ANTIPODES PARTNERS Ltd

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 10, 2025), ANTIPODES PARTNERS Ltd reported 115 stock positions worth $4.5 billion. Its top holding was American Electric Power (AEP) at 5.5% of the portfolio, followed by Barrick Mining (B, 4.1%) and Ferrovial (FER, 3.9%). Compared with Q2 2025, it opened 32 new positions, sold out of 22, added to 39 and reduced 42. The biggest buy was a new position in Ferrovial (FER) and the biggest sale Microsoft (MSFT, shares −37%).

Most Recent 13F
Q2 2026
Location
ROYAL EXCHANGE, C3
CIK
0001652442
Portfolio Value
$4.5B (Q3 2025)
SEC Filing
0001652442-25-000007 ↗ filed Nov 10, 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 Q1 2025 Q2 2025: $3.2B Q2 2025 Q3 2025: $4.5B $4.5B Q3 2025 Q4 2025: $4.8B Q4 2025 Q1 2026: $5.2B Q1 2026 Q2 2026: $5.5B Q2 2026

Holdings 115 stocks · $4.5B
AEP American Electric Power 5.49% 2,176,088 $244.8M Add +92.3%
B Barrick Mining Corp. 4.14% 5,627,170 $184.4M Reduce -30.8%
FER Ferrovial NV 3.95% 3,068,081 $175.9M New
EXC Exelon Corp. 3.59% 3,557,532 $160.1M Add +134604.0%
MSFT Microsoft Corp. 3.49% 300,347 $155.6M Reduce -37.4%
HCA HCA Healthcare Inc. 3.46% 362,179 $154.4M Reduce -7.5%
GOOGL Alphabet Inc. Class A 3.44% 630,208 $153.2M Reduce -45.1%
SRE Sempra 3.39% 1,677,951 $151.0M New
AMZN Amazon.com Inc. 3.33% 675,608 $148.4M Reduce -13.9%
COF Capital One Financial Corp. 3.32% 696,129 $148.0M Reduce -26.0%
AEE Ameren Corporation 3.21% 1,370,758 $143.1M Add +104698.0%
MRK Merck & Co. Inc. 3.15% 1,671,552 $140.3M Reduce -7.9%
WTRG Essential Utilities Inc. 2.87% 3,211,203 $128.1M New
CCI Crown Castle Inc. 2.73% 1,261,442 $121.7M New
FMX Fomento Economico Mex-SP ADR 2.53% 1,144,880 $112.9M Add +24.1%
AMD Advanced Micro Devices 2.53% 696,386 $112.7M Reduce -0.9%
ETR Entergy Corp. 2.42% 1,158,886 $108.0M New
D Dominion Energy Inc. 2.38% 1,735,194 $106.1M Add +84502.3%
BKD Brookdale Senior Living Inc. 2.30% 12,095,669 $102.5M Reduce -14.5%
ALLY Ally Financial Inc. 2.26% 2,572,354 $100.8M Reduce -26.5%
ENB Enbridge Inc. 1.98% 1,751,880 $88.4M New
DUK Duke Energy Corp. 1.94% 697,395 $86.3M New
NI Nisource Inc. 1.89% 1,941,792 $84.1M New
JCI Johnson Controls Internation 1.78% 720,640 $79.2M Reduce -43.3%
KEYS Keysight Technologies Inc. 1.77% 450,454 $78.8M Reduce -38.1%
VTR Ventas Inc. 1.73% 1,100,395 $77.0M Reduce -28.4%
EVRG Evergy Inc. 1.63% 958,355 $72.9M New
AMT American Tower Corp. 1.53% 354,584 $68.2M New
EGO Eldorado Gold Corp. 1.47% 2,273,519 $65.7M Reduce -23.4%
LNG Cheniere Energy Inc. 1.41% 267,542 $62.9M New
PCOR Procore Technologies Inc. 1.39% 850,955 $62.1M Add +330.3%
NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD 1.25% 3,492,217 $55.9M Add +37.8%
GMED Globus Medical Inc. Class A 1.15% 891,043 $51.0M Add +49020.3%
EAT Brinker International Inc. 1.13% 396,761 $50.3M Add +28.4%
ALC Alcon Inc. filed as ALCON AG 1.09% 652,329 $48.6M Reduce -42.2%
UBS UBS Group AG-Reg 1.00% 1,089,854 $44.5M Reduce -55.2%
