Good Value by Antipodes Partners

Antipodes Emerging Markets Portfolio Manager, John Stavliotis, shares insights from a recent research trip to China, and discusses some of the Antipodes team's best investment ideas. 

This episode features Antipodes Investment Director, Alison Savas, and Antipodes Portfolio Manager, Rameez Sadikot.  Key times: Thoughts on Trump's '90-day pause': 1:00 How damaging could big China tariffs be? 2:20 Tariff implications for inflation and economic growth: 5:00 Is the market adequately pricing tariff implications? 8:20 Can Europe and China stocks benefit from US tariffs? 10:00 Latin American markets to watch: 10:50 Is the current stock market broadening sustainable? 11:30

Antipodes portfolio manager, James Rodda, joins Alison Savas after returning from three bell-weather conferences across the US covering tech, media and telcos and consumer.

In episode, Alison Savas interviews Antipodes' senior trader, Steve Sevier.  Key Times: Steve reflects on trading through the mid 2000s: 2:00 A trader's day: 4:00 The evolution of stock markets - who can move markets today? 6:40 The implications of trend chasing, increased retail participation, and shortened investment horizons: 10:00 What can change market momentum? 13:30 The big dislocations in markets in 2025: 16:00 Are investors on the cusp of a rotation away from US stock market exceptionalism? 20:00 The implications of President Trump on stock markets: 20:50 More about Antipodes: https://antipodes.com/

Antipodes CIO, Jacob Mitchell joins Investment Director, Alison Savas, to discuss Antipodes' portfolio positioning and the outlook for global equities. Jacob also discusses why investors should watch gold stocks in 2025, and challenges that tech giant Apple Inc. (NASDAQ: AAPL) is facing. Key Times: The Trump inauguration: what now for markets? 1:00 Stocks vs bonds: mixed messages? 3:50 The outlook for US equities in 2025: 8:00 Are we on the cusp of a change in global fiscal impulse? 12:30 Can Europe's valuation discount narrow? 17:30 Outlook for Chinese equities: 19:50 AI inflection point and big shifts in Central Bank gold buying: 22:50 The bear case for Apple Inc (NASDAQ: AAPL): 28:30 More about Antipodes Partners: https://antipodes.com/ Stock commentary is illustrative only, not a recommendation to buy, hold, or sell any security. 

In this year-end episode for 2024, Alison Savas invites Antipodes' Sector Portfolio Managers to discuss their outlook for 2025. Each PM shares their insights on key sectors and stocks to watch in the new year, including a stock they believe will outperform and one they advise investors to steer clear of.   Key Times:   0:35 | Graham Hay - Hardware, Industrials & Commodities Portfolio Manager Stock to watch: Keysight Technologies, Inc. (NYSE: KEYS) Sector to avoid: Large cap technology stocks 8:45 | Nick Cameron - Healthcare Portfolio Manager Stock to watch: Alcon AG (SWX: ALC) Sector to avoid: Small to mid-cap medical device companies 16:15 | Max Shramchenko - Infrastructure Portfolio Manager Stock to watch: RWE AG (ETR: RWE) Sector to watch: Conventional power generating assets in US 23:15 | James Rodda - Developed Markets, Technology, Media and Telecommunications Portfolio Manager Stock to watch: Alphabet Inc (NASDAQ: GOOG) Sector to watch: Large cap technology stocks (ex Alphabet) 28:30 | John Stavliotis - Emerging Markets Portfolio Manager Stock to watch: DiDi Global Inc. (ADR: DIDIY) Sector to watch: Indian Mid cap Universe   More about Antipodes Partners: https://antipodes.com/ Stock commentary is illustrative only, not a recommendation to buy, hold, or sell any security. 

Antipodes Investment Director, Alison Savas speaks to Portfolio Manager Rameez Sadikot in the aftermath of the 2024 US Presidential election. Rameez discusses what the Antipodes team believes investor can expect during the Trump presidency and three stocks to watch.  Key Times: Is the equity market ignoring the risks the bond market is pricing in? 1:00 Tax cuts and fiscal deficits: 3:50 Tariffs & immigration: will these policies be economically damaging? 8:30 What impact will Trump's policies have on Fed policy & risk assets? 14:20 Antipodes portfolio: the election winners (Capital One & Ally Financial) 17:30 Mexican cement - the contrarian opportunity: 21:20 More about Antipodes Partners: https://antipodes.com/ Stock commentary is illustrative only, not a recommendation to buy, hold, or sell any security. 

