Antipodes Partners Exits Position in Brazil's Suzano S.A.

Antipodes Partners exited its investment in Suzano S.A., a Brazilian paper and pulp producer, according to the firm's second-quarter 2026 investor letter. The investment firm cited a narrowing margin of safety and concerns regarding pulp oversupply as the primary drivers for the decision.

Data from the first quarter of 2026 showed export pulp prices at US$562 per tonne, while pulp EBITDA per tonne fell 11% year-on-year. The firm expressed skepticism that prices would return to previous peaks exceeding US$700 without significant supply cuts.

Antipodes warned that new capacity and foreign exchange drags limit the potential for asymmetric upside in the sector. The firm stated it exited the position at a point in the cycle where the margin of safety had narrowed.