Antipodes Global Value Fund (Hedged)

What it bought and sold

• New positionNidec CorporationJun 2026

  We entered a position in Japanese motor company Nidec Corporation, a motor leader repositioning around two structural growth themes; AI data-centre cooling and electrification, while executing a self-help margin story, offering multiple ways of winning against a valuation that appears not to price the cooling optionality.

• New positionQorvoJun 2026

  Qorvo and TDK (Entry): We have continued to lean into a cluster of analog, power, RF (radio frequency) and specialty-semiconductor names over the Quarter.

• New positionVisional Inc.Jun 2026

  We entered a position in Japanese human resources and digital solutions platform provider, Visional.

• New positionBooking HoldingsJun 2026

  Booking Holdings (Entry): Booking Holdings is the leading online travel agency, with room nights and bookings running 2-3x those of its nearest peers, Expedia and Airbnb.

• ExitedSanofiJun 2026

  We exited Sanofi following a series of pipeline disappointments, which impacted our confidence in Sanofi's ability to manage the Dupixent loss of exclusivity.

• ExitedSuzanoJun 2026

  We exited Brazilian paper and pulp producer at a point in the cycle where the margin of safety has narrowed.

• ExitedHennan Pinggao ElectricJun 2026

  We exited the Chinese State Grid–controlled leader in high-voltage and UHV switchgear after a period of strong performance.

• TrimmedWorkdayJun 2026

  Over the Quarter Workday was trimmed reflective of AI disruption concerns to Workday's business model.

• New positionTDKJun 2026

  Qorvo and TDK (Entry): We have continued to lean into a cluster of analog, power, RF (radio frequency) and specialty-semiconductor names over the Quarter.

Also held

• TotalEnergies
• Infineon Technologies
• Salesforce
• Kokusai Electric Corporation
• Valaris

Its investment theses

• Booking HoldingsJun 2026Booking Holdings is a leading online travel agency with strong competitive advantages, experienced management, and a margin of safety.
• QorvoJun 2026Qorvo is an RF semiconductor supplier with scale benefits from the Skyworks merger and exposure to structurally growing end markets.
• TDKJun 2026TDK offers exposure to AI infrastructure and electrification at a reasonable valuation, with leverage to passive components and datacentre storage demand.
• Nidec CorporationJun 2026Nidec Corporation is a motor leader exposed to AI cooling and electrification, with high entry barriers, cash generation, and restructuring upside.
• Visional Inc.Jun 2026Visional Inc. is a structural growth compounder with network effects, strong brand, and exposure to Japan's labour shortage.

Every letter