Browse the world's most comprehensive database of hedge fund investor letters, sorted by recent quarter. Access primary source research from leading institutional managers.
| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
Buyside Digest is not affiliated with, and does not endorse, Antipodes Global Fund. This analysis is provided for institutional research purposes only and is not investment advice.
"Antipodes deliberately avoided memory semiconductors despite 95% Q2 gains, viewing valuations as extrapolating peak-cycle pricing with thin margin for error. The fund instead positioned in analog/power/RF semiconductors with structural growth, energy infrastructure supporting AI buildout at undemanding valuations, and quality compounders oversold on AI disruption fears."
The Antipodes Global Fund underperformed in Q2 2026 as benchmark returns became increasingly concentrated in memory semiconductors, which the Strategy deliberately avoided due to cyclicality concerns and valuation risk despite the SOX index gaining ~95%. The manager views memory pricing as extrapolating peak-cycle conditions with limited margin for error, as high prices invite capacity additions while more efficient usage could moderate demand. Instead, the portfolio leaned into analog, power, RF and specialty semiconductors with structural growth drivers and reasonable valuations, adding positions in Qorvo, Skyworks Solutions and Alchip Technologies. The Strategy also positioned in energy infrastructure supporting AI buildout, where valuations do not yet reflect the scale of demand shift underway. New positions include Booking Holdings, viewed as oversold on AI disruption fears, and Performance Food Group, a compelling defensive consolidator expected to grow EPS above 20% CAGR. Exits included Woodside Energy on LNG oversupply concerns and Workday on AI disruption to its seat-based pricing model. The portfolio remains positioned for market breadth to widen against unprecedented concentration.
Sign in or create a free account to unlock full commentary, extracted equity pitches, and direct outbound manager source links with your 3 quarterly credits.
