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 TotalEnergies SE (NYSE:TTE) as a leading contributor. TotalEnergies SE (NYSE:TTE) is a leading energy company that produces and markets oil and biofuels, natural gas, biogas, and low-carbon hydrogen, renewables, and electricity. On June 24, 2026, TotalEnergies SE (NYSE:TTE) closed at $78.69 per share. One-month return of TotalEnergies SE (NYSE:TTE) was -9.73%, and its shares gained 28.58% over the past 52 weeks. TotalEnergies SE (NYSE:TTE) has a market capitalization of $174.94 billion.
Antipodes Global Strategy stated the following regarding TotalEnergies SE (NYSE:TTE) in its Q1 2026 investor letter:
“TotalEnergies SE (NYSE:TTE) surged higher towards the end of the Quarter supported by volatile and elevated oil prices, which lifted earnings expectations and cash flow outlook. Heightened geopolitical tensions drove sharp swings in Brent Crude, benefiting integrated energy producers with strong upstream leverage. The rally was reinforced by solid CY25 results and constructive 2026 guidance, including expected production growth, rising LNG volumes and continued expansion in integrated power, which further underpinned investor confidence.”
TotalEnergies SE (NYSE:TTE) is not on our list of 40 Most Popular Stocks Among Hedge Funds Heading Into 2026. According to our database, 30 hedge fund portfolios held TotalEnergies SE (NYSE:TTE) at the end of the first quarter, up from 26 in the previous quarter. While we acknowledge the risk and potential of TotalEnergies SE (NYSE:TTE) 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 TotalEnergies SE (NYSE:TTE) and that has 10,000% upside potential, check out our report about this cheapest AI stock.
In another article, we covered TotalEnergies SE (NYSE:TTE) and shared the list of high yield crude oil stocks to buy. In its Q1 2026 investor letter, Aristotle Value Equity Strategy pointed out the same reason for the surge of TotalEnergies SE (NYSE:TTE). 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.
