Thesis TrackerAntipodes Partners
Companies discussed, last 12 months
1 companies, monthly, latest action on the rightCommentary
31 Mar 2026Antipodes PartnersWDSInitiatedAntipodes Partners initiated a position in Woodside Energy because the fund believes the market has mispriced the company by treating it as a mature income stock and anchoring on near-term capital expenditure and LNG oversupply concerns. Antipodes argues it is irrational to extrapolate current free cash flow trough conditions into the steady-state economics of a company on the cusp of a major production step-change. The Scarborough offshore gas project, a major brownfield expansion feeding into the existing Pluto LNG facility in Western Australia, was 94% complete and on track for first LNG cargo in Q4 2026 at the time of writing. With approximately 75% of LNG volumes contracted for 2026–2028 and Capital Markets Day targets pointing to greater than 20% free cash flow yield once capital expenditure rolls off by 2032, Antipodes views the re-rating opportunity as compelling. Current elevated oil prices provide an additional near-term earnings tailwind.
About Antipodes Partners
Value Focused, All-CapAntipodes Partners is a Sydney-based global equities fund manager founded in 2015 by Jacob Mitchell, a former Platinum Asset Management deputy chief investment officer. Antipodes runs long-only and long-short global equity strategies grounded in a valuation-based, business-quality investment philosophy, seeking to identify structural mispricings across international markets. The firm is distributed through the Pinnacle Investment Management platform and has built a strong reputation for disciplined, research-intensive global stock selection, often taking contrarian positions relative to consensus. Antipodes emphasizes deep fundamental analysis of competitive dynamics and industry structure, aiming to capture value where markets misprice long-term business quality or growth durability.
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11,356 comments from 164 managers on 761 companies, snapshot 15 Oct 2026.