Antipodes Global Value Fund

Investor Summary

Jacob Mitchell founded Antipodes Partners in 2015 and serves as Chief Investment Officer and Lead Portfolio Manager for Global strategies. Prior to founding Antipodes, Mitchell spent 14 years at Platinum Asset Management where he was deputy chief investment officer and portfolio manager of the flagship Platinum International fund. He has over 20 years of investment management experience and holds a Bachelor of Commerce from the University of Western Sydney. Under his leadership, Antipodes has grown from a dedicated global value equity manager into a multi-specialist investment firm managing over A$21 billion across teams in Sydney, London, and Melbourne.

Fund Strategy

Antipodes employs a 'pragmatic value' investment approach that seeks to identify mispriced companies relative to their business resilience and growth profile. The firm focuses on taking advantage of market irrationality, identifying investments that offer a high margin of safety, and building high conviction portfolios with a capital preservation focus. Unconstrained by geographical boundaries, the strategy searches globally for attractive investment opportunities across developed and emerging markets.

ANNUALIZED SINCE INCEPTION	QUARTERLY	YTD
-	-	-

Executive Summary

The Antipodes Global Value Fund underperformed its benchmark in Q2 2026 as market returns became increasingly concentrated in a narrow cohort of memory semiconductor and hardware stocks, with the SOX index gaining 95%. The fund deliberately avoided this concentration, instead positioning in analog, power, RF and specialty semiconductors where growth is structural and valuations more reasonable. Manager views memory semiconductor valuations as extrapolating peak-cycle pricing with limited margin for error given commoditized product dynamics and capacity addition risks. Portfolio added positions in AI infrastructure enablers including data center cooling, power generation, grid infrastructure and passive components where valuations do not yet reflect demand shifts. New holdings include Booking Holdings as AI disruption concerns create entry point, Japanese companies Nidec, TDK, Visional and Qorvo for structural growth exposure. Exited energy positions TotalEnergies and Valaris as oil prices fell 29.8% on Iran conflict de-escalation. Trimmed Workday on AI disruption concerns to seat-based pricing model. Portfolio positioned for breadth rotation favoring quality at trough multiples, AI disruption opportunities with switching costs, and long-cycle infrastructure investments.

Core Thesis

Antipodes maintains a value-oriented, all-weather approach positioned for market breadth to widen from unprecedented concentration in a narrow cohort of AI hardware stocks, favoring structural growth opportunities in AI infrastructure enablers, quality compounders at trough multiples, and businesses with durable competitive advantages that have been indiscriminately repriced.

Forward Outlook

Portfolio remains positioned for market breadth to widen against backdrop of unprecedented concentration. Manager expects rotation to favor energy and infrastructure plays supporting AI buildout, businesses with embedded switching costs that have been indiscriminately repriced as AI casualties, quality compounders at trough multiples, and long-cycle infrastructure investments. Cautious on memory semiconductors where valuations extrapolate peak-cycle pricing with limited margin for error. Constructive on analog, power, RF and specialty semiconductors with structural growth drivers and reasonable valuations.

Date	Letter	Tickers	Keywords	Pitches	Quick Takes
Jul 22 2026	2026 Q2	3445.T, 4194.T, 600312.SS, 6594.T, 6762.T, AMZN, BKNG, CRM, IFX.DE, QRVO, SNY, SUZB3.SA, TSM, TTE, VAL, WDAY	AI, Cloud, Data centers, Energy Transition, Japan, semiconductors, Travel, value	IFX.DE TSM 6525.T BKNG QRVO 6762.T 6594.T 4194.T	Antipodes underperformed in Q2 2026 as markets concentrated in memory semiconductors gaining 95%, which the fund deliberately avoided citing peak-cycle valuation risks. Portfolio positioned for breadth rotation into AI infrastructure enablers like data center power and cooling, analog and specialty semiconductors with structural growth, and quality compounders at trough multiples. Added Japanese structural growth names and Booking Holdings on AI disruption concerns creating entry point.
May 1 2026	2026 Q1	005380 KS, 0291.HK, 4901.T, 6367.T, BKD, COF, CRM, DIS, IFX.DE, MSFT, NVDA, TTE, VAL, WDAY	AI, energy, Geopolitical, global, healthcare, Rotation, semiconductors, value	DIS NVDA 0291.HK 4901.T IFX.DE	Antipodes Global Value outperformed in volatile Q1 2026, benefiting from value rotation and energy shock. Strategy added defensive exposures while maintaining selective structural themes including AI infrastructure. Strong performance from energy and industrial holdings offset software sector weakness. New positions in Disney, NVIDIA, and Asian value opportunities reflect focus on meaningful valuation gaps.
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	Antipodes Global Value outperformed in Q4 2025, rotating from defensive to cyclical positions amid rate cuts and pro-cyclical market rotation. Strong performance from gold, healthcare, and AI beneficiaries offset China headwinds. New positions in Amazon, Meta, and automation leaders reflect focus on structural trends while maintaining defensive ballast against various market outcomes.

Date

Letter

Tickers

Keywords

Pitches

Quick Takes

Jul 22 2026

2026 Q2

3445.T, 4194.T, 600312.SS, 6594.T, 6762.T, AMZN, BKNG, CRM, IFX.DE, QRVO, SNY, SUZB3.SA, TSM, TTE, VAL, WDAY

AI, Cloud, Data centers, Energy Transition, Japan, semiconductors, Travel, value

IFX.DE
TSM
6525.T
BKNG
QRVO
6762.T
6594.T
4194.T

Antipodes underperformed in Q2 2026 as markets concentrated in memory semiconductors gaining 95%, which the fund deliberately avoided citing peak-cycle valuation risks. Portfolio positioned for breadth rotation into AI infrastructure enablers like data center power and cooling, analog and specialty semiconductors with structural growth, and quality compounders at trough multiples. Added Japanese structural growth names and Booking Holdings on AI disruption concerns creating entry point.

