As the world digests the outcome of the U.S. election and the implications for trade and commerce, our foremost concern is as always to assess the implications for our clients’ portfolios.
Markets abhor uncertainty and surprise and the Donald J. Trump victory for the presidency introduced both in ample supply. In just two days, the market whipsawed investors first by fear that his yet-to-be defined policies would negatively impact the global economy, and then euphoria that they would bolster growth. Our consumer staples holdings were impacted in the relief rally. Nevertheless, and despite the heightened stock market volatility, we are confident in the earnings growth of our global and regional strategies.