Why Antipodes Trimmed Workday (WDAY) Despite Strong Cash Flow

2 weeks ago 7

Soumya Eswaran

Fri, August 7, 2026 astatine 9:32 AM CDT 3 min read

Antipodes Partners published its "Antipodes Global Strategy" second-quarter 2026 capitalist letter, highlighting the cardinal show stocks, portfolio changes, and the marketplace outlook. A transcript of the missive tin be downloaded here. The 2nd 4th of 2026 delivered 1 of the strongest equity marketplace recoveries successful caller history, arsenic planetary equities gained 14.9% successful US dollar terms. Renewed enthusiasm for artificial intelligence, beardown firm earnings, and easing tensions with Iran supported the rebound, portion maturation stocks outperformed worth and emerging markets led gains, peculiarly Korea and Taiwan. The Antipodes Global Value Strategy underperformed its benchmark during the 4th and implicit the 12 months to June 30, 2026, arsenic returns became concentrated successful a constrictive radical of semiconductor and hardware stocks. Consumer staples and user discretionary holdings supported performance, portion accusation technology, software, and net vulnerability detracted. The steadfast remains cautious connected costly representation companies due to the fact that pricing and proviso stay cyclical contempt AI demand. The Strategy continues to favour valued infrastructure, specialty semiconductors, resilient software, and prime businesses. For insights into its cardinal selections for 2026, delight reappraisal the Strategy's apical 5 holdings.

In its second-quarter 2026 capitalist letter, Antipodes Global Value Strategy highlighted Workday, Inc. (NASDAQ:WDAY). Workday, Inc. (NASDAQ:WDAY) is simply a starring endeavor bundle institution that provides unreality applications for quality resources and fiscal management. On August 6, 2026, Workday, Inc. (NASDAQ:WDAY) closed astatine $170.24 per share. The one-month instrumentality of Workday, Inc. (NASDAQ:WDAY) was 30.44% and its shares mislaid 18.38% implicit the past 52 weeks. Workday, Inc. (NASDAQ:WDAY) has a marketplace capitalization of $42.05 billion.

Antipodes Global Value Strategy stated the pursuing regarding Workday, Inc. (NASDAQ:WDAY) in its Q2 2026 capitalist letter:

"Workday, Inc. (NASDAQ:WDAY) (Trim): Over the Quarter Workday was trimmed reflective of AI disruption concerns to Workday's concern model. As agentic AI reduces headcount maturation successful concern and HR functions, the seat-based pricing exemplary faces a structural challenge, portion AI-driven outgo pressures and antiaircraft spending are compressing margins. FY27 guidance is signalling decelerating gross and borderline growth. Whilst Workday's level remains substantially currency generative, with full-year escaped currency travel rising 27% to $2.78 cardinal and subscription backlog reaching $28.1 billion, up 12%, it remains prudent to mean the presumption size against structural concerns and a wider scope of outcomes."

Read Entire Article