| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| - | - | - |
The Antipodes Global Fund outperformed its benchmark over Q4 2025 and significantly outperformed over the full year, driven by strong performance in North America, Western Europe, and Developed Asia. The portfolio benefited from exposures in information technology, materials, and financials, while emerging markets, particularly China and Brazil, detracted. Key contributors included Barrick Mining on gold enthusiasm, Merck on positive clinical developments, and Alphabet on strong cloud growth. The strategy tactically rotated from defensive positions toward cyclical exposures, trimming infrastructure and healthcare winners while increasing exposure to consumer and industrial positions. Portfolio changes included adding Amazon, Salesforce, and Meta while exiting Alphabet, and rotating industrial exposure from Johnson Controls and Siemens to Honeywell. The fund increased exposure to AI-related software trends while reducing hardware exposure, and added Hyundai Motor on electrification positioning. Overall, long exposure increased modestly while short exposure was trimmed, resulting in higher net equity positioning against the backdrop of continued rate-cutting cycles.
The Antipodes Global strategy maintains a defensive foundation while tactically rotating toward cyclical exposures to capitalize on rate-cutting cycles and pro-cyclical market rotation, focusing on structural investment trends in software and AI while selectively increasing exposure to developed market consumer and industrial positions.
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 focuses on structural investment trends in software while reducing hardware exposure, and increasing exposure to developed market consumer and industrial positions.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Jan 30 2026 | 2025 Q4 | AAPL, AMD, AMZN, ASAI, BEKE, BMRI.JK, CRM, Gold, GOOGL, HON, HYMTF, JCI, LLY, META, MRK, SIEGY, STM, TCEHY | AI, cyclicals, financials, global, healthcare, industrials, materials, technology | - | Antipodes Global outperformed in Q4 2025, rotating from defensive to cyclical exposures amid rate cuts and pro-cyclical market rotation. Strong performance from technology, materials, and financials offset emerging market weakness. Key moves included adding AI-focused names like Amazon and Meta while trimming defensive positions, increasing net equity exposure for continued market upside. |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2025 Q4 |
E-commerceCarvana was the top performer as a vertically integrated e-commerce platform for used cars. The company eliminates traditional dealerships and provides a haggle-free experience with vast nationwide inventory. With less than 2% market share, Carvana has a long runway of profitable growth ahead. |
Used Cars Digital Platform Market Share |
Energy TransitionTalen Energy was a major contributor for the third consecutive year as an independent power producer owning nuclear facilities. The company expanded its relationship with Amazon Web Services to provide carbon-free energy for data centers and acquired gas-fired power plants for $3.8 billion. |
Nuclear Power Data Centers Carbon Free | |
AIAI was mentioned as a major market theme driving performance, with South Korea's semiconductor industry benefiting from the AI boom. However, the manager notes market crowding around the tech/AI theme as a challenge for active managers. |
Semiconductors Market Theme |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| No Elevator Pitches found | ||||||||||
| TICKER | COMMENTARY |
|---|---|
| AAPL | Apple Inc. represents 1.6% of company owned with cost basis of $6,255 million and market value of $61,962 million, providing $280 million in 2025 dividends. |
| 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. |
| ASAI | Sendas Distribuidora, a Brazilian wholesale grocer, finished lower, reversing the positive momentum seen over CY25, amid broader weakness in the Brazilian consumer sector against a backdrop of higher interest rates. |
| 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. |
| 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. |
| HYMTF | 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. |
| 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. |
| LLY | Eli Lilly shares were a top performer in 4Q25 after delivering strong Q3 2025 earnings in October. Revenue rose 54% year-over-year to $17.6 billion, and adjusted EPS of $7.02 beat consensus of $6.02. Growth was driven by its GLP-1 franchises, Mounjaro and Zepbound, where sales more than doubled year-over-year, alongside strength in other therapeutic areas. Management raised full-year guidance for both revenue and earnings, reinforcing investor confidence in the company's growth outlook. |
| 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%) |
| SIEGY | We exited Siemens, where the forward earnings multiple has re-rated to 20x versus an average of 15x over the last 10 years. |
| STM | STMicroelectronics detracted over the Quarter with sentiment dented by softer demand in key end markets, notably automotive and industrial chips and weaker than expected revenue forecasts. |
| TCEHY | Tencent underperformed relative to broader markets as China tech sentiment softened amid liquidity tightening and profit-taking after strong calendar year performance. |
| Ticker | Put/Call | Amount Bought | Shares Bought | % Change | Weight % |
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