Antipodes
Antipodes Emerging Markets Fund (PIE)
Sep 2026 → Sep 2026
Our archive holds 1 letter from this strategy, behind 5 investment theses and positions in 20 companies. Every quote below is copied verbatim from the letter it came from.
1 letter in a year · follow all of Antipodes for every strategy.
Performance
as of Sep 30, 2026 · NZD
- 1Y+20.1%index +32.9%
Index: MSCI Emerging Markets Index
| 1Y | |
|---|---|
| Antipodes Emerging Markets Fund (PIE) | +20.1% |
| MSCI Emerging Markets Index | +32.9% |
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 initiated a position in ASML, the world's only supplier of the extreme ultraviolet lithography machines used to make the most advanced chips.
We added to Samsung C&T, the de facto holding company of the Samsung Group and a major shareholder in Samsung Electronics.
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.
- New positionBanco del BajíoSep 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.
We added to Alibaba.
We exited Prada.
We exited Ping An after strong first-half results, with net profit up 36% and the shares outperforming the market.
We exited Kokusai Electric, the Japanese supplier of deposition equipment for memory chipmaking.
We exited AMEC, the Chinese semiconductor equipment maker.
- AddedASM PacificSep 2026
We rebuilt our position in ASM Pacific, which we had trimmed last quarter after a 139% return.
Also held
- Kingdee International Software
- HDFC Bank
- BGF Retail
- CATL
- Eve Energy
- Sieyuan Electric
- Luxshare
- Iluvatar CoreX
- Eldorado Gold
- Hygon
- PRIO
- Dajin Heavy Industry
- HD Hyundai Marine Solution
- NICE Information Service
- Lite-On Technology
- SG Micro
Its investment theses
- AlibabaSep 2026Alibaba offers AI and cloud upside, quick commerce normalization, and an attractive valuation.
- Lite-On TechnologySep 2026Lite-On Technology benefits from AI data center power demand and is growing with its specialist server power solutions.
- CATLSep 2026CATL has scale and technology leadership that should support it through battery industry consolidation.
- ASMLSep 2026ASML is the sole supplier of EUV lithography machines and benefits from AI-driven chip demand.
- ASM PacificSep 2026ASM Pacific is the primary supplier of advanced-packaging tools for AI chips and was added back on weakness.