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 Workday, Inc. (NASDAQ:WDAY). Workday, Inc. (NASDAQ:WDAY) is a leading enterprise software company that provides cloud applications for human resources and financial management. On August 6, 2026, Workday, Inc. (NASDAQ:WDAY) closed at $170.24 per share. The one-month return of Workday, Inc. (NASDAQ:WDAY) was 30.44% and its shares lost 18.38% over the past 52 weeks. Workday, Inc. (NASDAQ:WDAY) has a market capitalization of $42.05 billion.
Antipodes Global Value Strategy stated the following regarding Workday, Inc. (NASDAQ:WDAY) in its Q2 2026 investor letter:
“Workday, Inc. (NASDAQ:WDAY) (Trim): Over the Quarter Workday was trimmed reflective of AI disruption concerns to Workday’s business model. As agentic AI reduces headcount growth in finance and HR functions, the seat-based pricing model faces a structural challenge, while AI-driven cost pressures and defensive spending are compressing margins. FY27 guidance is signalling decelerating revenue and margin growth. Whilst Workday’s platform remains substantially cash generative, with full-year free cash flow rising 27% to $2.78 billion and subscription backlog reaching $28.1 billion, up 12%, it remains prudent to moderate the position size against structural concerns and a wider range of outcomes.”
Workday, Inc. (NASDAQ:WDAY) is not on our list of the 40 Most Popular Stocks Among Hedge Funds. As per our database, 63 hedge fund portfolios held Workday, Inc. (NASDAQ:WDAY) at the end of the first quarter which was 70 in the previous quarter. While we acknowledge the risk and potential of Workday, Inc. (NASDAQ:WDAY) 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 Workday, Inc. (NASDAQ:WDAY) and that has 10,000% upside potential, check out our report about this cheapest AI stock.
In another article, we covered Workday, Inc. (NASDAQ:WDAY) and shared the list of stocks Jim Cramer discussed. 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.
