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 Suzano S.A. (NYSE:SUZ). Suzano S.A. (NYSE:SUZ) manufactures and sells pulp and paper products in Brazil and internationally. On August 06, 2026, Suzano S.A. (NYSE:SUZ) closed at $8.22 per share. The one-month return of Suzano S.A. (NYSE:SUZ) was 1.80%, and its shares lost 18.74% over the past 52 weeks. Suzano S.A. (NYSE:SUZ) has a market capitalization of $10.14 billion.
Antipodes Global Value Strategy stated the following regarding Suzano S.A. (NYSE:SUZ) in its Q2 2026 investor letter:
“Suzano S.A. (NYSE:SUZ) (Exit): We exited Brazilian paper and pulp producer at a point in the cycle where the margin of safety has narrowed. Q1 2026 export pulp was US$562/t, with pulp EBITDA/t down 11% year-on-year. Management concerns around a return to prior US$700+ peaks is uncertain without significant supply cuts, with new capacity likely to add pressure in coming years. Despite low cash costs, a cycle facing oversupply and FX drag offers limited asymmetric upside.”
Suzano S.A. (NYSE:SUZ) is not on our list of the 40 Most Popular Stocks Among Hedge Funds. As per our database, 17 hedge fund portfolios held Suzano S.A. (NYSE:SUZ) at the end of the first quarter which was 15 in the previous quarter. While we acknowledge the risk and potential of Suzano S.A. (NYSE:SUZ) 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 Suzano S.A. (NYSE:SUZ) and that has 10,000% upside potential, check out our report about this cheapest AI stock.
In another article, we covered Suzano S.A. (NYSE:SUZ) and shared the list of cheap NYSE stocks to buy according to analysts. In addition, please check out our hedge fund investor letters Q2 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.
