Antipodes Partners published its “Antipodes Global Strategy” first-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 first quarter of 2026 was highly volatile. Early optimism shifted to a historic energy shock caused by US-Israeli strikes on Iran. Global equities dropped 3.2% in USD, with US equities falling 4.6%, and value stocks outperformed growth stocks as the rotation away from mega-cap tech accelerated due to AI fears. The strategy outperformed the benchmark over the quarter and the 12 months to March 31, 2026. Exposure in North America, Korea, Western Europe, and Latin America regions boosted performance, while Canada and the UK lagged. Energy, consumer discretionary, industrials, and healthcare sectors led the performance, while financials, real estate, and materials lagged. To manage risk, the firm increased its holdings in defensive sectors during the quarter. For insights into their key selections for 2026, please review the Strategy’s top five holdings.
In its first-quarter 2026 investor letter, Antipodes Global Strategy highlighted The Walt Disney Company (NYSE:DIS). The Walt Disney Company (NYSE:DIS) is a leading mass media and entertainment company that operates in the Entertainment, Sports, and Experiences segments. On June 24, 2026, The Walt Disney Company (NYSE:DIS) closed at $101.12 per share. One-month return of The Walt Disney Company (NYSE:DIS) was -3.60%, and its shares lost 16.75% over the past 52 weeks. The Walt Disney Company (NYSE:DIS) has a market capitalization of $175.5 billion.
Antipodes Global Strategy stated the following regarding The Walt Disney Company (NYSE:DIS) in its Q1 2026 investor letter:
“The Walt Disney Company (NYSE:DIS): The market is extrapolating the structural decline of linear TV across the whole business, ignoring two segments performing strongly. Disney’s streaming segment posted operating income of US$450 million in fiscal Q1 2026, up 72% year-over-year, while the Experiences segment generated record quarterly revenue of US$10 billion, alongside US$3.3 billion in operating income. We believe there is a meaningful valuation gap that should close once the margin inflection becomes visible in FY26. ESPN’s direct-to-consumer transition provides additional optionality that the market is currently discounting, and a US$7 billion share buyback (roughly 3.8% of shares) for FY2026 signals management confidence in the undervaluation.”
The Walt Disney Company (NYSE:DIS) ranks 36 on our list of 40 Most Popular Stocks Among Hedge Funds Heading Into 2026. According to our database, 119 hedge fund portfolios held The Walt Disney Company (NYSE:DIS) at the end of the first quarter, up from 113 in the previous quarter. While we acknowledge the risk and potential of The Walt Disney Company (NYSE:DIS) as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than The Walt Disney Company (NYSE:DIS) and that has 10,000% upside potential, check out our report about this cheapest AI stock.
In another article, we covered The Walt Disney Company (NYSE:DIS) and shared the list of top strong buy stocks to invest in. In addition, please check out our hedge fund investor letters Q1 2026 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
