ANTIPODES PARTNERS Ltd

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 6, 2025), ANTIPODES PARTNERS Ltd reported 102 stock positions worth $3.2 billion. Its top holding was Barrick Gold (B) at 6.2% of the portfolio, followed by Capital One Financial (COF, 6.1%) and Microsoft (MSFT, 6.0%). Compared with Q4 2024, it opened 38 new positions, sold out of 14, added to 39 and reduced 22. The biggest buy was HCA Healthcare (HCA, shares +1415%) and the biggest sale AT&T (T, shares −89%).

Most Recent 13F
Q2 2026
Location
ROYAL EXCHANGE, C3
CIK
0001652442
Portfolio Value
$3.2B (Q1 2025)
SEC Filing
0001652442-25-000003 ↗ filed May 6, 2025

Holdings Value

0$2.0B$4.0B$6.0B Q1 2024: $3.2B Q1 2024 Q2 2024: $2.8B Q2 2024 Q3 2024: $2.9B Q3 2024 Q4 2024: $2.9B Q4 2024 Q1 2025: $3.2B $3.2B Q1 2025 Q2 2025: $3.2B Q2 2025 Q3 2025: $4.5B Q3 2025 Q4 2025: $4.8B Q4 2025 Q1 2026: $5.2B Q1 2026 Q2 2026: $5.5B Q2 2026