China expert, John Garnaut joins Alison Savas to discuss the state of China's economy, policy landscape, and the potential risks and opportunities for stock market investors.  John is the founder of Garnaut Global, a leading advisory firm to select global asset managers, technology companies and government agencies. Key times: Analysing the shifts in investor sentiment towards China: 1:00 Has the CCP's attitude towards economic growth changed recently? 13:30  Will recent China stimulus measures have a big impact? 20:00 Why China needs to direct resources to local Government: 28:30 Reviving China's property sector: 30:00 Will Taiwan be Xi Jinping's legacy? 34:00 The markets that China's big tech stocks are poised to dominate: 38:00   More Antipodes insights: https://antipodes.com/insights/      

Antipodes Investment Director, Alison Savas speaks to Nick Nelson (ASR Head of Global Equity Strategy) about the investment implications of the 2024 United States Presidential Election.  Key Times: The Trump vs Harris Debate - thoughts and observations: 1:00 The battleground states: 2:00 The composition of Congress - a clean sweep or not? 4:00 Key policy areas relevant for stock market investors (taxation, climate, trade, immigration): 7:00 Will Trump repeal the Inflation Reduction Act? 10:00 Why Trump's big tariff plans could only be a threat: 12:40 How will investment markets react to a Trump or Harris win: 18:00 Foreign policy & implications on Europe: 20:50 Episode summary: 22:00 More about Antipodes Partners: https://antipodes.com/  

Alison Savas is joined by Ian Harnett, the co-founder and chief investment strategist of Absolute Strategy Research.  Ian shares big picture macroeconomic perspectives and views on the state of global stock markets.  This is part 1 of a 2-part interview.  Key Times: What Fed Governors are thinking right now: 1:40 US macro + takes on recent economic data: 5:00 Is the good news all priced in? 10:00 Narrow earnings growth in the US: 14:00 Growth outside the US: 16:00 The energy capex cycle: 27:00 AI: 30:45 Overweighting the USD: 36:00 Ian's rate cut call: 45:00

Over the last year, financials globally have had a pretty good run as profit margins for lending have grown. We've seen this trend in the big banks in the US, but also in Europe where dividends and buybacks are trending higher and higher.    But what if the next move for policy rates is down? Should investors stick with banks?   Antipodes Portfolio Manager James Rodda and Alison Savas discuss the set-up for financials in the US, Europe and also Australia, and compare the investment cases for three of the major banks in these markets.  Key times: What would rate cuts mean for banks: 3:00 The outlook for Australian banks: 10:30 NatWest Group: 11:20  Wells Fargo & Co: 17:17 Commonwealth Bank of Australia (CBA): 20:30 Comparing Natwest, Wells Fargo & CBA: 25:20 All stock commentary is illustrative only and not recommendations to buy, hold, or sell any security. 

Regulatory and economic fear has gripped Chinese stock markets in recent years – most notably headlined by troubles in China's property sector and the collapse of China Evergrande.  But there are signs the very negative sentiment surrounding Chinese stocks is turning. Antipodes Portfolio Manager John Stavliotis discusses some surprising observations from a recent research trip to China, along with Antipodes' exposure to the world's second-largest economy.  Key times: Surprising observations and key takeaways from a China research trip: 00:50 China's property sector woes: 3:20 Time for exposure to China's property sector? (Ke Holdings Inc) 10:30  Investing in China's 'emerging multinationals'(Kingdee International Software Group Co) 13:20 The investment opportunity in China's power grid (NARI Technology Co Ltd) 19:30 Key takeouts - can Chinese stocks thrive again? 31:00 Stock commentary in this episode is illustrative only, not recommendations to buy, hold, or sell any security.  More about Antipodes: antipodes.com

In this episode Alison Savas is joined by Antipodes Portfolio Manager, Graham Hay. They discuss two key stock market sectors – tech and commodities – as the market starts to tilt towards the higher for longer interest rate scenario. Key times: The US economy has been incredibly resilient - can it keep powering ahead? 1:00 Meaningful moves in tech stocks: 5:00 Nvidia (NASDAQ:NVDA): 6:30 Tech opportunities in the current market cycle: 11:00 TSMC (NYSE:TSM): 11:30 Qualcomm (NASDAQ:QCOM): 13:30 Commodities performance and outlook: 14:50 Teck Resources (NYSE:TECK): 20:00 Stock commentary in this episode is illustrative only and should not be considered as recommendations to buy, hold, or sell any security. 

