Like you, I'm also not of the view that inflation will rise too much, although the risk that it may happen should at least be entertained.
I think it's important to separate "our view" of whether inflation is a problem from the question that OP was asking, which is what would happen to APT if inflation was an issue. Short answer, my portfolio would be extremely vulnerable (including APT).
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BNPL and coming inflation, page-8
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