Holdings 102 stocks · $3.2B
B Barrick Gold Corp. 6.16% 10,112,758 $196.6M Add +0.6%
COF Capital One Financial Corp. 6.09% 1,084,639 $194.5M Add +4.7%
MSFT Microsoft Corp. 5.98% 508,278 $190.8M Add +15.3%
GOOGL Alphabet Inc. Class A 5.65% 1,166,898 $180.5M Add +12.2%
MRK Merck & Co. Inc. 5.53% 1,967,970 $176.7M Add +6.5%
AMZN Amazon.com Inc. 4.78% 802,573 $152.7M Add +24.8%
HCA HCA Healthcare Inc. 4.71% 435,423 $150.5M Add +1415.0%
AEP American Electric Power 4.43% 1,293,244 $141.3M Reduce -6.7%
KEYS Keysight Technologies Inc. 4.39% 935,490 $140.1M Add +49.4%
JD Jd.com Inc.-ADR 3.79% 2,942,624 $121.0M Add +112.8%
ALLY Ally Financial Inc. 3.71% 3,251,276 $118.6M Add +10.0%
ALC Alcon Inc. filed as ALCON AG 3.52% 1,195,712 $112.5M Add +4.4%
VTR Ventas Inc. 3.16% 1,466,460 $100.8M Reduce -1.1%
JCI Johnson Controls Internation 2.84% 1,133,680 $90.8M Reduce -6.7%
FMX Fomento Economico Mex-SP ADR 2.81% 919,722 $89.8M Add +12.8%
BEKE Ke Holdings Inc.-ADR filed as KE HLDGS INC 2.78% 4,423,574 $88.9M Reduce -13.5%
BKD Brookdale Senior Living Inc. 2.68% 13,684,500 $85.7M Add +81.0%
UBS UBS Group AG-Reg 2.55% 2,684,289 $81.5M Add +9.6%
EQT Eqt Corp. 2.38% 1,419,954 $75.9M Reduce -3.7%
CX Cemex Sab-Spons ADR Part Cer 2.32% 13,208,763 $74.1M Reduce -13.4%
EGO Eldorado Gold Corp. 2.00% 3,802,895 $64.0M Add +43.5%
AA Alcoa Corp. 1.61% 1,687,529 $51.5M Add +2.2%
CRTO Criteo SA-Spon 1.61% 1,451,188 $51.4M Add +45.9%
ALNY Alnylam Pharmaceuticals Inc. 1.35% 159,554 $43.1M Add +19.3%
LEN Lennar Corp. Class A 1.31% 364,040 $41.8M New
NTR Nutrien Ltd. 1.26% 807,845 $40.1M Reduce -21.4%
ORCL Oracle Corp. 1.24% 282,070 $39.4M Reduce -45.5%
GDXJ Vaneck Junior Gold Miners 1.09% 608,191 $34.8M New
FLUT Flutter Entertainment PLC-Di 1.03% 150,231 $32.9M Add +27.1%
MU Micron Technology Inc. 1.02% 373,485 $32.5M New
QCOM Qualcomm Inc. 0.99% 205,161 $31.5M Reduce -46.3%
NEM Newmont Corp. 0.72% 479,396 $23.1M Add +39.4%
CRM Salesforce Inc. 0.71% 85,053 $22.8M Reduce -34.2%
TSM Taiwan Semiconductor-SP ADR 0.69% 133,009 $22.1M Add +28.3%
OXY Occidental Petroleum Corp. 0.55% 353,553 $17.5M Reduce -67.5%
PDD PDD Holdings Inc. 0.51% 136,748 $16.2M Add +1.0%
KO The Coca-Cola Co. 0.36% 162,467 $11.6M Reduce -62.4%
T AT&T Inc. 0.29% 324,356 $9.2M Reduce -88.7%
LYB Lyondellbasell Indu Class A 0.24% 109,341 $7.7M Add +20.0%
OTIS Otis Worldwide Corp. 0.23% 71,354 $7.4M Add +15.7%
PCOR Procore Technologies Inc. 0.20% 98,934 $6.5M New
BABA Alibaba Group Holding-SP ADR 0.18% 43,622 $5.8M Reduce -81.0%
SUZ Suzano SA - Spon ADR 0.11% 375,264 $3.5M Reduce -27.5%
HDB HDFC Bank Ltd.-ADR 0.11% 52,397 $3.5M New
YMM Full Truck Alliance -SPN ADR 0.05% 126,834 $1.6M Add +168.4%
GRAB Grab Holdings Ltd. Class A 0.03% 227,471 $1.0M Add +83.5%
VIPS Vipshop Holdings Ltd. - ADR 0.02% 48,195 $756K New
HUYA Huya Inc.-ADR 0.02% 175,498 $563K New
SEMR Semrush Holdings Inc. Class A 0.01% 42,686 $398K Add +80.3%
ROKU Roku Inc. 0.01% 4,960 $349K Add +30.1%
NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD 0.01% 33,039 $338K Add +56.2%
LX Lexinfintech Holdings L-ADR 0.01% 32,111 $324K Reduce -7.6%
ACIC American Coastal Insurance C 0.01% 26,997 $312K Reduce -34.0%
VAL Valaris Ltd. 0.01% 7,913 $311K Add +24.7%
LSPD Lightspeed Commerce Inc. 0.01% 29,609 $259K New
MGNI Magnite Inc. 0.01% 22,339 $255K Add +176.8%
MDB Mongodb Inc. 0.01% 1,218 $214K New
BRKR Bruker Corp. 0.01% 5,082 $212K New
ARGX Argenx SE - ADR 0.01% 327 $194K Add +181.9%
BASE Couchbase Inc. 0.01% 11,627 $183K Reduce -8.3%
ABT Abbott Laboratories 0.01% 1,270 $168K New
MOS The Mosaic Co. 0.00% 5,575 $151K Add +76.1%
DGX Quest Diagnostics Inc. 0.00% 802 $136K New
DXCM Dexcom Inc. 0.00% 1,962 $134K New
SMWB Similarweb Ltd. 0.00% 16,166 $134K No change
AEE Ameren Corporation 0.00% 1,308 $131K Reduce -40.5%
GMED Globus Medical Inc. Class A 0.00% 1,747 $128K New
VRTX Vertex Pharmaceuticals Inc. 0.00% 255 $124K New
STE Steris PLC 0.00% 533 $121K New
GILD Gilead Sciences Inc. 0.00% 1,078 $121K New
BDX Becton Dickinson and Co. 0.00% 517 $118K New
GBTG Global Business Travel Group 0.00% 15,442 $112K Reduce -44.3%
IMNM Immunome Inc. 0.00% 14,164 $95K New
QGEN Qiagen N.V. 0.00% 2,345 $94K New
MDT Medtronic PLC 0.00% 1,007 $90K New
MYRG MYR Group Inc./Delaware 0.00% 719 $81K Add +16.3%
ESTA Establishment Labs Holdings 0.00% 1,975 $81K New
GPCR Structure Therapeutics Inc. 0.00% 4,247 $74K Add +310.7%
LUMN Lumen Technologies Inc. 0.00% 11,499 $68K No change
RARE Ultragenyx Pharmaceutical Inc. 0.00% 1,568 $57K New
CERT Certara Inc. 0.00% 5,442 $54K No change
GE General Electric filed as GE AEROSPACE 0.00% 203 $41K Add +20.1%
NTRA Natera Inc. 0.00% 283 $40K New
ADSK Autodesk Inc. 0.00% 151 $40K Add +9.4%
NUVL Nuvalent Inc. Class A 0.00% 540 $38K New
SDGR Schrodinger Inc. 0.00% 1,878 $37K New
SPRY Ars Pharmaceuticals Inc. 0.00% 2,943 $37K New
EXC Exelon Corp. 0.00% 743 $34K New
D Dominion Energy Inc. 0.00% 604 $34K New
SIBN Si-Bone Inc. 0.00% 2,394 $34K New
PRCT Procept Biorobotics Corp. 0.00% 507 $30K New
GEV GE Vernova Inc. 0.00% 79 $24K New
IR Ingersoll-Rand Inc. 0.00% 275 $22K Reduce -12.1%
ORIC Oric Pharmaceuticals Inc. 0.00% 3,822 $21K New
APGE Apogee Therapeutics Inc. 0.00% 542 $20K New
MASS 908 Devices Inc. 0.00% 4,382 $20K New
JANX Janux Therapeutics Inc. 0.00% 632 $17K New
DAWN Day One Biopharmaceuticals I 0.00% 2,043 $16K New
ASHR Xtrackers Harvest Csi 300 CH 0.00% 15,550 $16K New
FLNC Fluence Energy Inc. 0.00% 2,062 $10K Add +212.9%
ARRY Array Technologies Inc. 0.00% 1,841 $9K Add +5.6%
SHLS Shoals Technologies Group -A 0.00% 1,486 $5K Reduce -34.6%

