The world finished the quarter in a very different place to where it started, with Russia’s invasion of Ukraine marking the biggest land war in Europe since World War II. We hope and pray peace prevails as soon as possible. Such an epochal event will hasten already established trends – deglobalisation, on/near-shoring, commodity shortages, and rising populism – while catalysing new effects that will reverberate for decades. During Q1, the portfolio posted a 10.5% decline, albeit outperforming the benchmark’s 14.1% fall. Volatility will remain a feature over 2022 as energy and food inflation erodes consumers’ purchasing power and economic growth slows. For now, defence is the name of the game, with more Maldinis (Italy) in the portfolio than Peles (Brazil).