Antipodes LIC smashes target
Antipodes Global Investment Company (APL) has exceeded its $220 million milestone and is now open to accepting another $110 million in over subscriptions, for its long-short global security investment portfolio, according to APL.
The listed investment company's (LIC's) portfolio aimed to satisfy the shortage of listed global equity products that delivered in all conditions, said Antipodes Partners.
Antipodes Partners chief investment officer Jacob Mitchell said, it was encouraging to see such strong demand for APL. It was clear that self-managed super fund (SMSF) investors were increasingly aware of local market limitations and sought global opportunities instead.
National Australia Bank acted as the broker (for the offer) for APL. It was the first time a bank had also acted as a broker for an LIC, said APL.
NAB's head of hybrid and structured capital organisation, Nicholas Chaplin said, "NAB is delighted to be involved as arranger for this high quality listed investment company. The Antipodes LIC provides access to an asset class in which Australian non-institutional investors are materially underinvested, compared to institutional [investors]".
"NAB has recognised that Australian investors, particularly those managing their own superannuation, have gaps in their portfolio weightings when it comes to both fixed income and global equities".
APL's offer was expected to close on 30 September 2016, while trading on the ASX would start on 18 October 2016.
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