Good Value | Pragmatic Value Investing

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 Manufacturi...

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 equi...

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...

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%...

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 Dia...

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 w...

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....

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 (I...

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 marke...

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...

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 i...

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 o...

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 st...

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 Antipod...

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 Ant...

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 (NASDA...

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....

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...

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...

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 res...

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 commen...

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).