[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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All content in respect of the Antipodes Global Shares (Quoted Managed Fund) (ARSN 625 560 269), the Antipodes Global Fund – Long (ARSN 118 075 764), the Antipodes Global Fund (ARSN 087 719 515), and the Antipodes Asia Fund (ARSN 096 451 393) is issued by Pinnacle Fund Services Limited ABN 29 082 494 371 AFSL 238 371 (“PFSL”) as responsible entity of the Funds and is prepared by Antipodes Partners Limited (ABN 29 602 042 035) (AFSL 481580) (“Antipodes”) as the investment manager of the Trust. PFSL is not licensed to provide financial product advice.
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11 March 2022
Alison Savas, Client Portfolio Manager