May 1 2026

2026 Q1

005380 KS, 0291.HK, 4901.T, 6367.T, BKD, COF, CRM, DIS, IFX.DE, MSFT, NVDA, TTE, VAL, WDAY

AI, energy, Geopolitical, global, healthcare, Rotation, semiconductors, value

DIS
NVDA
0291.HK
4901.T
IFX.DE

Antipodes Global Value outperformed in volatile Q1 2026, benefiting from value rotation and energy shock. Strategy added defensive exposures while maintaining selective structural themes including AI infrastructure. Strong performance from energy and industrial holdings offset software sector weakness. New positions in Disney, NVIDIA, and Asian value opportunities reflect focus on meaningful valuation gaps.

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

Antipodes Global Value outperformed in Q4 2025, rotating from defensive to cyclical positions amid rate cuts and pro-cyclical market rotation. Strong performance from gold, healthcare, and AI beneficiaries offset China headwinds. New positions in Amazon, Meta, and automation leaders reflect focus on structural trends while maintaining defensive ballast against various market outcomes.

QUARTER	THEMES	TAGS
2026 Q2	AI AI infrastructure buildout drove Q2 2026 market rally with US hyperscalers raising capex to $700 billion collectively. Manager views memory semiconductor valuations as extrapolating peak-cycle pricing with limited margin for error, preferring analog, power, RF and specialty semiconductors where growth is structural and valuations more reasonable. Portfolio positioned for AI disruption opportunities in businesses with embedded switching costs and network effects that have been indiscriminately repriced.	Hyperscalers Capex Memory Infrastructure Semiconductors
	Semiconductors Manager cautious on memory semiconductors despite strong Q2 rally, citing commoditized product dynamics, risk of capacity additions, and potential for efficiency gains to moderate demand. Prefers analog, power, RF and specialty semiconductor names with structural growth drivers, sticky customer relationships, and pricing power built on engineering rather than raw capacity. Entered positions in Qorvo and TDK for exposure to electrification and industrial automation.	Memory Analog Power RF Specialty
	Data Centers Portfolio positioned in power generation, utilities, grid infrastructure and raw materials for data center construction where valuations do not yet reflect the scale of demand shift underway. Entered Nidec for exposure to AI data center cooling and liquid cooling systems, leveraging fluid transmission and precision machining expertise. Rising power draw in AI racks requires significantly more passive components to condition and stabilize power.	Power Cooling Infrastructure Grid Utilities
	Energy Transition Portfolio includes exposure to electrification trends through semiconductor names like TDK and Qorvo, as well as power generation and grid infrastructure. Manager sees structural growth in power solutions for AI data centers and automotive electrification. Nidec positioned around AI data center cooling and electrification themes with growing demand for backup power generators and battery energy storage systems.	Electrification Power Grid Batteries Automotive
	Cloud Amazon's AWS revenue growth accelerated to 28% year-on-year with operating profits reaching record levels, reinforcing positioning as key AI infrastructure beneficiary. Manager leans into dominant incumbent SaaS and IaaS names where market discounts resilience, network effects and enterprise lock, as well as ability for incumbents to integrate AI into their own offerings. Salesforce underperformed on concerns about revenue acceleration and AI investment returns.	AWS SaaS IaaS Infrastructure Enterprise
	Oil Brent Crude fell 29.8% over the quarter as Iran conflict de-escalated and memorandum of understanding signaled reopening of Strait of Hormuz. TotalEnergies underperformed as weaker crude oil and natural gas prices reduced earnings expectations and cash flow forecasts. Valaris declined in line with lower oil prices and softer sentiment toward energy services with reduced expectations for offshore drilling activity.	Brent Iran Drilling Services Offshore
	Travel Entered Booking Holdings as stock fell out of favor on concerns that AI agents will divert consumers away from direct-traffic model. Manager believes market underappreciates continued drivers of number one position including deep supply-side relationships with small hotels, paid ad flywheel, loyalty program and metadata. Lingering travel fears tied to Iran conflict offer additional margin of safety in long-term GDP+ travel sector.	Online Travel Hotels AI Disruption Loyalty Supply
	Japan Japan delivered strong gains of 14.2% in USD supported by weaker yen, steepening yield curve, and Bank of Japan rate hike to 1.0% in June. Entered positions in Japanese companies Nidec, TDK, Kokusai Electric and Visional. Visional positioned as structural growth compounder tied to Japan's tightening labor market and rising high-skilled talent mobility as companies pivot away from lifetime employment.	Yen BOJ Labor Market Structural Growth Talent
2026 Q1	Energy Energy shock from Iran-Israel conflict closed Strait of Hormuz, driving Brent crude up 70.9% in the quarter. Portfolio increased energy exposure by adding to existing positions, benefiting from elevated oil prices and strong upstream leverage at companies like TotalEnergies.	Oil Energy Transition LNG Integrated Oil & Gas Geopolitical
	AI Mixed AI sentiment with concerns about SaaS disruption weighing on software stocks, but structural demand inflection for AI infrastructure providers like NVIDIA. Management guides at least $1 trillion in AI infrastructure demand through 2027, with revenue diversifying beyond hyperscalers.	AI Data Centers Cloud Infrastructure Semiconductors Enterprise Software
	Value Value stocks significantly outperformed growth as rotation away from mega-cap technology accelerated. Portfolio maintains focus on undervalued opportunities with meaningful valuation gaps, exemplified by new positions in Disney and China Resources Beer.	Value Growth Rotation Undervalued Mega Cap
	Semiconductors Power semiconductor leader Infineon positioned at intersection of electrification and AI data center infrastructure. Company leveraging automotive leadership into rapidly scaling AI data center opportunity with revenues rising toward €2.5 billion in FY2027.	Power Semis Automotive Data Centers Electrification AI Infrastructure
	Healthcare Portfolio increased defensive healthcare exposure during the quarter. Fujifilm's healthcare transformation story highlighted with sales exceeding ¥1 trillion and biologics CDMO business delivering 26% growth, though trading at discount to life sciences peers.	Biotechnology CRO & CDMO Healthcare Life Science Tools Transformation
2025 Q4	Behavioral Finance Manager extensively discusses behavioral biases in investing, comparing rational 'Morning Investor' mode to impulsive 'Nighttime Investor' decisions. Emphasizes the importance of overcoming psychological biases like avoiding action that could cause regret, and building habits to make better investment decisions.	Behavioral Biases Psychology Decision Making
	Value Mature (Value) businesses led performance in Q4 and were the strongest contributors for the full year, reflecting durable execution in companies generating healthy free cash flow and returning capital. The strategy maintains exposure to value-oriented businesses across market caps.	Value Investing Free Cash Flow Capital Return
	Growth Emerging (Growth) businesses were weak in Q4, reversing some substantial gains from earlier in 2025, though they delivered strong full-year performance and generated significant alpha relative to the benchmark. The strategy maintains diversified exposure across growth companies.	Growth Investing Alpha Generation

