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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"Antipodes Global Value outperformed in Q3 2025, led by China exposure benefiting from policy support and trade tension easing. Portfolio added to AI beneficiaries Alibaba and Tencent, EV battery leader CATL, and healthcare names Merck and Globus Medical."
Antipodes Global Value strategy outperformed benchmarks during Q3 2025, driven by strong performance in emerging markets, particularly China which rallied 20.5% on policy support and easing trade tensions. The portfolio benefited from exposure to AI beneficiaries like Alphabet and Tencent, while gold holdings including Barrick Mining surged on 16.8% gold price gains. Key portfolio changes included adding to Chinese technology names Alibaba and CATL to capitalize on AI and electric vehicle themes, while increasing healthcare exposure through Merck and Globus Medical for demographic tailwinds. The manager trimmed Microsoft and rotated Japan exposure from Fujitsu to Daikin. Risk factors include concerns about circular AI investment patterns, economic uncertainty in France, and competitive pressures in Chinese food delivery. Catalysts include Fed rate cuts, improving US-China trade relations, and China's supportive industrial policies. The strategy maintains global diversification while positioning for structural growth themes including AI monetization, energy transition, and defensive commodities exposure through gold and platinum holdings.
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Algorithmic conviction, macroeconomic posture, and risk appetite signals extracted from this quarterly letter with qualitative explanations.
Market Conviction
High conviction evidenced by multiple new position initiations, significant portfolio rotations, and detailed fundamental analysis supporting investment decisions. Clear articulation of investment theses for each holding and specific catalysts driving positioning decisions demonstrate strong belief in selected opportunities.
Growth Outlook
Manager expresses optimism about global equity markets with positive returns across regions, easing trade tensions, and supportive central bank policies. Particular enthusiasm for China's policy support and AI sector opportunities, though some caution noted around competitive dynamics and economic uncertainty in select regions.
Risk Appetite
Portfolio demonstrates risk-on positioning through increased exposure to Chinese technology stocks, AI beneficiaries, and growth themes like electric vehicles and healthcare. Active deployment into new positions and scaling existing holdings indicates elevated risk appetite and conviction in identified opportunities.
Capital Deployment
Active deployment evidenced by multiple new position initiations including Alibaba, CATL, Shin-Etsu Chemical, Procore, and Globus Medical. However, balanced by profit-taking in Microsoft and Micron Technologies, suggesting selective rather than aggressive deployment approach.
Forward Guidance
Manager shows clear intent to capitalize on structural themes including AI monetization, China's policy-driven recovery, and demographic trends in healthcare. Multiple new position initiations and portfolio rotations indicate active capital deployment bias, though some profit-taking in Microsoft suggests selective approach.
Language Signal
Language is generally constructive with terms like outperformed, strong performance, positive momentum, and attractive opportunities. However, balanced by acknowledgment of risks including competitive pressures, economic uncertainty, and concerns about circular AI investment patterns.
Perceived Risk
Moderate risk perception with acknowledgment of specific concerns including circular AI investment patterns, competitive pressures in food delivery, and economic uncertainty in France. However, overall tone suggests manageable risks within broader constructive market environment.
Opportunity Density
High opportunity density perceived across multiple regions and themes including China policy beneficiaries, AI monetization opportunities, healthcare demographic trends, and defensive commodities. Manager identifies attractive opportunities across diverse sectors and geographies.
Time Horizon
Medium to long-term orientation evidenced by focus on structural themes like demographics, AI development, and energy transition. References to multi-year catalysts including Keytruda patent cliff timeline and decade-long gold mine development suggest patient capital approach.
