Antipodes
Antipodes Global Fund (PIE)
Sep 2026 → Sep 2026
Our archive holds 1 letter from this strategy and positions in 14 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.
What it bought and sold
We exited Qorvo as the Skyworks merger reached completion rather than through any change of view on the asset.
Microsoft (Trim): We trimmed Microsoft on valuation after a strong period of share price performance, not because of any weakness in the franchise.
We initiated a position in Samsung following the sell-off.
We exited German utility RWE on valuation grounds after a strong period helped by normalised wind conditions, higher capacity payments and a larger stake in grid operator Amprion.
We exited Eldorado Gold after a strong period over the prior year on surging gold prices, leaving little margin of safety.
We initiated a position in ASML, the indispensable tollkeeper of the AI semiconductor buildout.
We exited the position in the Japanese wafer fabrication equipment maker on valuation grounds after an exceptional period of performance.
- New positionCompanhia de Saneamento Básico do Estado de São PauloSep 2026
We entered a position in Brazilian water utility SABESP, reflective of a post-privatisation transformation story at an undemanding valuation.
We also initiated a position in Scottish engineering and mining technology company Weir Group over the Quarter.