QUARTER

THEMES

AI

AI infrastructure buildout drove Q2 2026 market rally with US hyperscalers raising capex to $700 billion collectively. Manager views memory semiconductor valuations as extrapolating peak-cycle pricing with limited margin for error, preferring analog, power, RF and specialty semiconductors where growth is structural and valuations more reasonable. Portfolio positioned for AI disruption opportunities in businesses with embedded switching costs and network effects that have been indiscriminately repriced.

Hyperscalers Capex Memory Infrastructure Semiconductors

Semiconductors

Manager cautious on memory semiconductors despite strong Q2 rally, citing commoditized product dynamics, risk of capacity additions, and potential for efficiency gains to moderate demand. Prefers analog, power, RF and specialty semiconductor names with structural growth drivers, sticky customer relationships, and pricing power built on engineering rather than raw capacity. Entered positions in Qorvo and TDK for exposure to electrification and industrial automation.

Memory Analog Power RF Specialty

Data Centers

Portfolio positioned in power generation, utilities, grid infrastructure and raw materials for data center construction where valuations do not yet reflect the scale of demand shift underway. Entered Nidec for exposure to AI data center cooling and liquid cooling systems, leveraging fluid transmission and precision machining expertise. Rising power draw in AI racks requires significantly more passive components to condition and stabilize power.

Power Cooling Infrastructure Grid Utilities

Energy Transition

Portfolio includes exposure to electrification trends through semiconductor names like TDK and Qorvo, as well as power generation and grid infrastructure. Manager sees structural growth in power solutions for AI data centers and automotive electrification. Nidec positioned around AI data center cooling and electrification themes with growing demand for backup power generators and battery energy storage systems.

Electrification Power Grid Batteries Automotive

Cloud

Amazon's AWS revenue growth accelerated to 28% year-on-year with operating profits reaching record levels, reinforcing positioning as key AI infrastructure beneficiary. Manager leans into dominant incumbent SaaS and IaaS names where market discounts resilience, network effects and enterprise lock, as well as ability for incumbents to integrate AI into their own offerings. Salesforce underperformed on concerns about revenue acceleration and AI investment returns.

AWS SaaS IaaS Infrastructure Enterprise

Oil

Brent Crude fell 29.8% over the quarter as Iran conflict de-escalated and memorandum of understanding signaled reopening of Strait of Hormuz. TotalEnergies underperformed as weaker crude oil and natural gas prices reduced earnings expectations and cash flow forecasts. Valaris declined in line with lower oil prices and softer sentiment toward energy services with reduced expectations for offshore drilling activity.

Brent Iran Drilling Services Offshore

Travel

Entered Booking Holdings as stock fell out of favor on concerns that AI agents will divert consumers away from direct-traffic model. Manager believes market underappreciates continued drivers of number one position including deep supply-side relationships with small hotels, paid ad flywheel, loyalty program and metadata. Lingering travel fears tied to Iran conflict offer additional margin of safety in long-term GDP+ travel sector.

Online Travel Hotels AI Disruption Loyalty Supply

Japan

Japan delivered strong gains of 14.2% in USD supported by weaker yen, steepening yield curve, and Bank of Japan rate hike to 1.0% in June. Entered positions in Japanese companies Nidec, TDK, Kokusai Electric and Visional. Visional positioned as structural growth compounder tied to Japan's tightening labor market and rising high-skilled talent mobility as companies pivot away from lifetime employment.

Yen BOJ Labor Market Structural Growth Talent

2026 Q1

Energy

Energy shock from Iran-Israel conflict closed Strait of Hormuz, driving Brent crude up 70.9% in the quarter. Portfolio increased energy exposure by adding to existing positions, benefiting from elevated oil prices and strong upstream leverage at companies like TotalEnergies.

Oil Energy Transition LNG Integrated Oil & Gas Geopolitical

AI

Mixed AI sentiment with concerns about SaaS disruption weighing on software stocks, but structural demand inflection for AI infrastructure providers like NVIDIA. Management guides at least $1 trillion in AI infrastructure demand through 2027, with revenue diversifying beyond hyperscalers.

AI Data Centers Cloud Infrastructure Semiconductors Enterprise Software

Value

Value stocks significantly outperformed growth as rotation away from mega-cap technology accelerated. Portfolio maintains focus on undervalued opportunities with meaningful valuation gaps, exemplified by new positions in Disney and China Resources Beer.

Value Growth Rotation Undervalued Mega Cap

Semiconductors

Power semiconductor leader Infineon positioned at intersection of electrification and AI data center infrastructure. Company leveraging automotive leadership into rapidly scaling AI data center opportunity with revenues rising toward €2.5 billion in FY2027.

Power Semis Automotive Data Centers Electrification AI Infrastructure

Healthcare

Portfolio increased defensive healthcare exposure during the quarter. Fujifilm's healthcare transformation story highlighted with sales exceeding ¥1 trillion and biologics CDMO business delivering 26% growth, though trading at discount to life sciences peers.

