L/S Equity and Event-Driven strategies underperformed due to their elevated market beta. L/S Equity strategies also suffered due to the rotation in risk factors which saw growth/ momentum stocks underperforming value and low beta stocks.

Managed by financials veteran Guy de Blonay since 2015, the Jupiter Global Financials fund is being repositioned with the aim of continuing to take advantage of the digital transformation of the financial services sector – a structural shift the manager views as an unprecedented long-term opportunity.

On the back of the election results, US and European equity futures are up about 1%, as one source of political uncertainty has been resolved. In our estimation, this reflects a market refocus on fundamentals that remain positive for equities, especially in the US, and will not meaningfully change with a Democratic House.

According to Nick Watson, Janus Henderson multi-asset team, from a markets perspective, Trump's ability to provide the US economy and markets with further levels of stimulus and acceleration are likely to be constrained over the next two years.

Multiple sources suggest that UK and EU negotiators have reached a draft agreement on Britain's terms for leaving the EU (the withdrawal agreement) including backstop mechanisms designed to ensure that Brexit does not create a hard border in Northern Ireland.