By Anna Dadic
Publication Date: 2026-03-20 07:04:00
This interview was filmed on February 26, 2026.
The global equity benchmark has never looked like this.
After two decades of U.S. exceptionalism and tech dominance, passive investors now hold a portfolio heavily concentrated in a handful of mega-cap names, and Jacob Mitchell, chief investment officer at Antipodes Partners, believes most investors haven’t fully reckoned with what that means.
“Allocators have moved a lot of capital into passive strategies and into core strategies. So there’s quite a bit of benchmark risk in all portfolios. And as the concentration in the benchmark has increased, that value-at-risk has also increased.”
Mitchell manages the Antipodes Global Value Fund, a valuation-focused global core equity strategy available as an ETF on the ASX via Antipodes Global Value Active ETF (ASX:AGX1). The strategy looks structurally different than the index.
It is deliberately underweight…
