Antipodes
Antipodes Global SMID Active ETF
Jun 2026 → Jun 2026
Our archive holds 1 letter from this strategy, behind 14 investment theses and positions in 26 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
- New positionBFF BankJun 2026
We initiated a position in BFF Bank, the Italian specialty lender, following an 80% drawdown caused by concerns from the Italian regulator regarding how they provision certain loans.
- ExitedForacoJun 2026
Smaller exits included positions in LegalZoom, Banca Monte dei Paschi, Americold, Clipper Realty, Ventas, Foraco and the remaining tail of our very successful Platinum group metals holding Valterra Platinum.
we sold approximately 3.3% of NAV of Bandwidth into strength (the position still ended the Quarter larger, at approximately 4%, on price appreciation)
We initiated positions in Norwegian Cruise Line and Performance Food Group (PFGC).
- ExitedValterra PlatinumJun 2026
Smaller exits included positions in LegalZoom, Banca Monte dei Paschi, Americold, Clipper Realty, Ventas, Foraco and the remaining tail of our very successful Platinum group metals holding Valterra Platinum.
We initiated a position in Fermi, the US developer of nuclear-powered data centre campuses, after a 70%+ drawdown following their IPO in late 2025.
We have been adding to our position, mainly via Seadrill, and maintain high conviction.
We re-entered Similarweb and Magnite, two of the names exited last quarter on the widening margin of error from agentic disruption, following positive company-specific AI developments:
We added meaningfully to IWG, the world’s largest flexible workspace provider, taking the position to approximately 5% of the Fund as the share price continued to lag the recovery in the underlying business.
We re-entered Similarweb and Magnite, two of the names exited last quarter on the widening margin of error from agentic disruption, following positive company-specific AI developments:
Smaller exits included positions in LegalZoom, Banca Monte dei Paschi, Americold, Clipper Realty, Ventas, Foraco and the remaining tail of our very successful Platinum group metals holding Valterra Platinum.
Smaller exits included positions in LegalZoom, Banca Monte dei Paschi, Americold, Clipper Realty, Ventas, Foraco and the remaining tail of our very successful Platinum group metals holding Valterra Platinum.
Smaller exits included positions in LegalZoom, Banca Monte dei Paschi, Americold, Clipper Realty, Ventas, Foraco and the remaining tail of our very successful Platinum group metals holding Valterra Platinum.
- New positionAlchip TechnologiesJun 2026
We initiated a position in Alchip Technologies, the Taiwanese back-end design and turnkey production partner for Amazon’s Trainium AI accelerator.
We re-entered Veeva Systems following a meaningful de-rating.
Smaller exits included positions in LegalZoom, Banca Monte dei Paschi, Americold, Clipper Realty, Ventas, Foraco and the remaining tail of our very successful Platinum group metals holding Valterra Platinum.
- ExitedVerbundJun 2026
We also exited Verbund, exiting the European power producer with higher return options elsewhere
we sold approximately 3.3% of NAV of Bandwidth into strength (the position still ended the Quarter larger, at approximately 4%, on price appreciation) and also trimmed Target Hospitality into its rally.
We have been adding to our position, mainly via Seadrill, and maintain high conviction.
- New positionVisionalJun 2026
We initiated a position in Visional, operator of BizReach, Japan’s leading direct-recruitment platform, following evidence that they are exerting their pricing power for the first time in 10 years accompanied by a 30% multiple de-rating.
Smaller exits included positions in LegalZoom, Banca Monte dei Paschi, Americold, Clipper Realty, Ventas, Foraco and the remaining tail of our very successful Platinum group metals holding Valterra Platinum.
- AddedPakuwon JatiJun 2026
We continue to view the valuation as deeply attractive relative to the asset quality and the long-term urbanisation and consumption story in Indonesia’s major cities, and have been adding to the position.
We initiated positions in Norwegian Cruise Line and Performance Food Group (PFGC).
we exited LSB Industries reallocating the capital to higher-return and more asymmetric energy names as discussed above.
Also held
- Hemlo Mining
- Barrick Mining
- Roku
- Kokusai Electric
- SK Square
- Navan
Its investment theses
- SK SquareJun 2026SK Square provides leveraged exposure to the AI memory supercycle through its stake in SK Hynix, with a narrowing NAV discount adding to the appeal.
- Kokusai ElectricJun 2026Kokusai Electric has dominant share in critical memory manufacturing equipment and benefits from the DRAM and NAND upcycle.
- Target HospitalityJun 2026Target Hospitality provides workforce housing for AI infrastructure projects, with large multi-year contracts supporting revenue visibility.
- ValarisJun 2026Valaris is owned for its exposure to structurally tight deepwater drilling markets, where offshore barrels remain attractive and pricing is strengthening.
- SeadrillJun 2026Seadrill is held as part of a deepwater drilling thesis supported by tight rig supply, attractive offshore economics, and tightening market conditions.
- Alchip TechnologiesJun 2026Alchip Technologies is a key production partner for Amazon’s Trainium chips, offering locked-in exposure to a cost-focused AI accelerator upcycle at a low valuation.
- FermiJun 2026Fermi develops nuclear-powered data centre campuses and offers scarce powered land and generation capacity for AI buildout.
- ZillowJun 2026Zillow is seen as an undervalued US classifieds leader transitioning into transactions, with strong traffic, growth, and margin expansion.
- VisionalJun 2026Visional operates BizReach, a leading Japanese direct-recruitment platform with pricing power, proprietary data, and structural hiring tailwinds.
- BFF BankJun 2026BFF Bank is a high-return specialty lender focused on receivables factoring from public administrations, trading at a depressed valuation.