Fund cites narrowing margin of safety as pulp prices fall and new capacity threatens future returns for the Brazilian producer.
Antipodes Global Value Strategy exited its position in Suzano S.A. (NYSE:SUZ) during Q2 2026, citing a narrowing margin of safety amid pulp market oversupply. The fund noted Q1 2026 export pulp prices at $562 per ton, down from prior peaks above $700, with EBITDA per ton declining 11% year-on-year.
Suzano shares closed at $8.22 on August 06, 2026, reflecting an 18.74% loss over the past 52 weeks. The company’s market capitalization stands at $10.14 billion. Antipodes warned that new capacity additions could pressure prices further, limiting upside despite Suzano’s low cash costs.
Hedge fund ownership of Suzano declined slightly, with 17 portfolios holding the stock at the end of Q1 2026, down from 15 in the prior quarter.