| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| - | - | - |
Antipodes Global Value outperformed benchmarks in Q1 2026 despite volatile market conditions driven by Iran-Israel conflict and energy shock. The strategy benefited from value stock rotation away from mega-cap technology and strong performance in energy holdings like TotalEnergies as Brent crude surged 70.9%. Portfolio positioning emphasized defensive exposures through healthcare, infrastructure and consumer staples while maintaining selective exposure to structural themes including AI infrastructure and digitisation. Key contributors included Hyundai Motor on AI/robotics enthusiasm, Valaris on acquisition premium, and Brookdale Senior Living on operational improvements. Software holdings like Microsoft and Salesforce detracted amid sector-wide concerns about AI disruption. New positions included Disney on streaming/experiences strength, NVIDIA on AI infrastructure demand, China Resources Beer on premiumisation trends, Fujifilm on healthcare transformation, and Infineon on power semiconductor leadership. The strategy exited Hyundai Motor after strong rally and trimmed positions in China XD Electric and Daikin. Portfolio maintains defensive ballast while selectively adding to structural investment opportunities.
Value-oriented global equity strategy focused on identifying meaningful valuation gaps in quality companies across sectors and geographies, with emphasis on defensive positioning and structural investment themes.
Portfolio maintains defensive ballast against wide range of outcomes with increased defensive exposures during the quarter. Strategy continues focus on structural investment trends including digitisation and selective software exposure while managing cyclical rotations.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| 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 Q1 |
EnergyEnergy 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 |
AIMixed 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 | |
ValueValue 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 | |
SemiconductorsPower 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 | |
HealthcarePortfolio 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 FinanceManager 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 |
ValueMature (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 | |
GrowthEmerging (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 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 |
| TICKER | COMMENTARY |
|---|---|
| 005380.KS | Hyundai Motor rallied to record highs during the Quarter, driven by growing investor enthusiasm for its AI and robotics strategy, including its Boston Dynamics/Atlas humanoid robot showcase and potential further collaboration with NVIDIA. Performance was further supported by Hyundai's signing of a memorandum of understanding with the South Korean government to invest approximately KRW 9 trillion (approximately A$10 billion) to establish an innovation hub in Gunsan, anchored by AI, robotics, and hydrogen energy capabilities. We exited our position in Hyundai Motor following a strong rally that took the stock to elevated levels relative to near-term earnings. Fourth-quarter operating profit declined ~40% as US tariffs weighed on North American margins (tariffs reduced operating profit by 1.5 trillion won in the quarter alone). While the company's hybrid-led strategy and Boston Dynamics robotics optionality remain attractive, the near-term earnings outlook is uncertain given trade policy headwinds, and we began to trim into strength to manage position size and eventually exited over the Quarter. |
| TTE | TotalEnergies surged higher towards the end of the Quarter supported by volatile and elevated oil prices, which lifted earnings expectations and cash flow outlook. Heightened geopolitical tensions drove sharp swings in Brent Crude, benefiting integrated energy producers with strong upstream leverage. The rally was reinforced by solid CY25 results and constructive 2026 guidance, including expected production growth, rising LNG volumes and continued expansion in integrated power, which further underpinned investor confidence. |
| VAL | Offshore drilling operator Valaris surged over the quarter after Transocean announced a US$5.8 billion all-stock acquisition of the company, offering shareholders a ~32 % premium and creating the world's largest offshore drilling contractor with a significantly expanded fleet and backlog. The deal reinforced expectations of stronger pricing power and industry consolidation as offshore drilling demand improves. |
| BKD | Brookdale Senior Living rose strongly early in the Quarter as improving operations met positive financial developments. Higher occupancy rates and a substantial $600 million refinancing alleviated near-term liquidity overhangs, while management's upbeat 2026 guidance, including revisions to projected growth and elevated adjusted EBITDA estimates, reinforced confidence in the company's turnaround. |
| MSFT | Microsoft saw a sharp correction amid the broader software sector selloff. Despite reporting strong Q2 earnings, elevated AI-related capital spending and concerns about potentially decelerating cloud growth and near-term monetisation weighed on investor sentiment. |
