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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Antipodes underperformed in Q2 2026 as markets concentrated in memory semiconductors gaining 95%, which the fund deliberately avoided citing peak-cycle valuation risks. Portfolio positioned for breadth rotation into AI infrastructure enablers like data center power and cooling, analog and specialty semiconductors with structural growth, and quality compounders at trough multiples."
The Antipodes Global Value Fund underperformed its benchmark in Q2 2026 as market returns became increasingly concentrated in a narrow cohort of memory semiconductor and hardware stocks, with the SOX index gaining 95%. The fund deliberately avoided this concentration, instead positioning in analog, power, RF and specialty semiconductors where growth is structural and valuations more reasonable. Manager views memory semiconductor valuations as extrapolating peak-cycle pricing with limited margin for error given commoditized product dynamics and capacity addition risks. Portfolio added positions in AI infrastructure enablers including data center cooling, power generation, grid infrastructure and passive components where valuations do not yet reflect demand shifts. New holdings include Booking Holdings as AI disruption concerns create entry point, Japanese companies Nidec, TDK, Visional and Qorvo for structural growth exposure. Exited energy positions TotalEnergies and Valaris as oil prices fell 29.8% on Iran conflict de-escalation. Trimmed Workday on AI disruption concerns to seat-based pricing model. Portfolio positioned for breadth rotation favoring quality at trough multiples, AI disruption opportunities with switching costs, and long-cycle infrastructure investments.
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