Recorded 20 March 2026

In this sit down with ausbiz , Joel Fleming (Portfolio Manager, Microcap Equities) shares his perspective on how these macro forces are influencing markets, and portfolio positioning amidst heightened market uncertainty.

Joel details why uncertainty is driving indiscriminate selling across risk assets, how balance‑sheet strength has become increasingly important, and why patience remains critical when visibility is limited. While some businesses are feeling pressure from rising fuel costs and disrupted supply chains, Joel explains why market pullbacks can also create opportunities to acquire high‑quality companies at compelling valuations.

Joel discusses his focus on longer‑term themes – including infrastructure investment, energy security and electrification – and how select companies may be well positioned to benefit as governments and industries respond to changing global dynamics.

For more information on Joel’s fund, visit: https://www.yarracm.com/capabilities/microcap-equities-fund/.