#54 James Rodda | Where to Find Value in the Bottleneck Businesses Enabling the AI, Energy & Tech Boom

In this episode of The Rate of Change, Murdoch Gatti sits down with James Rodda, Lead Portfolio Manager at Antipodes Partners, to unpack the firm’s Global SMID strategy and how it is finding opportunities across small and mid-cap companies around the world.The conversation moves from Antipodes’ pragmatic value approach into some of the more interesting bottlenecks emerging beneath the AI boom — memory, power, data-centre infrastructure, behind-the-meter power, and the enormous capital and time required to bring new energy supply online. James discusses opportunities across the US, Europe and Asia, including distributed gas-to-power, European banks, fintech, Indonesian property, senior living and flexible workspaces.With the strategy returning 29% over the past 12 months and more than 28% p.a. since inception in late 2022, the results have been accompanied by industry recognition, with Antipodes named Morningstar’s 2026 Fund Manager of the Year – Global Equities and Zenith’s Small Cap Fund Manager of the Year. The discussion looks beneath the headline indices at where Antipodes is finding mispriced opportunities — and why some of the next winners may sit within the physical infrastructure enabling the AI, Energy and technology boom.Disclaimer: This podcast is for general information and educational purposes only and does not constitute personal financial advice. Any investments discussed are examples only and should not be considered recommendations. Past performance figures referenced in this episode are as at 14 August 2026. Past performance is not a reliable indicator of future performance.