In this episode, we explore the structural changes reshaping global markets and why politics is only part of the story. The discussion examines how deglobalisation, higher interest rates and renewed focus on energy, defence and industrial policy are changing investment opportunities. Alec Cutler, manager of the Orbis Global Balanced and Global Cautious funds, looks beyond the headline AI winners to the companies enabling the technology revolution, he also shares why the energy transition could remain inflationary, and explores opportunities in emerging markets and fixed income. Finally, we examine how a valuation-driven investment approach helps build resilient portfolios capable of navigating changing market environments and shifting investor sentiment.

What’s covered in this episode:

Beyond the Trump headlines
Populism and structural change
Deglobalisation and reshoring
The "Pyramid of Needs" for nations
Energy security and infrastructure
AI's overlooked enablers
Why natural gas still matters
Greenflation explained
Building all-weather portfolios
Emerging market opportunities
Brazil vs the US
Government bond opportunities
Inflation-linked bonds (TIPS)
US market complacency
The return of value investing

Learn more on fundcalibre.com

Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.