Vihari Ross, portfolio manager overseeing global equities at Sydney-based Antipodes Partners, offers insight into the firm’s investment strategy amid evolving market dynamics. Antipodes Partners manages $20.6 billion in assets, focusing on long-term value investing. The firm’s global portfolios have delivered strong returns over the past 12 months, with performance across sectors including precious metals, auto, healthcare, energy, and technology supply chain. Ross points out that many past winners have been actively recycled, and the capital is now repurposed into new opportunities.
The portfolios are strategically positioned to broaden market breadth and close extreme value divisions. Antipodes is actively targeting new disruption opportunities in artificial intelligence, energy services, materials, infrastructure, healthcare innovation, and software-as-a-service from both enablers and adopters of AI. The firm recently exited Hyundai Motor, a move that came after the stock rallied more than 100 percent within months and hit its valuation target. Notably, Antipodes has opted against participating in the much-discussed SpaceX initial public offering, citing its largely hypothetical future potential and inherent popularity-competition dynamics.
Among current holdings, Japanese chemical company Shin-Etsu Chemical, held since the middle of last year, is highlighted. It is a global leader in producing critical polysilicon wafers for microchips, with demand driven by AI-driven sectors such as autos and data centers, as well as cyclical opportunities in materials. Ross also points to SLB, a leader in oilfield services, as being undervalued. SLB, a key technology supplier to oil majors for complex offshore projects, is well-positioned for a cyclical recovery in exploration capital spending. Its digital distribution and exposure to new energy add to its appeal. Ross’s investment philosophy recognizes that market change is inevitable, advising investors to assess impact and company resilience.
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