| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| - | - | - |
The Antipodes Global Value strategy outperformed benchmarks over Q4 2025 and the full year, driven by strong performance in North America, Western Europe, and Developed Asia. The portfolio benefited from healthcare, materials, and utilities exposure while real estate and consumer staples detracted. Key contributors included Barrick Mining on gold enthusiasm, Merck on positive clinical developments, Alphabet on strong cloud growth, and AMD on AI infrastructure demand. The strategy rotated from defensive positions toward more cyclical exposures, increasing developed market consumer and industrial positions while trimming European exposure. New positions were initiated in Amazon, Meta, Salesforce, and Honeywell, focusing on AI beneficiaries and automation leaders. The portfolio maintains defensive ballast while positioning for continued rate cuts and pro-cyclical rotation. Emerging market exposure, particularly China, faced headwinds from trade tensions and liquidity tightening. The strategy continues emphasizing structural investment trends including AI, cloud infrastructure, and electrification transitions while seeking value opportunities across global markets with attractive risk-adjusted returns.
The Antipodes Global Value strategy focuses on identifying undervalued opportunities across global markets while maintaining defensive positioning against various outcomes, with emphasis on structural investment trends including AI, automation, and electrification transitions.
The portfolio maintains a defensive ballast against a wide range of outcomes while positioning for continued rate-cutting cycles and pro-cyclical rotation. The strategy continues to focus on structural investment trends and value opportunities across global markets.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Jan 30 2026 | 2025 Q4 | 005380.KS, 0700.HK, AMD, AMZN, ASAI3.SA, BABA, BEKE, BMRI.JK, CRM, GLOB, Gold, GOOGL, HON, IWG.L, JCI, META, MRK, SIE.DE | consumer, financials, global, healthcare, industrials, materials, technology, value |
B MRK GOOG AMD ASAIY STM TCEHY 2423 HK AMZN CRM HON 005380 KS BMRI IJ B MRK GOOG AMD AMZN META CRM IWG LN HON 005380 KS BMRI IJ |
Portfolio increased exposure to structural investment trends in software while reducing hardware exposure. AMD benefited from landmark agreement with OpenAI for high-performance graphics chips. Meta's AI-driven ad impressions growing at double-digit rates, driving revenue growth. Barrick Mining rose sharply on fresh investor enthusiasm for gold with record bullion prices boosting revenue and margins. Portfolio trimmed gold exposure via Valterra Platinum following rapid price moves and positive sentiment around platinum group metals. Amazon's AWS business re-accelerated growth to 20% year-on-year, the fastest pace in several years, driven by strong demand. Infrastructure and retail businesses both winning market share while valuation hovers around 20-year low. Portfolio rotated to process and industrial automation where greater value is seen. Honeywell positioned as leader in aerospace and industrial automation, focusing on building and process automation after business simplification. Hyundai Motor navigating industry transition to electrification with focus on profitability and capital efficiency. Company prioritizing hybrids over pure battery electric vehicles, aligning with consumer preferences as EV demand has stalled. |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2025 Q4 |
AIAI has been integrated into RGA's research process through tools like NotebookLM, Gems in Gemini, and Claude Code. The firm views AI as a force multiplier for human judgment rather than a replacement, emphasizing the Kasparov Law principle. They believe the market narrative around AI displacement is swinging to unhelpful extremes, creating investment opportunities. |
Machine Learning Automation Software Productivity Innovation |
AutomationFactory automation represents long-term structural growth opportunity. Keyence leads in sensors and machine-vision systems with 80% margins supported by direct sales model. Structural trends include rising automation, reshoring, and growing complexity in electric vehicle manufacturing providing long runway for growth. |
