Despite the uncertainty following the largest bank failure since the 2008 financial crisis, global equities were on the up in the first quarter of 2023, with index performance saved by mega-cap tech as the market bets we are on the cusp of the closely-watched Fed pivot.
But will the pivot come as quickly as the market expects and will the outcomes be as the market expects?
In this quarterly market update, Alison Savas (Investment Director) and Jacob Mitchell (Chief Investment Officer), review the key events of Q1 2023 and provide listeners an insight into the Antipodes’ team broader market outlook and portfolio positioning.
They also discuss three stocks to navigate this complex market and macro environment – Sanofi (EPA: SAN), TotalEnergies (EPA: TTE) & Midea Group (SHE: 000333).
Key times:
- Can the Fed still engineer a soft landing? 01:00
- The impacts of the banking crisis in the real economy: 05:10
- The disconnect between the top down and bottom up in the US: 11.20
- Why Europe and China are relatively better positioned: 16.30
- Broader portfolio positioning against current macro backdrop: 19:50
- Sanofi: a big cap pharma that’s insensitive to the economic cycle 23:30
- TotalEnergies: conventional energy with a transition angle 27:30
- Midea: an emerging Chinese multinational 32:10
Stock commentary is illustrative only and not a recommendation to buy, hold, or sell any security.
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