Biotechnology CRO & CDMO Healthcare Life Science Tools Transformation

2025 Q4

Behavioral Finance

Manager extensively discusses behavioral biases in investing, comparing rational 'Morning Investor' mode to impulsive 'Nighttime Investor' decisions. Emphasizes the importance of overcoming psychological biases like avoiding action that could cause regret, and building habits to make better investment decisions.

Behavioral Biases Psychology Decision Making

Value

Mature (Value) businesses led performance in Q4 and were the strongest contributors for the full year, reflecting durable execution in companies generating healthy free cash flow and returning capital. The strategy maintains exposure to value-oriented businesses across market caps.

Value Investing Free Cash Flow Capital Return

Growth

Emerging (Growth) businesses were weak in Q4, reversing some substantial gains from earlier in 2025, though they delivered strong full-year performance and generated significant alpha relative to the benchmark. The strategy maintains diversified exposure across growth companies.

Growth Investing Alpha Generation

Date	Pitch Type	Author	Ticker	Company	Industry	Sub Industry	Bull / Bear	Exchange	Keywords	Action
Jul 22, 2026	Fund Letters	Antipodes Global Value Fund	IFX.DE	Infineon Technologies	Semiconductors	Semiconductors	Bull	Frankfurt Stock Exchange (Deutsche Börse)	AI data centers, AI infrastructure, Automotive Microcontrollers, Electrification, Germany, manufacturing capacity, power solutions, semiconductors	Login
Jul 22, 2026	Fund Letters	Antipodes Global Value Fund	TSM	Taiwan Semiconductor Manufacturing Company	Semiconductors	Semiconductors	Bull	New York Stock Exchange	2nm Technology, 3nm Technology, Advanced Process Nodes, AI, Foundry, high-performance computing, semiconductors, Taiwan	Login
Jul 22, 2026	Fund Letters	Antipodes Global Value Fund	6525.T	Kokusai Electric Corporation	Semiconductor Equipment & Materials	Semiconductor Equipment	Bull	Japan Exchange Group (Tokyo Stock Exchange)	Advanced Memory, AI infrastructure, Capital equipment, Deposition Equipment, Japan, Logic Manufacturing, semiconductor equipment, Wafer Fabrication	Login
Jul 22, 2026	Fund Letters	Antipodes Global Value Fund	BKNG	Booking Holdings	Travel Services	Internet & Direct Marketing Retail	Bull	NASDAQ	AI disruption, e-commerce, loyalty program, network effects, Online Travel Agency, Travel, turnaround, Value	Login
Jul 22, 2026	Fund Letters	Antipodes Global Value Fund	QRVO	Qorvo	Semiconductors	Semiconductors	Bull	NASDAQ	Aerospace, Analog, Automotive Connectivity, datacenter, Defense, merger, Rf Semiconductors, Value	Login
Jul 22, 2026	Fund Letters	Antipodes Global Value Fund	6762.T	TDK Corporation	Electronic Components	Electronic Components	Bull	Japan Exchange Group (Tokyo Stock Exchange)	AI infrastructure, datacenter, Electrification, Electronic Components, Hard Disk Drives, Japan, Magnetic Heads, Passive Components	Login
Jul 22, 2026	Fund Letters	Antipodes Global Value Fund	6594.T	Nidec Corporation	Specialty Industrial Machinery	Electrical Components & Equipment	Bull	Japan Exchange Group (Tokyo Stock Exchange)	AI Datacenter, Battery Storage, electric motors, Electrification, Japan, liquid cooling, turnaround, Value	Login
Jul 22, 2026	Fund Letters	Antipodes Global Value Fund	4194.T	Visional Inc.	Internet Content & Information	Interactive Media & Services	Bull	Japan Exchange Group (Tokyo Stock Exchange)	growth, Human Resources, Japan, labor market, network effects, recruitment platform, SaaS, Value	Login
May 1, 2026	Fund Letters	Antipodes Global Value Fund	DIS	Walt Disney	Entertainment	Entertainment	Bull	New York Stock Exchange	direct-to-consumer, entertainment, margin expansion, media, Share Buyback, Streaming, theme parks	Login
May 1, 2026	Fund Letters	Antipodes Global Value Fund	NVDA	NVIDIA	Semiconductors	Semiconductors & Semiconductor Equipment	Bull	NASDAQ	AI infrastructure, CUDA, data centers, Enterprise AI, hyperscalers, robotics, semiconductors	Login
May 1, 2026	Fund Letters	Antipodes Global Value Fund	0291.HK	China Resources Beer	Beverages - Brewers	Brewers	Bull	Hong Kong Stock Exchange	Brewers, China, consumer staples, Dividend Growth, margin expansion, market leader, premiumization	Login
May 1, 2026	Fund Letters	Antipodes Global Value Fund	4901.T	Fujifilm Holdings	Conglomerates	Life Sciences Tools & Services	Bull	Taiwan Stock Exchange	Biologics CDMO, business transformation, capacity expansion, Healthcare Transformation, Japan, life sciences, margin expansion	Login
May 1, 2026	Fund Letters	Antipodes Global Value Fund	IFX.DE	Infineon	Semiconductors	Semiconductors & Semiconductor Equipment	Bull	-	AI data centers, automotive, design wins, Electrification, Germany, infrastructure, Power Semiconductors	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	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	GOOG	Alphabet Inc.	Communication Services	Interactive Media & Services	Bull	NASDAQ	advertising, AI, cloud, earnings, scale	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	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	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	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	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	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
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	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	AMZN	Amazon.com Inc.	Consumer Discretionary	Internet Retail	Bull	NASDAQ	advertising, cloud, ecommerce, scale, valuation	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	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	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	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	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	BMRI IJ	Bank Mandiri Persero Tbk	Financials	Banks	Bull	New York Stock Exchange	banking, dividends, Emerging markets, Rates, valuation	Login

