Antipodes
Antipodes Global Value Fund
Global Mega-cap Value
Sep 2025 → Sep 2026
Our archive holds 3 letters from this strategy, behind 9 investment theses and positions in 33 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
Topping up reflects an accelerating AI-and-cloud engine that the depressed valuation under- rates.
We trimmed Merck over the Quarter following a period of solid performance and as shares approached our valuation target.
We initiated a position in Samsung following the sell-off.
Analog and mixed-signal semiconductor manufacturer Skyworks pairs a diversification turnaround with a consolidation catalyst.
We exited building products manufacturer Owens Corning (OC) as our margin of safety narrowed following positive price performance.
We exited the position in the Japanese wafer fabrication equipment maker on valuation grounds after an exceptional period of performance.
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.
Biogen Inc (Entry): Biogen is at a turning point where its growth products are now expected to more than offset declines in its legacy multiple sclerosis (MS) business.
Walt Disney (Entry): The market is extrapolating the structural decline of linear TV across the whole business, ignoring two segments performing strongly.
China XD Electric (Exit): We exited our position in China XD Electric, the Chinese power transmission equipment manufacturer.
Infineon (Entry): A power semiconductor leader at the intersection of electrification, software-defined vehicles, and AI- data centre power infrastructure.
Daikin (Exit): We trimmed our position in Daikin, the Japanese HVAC leader.
Hyundai Motor (Exit):We exited our position in Hyundai Motor following a strong rally that took the stock to elevated levels relative to near-term earnings.
Fujifilm Holdings Corp (Entry): One of the most compelling transformation stories in global markets.
NVIDIA (Entry): The opportunity in NVIDIA has been created from the market’s extrapolation of near-term AI uncertainty, despite a structural demand inflection for the world’s dominant AI infrastructure provider.
China Resources Beer (Entry): We started a position in China's dominant beer producer, at ~13x 2026 earnings, a valuation we believe materially underestimates the earnings trajectory.
Also held
Its investment theses
- BiogenSep 2026Biogen is seen as a turnaround story with growth products, an undervalued pipeline, and a supportive acquisition that could offset MS declines.
- SkyworksSep 2026Skyworks combines cash-generative handset exposure with a diversification strategy and merger synergies that could expand into faster-growing end markets.
- AlibabaSep 2026Alibaba is attractive for its accelerating cloud and AI growth, multiple monetisation pathways, and a valuation the manager views as depressed.
- Hyundai MotorMar 2026Hyundai Motor is an automaker with growing AI, robotics, and hydrogen optionality that could support long-term value creation.
- Walt DisneyMar 2026Walt Disney is a diversified media and entertainment company with strong streaming and Experiences growth, plus valuation upside.
- NVIDIAMar 2026NVIDIA is the dominant AI infrastructure provider with a strong installed base, diversified demand, and attractive long-term growth potential.
- China Resources BeerMar 2026China Resources Beer is a dominant beer producer with premiumisation, margin expansion, and shareholder returns supporting the investment case.
- InfineonMar 2026Infineon is a leading power semiconductor company with global automotive leadership and growing exposure to AI data centre demand.
- AlibabaSep 2025Alibaba is rapidly emerging as a major AI beneficiary in China, leveraging custom silicon, leading LLM development, and a growing cloud infrastructure business, predicting significant future earnings growth despite short-term investment-related losses.