Alison Savas is joined by Martin Daum, the CEO of Daimler Truck Holding AG.  The German-listed company is the world's largest manufacturer of commercial vehicles. It builds trucks, buses, and other commercial vehicles under brands including Mercedes Benz, Freightliner, Western Star, Mitsubishi Fuso, Bharat Benz, Rizon, and Setra.  More about Antipodes: https://antipodes.com/    

Link to the previous EVs episode from 2021 referenced in this podcast: https://www.podbean.com/eas/pb-gy3zp-ff1e7e More about Antipodes: https://antipodes.com/ Key times: Shifting dynamics in the auto industry over the past 3 years: 1:00 EV demand now below previous market expectations? 3:20 The rise of Chinese automakers: 9:30  Are hybrid electric vehicles here to stay? 19:00 Solid state batteries & autonomous vehicles: 22:30 Who will be the long term winners and losers in the global auto industry? 29:30 *Stock commentary in this episode is illustrative only and should not be viewed as a recommendation to buy, hold, or sell any security. 

In this episode, Alison Savas is joined by Antipodes Chief Investment Officer, Jacob Mitchell.  They discuss key macro and market developments in the fourth quarter of 2023 along with how Antipodes is positioning for the year ahead. Jacob and Alison also provide key insights into the investment case for Oracle Corp (NYSE: ORCL). Key times: Has the Fed pulled off a soft landing? 1:00 The potential for a deterioration in liquidity & headwinds for US equities at the index level: 6:00 Antipodes current portfolio positioning: 12:00  Valuation discipline case study - exiting SAP & holding Oracle*: 16:00 Stock in focus - Oracle Corp (NYSE: ORCL)*: 20:00 *Stock commentary is illustrative only and should not be viewed as a recommendation to buy, hold, or sell any security. 

In this final episode for 2023, Alison Savas is joined by all Antipodes' Sector Portfolio Managers. Each PM shares one stock (or area of their coverage) they believe will perform in the year ahead, and one stock or part of the market they believe investors should avoid.   1:30: Graham Hay - Hardware, Industrials & Commodities Portfolio Manager.  Stock to watch: Taiwan Semiconductor Manufacturing Co (TPE: 2330) 6:20: Nick Cameron - Healthcare Portfolio Manager Sector to watch: Small to mid-cap medical device companies Stock to watch: Alcon AG (SWX: ALC) 15:00: Max Shramchenko - Infrastructure Portfolio Manager Sector to watch: Regulated utilities Stock to watch: American Electric Power Company (NASDAQ: AEP) 21:30: James Rodda - Developed Markets, Technology, Media and Telecommunications Portfolio Manager Stock to watch: Oracle Corp (NYSE: ORCL) 27:00: John Stavliotis - Emerging Markets Portfolio Manager Sector to watch: Brazilian stocks Stock to watch: Sendas Distribuidora SA (NYSE: ASAI)  

The backdrop for investing in Brazil is changing - fundamentals are improving, inflation is falling, rates are falling and policy makers are embarking on fiscal repair. On top of this stock market valuations are attractive. So, in this episode, Alison Savas (Antipodes Investment Director) and John Stavliotis (Antipodes Emerging Markets PM) discuss the case for increasing exposure to Brazilian equities.  Key times: Elevator pitch - why investors should consider Brazil: 1:00 Inflation, rate cuts and Brazil's cyclical setting : 2:20 Structural opportunities in Brazil - commodities and agriculture: 7:30  Brazil's economic links with China: 11:30 Brazilian politics and regulation: 13:30 Stock in focus - Itaú Unibanco (NYSE: ITUB)* 16:30 Stock in focus - Nu Holdings (NYSE: NU)*: 21:00 Stock in focus - Sendas Distribuidora (NYSE: ASAI)*: 22:30 *Stock commentary is illustrative only and should not be viewed as a recommendation to buy, hold, or sell any security. 