Factory Automation Industrial Sensors Machine Vision Robotics Industrial IoT | |
CloudAmazon's positioning to benefit from both infrastructure and application layers of AI is highlighted. The company's logistical prowess represents one of the foremost moats in business and will be enhanced with AI through better orchestration of logistics assets and buildout of more sophisticated robotics. |
Infrastructure Logistics Automation Efficiency Coordination | |
Electric VehiclesRivian represents maybe the most exciting position in the portfolio, with the company developing its own autonomy platform and in-house chip (RAP1). The R2 model represents a pivotal moment, and partnerships with Volkswagen and Amazon have strengthened the balance sheet while expanding strategic options. |
Autonomy Manufacturing Technology Partnerships Scale | |
GoldGold returned +65% in dollars in 2025, driven by broadening demand from central banks, professional and retail investors. Central banks now hold 24% of reserves in gold versus 23% in US Treasuries for the first time. Maintained 12% portfolio allocation throughout the year. |
Central Banks Reserves Diversification Demand |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Jan 30, 2026 | Fund Letters | Jacob Mitchell | GOOG | Alphabet Inc. | Communication Services | Interactive Media & Services | Bull | NASDAQ | advertising, AI, cloud, Data, scale | Login |
| Jan 30, 2026 | Fund Letters | Jacob Mitchell | B | Barrick Mining Corporation | Materials | Gold Mining | Bull | New York Stock Exchange | cashflow, Commodities, dividends, Gold, Margins | Login |
| Jan 30, 2026 | Fund Letters | Jacob Mitchell | AMD | Advanced Micro Devices Inc. | Information Technology | Semiconductors | Bull | NASDAQ | AI, data centers, GPUs, hyperscalers, Semi Conductors | Login |
| Jan 30, 2026 | Fund Letters | Jacob Mitchell | MRK | Merck & Co., Inc. | Health Care | Pharmaceuticals | Bull | New York Stock Exchange | Clinicaltrials, growth, Oncology, pharmaceuticals, pipeline | Login |
| Jan 30, 2026 | Fund Letters | Jacob Mitchell | AMZN | Amazon.com Inc. | Consumer Discretionary | Internet Retail | Bull | NASDAQ | advertising, cloud, ecommerce, scale, valuation | Login |
| Jan 30, 2026 | Fund Letters | Jacob Mitchell | GOOG | Alphabet Inc. | Communication Services | Interactive Media & Services | Bull | NASDAQ | advertising, AI, cloud, earnings, scale | Login |
| Jan 30, 2026 | Fund Letters | Jacob Mitchell | META | Meta Platforms Inc. | Communication Services | Interactive Media & Services | Bull | NASDAQ | advertising, AI, Engagement, monetization, social media | Login |
| Jan 30, 2026 | Fund Letters | Jacob Mitchell | AMD | Advanced Micro Devices, Inc. | Information Technology | Semiconductors | Bull | NASDAQ | AI, datacenter, growth, infrastructure, semiconductors | Login |
| Jan 30, 2026 | Fund Letters | Jacob Mitchell | CRM | Salesforce Inc. | Information Technology | Application Software | Bull | New York Stock Exchange | AI agents, CRM, Enterprise software, productivity, valuation | Login |
| Jan 30, 2026 | Fund Letters | Jacob Mitchell | ASAIY | Sendas Distribuidora S.A. | Consumer Staples | Food Retail & Distribution | Bear | Brasil Bolsa Balcão | Brazil, consumer, Rates, recovery, valuation | Login |
| Jan 30, 2026 | Fund Letters | Jacob Mitchell | IWG LN | International Workplace Group PLC | Real Estate | Office REITs & Services | Bull | New York Stock Exchange | asset-light, Coworking, Flexible Office, Hybrid work, Real Estate | Login |
| Jan 30, 2026 | Fund Letters | Jacob Mitchell | STM | STMicroelectronics N.V. | Information Technology | Semiconductors | Bear | New York Stock Exchange | automotive, CapEx, Cyclicality, Industrial, Semi Conductors | Login |
| Jan 30, 2026 | Fund Letters | Jacob Mitchell | HON | Honeywell International Inc. | Industrials | Industrial Conglomerates | Bull | New York Stock Exchange | CapEx, Industrial automation, Margins, Portfolio simplification, Spin-offs | Login |
