Antipodes
Antipodes Global Value Active ETF
Global Value
Sep 2025 → Sep 2026
Our archive holds 2 letters from this strategy, behind 2 investment theses and positions in 32 companies. Every quote below is copied verbatim from the letter it came from.
2 letters in 2 years · follow all of Antipodes for every strategy.
What it bought and sold
Merck (Trim): We trimmed Merck over the Quarter following a period of solid performance and as shares approached our valuation target.
Skyworks (Entry): Analog and mixed-signal semiconductor manufacturer Skyworks pairs a diversification turnaround with a consolidation catalyst.
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.
Owens Corning (Exit): We exited building products manufacturer Owens Corning (OC) as our margin of safety narrowed following positive price performance.
Samsung Electronics (Entry): We initiated a position in Samsung following the sell-off.
Alibaba (Add): Topping up reflects an accelerating AI-and-cloud engine that the depressed valuation under- rates.
Kokusai Electric (Exit): We exited the position in the Japanese wafer fabrication equipment maker on valuation grounds after an exceptional period of performance.
RWE (Exit): 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.
Elsewhere in the portfolio, we rotated our exposure in Japan via exiting Fujitsu, the largest IT services operator in Japan which provides both software and hardware solutions, having reached our target price and valuation, re-rating to a 15 year high of 18x forward earnings, and has meaningfully outperformed the local index.
In China, added to Tencent, and reinitiated positions Alibaba and Contemporary Amperex Technology Company (CATL).
We trimmed our longstanding position in Microsoft against strength and initiated a position on Procore, a leading US construction management software used by the largest general contractors, project owners and specialty trades globally.
The capital was deployed into Daikin, the world's largest and most regionally diversified HVAC OEM by sales, with 20% market share globally.
We trimmed our longstanding position in Microsoft against strength and initiated a position on Procore, a leading US construction management software used by the largest general contractors, project owners and specialty trades globally.
We initiated a position in Shin-Etsu Chemical Company, a global leader in three key businesses (PVC, silicones and polysilicon wafers), each operating in consolidated markets with high barriers to entry.
In China, added to Tencent, and reinitiated positions Alibaba and Contemporary Amperex Technology Company (CATL).
We also initiated a position in Globus Medical, a leading medical devices manufacturer with a top three position in spinal orthopedics devices, spinal surgical robots and trauma surgery devices.
Added to Barrick Mining during the Quarter, increasing the portfolio’s defensive commodity exposure across gold and platinum.
In China, added to Tencent, and reinitiated positions Alibaba and Contemporary Amperex Technology Company (CATL).
We exited the position in Micron Technologies with the view that we are at, or near, cycle-high earnings and valuation with Micron adding more capacity over the coming years.
Within healthcare, we increased exposure via Merck, as the market remains fixated on the company’s ability to offset Keytruda’s patent cliff from late 2028.
Also held
Its investment theses
- Brookdale Senior LivingSep 2026Brookdale Senior Living is improving operationally, with higher occupancy and revenue per available room, though results lagged expectations.
- Globus MedicalSep 2025Globus Medical is a leading medical devices manufacturer in spinal orthopedics, poised for growth through innovation and strategic expansion, supported by favorable market trends and a strong financial position.