Good Value | Pragmatic Value Investing

In the final episode of of 2025 on Antipodes podcast, our sector portfolio managers were tasked with sharing their highest-conviction ideas for the year ahead.

Key times:

1:00 | Graham Hay - Industrials (Honeywell International Inc)
8:30 | Nick Cameron - Healthcare (Merck & Co Inc)
17:30 | Max Shramchenko - Infrastructure (Companhia de Saneamento Básico do Estado de São Paulo)
26:30 | James Rodda - Technology (Oracle Corp)
35:00 | John Stavliotis - Emerging Markets (Globant SA)

Antipodes Investment Director, Alison Savas, is joined by Antipodes Global SMID Portfolio Manager, James Rodda, for a discussion about some of the key opportunities in global small and mid-cap equities (Global SMIDs). 

Stock commentary is illustrative only. Not a recommendation to buy, hold, or sell any security. Past performance is not reliably indicative of future performance. A

Key times:

Intro to the global small and mid-cap sector: 1:30

Managing risk in global SMIDs: 7:30

The macro backdrop for global SMIDs: 10:00

Why industry research is so important in global SMIDs: 13:30

Key performance drivers for the Antipodes Global SMID Fund: 18:30

Investing in global small and mid-cap stocks in the energy sector: 20:00

James' pick for the most under-appreciated SMID stock in Antipodes' portfolio: 26:30

A bonus audio version of our Q3 2025 market and portfolio positioning update.

The US economy remains remarkably strong — but beneath the surface, a two-speed story is emerging. In this episode, Alison Savas is joined by Portfolio Manager Vihari Ross to unpack what’s driving US resilience, from fiscal scaffolding supporting consumption to the AI investment boom reshaping corporate earnings.

They also discuss where Antipodes is finding value in today's market.

Can the good times keep rolling in the US: 1:00

How critical is fiscal stimulus to US exceptionalism: 5:20

Can AI capex offset any weakness in consumption: 8:50

A stock that could be one of the largest gainers in incremental AI spend: 12:50

Daikin Industries (6367.T) - both cyclical and structural opportunities: 16:40

How we would respond if the US starts to deteriorate: 19:15

Antipodes investment director, Alison Savas, is joined by Ian Harnett, founder of Absolute Strategy Research.

Key times:

Breaking down US job market data: 1:10

Do Tariffs matter? 6:30

How enduring can the current market resilience be? 10:30

Is the AI trade in a bubble? 12:00

Emerging Markets, Europe and valuations outside the US: 21:00

Risks in markets heading in 2026: 24:10

What could surprise on the upside in 2026: 25:50

Ian’s biggest investing lessons: 28:00