So a tilt towards sectors that offer some protection from rising prices, and which have been left behind in the current 'growth' rally and are looking relatively cheap, should be beneficial. Energy and telecoms, for example.
The biggest relative overweight in the fund is the oil and gas sector (19.4 per cent compared with 5.2 per cent for the index, according to the fund factsheet as at 31 July 2018). Total, Lundin Petroleum and Borr Drilling are all top ten holdings.
The energy sector had a good rally in April, helped by the oil price moving above $70 per barrel for the first time since 2014.
While all the headlines seem to be around electric vehicles at the moment, the manager does not believe oil demand is going away any time soon.
Telecoms has been through an intense period of competition between operators, but Mr Sym believes shareholders will soon reap the rewards of years of building 4G networks and fibre to the home.
Now at peak investment levels, the sector should soon start generating very strong cash flows. He has three telecoms stocks in his top ten: Orange, Koninklijke KPN and Telefonica, accounting for 12.1 per cent in total.
With consistent outperformance since inception – beating the index by some 50 per cent - and a current yield of 3.3 per cent, it makes a a good contender for a diversified income portfolio.
Darius McDermott is managing director FundCalibre