| Jan 30, 2026 | Fund Letters | Jacob Mitchell | TCEHY | Tencent Holdings Limited | Communication Services | Interactive Media & Services | Bear | New York Stock Exchange | China, Internet, Liquidity, Regulation, Sentiment | Login |
| Jan 30, 2026 | Fund Letters | Jacob Mitchell | 005380 KS | Hyundai Motor Co. Ltd. | Consumer Discretionary | Automobiles | Bull | New York Stock Exchange | Autos, Electrification, Hybrids, market share, valuation | Login |
| Jan 30, 2026 | Fund Letters | Jacob Mitchell | 2423 HK | KE Holdings Inc. | Real Estate | Real Estate Services | Bear | New York Stock Exchange | China, Margins, Property, Sentiment, Slowdown | Login |
| Jan 30, 2026 | Fund Letters | Jacob Mitchell | BMRI IJ | Bank Mandiri Persero Tbk | Financials | Banks | Bull | New York Stock Exchange | banking, dividends, Emerging markets, Rates, valuation | Login |
| Jan 30, 2026 | Fund Letters | Jacob Mitchell | AMZN | Amazon.com, Inc. | Consumer Discretionary | Broadline Retail | Bull | NASDAQ | advertising, cloud, ecommerce, scale, valuation | Login |
| Jan 30, 2026 | Fund Letters | Jacob Mitchell | CRM | Salesforce, Inc. | Information Technology | Application Software | Bull | New York Stock Exchange | AI, Automation, CRM, growth, Software | Login |
| Jan 30, 2026 | Fund Letters | Jacob Mitchell | HON | Honeywell International Inc. | Industrials | Industrial Conglomerates | Bull | NASDAQ | Aerospace, Automation, Focus, Margins, restructuring | Login |
| Jan 30, 2026 | Fund Letters | Jacob Mitchell | 005380 KS | Hyundai Motor Company | Consumer Discretionary | Automobiles | Bull | New York Stock Exchange | Autos, Electrification, Hybrids, marketshare, valuation | Login |
| Jan 30, 2026 | Fund Letters | Jacob Mitchell | BMRI IJ | Bank Mandiri (Persero) Tbk | Financials | Banks | Bull | New York Stock Exchange | banking, dividends, Indonesia, Rates, valuation | Login |
| Jan 30, 2026 | Fund Letters | Jacob Mitchell | B | Barrick Mining Corp. | Materials | Gold | Bull | New York Stock Exchange | dividends, Free Cash Flow, Gold, inflation hedge, Mining | Login |
| Jan 30, 2026 | Fund Letters | Jacob Mitchell | MRK | Merck & Co. Inc. | Health Care | Pharmaceuticals | Bull | New York Stock Exchange | Clinical trials, innovation, Oncology, pharma, pipeline | Login |
| TICKER | COMMENTARY |
|---|---|
| 005380.KS | We increased exposure to Hyundai Motor, which is navigating the industry's transition to electrification with a focus on profitability and capital efficiency. Its strong mass-market franchise and growing premium brand, Genesis, has taken market share in key segments via attractive product launches. Strategically, the company is prioritising hybrids over pure battery electric vehicles, aligning with consumer preferences. In the critical North American market, hybrids make up ~12% of units but have grown share consistently as EV demand has stalled. Hyundai plans to make hybrid drivetrains available across most of its models over the coming two years, which should enable the company to meet this wave of consumer adoption and improve on its market share gains of recent years. A forward earnings multiple of 6x is an attractive valuation for a market share gainer. |
| 0700.HK | Shinya also visited Shenzhen, where Star Magnolia Capital organized an educational visit for our families to Tencent's headquarters, alongside meetings with several promising early-stage companies. |
| AMD | AMD was mentioned as an example of businesses that already make money, have shown they can do so through cycles and are priced so that we do not need everything to go right. |
| AMZN | One company we own that we think has unique positioning to benefit from both the infrastructure and application layers is Amazon. Amazon's logistical prowess is one of the foremost moats in business today and it can and will be enhanced with AI. The company will do this in multiple ways, with better orchestration of its logistics assets and underlying cargo, as well as the buildout of more capable, sophisticated and robust robotics. Amazon is singularly well positioned to dominate the coordination layer, with AI's help, across its entire logistics network. |
