Jacob Mitchell Is Finding Value in Places AI Can't Touch

Why It Matters

The ETF gives investors a liquid, actively managed way to capture undervalued global assets and hedge benchmark concentration, enhancing portfolio resilience amid AI‑driven market distortions.

Key Takeaways

• Benchmark concentration raises value‑at‑risk significantly for passive investors
• US equities overvalued; Europe and emerging markets undervalued
• Brookdale health‑care homes offer cheap exposure to aging demographics
• European rail conglomerate Alstom benefits from rising infrastructure spending
• Pragmatic value ETF provides diversified, active risk‑managed alternative

Summary

Jacob Mitchell, CIO of Antipities Partners, explains the launch of the Antipities Global Value Active ETF (AGX1) as a pragmatic, value‑focused alternative to heavily concentrated passive benchmarks. He argues that the shift toward US tech and growth has left the benchmark overweight in mega‑caps, inflating value‑at‑risk for investors.

Mitchell highlights that US equities remain above long‑term trend valuations, while Europe and emerging markets trade at discounts. The fund seeks cheap stocks relative to growth and resilience, citing Brookdale Health Services—trading at under‑10 × EV/EBITDA versus peers near 30×—as a play on the “gray tsunami” of aging baby boomers. He also points to Alstom (Altom), now a pure rail‑rolling‑stock, valued around 13 × PE, positioned to benefit from European stimulus and global rail infrastructure spending.

He stresses that AI‑driven market narratives create “AI‑agnostic” opportunities like senior‑care real estate, and that an active ETF structure offers accessibility on the ASX while minimizing price‑NAV drift. The strategy’s value tilt is managed to avoid excessive regional, sector or style risk, aiming for consistent returns relative to volatility.

For investors, AGX1 serves as a diversifier against a growth‑heavy benchmark, providing exposure to undervalued regions and sectors while maintaining active risk management. Monitoring return‑to‑risk ratios and volatility spikes will signal whether the fund’s pragmatic value thesis remains intact.

Original Description

The global equity benchmark has never looked quite like this.

After two decades of US exceptionalism and tech dominance, passive investors now hold a portfolio that is heavily concentrated in a handful of mega-cap names and Jacob Mitchell, Chief Investment Officer at Antipodes Partners, thinks most investors haven't fully reckoned with what that means.

In this interview, Mitchell breaks down the benchmark risk investors need to be aware of, the mispricing opportunities in US and European equities and the role of value allocation as a diversifier in a portfolio.

This interview was filmed 26th February 2026.

Read the interview summary here: https://bit.ly/4sBYODG

Timecodes:

00:15 - Intro

00:30 - Biggest changes over the last two decades

01:21 - Mispricings and opportunity

02:25 - Stock holding - Brookdale

04:08 - AI agnostic opportunties

06:25 - Managing risk

07:38 - Access to the strategy

08:20 - Value allocation as a diversifier