| COF | Capital One Financial underperformed amid a risk-off environment for financials, with the stock pressured by regulatory overhang. Early in January 2026, President Trump called for a one-year cap on US credit card interest rates at 10%, a move that could reshape the economics for major card issuers by limiting interest income and potentially tightening lending standards. The materiality of Trump's call depends on Congressional approval and any subsequent implementation by lenders adjusting credit standards. At a company level, Capital One reported mixed Q4-25 results with resilient top-line trends, but near-term margin and credit headwinds. |
| CRM | Salesforce finished lower amid sector-wide software sell-off driven by intensifying fears that rapid AI evolution could disrupt traditional enterprise software models and valuations. Salesforce continues to demonstrate robust fundamentals, and we estimate earnings can continue to grow at 14% year-on-year, driven by the momentum of its recently deployed autonomous AI agent platform, Agentforce. |
| WDAY | Similarly Workday finished lower, with sentiment continuing to be hampered by growing fears that generative AI tools could disrupt traditional enterprise HR and ERP software. While the company beat earnings estimates, its revenue forecast and delayed deal closures raised concerns about slowing demand, particularly across healthcare and government customers. |
| DIS | Walt Disney (Entry): The market is extrapolating the structural decline of linear TV across the whole business, ignoring two segments performing strongly. Disney's streaming segment posted operating income of US$450 million in fiscal Q1 2026, up 72% year-over-year, while the Experiences segment generated record quarterly revenue of US$10 billion, alongside US$3.3 billion in operating income. We believe there is a meaningful valuation gap that should close once the margin inflection becomes visible in FY26. ESPN's direct-to-consumer transition provides additional optionality that the market is currently discounting, and a US$7 billion share buyback (roughly 3.8% of shares) for FY2026 signals management confidence in the undervaluation. |
| NVDA | NVIDIA (Entry): The opportunity in NVIDIA has been created from the market's extrapolation of near-term AI uncertainty, despite a structural demand inflection for the world's dominant AI infrastructure provider. On our estimates NVDA trades on a 2027 multiple of 13x. Management now guides at least $1 trillion in AI infrastructure demand through 2027 — double the $500bn signalled twelve months ago — and frames this as a floor with NVDA the main beneficiary underpinned by the CUDA installed base. Revenue is also diversifying beyond hyperscalers, with sovereign clouds, enterprise, and robotics growing while the SaaS-to-agentic transition represents a further enterprise IT monetisation opportunity. |
| 0291.HK | China Resources Beer (Entry): We started a position in China's dominant beer producer, at ~13x 2026 earnings, a valuation we believe materially underestimates the earnings trajectory. The investment case rests on three drivers: premiumisation (Heineken's ~20% volume growth in 2025 confirms the "drink less, drink better" trend is structural); operational efficiency (CR Beer's capacity rationalisation and cost discipline are driving meaningful margin expansion); and shareholder returns (dividend per share up 34%, with a ~70% payout ratio targeted over the next three years). Early 2026 data supports the thesis, with the company reporting positive volume and average selling price growth in the first two months of the year. |
| 4901.T | Fujifilm Holdings Corp (Entry): One of the most compelling transformation stories in global markets. Healthcare sales exceeded ¥1 trillion for the first time, and the biologics CDMO business delivered 26% year-over-year sales growth in H1 FY2025, supported by major capacity additions in Denmark and North Carolina. FY2025 was reported as record high net income for the fifth consecutive year, with group operating profit margins exceeding 10% for the first time. Despite this, the stock trades at a material discount to life sciences peers, with the market continuing to anchor to the legacy film and imaging heritage. |
| IFX.DE | Infineon (Entry): A power semiconductor leader at the intersection of electrification, software-defined vehicles, and AI-data centre power infrastructure. Infineon holds ~13.5% market share in automotive semiconductors, but is the clear number one in automotive and power semiconductors globally. The company is leveraging this leadership position into the rapidly scaling AI data centre opportunity, with revenues rising from ~€700 million in FY2025 towards €2.5 billion in FY2027 based on known design wins. Automotive market caution has kept the stock under pressure while a growing portion of earnings is shifting toward secular AI infrastructure demand. |
| 6367.T | Daikin (Exit): We trimmed our position in Daikin, the Japanese HVAC leader. While the company's long-term structural positioning in data centre cooling capabilities and leadership in energy-efficient air conditioning remains compelling, the near-term operating environment has been challenging. Daikin's Q3 operating profit declined 15% year on year, materially below consensus expectations, driven primarily by weaker residential demand in North America and soft sales across Asia. In response, management is accelerating cost reduction initiatives and restructuring efforts. The medium-term plan is expected to provide clarity on margin recovery and capital allocation priorities. |
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