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 mentioned stocks like Woodside Energy Group Ltd (NYSE:WDS). Woodside Energy Group Ltd (NYSE:WDS) is an Australian energy company that engages in the exploration, development, production, and sale of hydrocarbons. On June 24, 2026, Woodside Energy Group Ltd (NYSE:WDS) closed at $19.06 per share. One-month return of Woodside Energy Group Ltd (NYSE:WDS) was -12.49%, and its shares gained 21.79% over the past 52 weeks. Woodside Energy Group Ltd (NYSE:WDS) has a market capitalization of $36.23 billion.
Antipodes Global Strategy stated the following regarding Woodside Energy Group Ltd (NYSE:WDS) in its Q1 2026 investor letter:
“Woodside Energy Group Ltd (NYSE:WDS): The market has mispriced Woodside as a mature income stock, anchoring on near-term capital expenditure and LNG oversupply concerns. It is irrational to extrapolate today’s free cash flow trough 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 — is 94% complete and on track for first LNG cargo in Q4 2026. With ~75% of LNG volumes contracted for 2026–2028 and Capital Markets Day targets pointing to >20% free cash flow yield once capex rolls off by 2032, the re-rating opportunity is compelling. Current elevated oil prices provide a near-term earnings tailwind.”
Woodside Energy Group Ltd (NYSE:WDS) is not on our list of 40 Most Popular Stocks Among Hedge Funds Heading Into 2026. According to our database, 10 hedge fund portfolios held Woodside Energy Group Ltd (NYSE:WDS) at the end of the first quarter, up from 7 in the previous quarter. While we acknowledge the risk and potential of Woodside Energy Group Ltd (NYSE:WDS) 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 Woodside Energy Group Ltd (NYSE:WDS) and that has 10,000% upside potential, check out our report about this cheapest AI stock.
In another article, we covered Woodside Energy Group Ltd (NYSE:WDS) and shared a bullish thesis on the company. 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.
