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 Q2 2026 investor letter, Antipodes Global Strategy highlighted TotalEnergies SE (NYSE:TTE). 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 August 7, 2026, TotalEnergies SE (NYSE:TTE) closed at $85.83 per share. The one-month return of TotalEnergies SE (NYSE:TTE) was 7.49%, and its shares gained 43.01% over the past 52 weeks. TotalEnergies SE (NYSE:TTE) has a market capitalization of $190.44 billion.
Antipodes Global Strategy stated the following regarding TotalEnergies SE (NYSE:TTE) in its Q2 2026 investor letter:
"TotalEnergies SE (NYSE:TTE) underperformed as weaker crude oil and natural gas prices reduced earnings expectations and cash-flow forecasts across the integrated energy sector in line with geopolitical tensions easing over the Quarter. Concerns over slowing global economic growth and softer fuel demand also weighed on commodity markets, while increased OPEC+ supply expectations added further pressure to oil prices. Although TotalEnergies continued to benefit from its diversified LNG, power and renewable energy portfolio, these positives were outweighed by declining upstream earnings expectations. A broader rotation away from defensive energy stocks toward higher-growth sectors and profit taking after a stronger period also contributed to weakness."
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 potential of TotalEnergies SE (NYSE:TTE) 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.
In another article, we covered TotalEnergies SE (NYSE:TTE) and shared the list of cheap blue-chip stocks to buy according to Wall Street 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.