WLK Westlake Corp. 0.96% 555,904 $42.8M Reduce -32.5%
NEM Newmont Corp. 0.88% 465,443 $39.2M Add +17.4%
LEN Lennar Corp. Class A 0.87% 306,722 $38.7M Reduce -9.8%
WDAY Workday Inc. Class A 0.76% 141,526 $34.1M Reduce -56.5%
KDP Keurig Dr Pepper Inc. 0.75% 1,309,241 $33.4M New
EQT Eqt Corp. 0.72% 593,102 $32.3M Reduce -37.7%
CRM Salesforce Inc. 0.67% 125,439 $29.7M Reduce -22.0%
JNJ Johnson & Johnson 0.65% 155,963 $28.9M Add +2.6%
VAL Valaris Ltd. 0.63% 580,198 $28.3M Add +8034.0%
FLUT Flutter Entertainment PLC-Di 0.46% 78,078 $20.3M Reduce -34.0%
TSM Taiwan Semiconductor-SP ADR 0.44% 69,923 $19.5M Reduce -9.9%
OXY Occidental Petroleum Corp. 0.38% 359,488 $17.0M No change
FISV Fiserv Inc. 0.37% 127,628 $16.5M New
ALNY Alnylam Pharmaceuticals Inc. 0.33% 31,956 $14.6M Reduce -74.0%
PDD PDD Holdings Inc. 0.30% 101,901 $13.5M Reduce -12.8%
LSPD Lightspeed Commerce Inc. 0.27% 1,030,961 $11.9M Reduce -10.4%
FLNC Fluence Energy Inc. 0.26% 1,091,216 $11.8M Add +64545.5%
DGX Quest Diagnostics Inc. 0.26% 61,707 $11.8M Add +6070.7%
LYB Lyondellbasell Indu Class A 0.26% 238,718 $11.7M Add +13.9%
KO The Coca-Cola Co. 0.24% 162,473 $10.8M Reduce -0.2%
HDB HDFC Bank Ltd.-ADR 0.22% 281,504 $9.6M Add +6.3%
BABA Alibaba Group Holding-SP ADR 0.17% 43,539 $7.8M Reduce -0.2%
ADSK Autodesk Inc. 0.17% 24,067 $7.6M Add +13892.4%
SOC Sable Offshore Corp. 0.15% 364,050 $6.8M New
OTIS Otis Worldwide Corp. 0.15% 71,356 $6.5M Reduce -0.2%
NE Noble Corp. PLC 0.12% 184,129 $5.2M New
HON Honeywell International Inc. 0.07% 15,154 $3.2M New
SEMR Semrush Holdings Inc. Class A 0.07% 439,659 $3.1M Add +3.1%
AZO AutoZone Inc. 0.06% 640 $2.7M Add +185.7%
SUZ Suzano SA - Spon ADR 0.04% 198,107 $1.9M Reduce -3.4%
ASHR Xtrackers Harvest Csi 300 CH 0.03% 12,128 $1.5M New
KSPI JSC Kaspi.kz ADR filed as KASPI KZ JSC 0.02% 9,926 $811K New
ROKU Roku Inc. 0.02% 7,844 $785K Add +9.4%
ACIC American Coastal Insurance C 0.02% 62,344 $710K Add +183.1%
CART Maplebear Inc. 0.01% 11,342 $417K New
LX Lexinfintech Holdings L-ADR 0.01% 63,315 $337K No change
VLRS Controladora Vuela Cia-ADR 0.01% 44,972 $323K New
CFLT Confluent Inc. Class A 0.01% 14,659 $290K New
BRKR Bruker Corp. 0.01% 8,168 $265K Add +20.3%
MNDY Monday.com Ltd. 0.01% 1,303 $252K New
ARGX Argenx SE - ADR 0.00% 287 $212K Reduce -13.6%
TDW Tidewater Inc. 0.00% 3,362 $179K New
PUBM Pubmatic Inc. Class A 0.00% 19,065 $158K New
CERT Certara Inc. 0.00% 12,285 $150K Add +84.3%
IMNM Immunome Inc. 0.00% 10,892 $128K Add +6.2%
GPCR Structure Therapeutics Inc. 0.00% 4,078 $114K Add +39.1%
ABT Abbott Laboratories 0.00% 828 $111K Add +11.7%
CHYM Chime Financial Inc. Class A 0.00% 5,402 $109K Add +8.0%
DXCM Dexcom Inc. 0.00% 1,617 $109K Add +91.6%
SDGR Schrodinger Inc. 0.00% 4,912 $99K Add +292.3%
STE Steris PLC 0.00% 352 $87K Add +35.4%
COR Cencora Inc. 0.00% 266 $83K Add +30.4%
RIG Transocean Ltd. 0.00% 24,838 $78K New
QGEN Qiagen N.V. 0.00% 1,526 $68K Reduce -40.5%
MYRG MYR Group Inc./Delaware 0.00% 301 $63K Reduce -57.2%