| ASAI3.SA | Brazilian wholesale grocer Sendas Distribuidora finished lower over the quarter, reversing the positive momentum seen CY25, amid broader weakness in the Brazilian consumer sector against a backdrop of higher interest rates. Rate sensitive stocks were impacted as the market began to price in a delay in rate cuts from January to March 2026. We view the correction as short-term, and took the opportunity to slightly increase the position size given the attractive risk-reward at current levels. |
| BABA | Alibaba was a detractor during the quarter after the company reported mixed fiscal Q2 results. While cloud revenue growth accelerated and margins remained stable, the core commerce business struggled with slowing growth and significant profit pressure, particularly in the quick commerce segment where heavy investment and intense competition led to a sharp decline in profitability. |
| BEKE | Chinese property platform KE Holdings also finished lower as investor confidence waned amid reported margins and earnings momentum reported lower than expectations, overshadowing headline revenue growth. |
| BMRI.JK | We reinitiated a position in leading Indonesian bank, Bank Mandiri. The Indonesian banking sector is relatively consolidated, with the four largest banks accounting for around 50% of loans and deposits. |
| CRM | By looking at their Rnancials, FactSet, PayPal, Adobe, and Salesforce seem to be doing Rne. The market, however, is reading subdued revenue growth as a sign of increased competition on their core oSerings. These companies' outlooks look more di'cult than their past. |
| GLOB | The capital was reallocated to Globant, an Argentinian digital engineering services leader. Macro headwinds and market concerns around AI's potential impact on digital services business models drove a significant drawdown in 2025, with the stock de-rating to 10x forward earnings – its lowest valuation in history, and a substantial discount to its historical average of 30x. Today, Globant's project pipeline stands at $3.7b, versus 2025's revenue of $2.5b, and we expect the company to grow earnings at a high single-digit rate. |
| GOOGL | In the third quarter, Google, Kairos Power, and the Tennessee Valley Authority announced a major collaboration centered on a novel power purchase agreement. Google followed this announcement with another significant step forward. On October 27, Google and NextEra Energy announced plans to restart the Duane Arnold Energy Center. |
| HON | Honeywell is a US multinational leader in aerospace and industrial automation that is simplifying its business. Following the separation of its advanced materials business in late 2025, Honeywell's aerospace division will spin off in 2026. |
| IWG.L | International Workplace Group was one of the Fund's three largest holdings in 2025 and among the largest winners, contributing to the combined 30% gross return. The fund continues to hold a material position accounting for just under half of capital. |
| JCI | We exited Johnson Controls, where we have seen strong datacentre sales, but where the residential segment has been impacted by oversupply, with de-stocking expected to continue into 2026 before normalising again. |
| META | On January 9, Meta Platforms unveiled a new agreement with Vistra—the largest generator of competitive electricity in the United States—as well as with TerraPower and Oklo. The announcement builds on Meta's agreement last year with Constellation Energy and positions the company to become one of the largest corporate purchasers of nuclear-generated electricity in the United States. |
| MRK | Top gainers in the Fund this quarter included Merck (+26%) |
| SIE.DE | We exited Siemens, where the forward earnings multiple has re-rated to 20x versus an average of 15x over the last 10 years. |
| Ticker | Put/Call | Amount Bought | Shares Bought | % Change | Weight % |
|---|---|---|---|---|---|
| No Recent Buys Data | |||||
| Ticker | Put/Call | Amount Sold | Shares Sold | % Change | Weight % | Status |
|---|---|---|---|---|---|---|
| No Recent Sells Data | ||||||
| Industry | Prev Quarter % | Current Quarter % | Change |
|---|---|---|---|
| No industry data available | |||
