Growth Portfolio

Established in 2020, the Growth Portfolio focuses on capital appreciation through equities and growth-oriented assets. The portfolio employs a global approach, investing across developed and emerging markets based on our macro cycle analysis and technical indicators. Asset allocation dynamically adjusts between growth and defensive positions based on market conditions and our economic cycle framework.

Since inception, this portfolio has outperformed relevant Morningstar benchmarks consistently across 1, 3, and 5-year timeframes. The portfolio particularly focuses on identifying market inflection points and major cycle transitions, areas where Antipodean's macro research has demonstrated consistent forecasting capability.

Income Portfolio

The Income Portfolio emphasises yield generation and steady income streams through a diversified approach to income-producing assets. The portfolio combines traditional fixed income securities, dividend-paying equities, hybrid securities, and alternative income sources. Asset selection is driven by our assessment of credit cycles, interest rate dynamics, and relative value across income sectors.

Portfolio construction balances yield enhancement with capital preservation, employing duration management and credit quality assessment based on our macro framework.

Infrastructure and Property

The Infrastructure and Property Portfolio provides exposure to real asset investments through listed securities. The portfolio invests in infrastructure companies, REITs, utilities, and property developers across global markets. Selection criteria include asset quality, regulatory frameworks, demographic trends, and our assessment of real asset cycles.

This portfolio serves as a portfolio diversifier and inflation hedge, with lower correlation to traditional equity and bond markets. Infrastructure and property allocations are weighted based on regional economic dynamics and sector-specific opportunities identified through our research.

Portfolio Management Process

All SMAs operate within Antipodean's systematic investment framework, which combines top-down macro analysis with bottom-up security selection. Daily monitoring incorporates our proprietary indicators including economic cycle positioning, growth versus defensive asset scorecards, and technical timing models. Portfolios are rebalanced based on signal changes and risk management parameters.

Trade execution is handled professionally to optimise entry and exit points, with consideration for market liquidity, tax implications, and transaction costs. Clients maintain full transparency through direct ownership of securities and regular reporting on portfolio positioning and performance.

Fee Structure

The SMAs operate without traditional management fees as a benefit of the Antipodean client relationship. A performance fee applies only when portfolios exceed relevant benchmarks. Platform costs are minimal. This structure ensures complete alignment between Antipodean and client outcomes, with fees earned only through outperformance.

Co-Investment Opportunities

Antipodean provides access to specific investment opportunities where the firm commits substantial capital. These include direct market investments and a venture capital co-investment fund launching in Q1 2026.

Direct Co-Investment

Deal-by-deal participation in high-conviction positions across public and private markets where Antipodean identifies significant value dislocations or structural opportunities. Each opportunity is presented with comprehensive analysis including investment thesis, risk assessment, expected returns, and exit strategy.

Co-investments span multiple asset classes including equities, fixed income, commodities, currencies, and alternative investments. Selection is driven by our macro cycle analysis and identification of asymmetric risk-reward opportunities. Antipodean commits substantial firm capital to each investment, typically taking meaningful positions that demonstrate conviction in our analysis. No blind pool commitments are required - each opportunity stands on its own merits with full transparency on structure and terms.

ESVCLP VC Co-Investment Fund

Launching Q1 2026, this fund provides structured access to Australian venture capital through a curated portfolio approach. The fund will invest in 30-40 Australian companies at pre-seed, seed, and Series A stages, selected from deal flow provided by 20+ venture capital managers with whom Antipodean has existing relationships.

The fund focuses on six sectors where Australia maintains competitive advantages:

• Technology: Deep tech, artificial intelligence, fintech, medtech, and enterprise software

• Climate Technology: Clean energy, carbon reduction, and sustainability solutions

• Food and Agriculture: Agtech, alternative proteins, and supply chain innovation

• Mining Technology: Automation, efficiency, and environmental solutions

• Healthcare: Biotechnology, medical devices, and digital health

• Defence and Science: Advanced materials, space technology, and quantum computing

Fund Structure

• Investment Period: 3 years (shorter than typical 5-year industry standard)

• Fund Term: 10 years with two 1-year extension options

• Target Capital Return: Distribution to paid-in (DPI) within 7-8 years

• Portfolio Construction: 30-40 companies, diversified across sectors and stages

• Exit Strategy: Progressive realisation from Series B onwards to accelerate capital returns

Structural Advantages

Australian venture capital offers compelling structural advantages. The market demonstrates the highest capital efficiency globally, creating more unicorns per dollar invested than any other market. Seed valuations typically sit 45% below US equivalents, providing attractive entry points with potential for valuation uplift as companies scale internationally.

The ESVCLP (Early Stage Venture Capital Limited Partnership) structure provides significant tax advantages for Australian investors, including tax deductions and capital gains tax exemptions on qualifying investments. The fund's approach addresses common industry challenges through shorter investment periods, faster capital return targets, and enhanced portfolio diversification across managers and sectors.

Investment Process

All investment decisions are supported by Antipodean's global macro research and systematic approach to portfolio construction. The firm has maintained this discipline since 2005, with documented forecasts of major market events including the 2008 financial crisis and subsequent recovery cycles.

Antipodean invests retained profits and principals' capital using the same strategies offered to clients, ensuring alignment of interests. The firm maintains the position of first investor in all strategies.

Get Started Today

These investment opportunities are available exclusively to clients of Antipodean Capital's research and advisory services. For information about our advisory services, please contact Antipodean Capital directly.