Sydney and Hong Kong. Whilst at Macquarie, Andrew led the establishment of the ‘Macquarie Professional Series’, a suite of partnerships with world-class, specialist investment managers. Prior to Macquarie Andrew worked in a variety of financial marketing roles with Deutsche Bank in Australia, and with UBS in Zurich and London.

Andrew has a Bachelor of Commerce from the University of New South Wales.

Andrew Findlay is the managing director of Antipodes Partners Limited; Antipodes Partners Holdings Limited and Antipodes Partners Services Limited.

Investment Manager

Antipodes Partners Limited (ABN 29 602 042 035) has been appointed as the Manager for the implementation of the Company’s investment strategy. Antipodes Partners Limited is a boutique fund manager specialising in global equities.

Investment team

The Manager’s investment team (Antipodes Investment Team) comprises experienced investment professionals all with deep expertise across different markets. With over 100 years of collective global investment experience, the members of the investment team have each seen multiple market cycles. The Company will draw upon and benefit from this depth and breadth of experience in the construction and maintenance of the Company’s portfolio. The Antipodes Investment team biographies can be found here

Corporate governance


Corporate governance statement

Corporate governance charter covering:

  • Board Policy
  • Continuous Disclosure Policy
  • Code of Conduct
  • Share Trading Policy
  • Insider Trading Policy

Dividend re-investment plan

Dividend policy

The Company’s investment objective is to maximise total shareholder return via a combination of capital growth and income, with the aim of allowing fully franked dividends to be paid to shareholders when possible.  Whether dividends are declared is at the full discretion of the Board.  The Board will only exercise its discretion if the Company has sufficient profit reserves and franking credits available and it is within prudent business practice to do so. The Company intends to pay a dividend to shareholders at least annually, subject to available profits, cash flow and franking credits. The Company has suspended the dividend reinvestment plan and it will not operate for dividend announced on 23 August 2018.

Document archive

Annual reports

Other documents

FMA – Election Notice

Final expiry of APL options, 93.6% exercised

Antipodes Global Investment Company Limited options (ASX:APLO) expired on 15 October 2018. Antipodes would like to thank shareholders for their support. The high percentage of options exercised is a positive sign of shareholder commitment to, and the attractiveness to the market of, the investment case for the Company. 93.6% of options have been exercised, bringing Antipodes Global Investment Company Limited’s (the Company) number of shares on issue to approximately 550 million.

Contact Boardroom

Mailing Address:
Boardroom Pty Ltd
GPO Box 3993
Sydney NSW 2001

Delivery Address:
Boardroom Pty Ltd
Level 12
225 George Street
Sydney NSW 2000

Or call Boardroom on:
1300 737 760
+61 2 9290 9600
(outside Australia)

LIC Shareholder Enquiries

Antipodes Global Listed Investment Company Limited

If you have your Shareholder Reference Number (SRN) or Holder Identification Number (HIN) you can access your shareholding online to update any of the following: bank details, TFN/ABN, FATCA/CRS status, email address, phone number and communication preferences.

If you have any further queries relating to your investment, please visit the Share Registry or make contact via the following:

Mailing Address:
Boardroom Pty Ltd
GPO Box 3993
Sydney NSW 2001

Delivery Address:
Boardroom Pty Ltd
Level 12
225 George Street
Sydney NSW 2000

Call Boardroom on:
Telephone: 1300 737 760
Telephone Outside Australia: +61 2 9290 9600

Email general enquiries:

We encourage you to provide us with your preferred phone number and email for future correspondence, as well as update your bank details for any potential future payments.

Stock exchange: Australian Securities Exchange (ASX)
ASX short code:

  • Fully Paid Ordinary Shares – APL