Item 5: Fees and Compensation
Management Fee
Antipodes charges the Funds a fee for its investment management services based on assets
under management (the “Management Fee”), which is set forth in the offering documents.
With respect to all share classes, the Firm receives an annual management fee ranging up to
1.5% per annum in respect of the net asset value (“NAV”). The Management Fee is payable
quarterly in arrears as soon as practicable after the end of each calendar quarter.
The Firm may, in its sole discretion, waive, rebate or decrease the Management Fee that is
payable in whole or in part, in respect of each share class at any time.
The Funds may from time to time enter into Side Letters providing for changes in
management fees and performance allocation.
Clients with SMAs generally pay Management Fees in a similar range as stated above.
Trustee Fees
Each Participating Plan in the CITs will be charged a Trustee Fee to the Trustee based on the
value of each Participating Plan’s investment in the CITs, which is set forth in the offering
documents. With respect to the Class A share class, the Trustee Fee will be .55% per annum
in respect of the value of each Participating Plan’s investment in the CITs. The Trustee Fee
will be accrued daily at the annual rate set forth in this paragraph, and will be paid monthly in
arrears from the assets of the applicable CIT.
The Trustee Fee will cover (i) the normal operating fees and expenses of the CIT; (ii)
compensation to the Trustee for the fiduciary services provided by the Trustee; and (iii)
compensation to the Firm for the investment advisory and administrative services provided
by the Antipodes.
Brokerage Fees
The Funds and CITs are responsible for paying any and all brokerage fees including, without
limitation, commissions, annual fees, brokerage charges, bank charges, registration fees,
clearing and settlement charges, taxes and/or duties.
Other Fees and Expenses
The Funds pay various ongoing operational expenses, including but not limited to,
accounting, auditing, tax preparation, legal, administration, research, and trading costs. The
Funds may incur brokerage and other transaction costs.
Fees and compensation are generally deducted from the assets of each Fund on a quarterly
basis.
With respect to the CITs, the Trustee will pay various ongoing operational expenses out of
the Trustee Fee, including but not limited to, custody fees, annual audit related fees, tax filing
fees, security pricing fees, intermediary retirement platform fees, expenses related to the
preparation of the CITs annual Form 5500 report, and rating, data and security identifier
fees.
Antipodes Partners Limited Form ADV Part 2A
Item 6: Profit Allocation Percentage / Performance-based Fee
The Firm will generally receive a performance-based fee from the Funds and SMAs (where
negotiated) that it advises and manages. The calculation of the performance-based fee is
described in each Fund’s Private Placement Memorandum (“PPM”) or each SMAs Investment
Advisory Agreement (“IMA”). Each performance-based fee is calculated at the end of each
calendar year or upon redemption of the relevant shares part way through a year.
Among the Funds in general, the performance-based fee is equal to an amount of up to 15%
of the appreciation in the net asset value per share of the relevant series of shares issued by
the relevant Fund. The appreciation in the net asset value of the relevant series of the
relevant Fund is calculated as the difference between the highest net asset value per share of
that series (the “high watermark”) as of the last valuation date in December in any preceding
year after the allocation of any performance-based fee. Alternatively, if the relevant shares
were issued during the course of the relevant year, the calculation would be the difference
between the subscription price of the relevant shares when they were acquired and the net
asset value per share of that series as of the last valuation date in December in the year in
question or in the case of redemptions made during the course of such year as of the
valuation date relating to the date on which the shares were redeemed. The fee
arrangements are discussed further in the PPMs and IMAs of the relevant Funds and/or
SMAs.
Antipodes may, in its sole discretion, waive, rebate, or otherwise vary (but not increase) the
Performance Fee payable in whole or in part, in respect of any particular Series, or may
rebate or waive the Performance Fee payable in whole or in part for certain Investors,
including in particular during any wind down of the relevant Fund’s business.
Antipodes Partners Limited Form ADV Part 2A