ESTA Establishment Labs Holdings 0.00% 1,307 $54K Reduce -36.2%
NTRA Natera Inc. 0.00% 330 $53K Add +5.4%
TMO Thermo Fisher Scientific Inc. 0.00% 98 $48K New
MASS 908 Devices Inc. 0.00% 5,227 $46K Reduce -20.3%
HSIC Henry Schein Inc. 0.00% 632 $42K Add +7.8%
GE General Electric filed as GE AEROSPACE 0.00% 137 $41K Reduce -40.7%
IR Ingersoll-Rand Inc. 0.00% 486 $40K Add +55.3%
IRTC Irhythm Holdings Inc. 0.00% 220 $38K Reduce -13.7%
ORIC Oric Pharmaceuticals Inc. 0.00% 2,901 $35K Reduce -44.1%
NUVL Nuvalent Inc. Class A 0.00% 391 $34K Reduce -18.4%
SYK Stryker Corp. 0.00% 91 $34K New
APGE Apogee Therapeutics Inc. 0.00% 843 $33K Add +41.2%
JANX Janux Therapeutics Inc. 0.00% 1,344 $33K Add +28.2%
WAY Waystar Holding Corp. 0.00% 823 $31K Add +120.0%
FOLD Amicus Therapeutics Inc. 0.00% 3,926 $31K New
DHR Danaher Corp. 0.00% 137 $27K New
WAT Waters Corp. 0.00% 88 $26K New
SGMT Sagimet Biosciences Inc. Class A 0.00% 3,176 $22K Reduce -41.3%
IDYA Ideaya Biosciences Inc. 0.00% 770 $21K New
HUMA Humacyte Inc. 0.00% 8,125 $14K Add +13.3%
ARRY Array Technologies Inc. 0.00% 1,715 $14K Add +36.3%
DAWN Day One Biopharmaceuticals I 0.00% 1,731 $12K Reduce -42.4%
SQM Quimica Y Minera Chil-SP ADR filed as SOCIEDAD QUIMICA Y MINERA DE 0.00% 182 $8K Reduce -21.2%
SHLS Shoals Technologies Group -A 0.00% 978 $7K New

Portfolio Sells Q2 2025 → Q3 2025
MSFT Microsoft Corp. Reduce -37.4% 3.49% −3.91
COF Capital One Financial Corp. Reduce -26.0% 3.32% −2.89
GOOGL Alphabet Inc. Class A Reduce -45.1% 3.44% −2.84
JCI Johnson Controls Internation Reduce -43.3% 1.78% −2.39
AMZN Amazon.com Inc. Reduce -13.9% 3.33% −2.01
ALC Alcon Inc. Reduce -42.2% 1.09% −2.00
ALLY Ally Financial Inc. Reduce -26.5% 2.26% −1.97
KEYS Keysight Technologies Inc. Reduce -38.1% 1.77% −1.93
WDAY Workday Inc. Class A Reduce -56.5% 0.76% −1.66
UBS UBS Group AG-Reg Reduce -55.2% 1.00% −1.55
MU Micron Technology Inc. Sold out 0.00% −1.54
MRK Merck & Co. Inc. Reduce -7.9% 3.15% −1.31
CX Cemex Sab-Spons ADR Part Cer Sold out 0.00% −1.29
VTR Ventas Inc. Reduce -28.4% 1.73% −1.28
HCA HCA Healthcare Inc. Reduce -7.5% 3.46% −1.19
B Barrick Mining Corp. Reduce -30.8% 4.14% −1.11
EQT Eqt Corp. Reduce -37.7% 0.72% −1.00
WLK Westlake Corp. Reduce -32.5% 0.96% −0.98
ALNY Alnylam Pharmaceuticals Inc. Reduce -74.0% 0.33% −0.92
NTR Nutrien Ltd. Sold out 0.00% −0.83
BKD Brookdale Senior Living Inc. Reduce -14.5% 2.30% −0.76
CRM Salesforce Inc. Reduce -22.0% 0.67% −0.69
FLUT Flutter Entertainment PLC-Di Reduce -34.0% 0.46% −0.58
AMD Advanced Micro Devices Reduce -0.9% 2.53% −0.57
GEV GE Vernova Inc. Sold out 0.00% −0.56
PHM Pultegroup Inc. Sold out 0.00% −0.50
CRTO Criteo SA-Spon Sold out 0.00% −0.45
EGO Eldorado Gold Corp. Reduce -23.4% 1.47% −0.40
LEN Lennar Corp. Class A Reduce -9.8% 0.87% −0.30
T AT&T Inc. Sold out 0.00% −0.29
LSPD Lightspeed Commerce Inc. Reduce -10.4% 0.27% −0.15
GDXJ Vaneck Junior Gold Miners Sold out 0.00% −0.12
KO The Coca-Cola Co. Reduce -0.2% 0.24% −0.12
TSM Taiwan Semiconductor-SP ADR Reduce -9.9% 0.44% −0.11
