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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