HF Best Ideas
AnalysesQuarterly LettersWarren AI
All funds

Antipodes

Sep 2025 → Jun 2026 · Publishes quarterly · 8 funds

Our archive holds 14 letters from Antipodes, behind 47 investment theses and positions in 60 companies. Every quote below is copied verbatim from the letter it came from.

Get an email when this fund publishes its next letter

Antipodes’s own letters page
14
Letters
60
Companies
46
Moves
47
Theses

7 strategies

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

Also filed under Antipodes.

What they bought and sold · 46 moves

  • New positionAlchip Technologies
    June 2026

    Listed in Antipodes’s reported holdings.

    Read the letter
  • ExitedWorkday
    June 2026
    “Workday (Exit): Over the Quarter Workday was exited reflective of AI disruption concerns to Workday's business model.”
    Read the letter
  • ExitedHennan Pinggao Electric
    June 2026
    “Hennan Pinggao Electric (Exit): We exited the Chinese State Grid–controlled leader in high-voltage and UHV switchgear after a period of strong performance.”
    Read the letter
  • ExitedSanofi
    June 2026
    “Sanofi (Exit): We exited Sanofi following a series of pipeline disappointments, which impacted our confidence in Sanofi's ability to manage the Dupixent loss of exclusivity.”
    Read the letter
  • TrimmedBandwidth
    June 2026
    “we sold approximately 3.3% of NAV of Bandwidth into strength (the position still ended the Quarter larger, at approximately 4%, on price appreciation)”
    Read the letter
  • New positionSimilarweb
    June 2026
    “We re-entered Similarweb and Magnite, two of the names exited last quarter on the widening margin of error from agentic disruption, following positive company-specific AI developments:”
    Read the letter
  • New positionVisional
    June 2026
    “We initiated a position in Visional, operator of BizReach, Japan’s leading direct-recruitment platform, following evidence that they are exerting their pricing power for the first time in 10 years accompanied by a 30% multiple de-rating.”
    Read the letter
  • New positionBFF Bank
    June 2026
    “We initiated a position in BFF Bank, the Italian specialty lender, following an 80% drawdown caused by concerns from the Italian regulator regarding how they provision certain loans.”
    Read the letter
  • New positionPerformance Food Group
    June 2026
    “We initiated positions in Norwegian Cruise Line and Performance Food Group (PFGC).”
    Read the letter
  • New positionVeeva Systems
    June 2026
    “We re-entered Veeva Systems following a meaningful de-rating.”
    Read the letter
  • ExitedVerbund
    June 2026
    “We also exited Verbund, exiting the European power producer with higher return options elsewhere”
    Read the letter
  • ExitedLegalZoom
    June 2026
    “Smaller exits included positions in LegalZoom, Banca Monte dei Paschi, Americold, Clipper Realty, Ventas, Foraco and the remaining tail of our very successful Platinum group metals holding Valterra Platinum.”
    Read the letter
  • ExitedForaco
    June 2026
    “Smaller exits included positions in LegalZoom, Banca Monte dei Paschi, Americold, Clipper Realty, Ventas, Foraco and the remaining tail of our very successful Platinum group metals holding Valterra Platinum.”
    Read the letter
  • ExitedValterra Platinum
    June 2026
    “Smaller exits included positions in LegalZoom, Banca Monte dei Paschi, Americold, Clipper Realty, Ventas, Foraco and the remaining tail of our very successful Platinum group metals holding Valterra Platinum.”
    Read the letter
  • AddedPakuwon Jati
    June 2026
    “We continue to view the valuation as deeply attractive relative to the asset quality and the long-term urbanisation and consumption story in Indonesia’s major cities, and have been adding to the position.”
    Read the letter
  • New positionAlchip
    June 2026
    “We initiated positions in Alchip, SG Micro, and Lite-On as beneficiaries of the tech cycle that are yet to be fully priced in.”
    Read the letter
  • New positionLite-On
    June 2026
    “We initiated positions in Alchip, SG Micro, and Lite-On as beneficiaries of the tech cycle that are yet to be fully priced in.”
    Read the letter
  • AddedHDFC Bank
    June 2026
    “We increased our position in HDFC Bank as the macro headwinds that had weighed on the holding through Q1 - elevated oil prices, rupee weakness and foreign institutional outflows from India - began to meaningfully reverse following the Iran ceasefire.”
    Read the letter
  • AddedAMEC
    June 2026
    “We meaningfully increased our AMEC position as our conviction in the company's structural role in China's semiconductor self-sufficiency programme deepened alongside evidence of accelerating domestic investment.”
    Read the letter
  • ExitedBank Mandiri
    June 2026
    “We exited Bank Mandiri as deteriorating macro conditions for Indonesia - persistent foreign institutional selling, a weakening rupiah and soft commodity prices - reduced our near-term confidence in the earnings growth trajectory.”
    Read the letter
  • TrimmedASM Pacific
    June 2026
    “We trimmed our ASM Pacific position following its extraordinary 139% return over the quarter, reducing it to a more appropriately sized holding relative to the updated risk-reward profile.”
    Read the letter
  • New positionNidec Corporation
    June 2026
    “We entered a position in Japanese motor company Nidec Corporation, a motor leader repositioning around two structural growth themes; AI data-centre cooling and electrification, while executing a self-help margin story, offering multiple ways of winning against a valuation that appears not to price the cooling optionality.”
    Read the letter
  • ExitedSuzano
    June 2026
    “We exited Brazilian paper and pulp producer at a point in the cycle where the margin of safety has narrowed.”
    Read the letter
  • TrimmedWorkday
    June 2026
    “Over the Quarter Workday was trimmed reflective of AI disruption concerns to Workday's business model.”
    Read the letter
  • New positionFermi
    June 2026
    “We initiated a position in Fermi, the US developer of nuclear-powered data centre campuses, after a 70%+ drawdown following their IPO in late 2025.”
    Read the letter
  • AddedValaris
    June 2026
    “We have been adding to our position, mainly via Seadrill, and maintain high conviction.”
    Read the letter
  • ExitedLSB Industries
    June 2026
    “we exited LSB Industries reallocating the capital to higher-return and more asymmetric energy names as discussed above.”
    Read the letter
  • ExitedBanca Monte dei Paschi di Siena
    June 2026
    “Smaller exits included positions in LegalZoom, Banca Monte dei Paschi, Americold, Clipper Realty, Ventas, Foraco and the remaining tail of our very successful Platinum group metals holding Valterra Platinum.”
    Read the letter
  • New positionBooking Holdings
    June 2026
    “Booking Holdings (Entry): Booking Holdings is the leading online travel agency, with room nights and bookings running 2-3x those of its nearest peers, Expedia and Airbnb.”
    Read the letter
  • ExitedVentas
    June 2026
    “Smaller exits included positions in LegalZoom, Banca Monte dei Paschi, Americold, Clipper Realty, Ventas, Foraco and the remaining tail of our very successful Platinum group metals holding Valterra Platinum.”
    Read the letter