Date

Pitch Type

Author

Ticker

Company

Industry

Sub Industry

Bull / Bear

Exchange

Keywords

Action

Jul 22, 2026

Fund Letters

Antipodes Global Value Fund

IFX.DE

Infineon Technologies

Semiconductors

Bull

Frankfurt Stock Exchange (Deutsche Börse)

AI data centers, AI infrastructure, Automotive Microcontrollers, Electrification, Germany, manufacturing capacity, power solutions, semiconductors

Jul 22, 2026

Fund Letters

Antipodes Global Value Fund

TSM

Taiwan Semiconductor Manufacturing Company

Semiconductors

Bull

New York Stock Exchange

2nm Technology, 3nm Technology, Advanced Process Nodes, AI, Foundry, high-performance computing, semiconductors, Taiwan

Jul 22, 2026

Fund Letters

Antipodes Global Value Fund

6525.T

Kokusai Electric Corporation

Semiconductor Equipment & Materials

Semiconductor Equipment

Bull

Japan Exchange Group (Tokyo Stock Exchange)

Advanced Memory, AI infrastructure, Capital equipment, Deposition Equipment, Japan, Logic Manufacturing, semiconductor equipment, Wafer Fabrication

Jul 22, 2026

Fund Letters

Antipodes Global Value Fund

BKNG

Booking Holdings

Travel Services

Internet & Direct Marketing Retail

Bull

NASDAQ

AI disruption, e-commerce, loyalty program, network effects, Online Travel Agency, Travel, turnaround, Value

Jul 22, 2026

Fund Letters

Antipodes Global Value Fund

QRVO

Qorvo

Semiconductors

Bull

NASDAQ

Aerospace, Analog, Automotive Connectivity, datacenter, Defense, merger, Rf Semiconductors, Value

Jul 22, 2026

Fund Letters

Antipodes Global Value Fund

6762.T

TDK Corporation

Electronic Components

Bull

Japan Exchange Group (Tokyo Stock Exchange)

AI infrastructure, datacenter, Electrification, Electronic Components, Hard Disk Drives, Japan, Magnetic Heads, Passive Components

Jul 22, 2026

Fund Letters

Antipodes Global Value Fund

6594.T

Nidec Corporation

Specialty Industrial Machinery

Electrical Components & Equipment

Bull

Japan Exchange Group (Tokyo Stock Exchange)

AI Datacenter, Battery Storage, electric motors, Electrification, Japan, liquid cooling, turnaround, Value

Jul 22, 2026

Fund Letters

Antipodes Global Value Fund

4194.T

Visional Inc.

Internet Content & Information

Interactive Media & Services

Bull

Japan Exchange Group (Tokyo Stock Exchange)

growth, Human Resources, Japan, labor market, network effects, recruitment platform, SaaS, Value

May 1, 2026

Fund Letters

Antipodes Global Value Fund

DIS

Walt Disney

Entertainment

Bull

New York Stock Exchange

direct-to-consumer, entertainment, margin expansion, media, Share Buyback, Streaming, theme parks

May 1, 2026

Fund Letters

Antipodes Global Value Fund

NVDA

NVIDIA

Semiconductors

Semiconductors & Semiconductor Equipment

Bull

NASDAQ

AI infrastructure, CUDA, data centers, Enterprise AI, hyperscalers, robotics, semiconductors

May 1, 2026

Fund Letters

Antipodes Global Value Fund

0291.HK

China Resources Beer

Beverages - Brewers

Brewers

Bull

Hong Kong Stock Exchange

Brewers, China, consumer staples, Dividend Growth, margin expansion, market leader, premiumization

May 1, 2026

Fund Letters

Antipodes Global Value Fund

4901.T

Fujifilm Holdings

Conglomerates

Life Sciences Tools & Services

Bull

Taiwan Stock Exchange

Biologics CDMO, business transformation, capacity expansion, Healthcare Transformation, Japan, life sciences, margin expansion

May 1, 2026

Fund Letters

Antipodes Global Value Fund

IFX.DE

Infineon

Semiconductors

Semiconductors & Semiconductor Equipment

Bull

AI data centers, automotive, design wins, Electrification, Germany, infrastructure, Power Semiconductors

Jan 30, 2026

Fund Letters

Jacob Mitchell

Barrick Mining Corporation

Materials

Gold Mining

Bull

New York Stock Exchange

cashflow, Commodities, dividends, Gold, Margins

Jan 30, 2026

Fund Letters

Jacob Mitchell

MRK

Merck & Co., Inc.

Health Care

Pharmaceuticals

Bull

New York Stock Exchange

Clinicaltrials, growth, Oncology, pharmaceuticals, pipeline

Jan 30, 2026

Fund Letters

Jacob Mitchell

GOOG

Alphabet Inc.

Communication Services

Interactive Media & Services

Bull

NASDAQ

advertising, AI, cloud, earnings, scale

Jan 30, 2026

Fund Letters

Jacob Mitchell

AMD

Advanced Micro Devices, Inc.

Information Technology

Semiconductors

Bull

NASDAQ

AI, datacenter, growth, infrastructure, semiconductors

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

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

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

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

Jan 30, 2026

Fund Letters

Jacob Mitchell

AMZN

Amazon.com, Inc.

Consumer Discretionary

Broadline Retail

Bull

NASDAQ

advertising, cloud, ecommerce, scale, valuation

Jan 30, 2026

Fund Letters

Jacob Mitchell

CRM

Salesforce, Inc.

Information Technology

Application Software

Bull

New York Stock Exchange

AI, Automation, CRM, growth, Software

Jan 30, 2026

Fund Letters

Jacob Mitchell

HON

Honeywell International Inc.

Industrials

Industrial Conglomerates

Bull

NASDAQ

Aerospace, Automation, Focus, Margins, restructuring

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

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

Jan 30, 2026

Fund Letters

Jacob Mitchell

Barrick Mining Corp.