Along with a discussion about the state of the markets in Q3 2023 and Antipodes' current portfolio positioning, this episode covers the recent developments in the global oil market amid the escalation of conflict between Israel and Hamas.  Alison Savas (Antipodes Investment Director) is joined by Graham Hay (Antipodes Portfolio Manager Industrial, Hardware & Commodities) for this episode. Key times: Current oil market dynamics & the implications of lower capital expenditure in recent years: 1:00 How Iran could hold the world's oil market to ransom if the Israel - Hamas conflict widens: 3:40 Why US sanctions on Russian crude are ultimately ineffective: 5:30  How Saudi Arabia could respond to an oil supply shortfall: 7:15 The Chinese oil demand puzzle: 10:10 Antipodes' view on the outlook for the crude oil price: 13:30 Antipodes' energy exposures (TotalEnergies & Occidental Petroleum)*: 15:00 PART 2 The state of the markets in Q3 2023: 18:00 Why it's unlikely a supportive liquidity environment can be maintained: 21:10 A mild recession in the US remains likely: 25:00 Antipodes' portfolio positioning: 27:30 *Stock commentary is illustrative only and should not be viewed as a recommendation to buy, hold, or sell any security. 

In this episode Alison Savas speaks with Benoit Bazin, the CEO of French-listed building materials manufacturer Saint-Gobain (EPA: SGO)*.  Saint-Gobain (a holding in Antipodes' global portfolios) operates in 76 counties and is playing a major role in making the construction and building industries more sustainable. It might surprise you that the construction and building industries account for 40% of global carbon emissions - that's more than the global transportation sector. Key Times: Overview of Saint-Gobain: 1:30 The global market for sustainable construction materials: 5:30 75% of Europe's buildings are energy inefficient: 11:30 Saint-Gobain's competitive advantages : 21:30 How Saint-Gobain is helping other industries decarbonise (low-carbon concrete & electric vehicle glazing): 27:30 The housing market & housing shortages: 33:30 *Stock commentary is illustrative only and should not be viewed as a recommendation to buy, hold, or sell any security. 

At around 11x times forward earnings, UK equities are the cheapest they've been since the 2008 financial crisis (apart from COVID), and they are the cheapest in the developed world.  In this episode, Alison Savas and James Rodda discuss the UK macro environment and Antipodes' three largest UK-listed holdings; Diageo, Tesco, and NatWest.  Key Times: Inflation in the UK & macro outlook: 1:30 Diageo (LON: DGE): 6:30 Tesco (LON: TSCO): 13:40 NatWest Group (LON: NWG): 21:20 Stock commentary is illustrative only and not a recommendation to buy, hold, or sell any security.  More about Antipodes: antipodes.com

The recent stock market rally has become increasingly unbalanced.  The NASDAQ is up almost 40% this year and just 10% off its all-time highs. But it's the seven largest US tech stocks which have contributed half of the performance in global equities this quarter and calendar year.  In this quarterly update episode, Alison Savas (Investment Director) and Rameez Sadikot (Portfolio Manager) discuss what this narrow performance in equities really means, along with how the macro backdrop could impact markets. Key times: Examining stock market performance over the past quarter: 1:00 Valuations indicating little margin for error as investors price clear skies: 5:30 Recession looming? 8:00 Antipodes' current portfolio positioning: 14:30 Heineken N.V. (AMS: HEIA): 18:30 Amazon (NASDAQ: AMZN): 20:30 TotalEnergies SE (EPA: TTE): 28:10 *Stock commentary in this episode is illustrative only and should not be considered as recommendations to buy, hold, or sell any security.   

Ian Harnett is a co-founder and chief investment strategist of Absolute Strategy Research (ASR) one of only a handful of highly regarded independent global macro research firms.  In this conversation with Alison Savas, Ian discusses why he believes the west has a "vanishingly small" chance of avoiding recession, but explains how a new source of liquidity in global markets could be a game changer. He also shares his views on stock market valuations and one big risk factor he believes most are overlooking.  Key times: Can the US & the West sidestep recession? 02:20 The critical data points ASR is monitoring closely 05:30 Can the Fed restore balance in the labour market? 8:50 Non-bank financials & the liquidity crunch: 11:10 Outlook for non-residential investment and fiscal deficits: 16:00 Why US equities are overvalued: 20:30 Valuations of European and Chinese equities: 21:30 Can China keep growing? 22:30 The big risk investors are overlooking in today's market: 28:10