Showing the 30 most recent of 46 recorded moves.

Companies held · 60

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

Theses · 47

  • Booking Holdings
    June 2026

    Booking Holdings is a leading online travel agency with strong competitive advantages, experienced management, and a margin of safety.

    Read the full thesis
  • Qorvo
    June 2026

    Qorvo is an RF semiconductor supplier with scale benefits from the Skyworks merger and exposure to structurally growing end markets.

    Read the full thesis
  • TDK
    June 2026

    TDK offers exposure to AI infrastructure and electrification at a reasonable valuation, with leverage to passive components and datacentre storage demand.

    Read the full thesis
  • Nidec Corporation
    June 2026

    Nidec Corporation is a motor leader exposed to AI cooling and electrification, with high entry barriers, cash generation, and restructuring upside.

    Read the full thesis
  • Visional Inc.
    June 2026

    Visional Inc. is a structural growth compounder with network effects, strong brand, and exposure to Japan's labour shortage.

    Read the full thesis
  • Skyworks Solutions
    June 2026

    Skyworks Solutions is an RF semiconductor supplier with structural growth opportunities, resilient economics, and merger-related scale and cost benefits.

    Read the full thesis
  • Performance Food Group
    June 2026

    Performance Food Group is a large consolidator in foodservice distribution with strong sales growth, M&A-driven scale benefits, and attractive EPS compounding potential.

    Read the full thesis
  • Alchip Technologies
    June 2026

    Alchip Technologies offers leading-edge custom AI chip design exposure, deep hyperscaler relationships, and a strong position in advanced semiconductor architecture.

    Read the full thesis
  • SK Square
    June 2026

    SK Square provides leveraged exposure to the AI memory supercycle through its stake in SK Hynix, with a narrowing NAV discount adding to the appeal.

    Read the full thesis
  • Kokusai Electric
    June 2026

    Kokusai Electric has dominant share in critical memory manufacturing equipment and benefits from the DRAM and NAND upcycle.

    Read the full thesis
  • Target Hospitality
    June 2026

    Target Hospitality provides workforce housing for AI infrastructure projects, with large multi-year contracts supporting revenue visibility.

    Read the full thesis
  • Valaris
    June 2026

    Valaris is owned for its exposure to structurally tight deepwater drilling markets, where offshore barrels remain attractive and pricing is strengthening.

    Read the full thesis

Letter archive · 14

2026

2025

Get Antipodes’s next letter the day it lands

We track Antipodes alongside hundreds of other managers, read every letter, and pull out what they bought and sold. Warren AI reads the whole archive for you.

View plans→
Share this fund