Antipodes
Antipodes Emerging Markets Fund
Emerging markets Large-cap
Sep 2025 → Jun 2026
Our archive holds 4 letters from this strategy, behind 14 investment theses and positions in 18 companies. Every quote below is copied verbatim from the letter it came from.
4 letters in 2 years — follow all of Antipodes for every strategy.
What it bought and sold
- AddedHDFC BankJun 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.
- 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.
- New positionAlchipJun 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.
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.
- New positionLite-OnJun 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.
- ExitedBank MandiriJun 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.
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.