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Antipodes

Sep 2025 → Sep 2026 · Publishes quarterly · 15 funds

Our archive holds 25 letters from Antipodes, behind 68 investment theses and positions in 140 companies. Every quote below is copied verbatim from the letter it came from.

Writes about

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25
Letters
140
Companies
110
Moves
68
Theses

14 strategies

Antipodes publishes a letter per strategy. Each one has its own page with what it holds, what it bought and what it wrote.

Returns as reported in each strategy’s latest letter, extracted automatically and not verified by us; one share class, in its own currency. Not investment advice. Past performance does not predict future returns.

Also filed under Antipodes.

What they bought and sold · 110 moves

  • AddedKingdee
    September 2026
    “we re-entered Kingdee, China’s largest ERP vendor down over 50% from our exit price after doing a demo on their new AI tools, but prior to a positive profit alert.”
    Read the letter
  • ExitedVeeva Systems
    September 2026
    “We exited Similarweb, and Veeva Systems following strong rally’s.”
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  • New positionLumen Technologies
    September 2026
    “Within the connectivity and compute, the fund re-initiated a position in Lumen Technologies.”
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  • New positionPower Solutions International
    September 2026
    “through new positions in Power Solutions International (a re-entry), Astor Transformator, Asta Energy, MKS and Hesai.”
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  • AddedHesai
    September 2026
    “The fund added Hesai, a leading Chinese LIDAR manufacturer observing outstanding growth driven by the nascency of the autonomous driving end market whilst only trading at 12x FY27 EBIT.”
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  • AddedMonotaro
    September 2026
    “Similarly, the fund added Monotaro, a high-return, online Japanese B2B maintenance, repair and operations equipment distributor.”
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  • New positionDynatrace
    September 2026
    “the fund initiated Dynatrace, an observability software vendor, billing customers on data volume and hence impervious to software industry-wide seat-based pricing deflation.”
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  • ExitedBruker
    September 2026
    “In healthcare the fund exited medical device company Bruker, which was trimmed into strength last quarter, and trimmed biotechnology platform Humacyte whilst adding to Brookdale as mentioned above.”
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  • AddedMKS Instruments
    September 2026
    “The fund added MKS Instruments a manufacturer of controllers, pressure gauges, electronic packages and power systems to wafer fabrication equipment vendors, replacing Keysight which is an electronics design tool manufacturer for connectivity.”
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  • New positionASML
    September 2026
    “We initiated a position in ASML, the world's only supplier of the extreme ultraviolet lithography machines used to make the most advanced chips.”
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  • AddedAlibaba
    September 2026
    “We added to Alibaba.”
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  • AddedSeadrill
    September 2026
    “We added to the position, which is now a top-10 holding.”
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  • New positionBTG Pactual
    September 2026
    “We initiated positions in two Latin American banks: BTG Pactual, Brazil's leading investment bank and wealth manager, and Banco del Bajío, a Mexican commercial bank focused on business lending.”
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  • AddedChime Financial
    September 2026
    “We added to Chime through its derating in the first quarter, at 9x our estimate of 2028 earnings.”
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  • AddedFair Isaac
    September 2026
    “We are watching the situation closely and have been adding to our position.”
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  • TrimmedHumacyte
    September 2026
    “In healthcare the fund exited medical device company Bruker, which was trimmed into strength last quarter, and trimmed biotechnology platform Humacyte whilst adding to Brookdale as mentioned above.”
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  • ExitedRWE
    September 2026
    “We exited German utility RWE on valuation grounds after a strong period helped by normalised wind conditions, higher capacity payments and a larger stake in grid operator Amprion.”
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  • ExitedKokusai Electric
    September 2026
    “We exited the position in the Japanese wafer fabrication equipment maker on valuation grounds after an exceptional period of performance.”
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  • ExitedQorvo
    September 2026
    “Qorvo (Exit): We exited Qorvo as the Skyworks merger reached completion rather than through any change of view on the asset.”
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  • New positionSamsung Electronics
    September 2026
    “We initiated a position in Samsung following the sell-off.”
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  • New positionSkyworks
    September 2026
    “Analog and mixed-signal semiconductor manufacturer Skyworks pairs a diversification turnaround with a consolidation catalyst.”
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  • TrimmedMerck
    September 2026
    “We trimmed Merck over the Quarter following a period of solid performance and as shares approached our valuation target.”
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  • New positionBiogen
    September 2026
    “Biogen Inc (Entry): Biogen is at a turning point where its growth products are now expected to more than offset declines in its legacy multiple sclerosis (MS) business.”
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  • ExitedOwens Corning
    September 2026
    “Owens Corning (Exit): We exited building products manufacturer Owens Corning (OC) as our margin of safety narrowed following positive price performance.”
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  • TrimmedMicrosoft
    September 2026
    “Microsoft (Trim): We trimmed Microsoft on valuation after a strong period of share price performance, not because of any weakness in the franchise.”
    Read the letter
  • ExitedKeysight Technologies
    September 2026
    “we exited Keysight following a strong run.”
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  • AddedSamsung C&T
    September 2026
    “We added to Samsung C&T, the de facto holding company of the Samsung Group and a major shareholder in Samsung Electronics.”
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  • ExitedPrada
    September 2026
    “We exited Prada.”
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  • ExitedPing An
    September 2026
    “We exited Ping An after strong first-half results, with net profit up 36% and the shares outperforming the market.”
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  • AddedASM Pacific
    September 2026
    “The pullback in semiconductor stocks allowed us to add back at lower prices.”
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Showing the 30 most recent of 110 recorded moves.

