ANTIPODES PARTNERS Ltd

2. Key Holdings

The composition of the top holdings reflects a marked departure from traditional growth and large-cap technology dominance, moving instead toward value, income, and cyclicality.

• Barrick Gold Corp (B): Emerging as the largest position at 6.42% ($184.42M), Barrick signals a defensive tilt toward gold. This suggests the fund is seeking protection against inflation or currency debasement, or anticipates a rise in precious metal prices.
• Ferrovial SE: A new position and the second-largest holding at 6.12% ($175.87M). This investment indicates a focus on infrastructure and concessions, likely driven by stable cash flows and long-term growth contracts.
• Exelon Corp (EXC): A new utility position taking 5.57% of the portfolio ($160.14M). This reinforces the shift toward regulated, steady-income businesses.
• HCA Healthcare (HCA): At 5.37% ($154.37M), HCA represents a significant bet on the healthcare sector, specifically in hospital services, which often benefits from demographic aging trends.
• Alphabet Inc (GOOGL): While still a top 5 holding at 5.33% ($153.22M), it was heavily reduced by 45.1%. This suggests the manager is taking profits or reducing exposure to mega-cap tech in favor of the new value-oriented core.