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 Westlake Corporation (NYSE:WLK). Westlake Corporation (NYSE:WLK) is a US-based manufacturer and marketer of performance and essential materials, and housing and infrastructure products. On June 24, 2026, Westlake Corporation (NYSE:WLK) closed at $75.87 per share. One-month return of Westlake Corporation (NYSE:WLK) was -13.00%, and its shares gained 0.22% over the past 52 weeks. Westlake Corporation (NYSE:WLK) has a market capitalization of $9.72 billion.
Antipodes Global Strategy stated the following regarding Westlake Corporation (NYSE:WLK) in its Q1 2026 investor letter:
“Westlake Corporation (NYSE:WLK): We exited our position in Westlake Chemical. The company’s Performance and Essential Materials (PEM) segment has been under sustained pressure from weak global industrial demand, reduced operating rates, and significant unplanned maintenance costs. In December 2025, Westlake announced the permanent closure of four facilities, impacting ~295 positions. While the restructuring should deliver ~$175 million in annual free cash flow savings from 2026, and management projects a $600 million EBITDA improvement, execution risk remains elevated, and broader chemical industry conditions are not yet supportive of a recovery thesis.”
Westlake Corporation (NYSE:WLK) is not on our list of 40 Most Popular Stocks Among Hedge Funds Heading Into 2026. According to our database, 34 hedge fund portfolios held Westlake Corporation (NYSE:WLK) at the end of the first quarter, compared to 37 in the previous quarter. While we acknowledge the potential of Westlake Corporation (NYSE:WLK) as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you’re looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.
