The fund divested Lennar Corp (LEN) after a 15.45% share decline over 52 weeks amid weak housing market conditions.
Antipodes Partners sold its stake in Lennar Corporation (LEN) during Q1 2026, citing a sluggish US housing recovery. Lennar shares closed at $93.52 on June 26, 2026, down 15.45% over the past year despite a 3.78% one-month gain.
The fund’s first-quarter investor letter noted underperformance in real estate and financials, sectors tied to housing demand. Value stocks outperformed growth amid a rotation away from mega-cap tech, while energy and consumer discretionary led gains.
Antipodes increased defensive sector holdings to manage volatility, reflecting caution on broader economic risks, including a historic energy shock from US-Israeli strikes on Iran.