Antipodes Partners published its “Antipodes Global Strategy” second-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 second quarter of 2026 delivered one of the strongest equity market recoveries in recent history, as global equities gained 14.9% in US dollar terms. Renewed enthusiasm for artificial intelligence, strong corporate earnings, and easing tensions with Iran supported the rebound, while growth stocks outperformed value and emerging markets led gains, particularly Korea and Taiwan. The Antipodes Global Value Strategy underperformed its benchmark during the quarter and over the 12 months to June 30, 2026, as returns became concentrated in a narrow group of semiconductor and hardware stocks. Consumer staples and consumer discretionary holdings supported performance, while information technology, software, and internet exposure detracted. The firm remains cautious on expensive memory companies because pricing and supply remain cyclical despite AI demand. The Strategy continues to favor valued infrastructure, specialty semiconductors, resilient software, and quality businesses. For insights into its key selections for 2026, please review the Strategy’s top five holdings.
In its second-quarter 2026 investor letter, Antipodes Global Value Strategy highlighted NYSE:VAL). Valaris Limited (NYSE:VAL) is an offshore contract drilling services provider. On August 06, 2026, Valaris Limited (NYSE:VAL) closed at $77.21 per share. The one-month return of Valaris Limited (NYSE:VAL) was 0.72%, and its shares gained 65.94% over the past 52 weeks. Valaris Limited (NYSE:VAL) has a market capitalization of $5.35 billion.
Antipodes Global Value Strategy stated the following regarding Valaris Limited (NYSE:VAL) in its Q2 2026 investor letter:
“Offshore drilling operator Valaris Limited (NYSE:VAL) finished lower in line with lower oil prices and softer investor sentiment toward energy services companies given reduced expectations for offshore drilling activity. Following the strong rally over the CYTD (+39% in local currency) associated with the proposed Transocean acquisition earlier in the Quarter, investors locked in gains as regulatory approvals and integration milestones remained pending. Concerns over slower contract awards and moderating day-rate expectations also pressured sentiment.”
Valaris Limited (NYSE:VAL) is not on our list of the 40 Most Popular Stocks Among Hedge Funds. As per our database, 52 hedge fund portfolios held Valaris Limited (NYSE:VAL) at the end of the first quarter which was 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 Antipodes Global Strategy’s views on the company in Q1 2026. In addition, please check out our hedge fund investor letters Q2 2026 page for more investor letters from hedge funds and other leading investors.
READ NEXT: 33 Stocks That Should Double in 3 Years and 15 Stocks That Will Make You Rich in 10 Years.
Disclosure: None. This article is originally published at Insider Monkey.