Portfolio Sells Q4 2024 → Q1 2025
T AT&T Inc. Reduce -88.7% 0.29% −1.98
ORCL Oracle Corp. Reduce -45.5% 1.24% −1.76
OXY Occidental Petroleum Corp. Reduce -67.5% 0.55% −1.32
QCOM Qualcomm Inc. Reduce -46.3% 0.99% −1.05
CRM Salesforce Inc. Reduce -34.2% 0.71% −0.79
FYBR Frontier Communications Pare Sold out 0.00% −0.71
CX Cemex Sab-Spons ADR Part Cer Reduce -13.4% 2.32% −0.67
WDAY Workday Inc. Class A Sold out 0.00% −0.64
KO The Coca-Cola Co. Reduce -62.4% 0.36% −0.57
BABA Alibaba Group Holding-SP ADR Reduce -81.0% 0.18% −0.50
BEKE Ke Holdings Inc.-ADR Reduce -13.5% 2.78% −0.49
JCI Johnson Controls Internation Reduce -6.7% 2.84% −0.49
NTR Nutrien Ltd. Reduce -21.4% 1.26% −0.34
ASAIY Sendas Distribuidora SA Sold out 0.00% −0.24
AEM Agnico Eagle Mines Ltd. Sold out 0.00% −0.23
SUZ Suzano SA - Spon ADR Reduce -27.5% 0.11% −0.07
VLRS Controladora Vuela Cia-ADR Sold out 0.00% −0.05
AEP American Electric Power Reduce -6.7% 4.43% −0.02
AMPS Altus Power Inc. Sold out 0.00% −0.01
ACIC American Coastal Insurance C Reduce -34.0% 0.01% −0.01
VEEV Veeva Systems Inc. Class A Sold out 0.00% −0.01
AMPL Amplitude Inc. Class A Sold out 0.00% −0.01
GBTG Global Business Travel Group Reduce -44.3% 0.00% −0.01
DASH DoorDash Inc. Class A Sold out 0.00% −0.01
MQ Marqeta Inc. Sold out 0.00% −0.00
PBR Petroleo Brasileiro-Spon ADR Sold out 0.00% −0.00
AEE Ameren Corporation Reduce -40.5% 0.00% −0.00
BIDU Baidu Inc. - Spon ADR Sold out 0.00% −0.00
BASE Couchbase Inc. Reduce -8.3% 0.01% −0.00
IAG Iamgold Corp. Sold out 0.00% −0.00
IR Ingersoll-Rand Inc. Reduce -12.1% 0.00% −0.00
SHLS Shoals Technologies Group -A Reduce -34.6% 0.00% −0.00
EWZ iShares MSCI Brazil ETF Sold out 0.00% 0.00
LX Lexinfintech Holdings L-ADR Reduce -7.6% 0.01% +0.00
EQT Eqt Corp. Reduce -3.7% 2.38% +0.01
VTR Ventas Inc. Reduce -1.1% 3.16% +0.12

