Antipodes Partners
Market insights and commentary from Antipodes Partners.
Australia5 articlesLast published 16 Jun 2026
Equities
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Antipodes PartnersEquities
Webinar: Navigating a narrow market regime
Antipodes CIO Jacob Mitchell analyses the extreme concentration and return dispersion in global equities as of mid-2026, driven by AI-related capex excitement that has pushed hardware semiconductors to the 83rd valuation percentile while leaving software at the 3rd percentile. The webinar outlines Antipodes' defensive, value-oriented portfolio positioning—overweight cheap regions (Western Europe) and selective hardware names (Infineon, Qorvo, TSMC, Nvidia at low-end valuations)—while flagging macro fragility from labour markets, private credit stress, and fiscal deficits.
16 Jun 2026
Antipodes PartnersEquities
5 Companies quietly taking a cut of your everyday life
Antipodes Portfolio Manager James Rodda and Forager's Chloe Stokes debate buy/sell verdicts on five "toll booth" stocks—Wise, Tesco, Flutter Entertainment, Chime Financial, and Yeti—covering competitive moats, regulatory headwinds, and valuation. Both managers share current portfolio positioning, with Chime and Yeti flagged as active buys while Wise, Tesco, and Flutter are sells for both guests.
1 Jun 2026
Antipodes PartnersEquities
Where to find value when the benchmark is working against you
Antipodes Partners portfolio managers Vihari Ross and James Rodda argue that US mega-cap concentration has left the global benchmark structurally expensive, with the US now comprising ~70% of the index and trading at the 75th percentile of its own historical valuation range. They identify specific opportunities in AI infrastructure (Amazon), energy services (SLB), senior living (Brookdale), and global small/mid-caps, while remaining meaningfully underweight North America relative to benchmark.
25 May 2026
Antipodes PartnersEquities
The trades, themes and risks shaping Antipodes’ strategy
Antipodes Portfolio Manager James Rodda details recent portfolio changes including a new position in carrier-grade IP network operator Bandwidth (BAND) as an agentic AI voice beneficiary, exits from seat-based SaaS names lacking clear agentic roadmaps, and a significant overweight to defensive and tangible assets including real estate, infrastructure, and energy. The piece outlines three key macro risks — Iran/Hormuz disruption, private credit contagion, and AI workforce displacement — that are actively shaping portfolio positioning.
1 May 2026
Antipodes PartnersThematic
Thirsty AI
Antipodes Asset Management examines the rapidly expanding water footprint of AI-driven data centres, projected to consume approximately 1,068 billion litres annually by 2028 — an elevenfold increase from 2024 — and identifies investment opportunities across cooling enablers, renewable energy players, and semiconductor manufacturers with strong water stewardship. The piece spotlights TSMC as a core holding given its 90.3% process water recycling rate and "Water Positive by 2040" commitment, while outlining a multi-pronged framework for incorporating water risk into AI-related due diligence and portfolio construction.
14 Apr 2026