In the final episode of of 2025 on Antipodes podcast, our sector portfolio managers were tasked with sharing their highest-conviction ideas for the year ahead. Key times:

1:00 | Graham Hay - Industrials (Honeywell International Inc) 8:30 | Nick Cameron - Healthcare (Merck & Co Inc) 17:30 | Max Shramchenko - Infrastructure (Companhia de Saneamento Básico do Estado de São Paulo) 26:30 | James Rodda - Technology (Oracle Corp) 35:00 | John Stavliotis - Emerging Markets (Globant SA)

Antipodes Investment Director, Alison Savas, is joined by Antipodes Global SMID Portfolio Manager, James Rodda, for a discussion about some of the key opportunities in global small and mid-cap equities (Global SMIDs).

Stock commentary is illustrative only. Not a recommendation to buy, hold, or sell any security. Past performance is not reliably indicative of future performance. A

Key times:

• Intro to the global small and mid-cap sector: 1:30
• Managing risk in global SMIDs: 7:30
• The macro backdrop for global SMIDs: 10:00
• Why industry research is so important in global SMIDs: 13:30
• Key performance drivers for the Antipodes Global SMID Fund: 18:30
• Investing in global small and mid-cap stocks in the energy sector: 20:00
• James' pick for the most under-appreciated SMID stock in Antipodes' portfolio: 26:30

A bonus audio version of our Q3 2025 market and portfolio positioning update.