To say that the Trump administration’s varied and often controversial executive orders and policy changes have kept market participants on edge is an understatement. Philip Saunders, director of the Ninety One Investment Institute, explains in a recent podcast dated 19 March, why US assets, having been a dominant force for investors for so long have recently underperformed on a relative basis. The fear is that certain measures, notably tariffs, will crimp economic growth and push inflation higher. Philip discusses whether these fears are justified and if other geographies might take advantage of a possible end to “US exceptionalism”, with a focus on Europe. (The potential end of US exceptionalism or just the risk that the US may not always outperform Europe and other developed markets is the reason that we have favoured the MSCI over the S&P in our clients’ portfolios and house view funds).
By Philip Saunders
Director of the Ninety One Investment Institute
