Benefits of investing in the Antipodes Global Fund (Class P)

The significant benefits of investing in the Fund include:

Access to investment opportunities

A pooled investment allowing access to a diverse range of global companies that would not normally be accessible to individual retail investors.

Professional management

Antipodes' well-resourced and experienced team manages the Fund using a disciplined investment approach aimed at delivering attractive long-term returns.

Alignment of interests

Antipodes is majority owned by its investment team with a performance culture underpinned by sensible incentives, a concentrated strategy offering and the outsourcing of non-investment functions to maximise long-term alignment with investors in the Fund.

Robust investment process

Application of Antipodes' comprehensive and integrated investment approach and process.

Risk level

High

Investor suitability

The Fund may be suitable for investors with an investment horizon of over five years that seek capital growth and income via exposure to global stocks and are willing to accept the shorter term fluctuations in price typically associated with such investments.

Description of Fund

The Fund typically invests in a select number of attractively valued companies listed on global share markets (usually a minimum of 30 long holdings).

Antipodes seeks to take advantage of the market's tendency for irrational extrapolation, identify investments that offer a high margin of safety and build high conviction portfolios with a capital preservation focus. Whilst the Fund primarily invests in international equities, the Fund's constitution permits a wide range of investments including but not limited to: cash and deposits; fixed income and debt securities; company securities other than shares (including options, convertible notes, rights and debentures); derivatives - exchange traded and over-the-counter (including options, participatory notes, futures and swaps for equity, fixed income, currency, commodity and credit default exposures); currency contracts; interests in managed investment schemes and collective investment vehicles; unlisted securities and securities that are not traded on a recognised market; bullion, land and other physical commodities.

How we invest your money

The Fund typically invests in a select number of attractively valued companies listed on global share markets (usually a minimum of 30 long holdings). The Fund may use derivatives predominantly to establish short positions in securities or market indices and thus reduce the Fund's net exposure to markets, and to hedge currencies. Derivatives may also be used to amplify high conviction ideas. In the absence of finding individual securities that meet Antipodes' investment criteria, cash may be held. The Fund aims to provide income and some capital growth over the long-term.

In exchange for your invested money, you are issued with interests in the Fund called units'. Each unit in the Fund gives the unitholder a beneficial interest in the Fund as a whole, but not in any particular asset of the Fund. Your units are your proportionate share of the Fund and reflect the value of your investment, which will change over time as the market value of the assets of the Fund rise and fall.

The Fund does not have limits with respect to geographical locations.

The Fund will typically have net equity exposure of 50-100%.

Asset allocation

• International equities (inc. equity derivatives): 50% - 100%

• Cash equivalent investments: 0% - 50%