Antipodes
Antipodes Global Fund
Global
Sep 2025 → Jun 2026
Our archive holds 3 letters from this strategy, behind 7 investment theses and positions in 19 companies. Every quote below is copied verbatim from the letter it came from.
3 letters in 2 years — follow all of Antipodes for every strategy.
What it bought and sold
- ExitedHennan Pinggao ElectricJun 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.
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.
- New positionAlchip TechnologiesJun 2026
Alchip Technologies (Entry): Alchip is a leading high-performance AI/HPC Application Specific Integrated Circuit (ASIC) designer and TSMC 3DFabric Alliance member.
Qorvo and Skyworks Solutions (Entry): We have continued to lean into a cluster of analog, power, RF (radio frequency) and specialty-semiconductor names over the Quarter.
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.
Performance Food Group (Entry): Performance Food Group (PFG) is one of the largest and fastest-growing consolidators in the fragmented $385bn US foodservice distribution market.
Workday (Exit): Over the Quarter Workday was exited reflective of AI disruption concerns to Workday's business model.
Qorvo and Skyworks Solutions (Entry): We have continued to lean into a cluster of analog, power, RF (radio frequency) and specialty-semiconductor names over the Quarter.
Wooodside Energy Group (Exit): We exited Woodside as the margin of safety compressed under weak pricing, contracting difficulties and elevated capex.
Also held
Its investment theses
- Skyworks SolutionsJun 2026Skyworks Solutions is an RF semiconductor supplier with structural growth opportunities, resilient economics, and merger-related scale and cost benefits.
- Performance Food GroupJun 2026Performance Food Group is a large consolidator in foodservice distribution with strong sales growth, M&A-driven scale benefits, and attractive EPS compounding potential.
- Alchip TechnologiesJun 2026Alchip Technologies offers leading-edge custom AI chip design exposure, deep hyperscaler relationships, and a strong position in advanced semiconductor architecture.
- Woodside EnergyMar 2026Woodside Energy is an LNG and oil producer with a major production step-change, contracted volumes and strong free cash flow potential.
- Barrick Gold CorporationSep 2025Barrick Mining is increasingly attractive due to a recent recovery in production and remains undervalued at a 25% discount to its asset value in the US and Dominican Republic.
- Contemporary Amperex TechnologySep 2025CATL is increasingly favored due to positive outlook driven by rising EV sales and market share growth, despite its stock being priced at 15x forward earnings with medium-term earnings growth of approximately 20% per annum.
- Shin-Etsu Chemical CompanySep 2025Shin-Etsu Chemical Company is a global leader in PVC, silicones, and polysilicon wafers with strong market positioning, high cash flow potential, and growth drivers from AI and recovering demand.