The curated database of hedge funds that publish investor letters. Research by geography, strategy, and schools of thought.
| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
The Antipodes Global Fund underperformed in Q2 2026 as benchmark returns became increasingly concentrated in memory semiconductors, which the Strategy deliberately avoided due to cyclicality concerns and valuation risk despite the SOX index gaining ~95%. The manager views memory pricing as extrapolating peak-cycle conditions with limited margin for error, as high prices invite capacity additions while more efficient usage could moderate demand. Instead, the portfolio leaned into analog, power, RF and specialty semiconductors with structural growth drivers and reasonable valuations, adding positions in Qorvo, Skyworks Solutions and Alchip Technologies. The Strategy also positioned in energy infrastructure supporting AI buildout, where valuations do not yet reflect the scale of demand shift underway. New positions include Booking Holdings, viewed as oversold on AI disruption fears, and Performance Food Group, a compelling defensive consolidator expected to grow EPS above 20% CAGR. Exits included Woodside Energy on LNG oversupply concerns and Workday on AI disruption to its seat-based pricing model. The portfolio remains positioned for market breadth to widen against unprecedented concentration.
Antipodes maintains a contrarian positioning against unprecedented market concentration, avoiding overvalued memory semiconductors while favoring structural growth in analog/power/RF semiconductors, energy infrastructure supporting AI buildout, and quality compounders trading at trough multiples following indiscriminate AI-disruption repricing.
The portfolio remains positioned for market breadth to widen against a backdrop of unprecedented concentration, the type of rotation Antipodes' all-weather approach is designed to benefit from. Key positioning themes include energy and infrastructure where valuations do not yet reflect the scale of demand shift underway, AI disruption opportunities in businesses with deeply embedded switching costs that have been indiscriminately repriced, quality compounders at trough multiples, and long-cycle infrastructure capex in areas reflecting decades of underbuilding in the West.
As of Jul 25, 2026
Jacob Mitchell founded Antipodes Partners Limited in 2015, bringing over 30 years of investment experience to the firm. Prior to founding Antipodes, Mitchell spent 14 years at Platinum Asset Management as deputy chief investment officer and portfolio manager of the flagship Platinum International fund, where he developed expertise in global equity markets. From 1996 to 2000, he led technology and emerging industrials research at UBS Warburg Australia. His investment career began in 1994 as a trainee investment analyst at Tyndall Australia, a value-oriented Australian equities manager. Mitchell holds a Bachelor of Commerce from the University of Western Sydney and has built Antipodes into a firm managing approximately A$21 billion across multiple strategies.
Antipodes employs a 'pragmatic value investing' philosophy focused on business resilience and margin of safety. The firm believes that equity investment returns are primarily a function of economic performance of the business and the price paid, defining investment risk as permanent capital loss and/or unforeseen downside volatility. The Fund aims to achieve absolute returns in excess of the MSCI All Country World Net Index over the investment cycle (typically 3-5 years). The investment approach combines quantitative and fundamental analysis, emphasizing 'pragmatic value' investing that accounts for structural changes in industries rather than traditional mean reversion. The fund seeks opportunities from market irrationality, structural and cyclical changes, and socio/macro-economic factors.
Lead Portfolio Manager
Moderate Conviction Bullish
Market Conviction
Growth Outlook
Risk Appetite
Capital Deployment
Forward Guidance
Language Signal
Perceived Risk
Opportunity Density
Time Horizon
Top Conviction Themes
Key Catalysts
Every insight in this database connects to the original source. Read the actual thesis, see the actual concerns, and make your own call.
Buyside Digest has no business relationship, partnership, agency, sponsorship, endorsement, or affiliation with Antipodes Global Fund or any other manager whose content appears on the Service, except where expressly stated. We do not receive Manager Content directly from managers in most cases; content is collected from publicly available sources. Managers have not necessarily reviewed, approved, authorized, or endorsed our display of their content, our editorial commentary, our metadata extraction, or our classifications. Use of a manager’s name is for accurate attribution and identification purposes only, under principles of nominative fair use.
Buyside Digest does not independently verify the regulatory status, registrations, licensing, qualifications, credentials, or professional standing of managers whose content appears on the Service. We do not represent that managers are properly registered with applicable regulatory bodies, that their content complies with applicable securities laws, or that their performance representations are accurate. Inclusion of a manager in our database is based on the publicly available nature of their content, not on our verification of their regulatory status or content compliance. Users are responsible for conducting their own due diligence on any manager.
Performance data, returns, assets under management (“AUM”), and similar figures displayed on this page are sourced from publicly available manager communications (including investor letters), public filings, or other third-party sources. Buyside Digest does not independently verify performance figures, calculate returns, or audit manager-reported data. Such figures: May be selectively reported by the manager; May use non-standard calculation methodologies; May not reflect fees, expenses, taxes, or other costs; May be inconsistent across reporting periods; May be outdated. Past performance is not indicative of future results. Performance figures should not be relied upon for investment decisions without independent verification. Users should request audited performance data directly from the manager and conduct their own due diligence.
