The perfect portfolio to beat stagflation: A fund manager reveals the defensive assets investors need to see them through the storm

• High inflation, rising rates and the war in Ukraine create a daunting picture for investors. 
• Some are warning inflation will not fall back to target anytime soon and could become stagflation.
• A $3.2 billion fund manager expects this scenario and has selected his stocks accordingly.

There are plenty of experts issuing gloomy outlooks on the economy and stock market at the moment. 

The combination of 8%-plus inflation, fast-rising interest rates and the impact on energy and food prices of the war in Ukraine create a daunting picture. 

There are optimistic voices who see the sharp discounts already applied to most parts of the stock market as a buying opportunity, but Alec Cutler, manager of the $3.2 billion Orbis Orbis Global Balanced fund is definitely not among them.