It was the reopening many investors thought could bring a spectacular stock market resurgence. But the interest in Chinese equities following the end of COVID lockdowns has faded. The domestic recovery has been slower than expected and exports continue to be weighed down by economic deterioration in the West. But John Stavliotis (Lead PM of Antipodes' Emerging Markets strategy) and Alison Savas (Investment Director) explain why investors should hold the line on China, and discuss three Chinese stocks to watch. Key times: Observations from inside China: 01:00 What is holding back the Chinese economy? 03:20 Will there be a policy response? 7:00 The longer-term growth drivers for China's economy: 9:00 Geopolitics & China's role in a multipolar world: 15:30 Chinese stock market valuations & allocating to China  20:40 Stock discussion - Midea Group (SHE: 000333): 23:20 Stock discussion - Contemporary Amperex Technology Co (SHE: 300750): 26:00 Stock discussion - Galaxy Entertainment Group (HKG: 0027): 29:20 More about Antipodes: https://antipodes.com/ Follow Antipodes on LinkedIn: https://www.linkedin.com/company/antipodes-partners/ Stock commentary you hear in this episode is illustrative only and not a recommendation to buy, hold, or sell any security. 

Despite the uncertainty following the largest bank failure since the 2008 financial crisis, global equities were on the up in the first quarter of 2023, with index performance saved by mega-cap tech as the market bets we are on the cusp of the closely-watched Fed pivot.  But will the pivot come as quickly as the market expects and will the outcomes be as the market expects? In this quarterly market update, Alison Savas and Antipodes CIO, Jacob Mitchell, review the key events of Q1 2023 and provide listeners an insight into the Antipodes' team broader market outlook and portfolio positioning.  They also discuss three stocks to navigate this complex market and macro environment -  Sanofi (EPA: SAN), TotalEnergies (EPA: TTE) & Midea Group (SHE: 000333). Key times: Can the Fed still engineer a soft landing? 01:00 The impacts of the banking crisis in the real economy: 05:10 The disconnect between the top down and bottom up in the US: 11.20 Why Europe and China are relatively better positioned: 16.30 Broader portfolio positioning against current macro backdrop: 19:50 Sanofi: a big cap pharma that's insensitive to the economic cycle 23:30 TotalEnergies: conventional energy with a transition angle 27:30 Midea: an emerging Chinese multinational 32:10 More about Antipodes: https://antipodes.com/ Follow Antipodes on LinkedIn: https://www.linkedin.com/company/antipodes-partners/ Stock commentary you hear in this episode is illustrative only and not a recommendation to buy, hold, or sell any security.   

Following the recent bank crises in the US and Europe, Alison Savas and James Rodda discuss the vulnerabilities that remain within global financials, along with the relative winners and losers that could emerge. The episode also covers potential investment opportunities given the dislocation in US and European financials, including insights into our portfolio holdings UniCredit (BIT: UCG) and ING Group (AMS: INGA). Key times: The unravelling of Silicon Valley Bank: 02:25 The consequences of the SIVB crisis & longer term impacts on the banking system: 06:30 The winners a losers in the global banking system moving forward: 14:00 Credit Suisse and the European banking system: 17:50 Looking for buying opportunities in global financials: 22:30 What all this means for the Fed's next move: 25:40 More about Antipodes: https://antipodes.com/ Follow Antipodes on LinkedIn: https://www.linkedin.com/company/antipodes-partners/ Stock commentary you hear in this episode is illustrative only and not a recommendation to buy, hold, or sell any security. 

Siemens Energy (ETR: ENR) is a global leader in wind turbines, utility-scale gas turbines, and grid transition equipment.  In this episode, Siemens Energy CEO, Dr Christian Bruch, provides insights into the demand for wind energy (in particular offshore wind), the role of gas, and shares perspectives on the challenges the world faces in the transition to net zero along with the enormous scale of investment that's required.  Key times: The net zero ‘trilemma' & are the targets achievable? – 02:40 The critical role of wind energy – 06:00 Bottlenecks in delivering sufficient offshore wind infrastructure – 12:10 Profitability of wind projects – 18:20 The role of gas in decarbonisation – 27:30 The enormity of the energy grid investment required to facilitate net zero targets – 31:00 Individual stock commentary is illustrative only and not a recommendation to buy, hold, or sell any security.  Antipodes website: antipodes.com Antipodes on Linkedin: Antipodes Partners