Portfolio Buys Q4 2024 → Q1 2025
HCA HCA Healthcare Inc. Add +1415.0% 4.71% +4.41
JD Jd.com Inc.-ADR Add +112.8% 3.79% +2.12
BKD Brookdale Senior Living Inc. Add +81.0% 2.68% +1.36
LEN Lennar Corp. Class A New 1.31% +1.31
GDXJ Vaneck Junior Gold Miners New 1.09% +1.09
MU Micron Technology Inc. New 1.02% +1.02
KEYS Keysight Technologies Inc. Add +49.4% 4.39% +0.89
B Barrick Gold Corp. Add +0.6% 6.16% +0.74
EGO Eldorado Gold Corp. Add +43.5% 2.00% +0.63
FMX Fomento Economico Mex-SP ADR Add +12.8% 2.81% +0.39
NEM Newmont Corp. Add +39.4% 0.72% +0.28
ALNY Alnylam Pharmaceuticals Inc. Add +19.3% 1.35% +0.26
CRTO Criteo SA-Spon Add +45.9% 1.61% +0.24
PCOR Procore Technologies Inc. New 0.20% +0.20
ALC Alcon Inc. Add +4.4% 3.52% +0.14
HDB HDFC Bank Ltd.-ADR New 0.11% +0.11
PDD PDD Holdings Inc. Add +1.0% 0.51% +0.05
YMM Full Truck Alliance -SPN ADR Add +168.4% 0.05% +0.03
OTIS Otis Worldwide Corp. Add +15.7% 0.23% +0.03
VIPS Vipshop Holdings Ltd. - ADR New 0.02% +0.02
HUYA Huya Inc.-ADR New 0.02% +0.02
ALLY Ally Financial Inc. Add +10.0% 3.71% +0.01
GRAB Grab Holdings Ltd. Class A Add +83.5% 0.03% +0.01
LSPD Lightspeed Commerce Inc. New 0.01% +0.01
MDB Mongodb Inc. New 0.01% +0.01
BRKR Bruker Corp. New 0.01% +0.01
LYB Lyondellbasell Indu Class A Add +20.0% 0.24% +0.01
ABT Abbott Laboratories New 0.01% +0.01
DGX Quest Diagnostics Inc. New 0.00% +0.00
DXCM Dexcom Inc. New 0.00% +0.00
GMED Globus Medical Inc. Class A New 0.00% +0.00
VRTX Vertex Pharmaceuticals Inc. New 0.00% +0.00
GILD Gilead Sciences Inc. New 0.00% +0.00
STE Steris PLC New 0.00% +0.00
BDX Becton Dickinson and Co. New 0.00% +0.00
ARGX Argenx SE - ADR Add +181.9% 0.01% +0.00
MGNI Magnite Inc. Add +176.8% 0.01% +0.00
IMNM Immunome Inc. New 0.00% +0.00
NU Nu Holdings Ltd./Cayman Isl-A Add +56.2% 0.01% +0.00
QGEN Qiagen N.V. New 0.00% +0.00
MDT Medtronic PLC New 0.00% +0.00
SEMR Semrush Holdings Inc. Class A Add +80.3% 0.01% +0.00
ESTA Establishment Labs Holdings New 0.00% +0.00
MOS The Mosaic Co. Add +76.1% 0.00% +0.00
RARE Ultragenyx Pharmaceutical Inc. New 0.00% +0.00
NTRA Natera Inc. New 0.00% +0.00
GPCR Structure Therapeutics Inc. Add +310.7% 0.00% +0.00
NUVL Nuvalent Inc. Class A New 0.00% +0.00
SDGR Schrodinger Inc. New 0.00% +0.00
SPRY Ars Pharmaceuticals Inc. New 0.00% +0.00

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 130$5.5BAMZN, AEP, COF, NVDA, EXC
Q1 2026 126$5.2BAMZN, AEP, MSFT, EXC, MRK
Q4 2025 127$4.8BAMZN, AEP, MSFT, B, COF
Q3 2025 115$4.5BAEP, B, FER, EXC, MSFT
Q2 2025 105$3.2BMSFT, GOOGL, COF, AMZN, B
Q1 2025 102$3.2BB, COF, MSFT, GOOGL, MRK
Q4 2024 78$2.9BGOOGL, MSFT, COF, MRK, B
Q3 2024 84$2.9BB, AMZN, MRK, ORCL, COF
Q2 2024 78$2.8BMRK, ORCL, AMZN, MSFT, B
Q1 2024 69$3.2BMRK, ORCL, MSFT, OXY, AMZN