After last night’s presidential debate Trump looks likely to become the next US president while Biden’s chances took a massive hit. Meanwhile Gavin Newsom’s chances among book makers has risen sharply over the last few days as markets are increasingly betting on Biden to be replaced. In asset markets our Biden basket has also taken a beating over the course of June and is now down 10.5% YTD while Trump is up 13.7%.

The Biden and Trump baskets contain assets that we believe will benefit from the election of the respective candidate.