GDX Vaneck Gold Miners ETF Sold out 0.00% −0.10
CENX Century Aluminum Company Sold out 0.00% −0.09
PDD PDD Holdings Inc. Reduce -12.8% 0.30% −0.08
OTIS Otis Worldwide Corp. Reduce -0.2% 0.15% −0.07
BAH Booz Allen Hamilton Holdings Sold out 0.00% −0.05
QCOM Qualcomm Inc. Sold out 0.00% −0.05
YMM Full Truck Alliance -SPN ADR Sold out 0.00% −0.02
SUZ Suzano SA - Spon ADR Reduce -3.4% 0.04% −0.02
SABR Sabre Corp. Sold out 0.00% −0.01
MGNI Magnite Inc. Sold out 0.00% −0.01
GBTG Global Business Travel Group Sold out 0.00% −0.01
SMWB Similarweb Ltd. Sold out 0.00% −0.00
VRTX Vertex Pharmaceuticals Inc. Sold out 0.00% −0.00
MYRG MYR Group Inc./Delaware Reduce -57.2% 0.00% −0.00
QGEN Qiagen N.V. Reduce -40.5% 0.00% −0.00
LUMN Lumen Technologies Inc. Sold out 0.00% −0.00

Portfolio Buys Q2 2025 → Q3 2025
FER Ferrovial NV New 3.95% +3.95
EXC Exelon Corp. Add +134604.0% 3.59% +3.59
SRE Sempra New 3.39% +3.39
AEE Ameren Corporation Add +104698.0% 3.21% +3.21
WTRG Essential Utilities Inc. New 2.87% +2.87
CCI Crown Castle Inc. New 2.73% +2.73
ETR Entergy Corp. New 2.42% +2.42
D Dominion Energy Inc. Add +84502.3% 2.38% +2.38
ENB Enbridge Inc. New 1.98% +1.98
DUK Duke Energy Corp. New 1.94% +1.94
NI Nisource Inc. New 1.89% +1.89
AEP American Electric Power Add +92.3% 5.49% +1.85
EVRG Evergy Inc. New 1.63% +1.63
AMT American Tower Corp. New 1.53% +1.53
LNG Cheniere Energy Inc. New 1.41% +1.41
GMED Globus Medical Inc. Class A Add +49020.3% 1.15% +1.14
PCOR Procore Technologies Inc. Add +330.3% 1.39% +0.97
KDP Keurig Dr Pepper Inc. New 0.75% +0.75
VAL Valaris Ltd. Add +8034.0% 0.63% +0.63
FISV Fiserv Inc. New 0.37% +0.37
FLNC Fluence Energy Inc. Add +64545.5% 0.26% +0.26
DGX Quest Diagnostics Inc. Add +6070.7% 0.26% +0.26
NU Nu Holdings Ltd./Cayman Isl-A Add +37.8% 1.25% +0.18
ADSK Autodesk Inc. Add +13892.4% 0.17% +0.17
NEM Newmont Corp. Add +17.4% 0.88% +0.16
SOC Sable Offshore Corp. New 0.15% +0.15
NE Noble Corp. PLC New 0.12% +0.12
HON Honeywell International Inc. New 0.07% +0.07
AZO AutoZone Inc. Add +185.7% 0.06% +0.04
ASHR Xtrackers Harvest Csi 300 CH New 0.03% +0.03
KSPI JSC Kaspi.kz ADR New 0.02% +0.02
CART Maplebear Inc. New 0.01% +0.01
ACIC American Coastal Insurance C Add +183.1% 0.02% +0.01
VLRS Controladora Vuela Cia-ADR New 0.01% +0.01
CFLT Confluent Inc. Class A New 0.01% +0.01
MNDY Monday.com Ltd. New 0.01% +0.01
TDW Tidewater Inc. New 0.00% +0.00
PUBM Pubmatic Inc. Class A New 0.00% +0.00
RIG Transocean Ltd. New 0.00% +0.00
SDGR Schrodinger Inc. Add +292.3% 0.00% +0.00
TMO Thermo Fisher Scientific Inc. New 0.00% +0.00
CERT Certara Inc. Add +84.3% 0.00% +0.00
SYK Stryker Corp. New 0.00% +0.00
FOLD Amicus Therapeutics Inc. New 0.00% +0.00
GPCR Structure Therapeutics Inc. Add +39.1% 0.00% +0.00
DHR Danaher Corp. New 0.00% +0.00
WAT Waters Corp. New 0.00% +0.00
IDYA Ideaya Biosciences Inc. New 0.00% +0.00
DXCM Dexcom Inc. Add +91.6% 0.00% +0.00
SHLS Shoals Technologies Group -A 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