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Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Themes	Quick Take

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Antipodes Global Fund 2026 Q3 Investor Letter | Buyside Digest

Back to Fund Profile (Antipodes Global Fund)

Primary Source Intelligence • Q3 2026 Letter Analysis

Antipodes Global Fund Quarterly Analysis

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.

Fund Returns

Positioning StanceCAUTIOUS

Market CapAll Cap

GeographyGlobal, US, Europe, Asia, LatAM, Emerging markets

Digest Analysis

Quick Take

"Antipodes reduced net equity exposure by trimming technology winners and expanding shorts, while initiating positions in ASML, Samsung, Weir, and SABESP to capitalize on broadening market breadth and infrastructure demand."

Executive Summary

During the third quarter of 2026, the Antipodes Global strategy outperformed its benchmark while maintaining performance closely in line with the index over the trailing twelve-month period ending September 30, 2026. The portfolio generated positive performance contributions from stock selection across information technology, consumer discretionary, and communication services, alongside favorable regional exposure in North America and an underweight stance in Korea. Detractors included allocations to financials and industrials, as well as holdings across Europe, Japan, and China. In response to shifting conditions, the management team lowered overall portfolio net equity exposure by trimming long positions and expanding short exposure. The global macroeconomic environment proved volatile as headline equity markets grappled with resurgent inflation, escalating geopolitical tensions, and monetary policy tightening. Renewed US-Iran hostilities and maritime transport disruption across the Strait of Hormuz pushed Brent Crude above $100 per barrel, prompting central bank rate hikes from the Federal Reserve, the European Central Bank, and the Bank of Japan, which drove the US 10-year Treasury yield to 5.3%. In this environment, Antipodes targeted key structural themes, notably energy and infrastructure bottlenecks, quality compounders trading at trough valuation multiples, businesses indiscriminately sold off as artificial intelligence casualties, and non-cyclical healthcare demand. Portfolio activity reflected disciplined rebalancing and active capital reallocation. Antipodes established new long positions in semiconductor lithography leader ASML, memory producer Samsung Electronics, mining equipment specialist Weir Group, and Brazilian water utility SABESP. To fund these entries and manage risk, the fund trimmed its holding in Microsoft following significant outperformance, while completely exiting German utility RWE, Japanese equipment maker Kokusai Electric, Eldorado Gold, and Qorvo following its completed merger with Skyworks.

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Institutional Meta Strategy

Meta Strategy Gauges

Algorithmic conviction, macroeconomic posture, and risk appetite signals extracted from this quarterly letter with qualitative explanations.

Signal Matrix

Market Conviction

68%

CautiousHigh

Moderate (68%)

Antipodes demonstrates solid conviction across its global equity book through decisive new entry positions in ASML, Samsung, Weir, and SABESP accompanied by concrete operational theses. Sizing discipline is evident in proactive trimming of long-term winner Microsoft and complete exits from RWE and Eldorado Gold. The score reflects active risk management within a diversified global mandate alongside increased short hedging.

Growth Outlook

48%

BearishBullish

Neutral (48%)

The manager maintains a balanced-to-cautious macro outlook, pointing to narrow market breadth, renewed central bank tightening, and Brent crude pushing over $100 per barrel. While finding attractive individual opportunities in infrastructure and value-oriented compounders, the team acknowledges macroeconomic crosscurrents. The outlook balances high capital expenditure spending with rising interest rate headwinds.

Risk Appetite

35%

DefensiveAggressive

Defensive (35%)

Positioning indicates a defensive posture as overall portfolio net equity moved lower over the quarter through both trimming long positions and increasing short exposure. Management locked in gains on appreciated tech and gold holdings while expanding hedges against semiconductor and macroeconomic volatility. Capital was rotated into resilient regulated utilities and mining consumables rather than speculative growth.

Capital Deployment

30%

De-riskingDeploying

De-risking (30%)

The fund actively reduced net exposure over the period by trimming long equities and expanding short positioning. While new capital was deployed into four new long investments, these were offset by four complete portfolio exits and profit-taking in Microsoft. The net result reflects moderate de-risking and capital preservation.

Forward Guidance

45%

CautiousExpansionary

Neutral (45%)

The portfolio team exhibits a selective deployment bias, focusing on idiosyncratic entries where valuations have de-rated while taking money off the table in extended names. The manager emphasizes positioning for market breadth to broaden beyond mega-cap technology. Overall guidance points to maintaining disciplined hedges while monitoring further opportunities in de-rated quality compounders.

Language Signal

52%

BearishBullish

Balanced (52%)

Language in the commentary is evenly balanced between constructive bottom-up phrases regarding multi-year order visibility and attractive valuations, and cautious descriptions of central bank tightening and narrow market leadership. Warnings over elevated capex, customer concentration, and inflation are offset by praise for resilient earnings and defensible franchises. The resulting tone is measured and analytical.

Perceived Risk

65%

Low RiskElevated

Elevated Risk (65%)

Management highlights substantial macroeconomic and geopolitical hazards, including renewed Middle East conflict, shipping disruptions in the Strait of Hormuz, and surging oil prices. Additionally, monetary policy tightening by the Fed, ECB, and Bank of Japan, coupled with the US 10-year Treasury yield hitting 5.3%, is treated as a meaningful headwind for equity valuations. Extreme index concentration is explicitly flagged as a key vulnerability.

Opportunity Density

55%

ScarceAbundant

Selective (55%)

Antipodes identifies compelling opportunities across specific market niches, including regulated post-privatization utilities, discounted memory hardware, and mission-critical mining services. However, the manager notes that broad headline indices remain expensive and concentrated, requiring rigorous selectivity. Multiple complete exits highlight that several holdings had reached full valuation.

Time Horizon

70%

Short-TermLong-Term

Decade+ (70%)

Investment horizons across newly initiated holdings reflect a multi-year perspective of three to five years. The ASML thesis explicitly references capacity utilization and secured customer orders extending into 2028, while SABESP's capital expenditure program spans through 2029. Weir and Samsung are framed around multi-year commodity processing and memory replacement cycles rather than quarterly trades.