Antipodes SP, page-12

Mug's game trying to predict the SP, particularly in a LIC. Look for fund managers with talent and the right strategy, choose an appropriate entry point and let the rest play out. But be aware that often the presence of unexercised options can sometimes be a bit of a drag on SP until they are exercised or drop off.

Since Antipodes have been running this strategy (July 2015), they have returned 13.6%pa versus their benchmark index at 1.8% pa http://antipodespartners.com/performance

Whether or not this will continue is of course anyone's guess. And the performance of the strategy will of course only be loosely linked to the shareholder experience. Personally, I think they are a good fund manager with talent. But I can also pretty much guarantee that like all fund managers, they will go through good times and bad.