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 |
|---|---|---|---|---|---|---|
As of Oct 21, 2026
During the third quarter of 2026, the Antipodes Global strategy outperformed its benchmark while maintaining performance closely in line with the index over the trailing twelve-month period ending September 30, 2026. The portfolio generated positive performance contributions from stock selection across information technology, consumer discretionary, and communication services, alongside favorable regional exposure in North America and an underweight stance in Korea. Detractors included allocations to financials and industrials, as well as holdings across Europe, Japan, and China. In response to shifting conditions, the management team lowered overall portfolio net equity exposure by trimming long positions and expanding short exposure. The global macroeconomic environment proved volatile as headline equity markets grappled with resurgent inflation, escalating geopolitical tensions, and monetary policy tightening. Renewed US-Iran hostilities and maritime transport disruption across the Strait of Hormuz pushed Brent Crude above $100 per barrel, prompting central bank rate hikes from the Federal Reserve, the European Central Bank, and the Bank of Japan, which drove the US 10-year Treasury yield to 5.3%. In this environment, Antipodes targeted key structural themes, notably energy and infrastructure bottlenecks, quality compounders trading at trough valuation multiples, businesses indiscriminately sold off as artificial intelligence casualties, and non-cyclical healthcare demand. Portfolio activity reflected disciplined rebalancing and active capital reallocation. Antipodes established new long positions in semiconductor lithography leader ASML, memory producer Samsung Electronics, mining equipment specialist Weir Group, and Brazilian water utility SABESP. To fund these entries and manage risk, the fund trimmed its holding in Microsoft following significant outperformance, while completely exiting German utility RWE, Japanese equipment maker Kokusai Electric, Eldorado Gold, and Qorvo following its completed merger with Skyworks.
Antipodes deploys an all-weather global investment strategy designed to exploit market mispricings and unprecedented index concentration by investing in resilient compounders, essential infrastructure, and cyclical leaders at attractive valuations.
The manager remains positioned for equity market breadth to widen against a backdrop of unprecedented index concentration, maintaining a defensively adjusted net exposure designed to capitalize on rotational opportunities across global infrastructure and quality compounders.
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.