Materials

Gold

Bull

New York Stock Exchange

dividends, Free Cash Flow, Gold, inflation hedge, Mining

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

Jan 30, 2026

Fund Letters

Jacob Mitchell

GOOG

Alphabet Inc.

Communication Services

Interactive Media & Services

Bull

NASDAQ

advertising, AI, cloud, Data, scale

Jan 30, 2026

Fund Letters

Jacob Mitchell

AMD

Advanced Micro Devices Inc.

Information Technology

Semiconductors

Bull

NASDAQ

AI, data centers, GPUs, hyperscalers, Semi Conductors

Jan 30, 2026

Fund Letters

Jacob Mitchell

AMZN

Amazon.com Inc.

Consumer Discretionary

Internet Retail

Bull

NASDAQ

advertising, cloud, ecommerce, scale, valuation

Jan 30, 2026

Fund Letters

Jacob Mitchell

META

Meta Platforms Inc.

Communication Services

Interactive Media & Services

Bull

NASDAQ

advertising, AI, Engagement, monetization, social media

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

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

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

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

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

TICKER	COMMENTARY
IFX.DE	Infineon Technologies posted strong gains as investors responded to accelerating AI-related semiconductor demand and upgraded guidance. Management raised FY2026 sales and margin expectations, citing strong growth in power solutions for AI data centres and strong momentum in automotive microcontrollers. The company also highlighted plans for increased investment in advanced manufacturing capacity, reinforcing investor confidence in longer-term earnings growth. Infineon also benefited from the broader rotation into semiconductor names leveraged to AI infrastructure spending and electrification trends.
TSM	TSMC finished higher as surging AI and high-performance computing demand drove stronger-than-expected earnings and upgraded 2026 guidance. The company reported significant profit growth and raised revenue expectations, supported by robust utilisation of advanced 3nm and emerging 2nm nodes. Investor sentiment continued to be buoyed by TSMC's dominant positioning in the AI semiconductor supply chain, supplying major hyperscalers and chip designers including Nvidia and AMD.
AMZN	Amazon rallied strongly following a robust 1Q26 earnings result, with AWS revenue growth accelerating to ~28% year-on-year and operating profits reaching record levels. Investor confidence improved as cloud and AI demand continued to expand rapidly, reinforcing Amazon's positioning as a key AI infrastructure beneficiary. Despite elevated capex intentions, investors responded positively to strong backlog growth and improving monetisation visibility within AWS and advertising channels.
3445.T	Japanese wafer fabrication equipment provider Kokusai Electric Corporation delivered strong gains over the Quarter with investors increasingly recognising the durability of demand for its deposition equipment, supported by sustained investment in advanced memory and logic semiconductor manufacturing. Strong order momentum and improving earnings visibility reinforced confidence that recent shipment delays were temporary rather than structural. The stock also benefited from continued AI-driven semiconductor capital expenditure and improving utilisation across leading-edge fabrication plants.
TTE	TotalEnergies underperformed as weaker crude oil and natural gas prices reduced earnings expectations and cash-flow forecasts across the integrated energy sector in line with geopolitical tensions easing over the Quarter. Concerns over slowing global economic growth and softer fuel demand also weighed on commodity markets, while increased OPEC+ supply expectations added further pressure to oil prices. Although TotalEnergies continued to benefit from its diversified LNG, power and renewable energy portfolio, these positives were outweighed by declining upstream earnings expectations. A broader rotation away from defensive energy stocks toward higher-growth sectors and profit taking after a stronger period also contributed to weakness.
VAL	Offshore drilling operator Valaris finished lower in line with lower oil prices and softer investor sentiment toward energy services companies given reduced expectations for offshore drilling activity. Following the strong rally over the CYTD (+39% in local currency) associated with the proposed Transocean acquisition earlier in the Quarter, investors locked in gains as regulatory approvals and integration milestones remained pending. Concerns over slower contract awards and moderating day-rate expectations also pressured sentiment.
CRM	Salesforce underperformed, with sentiment concerned by the pace of revenue acceleration and returns from ongoing AI investments. Whilst demand for Agentforce and Data Cloud remained constructive, enterprise software spending trends remain mixed, leading to concerns around earnings expectations. More broadly incumbent software (SaaS) and infrastructure platforms continued to face pressure over the period, with investors favoring hardware. In Antipodes' view, the market continues to discount the resilience, network effects and enterprise lock these businesses possess as well as the ability for these incumbents to integrate AI into their own offerings.
BKNG	Booking Holdings is the leading online travel agency, with room nights and bookings running 2-3x those of its nearest peers, Expedia and Airbnb. The stock has fallen out of favour on concerns that AI agents will divert consumers away from Booking's profitable direct-traffic model. We think the market underappreciates the continued underlying drivers of its no. 1 position, including its deep supply-side relationships with small hotels, paid ad flywheel, loyalty program and metadata. The business is also run by a tenured management team that has navigated it through multiple industry crises. Lingering travel fears tied to the Iran conflict, together with the stock's underperformance versus hotel operators, offer additional margin of safety in a long-term GDP+ travel sector.
QRVO	Qorvo is a global RF semiconductor supplier spanning mobile, infrastructure, aerospace and defence. The market is anchored on its past underperformance and its heavy smartphone concentration. Qorvo has a pending merger with Skyworks, its largest US competitor which can reduce duplicated manufacturing footprint, leverage their combined R&D base and most importantly pool their RF technology to reduce single-socket risk. The result is a business with better scale and a structurally lower cost base. Beyond handsets, both companies are pivoting into structurally growing markets such as datacentre power and connectivity, automotive connectivity, and defence and aerospace communications.
6762.T	Japanese electronics provider TDK offers a diverse product portfolio with exposure to AI-infrastructure and electrification at a reasonable multiple. Rising power draw in AI racks requires more passive components to condition and stabilise that power, an AI rack uses up to 10x the passive content of a general server. This growth is causing tightness in passive components as producers convert production lines to server the AI market. TDK is also leveraged to the datacentre storage demand through its dominant position in merchant Hard Disk Drive magnetic heads, exposure to rare-earth magnets and range of sensors used in optical communication.
6594.T	We entered a position in Japanese motor company Nidec Corporation, a motor leader repositioning around two structural growth themes; AI data-centre cooling and electrification, while executing a self-help margin story, offering multiple ways of winning against a valuation that appears not to price the cooling optionality. Nidec is accelerating full-chain localization of liquid cooling to capture a fast-growing market, leveraging fluid transmission, precision machining and sealing expertise that create high entry barriers. Beyond cooling, appliance, commercial and industrial demand is broadening with Nidec experiencing growing demand for backup power generators for data centres and battery energy storage systems accelerated by green innovation. Under new medium-term governance and optimisation commitments, Nidec offers an established, cash-generative franchise where management-driven restructuring can re-rate returns independent of the macro cycle.
4194.T	We entered a position in Japanese human resources and digital solutions platform provider, Visional. In Antipodes' view, Visional is a structural growth compounder tied directly to Japan's tightening labour market, offering durable competitive advantage at a valuation that has lagged its earnings. Its core asset, BizReach, is the gold-standard for mid-career professionals looking to change jobs, and companies looking to hire talent. The company is benefiting from Japan's structural labour shortage and rising high-skilled talent mobility as companies pivot away from lifetime employment. BizReach's database creates a winner-takes-all network effect where top talent attracts top employers, reinforced by proprietary 'HRMOS' platform data and strong brand equity that raises barriers to entry. Earnings have compounded ~20% annually with the share price lagging, offering an attractive entry point.
WDAY	Over the Quarter Workday was trimmed reflective of AI disruption concerns to Workday's business model. As agentic AI reduces headcount growth in finance and HR functions, the seat-based pricing model faces a structural challenge, while AI-driven cost pressures and defensive spending are compressing margins. FY27 guidance is signalling decelerating revenue and margin growth. Whilst Workday's platform remains substantially cash generative, with full-year free cash flow rising 27% to $2.78 billion and subscription backlog reaching $28.1 billion, up 12%, it remains prudent to moderate the position size against structural concerns and a wider range of outcomes.
600312.SS	We exited the Chinese State Grid-controlled leader in high-voltage and UHV switchgear after a period of strong performance. Whilst UHV investment is expected to continue to grow ~30% year-on-year, in Antipodes' view this is largely already reflected in the price, with Hennan Pinggao approaching the peak of its 52-week range.
SUZB3.SA	We exited Brazilian paper and pulp producer at a point in the cycle where the margin of safety has narrowed. Q1 2026 export pulp was US$562/t, with pulp EBITDA/t down 11% year-on-year. Management concerns around a return to prior US$700+ peaks is uncertain without significant supply cuts, with new capacity likely to add pressure in coming years. Despite low cash costs, a cycle facing oversupply and FX drag offers limited asymmetric upside.
SNY	We exited Sanofi following a series of pipeline disappointments, which impacted our confidence in Sanofi's ability to manage the Dupixent loss of exclusivity. Any R&D turnaround is likely to be a multi-year endeavour relying on business development, for which the company's recent track record has been poor.

