Where to invest during wartime – the stocks favoured by fund managers

4 Mar, 2026 | The Australian
Where to invest during wartime – the stocks favoured by fund managers

The Australian recently featured our global equities fund in an article examining investment strategies during the escalating Middle East conflict. As Australian fund managers navigate heightened market volatility, we shared insights into our positioning within the Minotaur Global Opportunities Fund.

Before the latest conflict erupted, we had already established a sizeable allocation to defence stocks and commodities. However, our current investment focus centres on cybersecurity opportunities. Our co-founder Armina Rosenberg explained our strategy:

"Iran has a well-documented history of retaliating through cyber attacks on critical infrastructure and a lot of those cyber stocks have been belted through the whole AI selling wave. So I think that space is interesting right now."

We've increased our holdings in US-listed cybersecurity companies including Palo Alto, Cloudflare and Crowdstrike, viewing recent price weakness as a compelling entry point. While other fund managers pivot toward defensive consumer staples and mining stocks, we identify cybersecurity as a potential outperformer given the geopolitical landscape. This approach reflects our focus on identifying mispriced opportunities during market dislocations. The article also featured perspectives from TenCap's Jun Bei Liu, who favours domestic consumer staples, and GSFM's Stephen Miller, who advocates for gold as portfolio insurance. To read the article, click the link below.

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Minotaur Capital Management Pty Ltd (ABN 17 672 819 975) is a corporate authorised representative (CAR 1308265) of Minotaur Licensing Pty Ltd (ABN 86 674 743 198) (AFSL 557080). The Minotaur Global Opportunities Fund is issued by K2 Asset Management Ltd (ABN 95 085 445 094, AFSL 244393), a wholly owned subsidiary of K2 Asset Management Holdings Ltd (ABN 59 124 636 782).

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