Alison Savas is joined by Rameez Sadikot, Portfolio Manager and head of Antipodes Quant, Macro and Currency.  In part 1 (1:00 - 15:00), Alison and Rameez discuss the state of global equities - including Antipodes' views on markets and the macro in the US, Europe and China.  In part 2 (15:00 - 27:00), the discussion turns to gold. After a lacklustre performance through most of 2022, investors are once again beginning to pay attention to gold. Alison and Rameez share Antipodes' views and due diligence. Finally, hear the investment case for Australian gold mining giant, Newcrest Mining (ASX: NCM)* (27:00 - 30:00). *Individual stock commentary is illustrative only and not a recommendation to buy, hold, or sell any security.  Antipodes website: antipodes.com Antipodes on Linkedin: Antipodes Partners

Four members of the Antipodes investment team join this episode to discuss sector-specific outlooks for 2023. Sectors covered include: Hardware, Industrials and Commodities Healthcare Domestic Asia and EM Domestic Developed Markets. This is our final episode for the year. We thank you all for listening and wish you a safe and happy holiday period. Remember to follow us on LinkedIn or Twitter to stay up to date with our insights. 

In this episode, Alison Savas, talks with Antipodes Emerging Markets co-portfolio managers Sunny Bangia and John Stavliotis.  They discuss why investors should consider Emerging Markets now, along with some of the key opportunities across emerging economies - including Mexico, Indonesia and Brazil. 

Escalating geopolitical tensions, Xi Jinping's consolidation of power in China, and the US Fed's economic ‘balancing act' are some the most significant issues dominating the macroeconomic backdrop for global investors as we move into the final quarter of the calendar year. In Part 1 (00:30) of this new podcast episode, Alison Savas and Sunny Bangia provide listeners an insight into the way Antipodes is approaching these global affairs and the anticipated consequences for investors. In Part 2 (20:00), Alison and Sunny provide an update on Antipodes' portfolio positioning and discuss portfolio holdings, Merck and Co (NYSE: MRK) and Diageo (LON: DGE). Antipodes website: antipodes.com Antipodes on Linkedin: Antipodes Partners

Through the recent decade-long bull market many have viewed short positions as simply a drag on performance. But in 2022 the regime has shifted. Portfolio protection has come back to the fore with the S&P 500 shedding around a quarter of its value so far this year, and concerns about global economic growth and central bank policy rising. In this episode, Alison Savas and Jacob Mitchell discuss Antipodes' approach to short selling and examine the case for Snap Inc. (NYSE: SNAP).

German energy giant, RWE, is faced with the challenge of helping to power a continent in the midst of a power crunch, while at the same time working towards ambitious decarbonisation targets.   In this episode, Alison Savas, talks to RWE's Chief Financial Officer, Michael Muller on the energy crisis, decarbonisation and RWE's operations. 

In this quarterly market update episode Alison Savas and Antipodes CIO, Jacob Mitchell, discuss the state of equity markets in Q2 2022 and Antipodes bigger picture views on global investing and portfolio positioning.

  Tech stocks have borne the brunt of the recent sell off in equity markets and with the Nasdaq firmly in bear market territory, it is unprofitable tech stocks that have been hit the hardest - down almost 60% this year.   But amid these sell offs, there can be category leaders that fall to attractive valuations, relative to their long-term growth profile. Antipodes thinks Seagate Technology (NASDAQ: STX) is one of those leaders, and it's priced at just 8x next year's earnings.   In part one of this episode (2:20), Alison Savas speaks to Seagate's CFO, Gianluca Romano. In part two (22.00), Alison Savas and Graham Hay (Antipodes Portfolio Manager of Hardware, Industrials and Commodities) discuss the Seagate investment case.   Disclaimer:  All content in respect of the Antipodes Global Shares (Quoted Managed Fund) (ARSN 625 560 269), the Antipodes Global Fund – Long (ARSN 118 075 764), the Antipodes Global Fund (ARSN 087 719 515), and the Antipodes Asia Fund (ARSN 096 451 393) is issued by Pinnacle Fund Services Limited ABN 29 082 494 371 AFSL 238 371 (“PFSL”) as responsible entity of the Funds and is prepared by Antipodes Partners Limited (ABN 29 602 042 035) (AFSL 481580) (“Antipodes”) as the investment manager of the Trust. PFSL is not licensed to provide financial product advice. The information provided is of a general nature only and has been prepared without taking into account your objectives, financial situation or needs. Before making an investment decision in respect of the Funds, you should consider the current product disclosure statement (PDS) and Target Market Determination (‘TMD') of the Funds and the Fund's other periodic and continuous disclosure announcements lodged with the ASX, which are available at www.asx.com.au, and assess whether the Fund is appropriate given your objectives, financial situation or needs. If you require advice that takes into account your personal circumstances, you should consult a licensed or authorised financial adviser. Neither PFSL nor Antipodes guarantees repayment of capital or any particular rate of return from the Funds. Neither PFSL nor Antipodes gives any representation or warranty as to the currency, reliability, completeness or accuracy of the information contained in this content. All opinions and estimates included in this website constitute judgments of Antipodes as at the date of website creation and are subject to change without notice. Past performance is not a reliable indicator of future performance.  

