Rising tension in global trade makes leading international fund managers look for companies that will be the winners in this situation, Reuters reports.

Funds’ managers are increasing positions in companies from Italian banks to large players in Chinese e-commerce. And all these done in hopes that they will be able to avoid consequences of trade war.

Bets are made on companies that have strong domestic business, thus will not suffer from import tariffs, or market dominance or intellectual property rights that will cause customers buy their products despite of additional taxes.

Chinese e-commerce giant Alibaba Group Holdings Ltd became such company for Janus Henderson Global Select Fund that manages $2,2 billion.

US issued a list of strategically important Chinese goods that will be subject to import tariffs of 25% starting July 6. There are more than 800 items on the list.

Causeway International Value Fund ($8,7 billion) increased investments into Italian bank UniCredit SpA, after its shares dropped among elections of new government. Fund also strengthens its positions in pharmaceutical business.

AB International Strategic Core Fund invests in IT-companies that are not leaders on the market but have strategically important clients. For example, Spanish Amadeus It Group SA provides technologies backing reservation systems of such large airlines as British Airways, Southwest and Lufthansa Group. Shares of Amadeus grew by 20% this year and unlikely will suffer from trade war. Fund also increased positions in European luxury brands, including Italian apparel maker Moncler SpA, and into British alcoholic drinks manufacturer Diageo Plc.