2018 has already brought with it a fresh set of challenges for investors. Market conditions year-to-date have contrasted, sometimes sharply, with the low volatility and lower-for-longer narrative that dominated the broader market backdrop for much of the post-financial crisis. Inflationary fears have raised their head in the US for the first time in a decade. Broad-based geopolitical risks are also notably more elevated as populism continues to assert itself into the political mainstream and as President Donald Trump’s “America first” mantra unsettles the global trade status quo.