TICKER

COMMENTARY

IFX.DE

Infineon Technologies posted strong gains as investors responded to accelerating AI-related semiconductor demand and upgraded guidance. Management raised FY2026 sales and margin expectations, citing strong growth in power solutions for AI data centres and strong momentum in automotive microcontrollers. The company also highlighted plans for increased investment in advanced manufacturing capacity, reinforcing investor confidence in longer-term earnings growth. Infineon also benefited from the broader rotation into semiconductor names leveraged to AI infrastructure spending and electrification trends.

TSM

TSMC finished higher as surging AI and high-performance computing demand drove stronger-than-expected earnings and upgraded 2026 guidance. The company reported significant profit growth and raised revenue expectations, supported by robust utilisation of advanced 3nm and emerging 2nm nodes. Investor sentiment continued to be buoyed by TSMC's dominant positioning in the AI semiconductor supply chain, supplying major hyperscalers and chip designers including Nvidia and AMD.

AMZN

Amazon rallied strongly following a robust 1Q26 earnings result, with AWS revenue growth accelerating to ~28% year-on-year and operating profits reaching record levels. Investor confidence improved as cloud and AI demand continued to expand rapidly, reinforcing Amazon's positioning as a key AI infrastructure beneficiary. Despite elevated capex intentions, investors responded positively to strong backlog growth and improving monetisation visibility within AWS and advertising channels.

3445.T

Japanese wafer fabrication equipment provider Kokusai Electric Corporation delivered strong gains over the Quarter with investors increasingly recognising the durability of demand for its deposition equipment, supported by sustained investment in advanced memory and logic semiconductor manufacturing. Strong order momentum and improving earnings visibility reinforced confidence that recent shipment delays were temporary rather than structural. The stock also benefited from continued AI-driven semiconductor capital expenditure and improving utilisation across leading-edge fabrication plants.

TTE

TotalEnergies underperformed as weaker crude oil and natural gas prices reduced earnings expectations and cash-flow forecasts across the integrated energy sector in line with geopolitical tensions easing over the Quarter. Concerns over slowing global economic growth and softer fuel demand also weighed on commodity markets, while increased OPEC+ supply expectations added further pressure to oil prices. Although TotalEnergies continued to benefit from its diversified LNG, power and renewable energy portfolio, these positives were outweighed by declining upstream earnings expectations. A broader rotation away from defensive energy stocks toward higher-growth sectors and profit taking after a stronger period also contributed to weakness.

VAL

Offshore drilling operator Valaris finished lower in line with lower oil prices and softer investor sentiment toward energy services companies given reduced expectations for offshore drilling activity. Following the strong rally over the CYTD (+39% in local currency) associated with the proposed Transocean acquisition earlier in the Quarter, investors locked in gains as regulatory approvals and integration milestones remained pending. Concerns over slower contract awards and moderating day-rate expectations also pressured sentiment.

