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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"Constructive on expanding market breadth, rotating capital into mispriced AI and memory beneficiaries like Samsung and Alibaba and initiating Biogen, while harvesting fully valued cyclical building products and utilities."
The Antipodes Global Value strategy outperformed its benchmark over the third quarter of 2026 and finished in-line over the trailing twelve months, while underperforming the MSCI ACWI Value Index. Specific fund net return figures were not explicitly published in the commentary. Stock selection within information technology, consumer discretionary, and communication services served as the primary drivers of relative performance, while allocations to financials and healthcare detracted. From a regional perspective, North American exposures contributed positively, bolstered by an underweight stance in Korea, whereas European and Emerging Markets positions detracted. Overall portfolio exposure was rotated by increasing net technology weightings while trimming capital across utilities, materials, consumer staples, and financials. Macroeconomic conditions during the quarter were characterized by heightened volatility, an accelerating artificial intelligence infrastructure buildout, and a synchronized shift toward monetary tightening. Surging Middle East tensions and disruption in the Strait of Hormuz drove Brent Crude past $100 per barrel, reigniting inflation fears and prompting a global bond sell-off where the US 10-year Treasury yield rose to 5.3%. In response to persistent price pressures, the Federal Reserve delivered a 25 basis point rate hike, accompanied by rate increases from the European Central Bank and the Bank of Japan. Against this backdrop, Antipodes positioned the strategy around four key themes: energy and power infrastructure, AI disruption opportunities, quality compounders at trough multiples, and AI-agnostic industries benefiting from demographic aging. Portfolio activity reflected disciplined rebalancing and capital redeployment toward mispriced compounders. The fund initiated new long positions in Samsung Electronics on High Bandwidth Memory (HBM4) market share opportunities, Biogen on commercial pipeline inflection, and Skyworks on analog consolidation synergies. The team also augmented its stake in Alibaba, citing accelerating cloud revenue growth and trough multiples. These additions were funded by taking profits and fully exiting RWE, Kokusai Electric, and Owens Corning following strong price appreciation that narrowed their respective margins of safety.
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