[In Brief] Putin’s war: markets, stagflation and portfolio positioning

This 6-minute video covers three key areas of focus regarding the war in Ukraine:

1. Market implications

  • Antipodes global portfolios have no direct exposure to Russian or Ukrainian companies.
  • Our European financials have taken a hit, however this has been offset by commodities exposures (for further reading, see our feature and recent podcast on Norsk Hydro), defence and gold stocks.

2. Macro implications

  • The key macro risk intensified by the Ukraine crisis is stagflation.
  • However, stagflation is a tail risk Antipodes identified long before the invasion of Ukraine. 

3. Portfolio positioning

  • We’re focusing on resilient businesses with attractive valuations that can protect profitability and take market share against a backdrop of higher inflation and tougher economic conditions.
  • Recently been adding to affordable quality via SAP and Oracle, which along with Microsoft, form our reasonably priced enterprise software cluster.


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11 March 2022