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 |
|---|---|---|---|---|---|---|
Antipodes' core investment philosophy focuses on exploiting market inefficiencies by seeking resilient businesses with durable competitive advantages trading at reasonable valuations, particularly as extreme market concentration in AI hardware creates mispricings elsewhere. During the second quarter of 2026, the strategy experienced relative underperformance due to its underweight position in highly concentrated AI hardware and memory companies, which saw explosive, momentum-driven gains. In contrast, the manager remains cautious of deeply cyclical memory businesses, instead shifting capital into analog, power, and RF semiconductor names that boast longer lifecycles and stable pricing power. The portfolio is structurally aligned with multi-year secular trends, including western infrastructure underinvestment, grid electrification, and underappreciated incumbent SaaS players that have been unfairly discounted by AI disruption fears. Key risks include sticky US inflation, hawkish central bank policies, and commodity market fluctuations. Ultimately, the portfolio is defensively yet constructively positioned for an eventual widening of market breadth, which its value-biased, all-weather framework is designed to exploit.
Exploiting global market inefficiencies by investing in resilient, cash-generative businesses with durable moats at attractive valuations, particularly where structural tailwinds are mispriced relative to cyclical risks.
The manager remains positioned for market breadth to widen against a backdrop of unprecedented market concentration. By maintaining an 'all-weather' value approach, the fund is geared to benefit from a rotation away from overvalued cyclical hardware and into areas with reasonable valuations and structural tailwinds, including specialty semiconductors, software incumbents, and infrastructure capex.
As of Jul 25, 2026
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.
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.
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