Antipodes
Antipodes Global SMID Active ETF (ASX:MIDS)
Sep 2026 → Sep 2026
Our archive holds 1 letter from this strategy, behind 6 investment theses and positions in 29 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 · net of fees · AUD
- 1Y+18.5%index +8.0%
- Inception · /yr+25.2%
Index: MSCI ACWI SMID ND AUD
| 1Y | Since inceptionper year | |
|---|---|---|
| Antipodes Global SMID Active ETF (ASX:MIDS) | +18.5% | +25.2% |
| MSCI ACWI SMID ND AUD | +8.0% | — |
Since inception: Since its inception in November 2022
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 are watching the situation closely and have been adding to our position.
the fund initiated Dynatrace, an observability software vendor, billing customers on data volume and hence impervious to software industry-wide seat-based pricing deflation.
We exited Similarweb, and Veeva Systems following strong rally’s.
Similarly, the fund added Monotaro, a high-return, online Japanese B2B maintenance, repair and operations equipment distributor.
In healthcare the fund exited medical device company Bruker, which was trimmed into strength last quarter, and trimmed biotechnology platform Humacyte whilst adding to Brookdale as mentioned above.
Within the connectivity and compute, the fund re-initiated a position in Lumen Technologies.
The fund added MKS Instruments a manufacturer of controllers, pressure gauges, electronic packages and power systems to wafer fabrication equipment vendors, replacing Keysight which is an electronics design tool manufacturer for connectivity.
We added to Alchip Technologies, now the Fund's fourth-largest holding, lifting Taiwan exposure from 1.5% to 3.3%.
When we initiated the position last quarter, we anticipated a hyperscaler development deal within a few months.
The fund added Hesai, a leading Chinese LIDAR manufacturer observing outstanding growth driven by the nascency of the autonomous driving end market whilst only trading at 12x FY27 EBIT.
We added to the position, which is now a top-10 holding.
We added to Chime through its derating in the first quarter, at 9x our estimate of 2028 earnings.
through new positions in Power Solutions International (a re-entry), Astor Transformator, Asta Energy, MKS and Hesai.
we exited Keysight following a strong run.
In healthcare the fund exited medical device company Bruker, which was trimmed into strength last quarter, and trimmed biotechnology platform Humacyte whilst adding to Brookdale as mentioned above.
we re-entered Kingdee, China’s largest ERP vendor down over 50% from our exit price after doing a demo on their new AI tools, but prior to a positive profit alert.
Finally, the fund added to French textile-rental compounder Elis following a sell-off driven by French macroeconomic issues which will not affect the company.
- AddedAsta EnergySep 2026
Along the same vein, the fund added Asta Energy, which manufacturers high-specification copper transposed conductors which remain a pivotal input into large power transformers.
we had dinner with the CEO, CFO and a board member on a recent US research trip and it was one of the material buys for the portfolio over the quarter into the weakness.
The fund also added to Floridan specialty insurer American Coastal Insurance following an overblown negative stock reaction to their 2Q26 combined ratio result, funded by a trim to French reinsurer Scor following its outperformance despite our concern the reinsurance pricing impulse is broadly weakening following a period of higher industry profits and due to less weather linked natural disasters.
funded by a trim to French reinsurer Scor following its outperformance
- New positionAstor TransformatorSep 2026
whilst trading at 6x FY28 EBIT.
We exited Similarweb, and Veeva Systems following strong rally’s.
Also held
Its investment theses
- Chime FinancialSep 2026Chime Financial is a digital-first consumer banking platform with improving profitability, expanding margins, and an attractive valuation.
- FermiSep 2026Fermi develops a power and data centre campus and is viewed as attractive because of its permitted land and cheap power access.
- Brookdale Senior LivingSep 2026Brookdale Senior Living is regaining profitability, refinancing maturities, and improving occupancy despite rate sensitivity.
- Astor TransformatorSep 2026Astor Transformator is retained because the weakness is viewed as non-fundamental and the fund sees low probability of bad faith by the founder.
- DynatraceSep 2026Dynatrace is an observability vendor with a data-volume pricing model and a strong role in monitoring AI agents in production.
- MKS InstrumentsSep 2026MKS Instruments should benefit directly from higher wafer fabrication equipment capex and trades at a low multiple.