Alison Savas is joined by digital advertising expert Ben Legg to discuss the digital advertising landscape, in particular how Meta (NASDAQ: FB) is positioned following the recent fall in its stock price.  Key discussion points include: 4:00: Overview of how online advertise works today. 7:30: The digital advertising landscape and why digital advertising as a percentage of GDP is expected to grow. 10:50: The rise of Tik Tok 12:00: Meta's advertising technology and why it's seen as being superior 21:10: How Facebook is moving to maintain user engagement  28.30: Can Instagram become the world's biggest fashion retailer? 

By the end of March, the S&P was only 5% shy of its all-time highs set in early January despite intensifying geopolitical and economic uncertainty. In fact, in early March US equities staged one of the largest and fastest bear market rallies since 1928. But the move back into the growthier tech complex in the US has now faded into April. In this Q1 2022 market update, Alison Savas and Sunny Bangia discuss: 01:30: Why Stagflation has become Antipodes' ‘base case'  04:40: The risk of Central Bank policy error  07:50: Antipodes' portfolio positioning 10:30: Why Antipodes in holding the line on Chinese stocks 26:00: Antipodes' China exposures

The war in Ukraine has seen the fragility of global energy and commodity markets laid bear. In this episode hear why Antipodes' investment team has been increasing exposure to energy and commodity stocks in recent years, the impact of sanctions on Russia and the longer-term outlook for the sectors. In part two, hear a discussion about some of Antipodes' best investment ideas for exposure to longer-term energy and commodity trends.  Part 1 (1:00) Why Antipodes' global portfolios have been overweight energy. The impacts of the war in Ukraine on the energy and commodity sectors. Decarbonisation and the longer-term outlook for energy and commodities. Part 2 (14:30) Technip Energies (EPA: TE) & Siemens Energy (ETR: ENR). Nutrien (TSE: NTR). Exposure to gold stocks - Newcrest Mining (ASX: NCM) & Barrick Gold (NYSE: GOLD). For more investment insights visit antipodes.com

An interview with Pål Kildemo, Executive Vice President and Chief Financial Officer of Norsk Hydro (OSL: NHY).  Norsk Hydro has been a long-term holding in Antipodes' global portfolios. While it is one of the largest producers of aluminium globally, it is also has one of the lowest carbon footprints with its operations predominately powered using hydro electricity.  Disclaimer:  All content in respect of the Antipodes Global Shares (Quoted Managed Fund) (ARSN 625 560 269), the Antipodes Global Fund – Long (ARSN 118 075 764), the Antipodes Global Fund (ARSN 087 719 515), and the Antipodes Asia Fund (ARSN 096 451 393) is issued by Pinnacle Fund Services Limited ABN 29 082 494 371 AFSL 238 371 (“PFSL”) as responsible entity of the Funds and is prepared by Antipodes Partners Limited (ABN 29 602 042 035) (AFSL 481580) (“Antipodes”) as the investment manager of the Trust. PFSL is not licensed to provide financial product advice. The information provided is of a general nature only and has been prepared without taking into account your objectives, financial situation or needs. Before making an investment decision in respect of the Funds, you should consider the current product disclosure statement (PDS) and Target Market Determination (‘TMD') of the Funds and the Fund's other periodic and continuous disclosure announcements lodged with the ASX, which are available at www.asx.com.au, and assess whether the Fund is appropriate given your objectives, financial situation or needs. If you require advice that takes into account your personal circumstances, you should consult a licensed or authorised financial adviser. Neither PFSL nor Antipodes guarantees repayment of capital or any particular rate of return from the Funds. Neither PFSL nor Antipodes gives any representation or warranty as to the currency, reliability, completeness or accuracy of the information contained in this content. All opinions and estimates included in this website constitute judgments of Antipodes as at the date of website creation and are subject to change without notice. Past performance is not a reliable indicator of future performance.