Companies held · 140

Every company Antipodes has disclosed a position in across our archive, with the letter that last mentioned it.

Theses · 68

  • Alibaba
    September 2026

    Alibaba offers AI and cloud upside, quick commerce normalization, and an attractive valuation.

    Read the full thesis
  • Fermi
    September 2026

    Fermi develops a power and data centre campus and is viewed as attractive because of its permitted land and cheap power access.

    Read the full thesis
  • Astor Transformator
    September 2026

    Astor Transformator is retained because the weakness is viewed as non-fundamental and the fund sees low probability of bad faith by the founder.

    Read the full thesis
  • Lite-On Technology
    September 2026

    Lite-On Technology benefits from AI data center power demand and is growing with its specialist server power solutions.

    Read the full thesis
  • MKS Instruments
    September 2026

    MKS Instruments should benefit directly from higher wafer fabrication equipment capex and trades at a low multiple.

    Read the full thesis
  • ASM Pacific
    September 2026

    ASM Pacific is the primary supplier of advanced-packaging tools for AI chips and was added back on weakness.

    Read the full thesis
  • CATL
    September 2026

    CATL has scale and technology leadership that should support it through battery industry consolidation.

    Read the full thesis
  • ASML
    September 2026

    ASML is the sole supplier of EUV lithography machines and benefits from AI-driven chip demand.

    Read the full thesis
  • Dynatrace
    September 2026

    Dynatrace is an observability vendor with a data-volume pricing model and a strong role in monitoring AI agents in production.

    Read the full thesis
  • Chime Financial
    September 2026

    Chime Financial is a digital-first consumer banking platform with improving profitability, expanding margins, and an attractive valuation.

    Read the full thesis
  • Companhia de Saneamento Básico do Estado de São Paulo
    September 2026

    Companhia de Saneamento Básico do Estado de São Paulo is a post-privatisation utility story with efficiency gains, rate-base growth, and inflation-linked earnings potential.

    Read the full thesis
  • Skyworks
    September 2026

    Skyworks combines cash-generative handset exposure with a diversification strategy and merger synergies that could expand into faster-growing end markets.

    Read the full thesis

Showing the 48 most recent of 68 theses. Browse them by company to see the rest.

Letter archive · 25

2026

2025

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