Antipodes’ Global Value strategy targets mispriced opportunities created by structural and cyclical change, using deep, industry-led research. Its diversified, pragmatic approach aims to deliver strong risk-adjusted returns while helping investors reduce concentration and access overlooked global growth.
Why is your fund a "fund to watch" and how could it work in an investor's portfolio?
Great businesses often get mispriced during periods of change - cyclical companies priced as permanently impaired, structural disruptors sustaining tailwinds greater than markets recognise, or socio-macro shifts where institutional biases build within financial systems. Our industry-led research process identifies these asymmetric opportunities by assessing underlying business resilience and growth that markets miss.
This approach has delivered long-term risk adjusted returns, differentiated from a market increasingly concentrated in North America, with exuberant valuations around a narrow AI capital expenditure theme. While AI disruption creates mispricing, it's far from the only force reshaping markets. Geopolitical realignment, energy security, and ageing demographics are all generating compelling opportunities that traditional investment approaches overlook.
We believe markets are at a turning point where the next cycle's winners will look very different from previous decades. Allocators seeking diversification, downside protection and exposure to resilient businesses mispriced by change should consider what a pragmatic and nimble approach to value can bring to global equity portfolios. Since 2015, Antipodes has proven this philosophy works – delivering outperformance through the cycle.
Can you give an overview of the team running the fund and your investment process?
The Global Value strategy is managed by Antipodes' 31-person Global Equities team, led by founder and CIO Jacob Mitchell and supported by co-Portfolio Managers Graham Hay, James Rodda, Rameez Sadikot and Vihari Ross, as well as the broader Portfolio Management team.
Five sector teams form the research engine - Hardware, Industrials & Commodities; Healthcare; Financials & Infrastructure; Developed Markets (ex Financials); and Emerging Markets each led by a senior portfolio manager or sector head and managing model portfolios under real-world constraints. This structure generates a continuous pipeline of fully researched, actively ranked ideas that can be deployed quickly as opportunities arise.
Three specialist functions support the fundamental research platform. The Quant and Macro team is integrated across every stage of the process, from screening and idea identification through to portfolio construction, risk monitoring and stress testing. The Alternative Data and AI team complements fundamental research with real-time analysis of company performance using non-financial data sources, while the Trading team provides market intelligence and execution coverage across all major global markets from Sydney and London.
What do you see as the key opportunities and risks for your strategy?
We see compelling opportunities emerging as markets broaden away from expensive US mega-cap concentration toward undervalued businesses across regions, sectors and down the market cap spectrum, reducing value dispersion. Recent volatility has accelerated this shift. Key themes include a rotation from consumption toward infrastructure investment, with capital flowing into onshoring, defence and the energy transition. The democratisation of AI - with model costs falling rapidly, is also creating opportunities among adoption beneficiaries: businesses that can integrate AI to gain efficiencies, improve margins and strengthen their competitive position. Finally, a meaningful fiscal impulse is underway abroad, with Europe and emerging markets loosening policy and stimulating growth.
The primary risk is that geopolitical escalation, particularly any sustained disruption to Gulf energy infrastructure or shipping through the Strait of Hormuz - triggers materially higher energy prices and tighter financial conditions. In that scenario, the conflict may matter less for its direct economic impact and more as a catalyst for a broader repricing of risk. We are also cautious on the longer-run shift toward less efficient, more regionalised supply chains, which could pressure businesses most tied to the global manufacturing cycle. We manage these risks through diversification of earnings exposures, disciplined position sizing and a portfolio biased toward defensive characteristics rather than large macro bets.
Can you highlight a couple of current investment opportunities within the portfolio (stock, sector or thematic)?
SLB (formerly Schlumberger) - oil services priced at a cycle low SLB is the leading technology, software, equipment and services provider to oil majors, specialising in complex offshore and subsea projects. The company is positioned to benefit from a global shift toward complex offshore and LNG projects, with upstream capex expected to increase from 2027. Its Digital division - deploying AI tools built on proprietary data - is the highest-margin, fastest-growing segment, supporting structurally improving profitability. SLB is also expanding into "New Energy" sectors including carbon capture, hydrogen and geothermal. At 18.2x NTM PE on trough earnings, the stock trades at a discount to history while returning approximately 10% of its market cap annually through buybacks and dividends.
Brookdale Senior Living - positioning for the 'silver tsunami' Brookdale is the largest pure-play senior housing operator in the US, exposed to a powerful structural demand trend: the number of seniors entering facilities is expected to double by 2030. Supply remains constrained - new bed additions fell sharply during COVID and have been held back by higher rates, labour and construction costs. As a primarily fixed-cost business, Brookdale carries significant operating leverage as occupancy tightens. The stock is currently valued at approximately $260k per bed versus peers at $420k –$880k and replacement cost of around $400k.
