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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"Antipodes Global Fund outperformed in Q4 2025 by successfully rotating away from fully valued defensives and hardware into undervalued cyclicals, software, and industrial automation."
In Q4 2025, the Antipodes Global Fund outperformed its benchmark, capitalizing on strong corporate earnings and a market shift toward cyclicals. Key positive contributors included Barrick Mining, Merck, Alphabet, and AMD. The fund actively rotated its portfolio: trimming defensive exposure (infrastructure, healthcare) and certain tech winners (exiting Alphabet, trimming AMD) to fund positions in structural software/internet names (Amazon, Salesforce, Meta), industrial automation leaders (Honeywell), and cyclicals like Hyundai Motor. In Emerging Markets, they exited Chinese property platform KE Holdings and reinitiated a position in Bank Mandiri to benefit from domestic liquidity and lower rates.
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Algorithmic conviction, macroeconomic posture, and risk appetite signals extracted from this quarterly letter with qualitative explanations.
Market Conviction
High-conviction positioning: Antipodes Global Fund outperformed in Q4 2025 by successfully rotating away from fully valued defensives and hardware into undervalued cyclicals, software, and industrial automatio...
Growth Outlook
Market outlook remains above average conviction: Antipodes Global Fund outperformed in Q4 2025 by successfully rotating away from fully valued defensives and hardware into undervalued cyclicals, software, and industrial automatio...
Risk Appetite
Risk appetite posture is above average conviction: Antipodes Global Fund outperformed in Q4 2025 by successfully rotating away from fully valued defensives and hardware into undervalued cyclicals, software, and industrial automatio...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. Antipodes Global Fund outperformed in Q4 2025 by successfully rotating away from fully valued defensives and hardware into undervalued cyclicals, software, and industrial automatio...
Forward Guidance
Forward guidance signal: Antipodes Global Fund outperformed in Q4 2025 by successfully rotating away from fully valued defensives and hardware into undervalued cyclicals, software, and industrial automatio...
Language Signal
Tone analysis indicates high conviction language: Antipodes Global Fund outperformed in Q4 2025 by successfully rotating away from fully valued defensives and hardware into undervalued cyclicals, software, and industrial automatio...
Perceived Risk
Perceived risk level is evaluated as moderate conviction. Antipodes Global Fund outperformed in Q4 2025 by successfully rotating away from fully valued defensives and hardware into undervalued cyclicals, software, and industrial automatio...
Opportunity Density
Opportunity density index indicates above average conviction actionable entry points. Antipodes Global Fund outperformed in Q4 2025 by successfully rotating away from fully valued defensives and hardware into undervalued cyclicals, software, and industrial automatio...
Time Horizon
Investment time horizon reflects a high conviction orientation. Antipodes Global Fund outperformed in Q4 2025 by successfully rotating away from fully valued defensives and hardware into undervalued cyclicals, software, and industrial automatio...