When it comes to global equities, the first few weeks of 2022 have started with a material repricing of risk as real yields rise. With large falls in some large cap US tech stocks, investors are now asking, is the market correction over? In this episode, Antipodes CIO Jacob Mitchell shares his views on the recent stock market moves and discusses 3 key themes to watch in 2022.  1:15 - Market commentary & the January 2022 big tech sell off 6:30 - Top theme to watch: Rising yields 8:55 - Top theme to watch: China's loosening monetary policy 12:50 - Top theme to watch: Europe in a "sweet spot" 17:20 - Stock to watch: Seagate Technology Holdings (NASDAQ: STX)  

Just as the global economic reopening seemed to be hitting its reopening stride, Omicron has emerged. In this episode, Antipodes' healthcare sector head, Dr Nick Cameron, shares his expert insights on the new variant. He also discusses the investment case for Antipodes' key healthcare holdings, Sanofi (EPA: SAN) and Walgreens (NASDAQ: WBA).

As winter approaches, Europe is facing an unprecedented natural gas supply shortage. How has this happened and what are the ramifications for global energy markets? Alison Savas and Max Shramchenko discuss Europe's energy crisis and examine three companies exposed to the natural gas sector - Coterra Energy (NYSE: CTRA), Exxon Mobil (NYSE: XOM) & Technip Energies (EPA: TE).

Alison Savas and James Rodda discuss the three big topics that dominated market news in Q3 2021 - inflation, energy shortages and China's economy. They also discuss the investment case for new portfolio holding, Frontier Communications (NASDAQ: FYBR).

This episode focusses on how investors can generate alpha through an ESG lens. Topics discussed include decarbonisation and the transition to green energy, corporate governance and identifying companies misunderstood from an ESG perspective.  

Portfolio Managers Alison Savas and James Rodda explain how Antipodes' approach to value investing uncovers attractively priced opportunities amongst some of the biggest tech stocks in world. 1.12: Why a pragmatic approach to value investing is required in a new world of disruption  2.36: Microsoft 8.10: Facebook 16.00: Oracle Corporation 21:50 Amazon, Tesco and the new retail landscape 29:40: Growth taps (Zoom Video Communications)  

Jacob Mitchell and Alison Savas discuss the performance of global equities in Q2 2021 and the opportunities and risks ahead. @0.40: Examining growth outperformance in Q2 and the rotation in market leadership  @5.45: How the market rotation can gather momentum in the remainder of 2021 and beyond  @9.55: Is the premium being paid for US equities sustainable?  @13:45: The key risks for equity investors today  @19:50: Portfolio positioning (stock discussed: ING, Airbus, Microsoft, Facebook, Tencent, Oracle).  @24:50: Investing in China and the Asia region against a backdrop of regulatory and geopolitical concerns 

For some time investors looking to get exposure to the rise of China looked to popular western-owned global brands such as Nike or Starbucks. But the dynamics are shifting and are continuing to evolve. A breed of Chinese domestic brands are on the rise and are likely to take market share. Hear from Antipodes Portfolio Managers Sunny Bangia and Alison Savas as they discuss the equities at forefront of China's rapidly evolving economy. 

Portfolio Managers Rameez Sadikot and Alison Savas discuss the outlook for inflation and the structural reasons which the Antipodes investment team believes could result in inflation being skewed higher for longer. Rameez and Alison explain what this means for global stocks and how Antipodes is positioning its portfolios for inflation. 

Antipodes CIO, Jacob Mitchell and Portfolio Manager, Alison Savas, provide a market update and review of Q1 2021. Economic stimulus, vaccine rollouts, bond yields and the ongoing market rotation (from growth to value) are discussed.

As the auto industry embarks on the biggest transition in its history, a global race to dominate EVs is underway. Tesla, the first-mover, is being challenged by Volkswagen, a German giant on a mission to reinvent itself. Antipodes Portfolio Managers, Alison Savas and Andrew Gibson, discuss what has become a case of unwarranted multiple dispersion and a major pragmatic value investing opportunity. 

Investing in next generation technology doesn't necessarily require taking a bet on the disruption winners or relying on aspirational valuations. By investing in semiconductor manufacturing, investors can achieve robust exposure to the ongoing digitisation of modern economies. Alison Savas and Graham Hay discuss Antipodes' key semiconductor holdings; Taiwan Semiconductor Manufacturing Company and Samsung.