Antipodes Partners published its “Antipodes Global Strategy” second-quarter 2026 investor letter, highlighting the key performance stocks, portfolio changes, and the market outlook. A copy of the letter can be downloaded here. The second quarter of 2026 delivered one of the strongest equity market recoveries in recent history, as global equities gained 14.9% in US dollar terms. Renewed enthusiasm for artificial intelligence, strong corporate earnings, and easing tensions with Iran supported the rebound, while growth stocks outperformed value and emerging markets led gains, particularly Korea and Taiwan. The Antipodes Global Value Strategy underperformed its benchmark during the quarter and over the 12 months to June 30, 2026, as returns became concentrated in a narrow group of semiconductor and hardware stocks. Consumer staples and consumer discretionary holdings supported performance, while information technology, software, and internet exposure detracted. The firm remains cautious on expensive memory companies because pricing and supply remain cyclical despite AI demand. The Strategy continues to favor valued infrastructure, specialty semiconductors, resilient software, and quality businesses. For insights into its key selections for 2026, please review the Strategy’s top five holdings.
In its second-quarter 2026 investor letter, Antipodes Global Value Strategy highlighted Salesforce, Inc. (NYSE:CRM). Salesforce, Inc. (NYSE:CRM) is a cloud computing company that offers Customer Relationship Management (CRM) technology that brings companies and customers together. On August 05, 2026, Salesforce, Inc. (NYSE:CRM) closed at $192.98 per share. The one-month return of Salesforce, Inc. (NYSE:CRM) was 18.76% and its shares lost 19.89% over the past 52 weeks. Salesforce, Inc. (NYSE:CRM) has a market capitalization of $158.05 billion.
Antipodes Global Value Strategy stated the following regarding Salesforce, Inc. (NYSE:CRM) in its Q2 2026 investor letter:
“Salesforce, Inc. (NYSE:CRM) underperformed, with sentiment concerned by the pace of revenue acceleration and returns from ongoing AI investments. Whilst demand for Agentforce and Data Cloud remained constructive, enterprise software spending trends remain mixed, leading to concerns around earnings expectations. More broadly incumbent software (SaaS) and infrastructure platforms continued to face pressure over the period, with investors favoring hardware. In Antipodes’ view, the market continues to discount the resilience, network effects and enterprise lock these businesses possess as well as the ability for these incumbents to integrate AI into their own offerings.”
