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 Valaris Limited (NYSE:VAL). Valaris Limited (NYSE:VAL) is an offshore contract drilling services provider. On June 24, 2026, Valaris Limited (NYSE:VAL) closed at $75.52 per share. One-month return of Valaris Limited (NYSE:VAL) was -22.35%, and its shares gained 80.31% over the past 52 weeks. Valaris Limited (NYSE:VAL) has a market capitalization of $5.23 billion.
Antipodes Global Strategy stated the following regarding Valaris Limited (NYSE:VAL) in its Q1 2026 investor letter:
“Offshore drilling operator Valaris Limited (NYSE:VAL) surged over the quarter after Transocean announced a US$5.8 billion all-stock acquisition of the company, offering shareholders a ~32 % premium and creating the world’s largest offshore drilling contractor with a significantly expanded fleet and backlog. The deal reinforced expectations of stronger pricing power and industry consolidation as offshore drilling demand improves.”
Valaris Limited (NYSE:VAL) is not on our list of 40 Most Popular Stocks Among Hedge Funds Heading Into 2026. According to our database, 52 hedge fund portfolios held Valaris Limited (NYSE:VAL) at the end of the first quarter, compared to 62 in the previous quarter. While we acknowledge the risk and potential of Valaris Limited (NYSE:VAL) 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 Valaris Limited (NYSE:VAL) and that has 10,000% upside potential, check out our report about this cheapest AI stock.
In another article, we covered Valaris Limited (NYSE:VAL) and shared the list of most profitable stocks in each sector so far in 2026. 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.
