Antipodes
Antipodes Emerging Markets Fund
Emerging markets Large-cap
Sep 2025 → Sep 2026
Our archive holds 5 letters from this strategy, behind 14 investment theses and positions in 39 companies. Every quote below is copied verbatim from the letter it came from.
5 letters in 2 years · follow all of Antipodes for every strategy.
Performance
as of Sep 30, 2026 · AUD
- 1Y+11.2%index +23.1%
Index: MSCI Emerging Markets Index
| 1Y | |
|---|---|
| Antipodes Emerging Markets Fund | +11.2% |
| MSCI Emerging Markets Index | +23.1% |
Disclaimer
These figures are copied from the manager’s latest letter, as of Sep 30, 2026. They were extracted automatically, have not been verified by HF Best Ideas and may contain errors. They cover a single share class, in the currency and fee basis stated above; other share classes and your own returns will differ. This is not investment advice, nor an offer to buy or sell any fund. Past performance does not predict future returns.
Read full disclosures →What it bought and sold
We exited Prada.
We initiated a position in ASML, the world's only supplier of the extreme ultraviolet lithography machines used to make the most advanced chips.
- AddedASM PacificSep 2026
The pullback in semiconductor stocks allowed us to add back at lower prices.
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.
We exited Kokusai Electric, the Japanese supplier of deposition equipment for memory chipmaking.
We exited Ping An after strong first-half results, with net profit up 36% and the shares outperforming the market.
We exited AMEC, the Chinese semiconductor equipment maker.
We added to Alibaba.
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.
We added to Samsung C&T, the de facto holding company of the Samsung Group and a major shareholder in Samsung Electronics.
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.
- AddedAMECJun 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.
We trimmed ASE over the quarter, following its strong performance.
We initiated positions in Alchip, SG Micro, and Lite-On as beneficiaries of the tech cycle that are yet to be fully priced in.
We exited our remaining position in Hang Lung Properties as the recovery in high-end commercial real estate and retail across mainland China continued to prove slower than anticipated, with weak consumer confidence and the ongoing property-sector overhang extending the investment timeline beyond what the portfolio's opportunity cost justified.
We initiated positions in Alchip, SG Micro, and Lite-On as beneficiaries of the tech cycle that are yet to be fully priced in.
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.
We exited our position in MediaTek following its extraordinary 200%+ return during the quarter.
We trimmed our position in SABESP, Brazil's largest water and sewage utility, following strong share price performance that narrowed the discount to our assessment of intrinsic value.
- TrimmedASM PacificJun 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.
Also held
Its investment theses
- Alchip TechnologiesJun 2026Alchip offers exposure to hyperscaler custom AI chip design at the leading edge of Taiwan’s semiconductor ecosystem.
- Lite-On TechnologyJun 2026Lite-On benefits from the server power supply buildout for AI data centres and hyperscaler demand.
- AMECJun 2026AMEC is a key beneficiary of China’s semiconductor self-sufficiency push and multi-year earnings growth trajectory.
- Alibaba GroupMar 2026Alibaba Group is a platform and cloud company investing heavily in AI with accelerating cloud growth and attractive long-term momentum.
- Tencent HoldingsMar 2026Tencent Holdings is a leading platform company investing in AI infrastructure with long-term monetisation potential.
- GlobantMar 2026Globant is an IT services company repositioning toward AI-native delivery and higher-margin subscription offerings.
- CATLMar 2026CATL is a global battery leader with strengthening competitive position, structural electrification tailwinds, and long-term growth.
- HD Hyundai Marine SolutionMar 2026HD Hyundai Marine Solution is a high-margin, asset-light maritime services business with recurring demand and retrofit growth.
- Hyundai Motor CompanyDec 2025Hyundai Motor is expanding hybrids and EVs, benefiting from reduced tariff risk and optimized production while gaining share in North America.
- ASE Technology Holding Co., Ltd.Dec 2025ASE Technology Holding is a leading OSAT partner to TSMC benefiting from AI-driven advanced packaging demand, with strong earnings growth and an undemanding valuation.