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The return of Donald Trump to the White House is just the latest reminder that the optimism of the era of globalisation is firmly behind us. Trump’s focus on tariffs as a key weapon in his arsenal to deliver his pledge to “Make America Great Again” is another – possibly the final – nail in the coffin of globalisation.
That requires a refocusing of the investment lens, not least by insurers. It seems cautious conservatism will be their guide, putting fixed income assets at the heart of their strategies. They have closed the door on the years of cautiously exploring alternative assets in search for yield and have restored fixed income as the foundation of portfolios. In that sense, little has changed.
