JOHCM Global Select Fund (ie)
Size
EUR 870,00m
Middle East Tensions: Unlocking Opportunities
ShortReads
|
09 Jul 2026
Recent tensions in the Middle East have triggered the expected wave of “risk-off” sentiment across global markets. Volatility has spiked and geopolitical headlines dominate the narrative. However, when we step back from the noise, pockets of opportunity stand out.
Volatility is Driving Selective Opportunities: US vs Asia
Following the tensions in the Middle East, the latest sell-off has revealed a stark divide in global market nerves. In the US, the VIX briefly edged into the high-20s during the recent escalation. In Asia, volatility has spiked far more sharply. The difference reflects a fundamental vulnerability: Asian economies rely far more heavily on energy shipments flowing through the Strait of Hormuz. Any disruption would threaten a large share of the region’s oil and LNG imports. Yet this volatility gap also presents an opportunity to build positions in companies where the market has overreacted and left excellent value on the table. Rather than reacting emotionally to volatility, we remain disciplined and focused on fundamentals.
Chart Source: Bloomberg as at March 2026
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Source: JOHCM (unless otherwise stated.)
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