Energy & commodities: strengthening portfolios now, but what about the future?

The conflict in Ukraine has added fuel to commodities' fire. In this podcast, Antipodes' Alison Savas and Graham Hay discuss the outlook for the energy and commodities sectors, as well as the top stocks to play the resources boom. 
Alison Savas


By the end of 2020, the global oil and gas industry looked to be facing major challenges. The industry had dramatically under-invested in growing production. There was enormous balance sheet leverage, the track record of returns over the prior five to seven years was relatively poor, and debt reduction and the payment of dividends was prioritised over capex and growth - the industry was spending at maintenance-levels of capex only. 

This came while our analysis, which includes thorough industry engagement, showed demand for fossil fuels may not peak until the end of the decade, despite much needed and important moves towards decarbonisation by many of the largest oil and gas companies.

So, without the production to meet demand and global energy markets on such fragile footing a significant price cycle could be expected

On top of that, natural gas is an important stepping-stone, or transition fuel, in the path to a decarbonised economy.

These are some of the reasons why Antipodes' global portfolios had been overweight energy leading into the current market volatility. 

With a price cycle underway as economies emerged from COVID-19 lockdowns, the conflict in the Ukraine has added fuel to the fire. Sanctions on Russia, and Russia's importance in the global energy system, has seen the fragility in energy and commodity markets laid bare.

Building exposure to energy and commodities in 2022 and beyond 

In our latest podcast episode, I was joined by Antipodes' Portfolio Manager of Hardware, Industrials and Commodities to discuss energy and commodity stocks, now and into the future. 

We discuss why Antipodes has been increasing exposure to energy and commodities, the implications of sanctions on Russia and the impact to the Ukraine, along with the longer-term outlook for the sectors.

In part two, hear a discussion about some of Antipodes' best investment ideas for exposure to energy and commodity markets – resilient businesses that can take profitable market share in today’s uncertain climate, as well as on a longer-term basis. 

Part 1 (1:00)

  • Why Antipodes' global portfolios have been overweight energy.
  • The impacts of the war in Ukraine on the energy and commodity sectors.
  • Decarbonisation and the longer-term outlook for energy and commodities.

Part 2 (14:30)

  • Technip Energies (EPA: TE) & Siemens Energy (ETR: ENR).
  • Nutrien (TSE: NTR).
  • Exposure to gold stocks - Newcrest Mining (ASX: NCM) & Barrick Gold (NYSE: GOLD).

Discover more about Antipodes' pragmatic value approach to investing in global equities. 

For more insights visit or click the 'contact' button on this page to make a direct enquiry.

This communication was prepared by Antipodes Partners Limited (ABN 29 602 042 035, AFSL 481 580) (Antipodes). Antipodes believes the information contained in this communication is based on reliable information, no warranty is given as to its accuracy and persons relying on this information do so at their own risk. This communication is for general information only and was prepared for multiple distribution and does not take account of the specific investment objectives of individual recipients and it may not be appropriate in all circumstances. Persons relying on this information should do so in light of their specific investment objectives and financial situations. Any person considering action on the basis of this communication must seek individual advice relevant to their particular circumstances and investment objectives. Subject to any liability which cannot be excluded under the relevant laws, Antipodes disclaim all liability to any person relying on the information contained on this website in respect of any loss or damage (including consequential loss or damage), however caused, which may be suffered or arise directly or indirectly in respect of such information. Any opinions or forecasts reflect the judgment and assumptions of Antipodes on the basis of information at the date of publication and may later change without notice. Any projections are estimates only and may not be realised in the future. Information on this website is not intended as a securities recommendation or statement of opinion intended to influence a person or persons in making a decision in relation to investment. Unauthorised use, copying, distribution, replication, posting, transmitting, publication, display, or reproduction in whole or in part of the information contained on the website is prohibited without obtaining prior written permission from Antipodes. Pinnacle Fund Services Limited ABN 29 082 494 362 AFSL 238371 is the product issuer of funds managed by Antipodes. Any potential investor should consider the relevant Product Disclosure Statement available at when deciding whether to acquire, or continue to hold units in a fund. The issuer is not licensed to provide financial product advice. Please consult your financial adviser before making a decision. Past performance is not a reliable indicator of future performance.

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Alison Savas
Investment Director

In almost two decades of investing in equities based in Sydney and Singapore, Alison has worked through various market cycles and navigated major market events. Alison is an investment director at Antipodes and a member of the senior investment...

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