CRM

Salesforce underperformed, with sentiment concerned by the pace of revenue acceleration and returns from ongoing AI investments. Whilst demand for Agentforce and Data Cloud remained constructive, enterprise software spending trends remain mixed, leading to concerns around earnings expectations. More broadly incumbent software (SaaS) and infrastructure platforms continued to face pressure over the period, with investors favoring hardware. In Antipodes' view, the market continues to discount the resilience, network effects and enterprise lock these businesses possess as well as the ability for these incumbents to integrate AI into their own offerings.

BKNG

Booking Holdings is the leading online travel agency, with room nights and bookings running 2-3x those of its nearest peers, Expedia and Airbnb. The stock has fallen out of favour on concerns that AI agents will divert consumers away from Booking's profitable direct-traffic model. We think the market underappreciates the continued underlying drivers of its no. 1 position, including its deep supply-side relationships with small hotels, paid ad flywheel, loyalty program and metadata. The business is also run by a tenured management team that has navigated it through multiple industry crises. Lingering travel fears tied to the Iran conflict, together with the stock's underperformance versus hotel operators, offer additional margin of safety in a long-term GDP+ travel sector.

QRVO

Qorvo is a global RF semiconductor supplier spanning mobile, infrastructure, aerospace and defence. The market is anchored on its past underperformance and its heavy smartphone concentration. Qorvo has a pending merger with Skyworks, its largest US competitor which can reduce duplicated manufacturing footprint, leverage their combined R&D base and most importantly pool their RF technology to reduce single-socket risk. The result is a business with better scale and a structurally lower cost base. Beyond handsets, both companies are pivoting into structurally growing markets such as datacentre power and connectivity, automotive connectivity, and defence and aerospace communications.

6762.T

Japanese electronics provider TDK offers a diverse product portfolio with exposure to AI-infrastructure and electrification at a reasonable multiple. Rising power draw in AI racks requires more passive components to condition and stabilise that power, an AI rack uses up to 10x the passive content of a general server. This growth is causing tightness in passive components as producers convert production lines to server the AI market. TDK is also leveraged to the datacentre storage demand through its dominant position in merchant Hard Disk Drive magnetic heads, exposure to rare-earth magnets and range of sensors used in optical communication.

6594.T

We entered a position in Japanese motor company Nidec Corporation, a motor leader repositioning around two structural growth themes; AI data-centre cooling and electrification, while executing a self-help margin story, offering multiple ways of winning against a valuation that appears not to price the cooling optionality. Nidec is accelerating full-chain localization of liquid cooling to capture a fast-growing market, leveraging fluid transmission, precision machining and sealing expertise that create high entry barriers. Beyond cooling, appliance, commercial and industrial demand is broadening with Nidec experiencing growing demand for backup power generators for data centres and battery energy storage systems accelerated by green innovation. Under new medium-term governance and optimisation commitments, Nidec offers an established, cash-generative franchise where management-driven restructuring can re-rate returns independent of the macro cycle.

4194.T

We entered a position in Japanese human resources and digital solutions platform provider, Visional. In Antipodes' view, Visional is a structural growth compounder tied directly to Japan's tightening labour market, offering durable competitive advantage at a valuation that has lagged its earnings. Its core asset, BizReach, is the gold-standard for mid-career professionals looking to change jobs, and companies looking to hire talent. The company is benefiting from Japan's structural labour shortage and rising high-skilled talent mobility as companies pivot away from lifetime employment. BizReach's database creates a winner-takes-all network effect where top talent attracts top employers, reinforced by proprietary 'HRMOS' platform data and strong brand equity that raises barriers to entry. Earnings have compounded ~20% annually with the share price lagging, offering an attractive entry point.

WDAY

Over the Quarter Workday was trimmed reflective of AI disruption concerns to Workday's business model. As agentic AI reduces headcount growth in finance and HR functions, the seat-based pricing model faces a structural challenge, while AI-driven cost pressures and defensive spending are compressing margins. FY27 guidance is signalling decelerating revenue and margin growth. Whilst Workday's platform remains substantially cash generative, with full-year free cash flow rising 27% to $2.78 billion and subscription backlog reaching $28.1 billion, up 12%, it remains prudent to moderate the position size against structural concerns and a wider range of outcomes.

600312.SS

We exited the Chinese State Grid-controlled leader in high-voltage and UHV switchgear after a period of strong performance. Whilst UHV investment is expected to continue to grow ~30% year-on-year, in Antipodes' view this is largely already reflected in the price, with Hennan Pinggao approaching the peak of its 52-week range.

SUZB3.SA

We exited Brazilian paper and pulp producer at a point in the cycle where the margin of safety has narrowed. Q1 2026 export pulp was US$562/t, with pulp EBITDA/t down 11% year-on-year. Management concerns around a return to prior US$700+ peaks is uncertain without significant supply cuts, with new capacity likely to add pressure in coming years. Despite low cash costs, a cycle facing oversupply and FX drag offers limited asymmetric upside.

SNY

We exited Sanofi following a series of pipeline disappointments, which impacted our confidence in Sanofi's ability to manage the Dupixent loss of exclusivity. Any R&D turnaround is likely to be a multi-year endeavour relying on business development, for which the company's recent track record has been poor.

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Investment Summary

Investor Summary

Fund Strategy

FUND PERFORMANCE AS OF 30th June 2026

Investor Letters

Latest Executive Summary:

Executive Summary

Core Thesis

Forward Outlook

Investment Themes

AI

Semiconductors

Data Centers

Energy Transition

Cloud

Oil

Travel

Japan

Energy

AI

Value

Semiconductors

Healthcare

Behavioral Finance

Value

Growth

Investor Pitches

Current Portfolio as of ( 30th June 2026 )

Key Risks identified by Manager:

Key catalysts include:

Portfolio Implications

Ticker Commentary

Jacob Mitchell Top Holdings

Recent Buys (13F)

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13F Sector Summary

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Antipodes Global Value Fund