Trump's first 100 days: investment winners and losers

The first 100 days of Donald Trump’s second presidency have certainly been memorable for investors so far.

A new tariff regime caused a bloodbath on global stock markets. The oil price plummeted and the gold price surged. Stock markets have since perked up a bit, but Trump’s announcements continue to dominate headlines on both sides of the Atlantic.

Rob Morgan, chief investment analyst at Charles Stanley, comments: “Trump's aggressive strategy of ripping up the trade rule book and alienating supposed allies has dented the confidence of businesses across the globe.

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“Unsurprisingly, the impact for UK investors has been almost universally negative, especially US and global funds.”

Having said that, some sectors and regions have fared better than others. We look at the winners and losers when it comes to funds, investment trusts and sectors over the past 100 days.

Best and worst sectors

Source: FE Analytics, data for Trump’s first 100 days: 20/01/2025 to 29/04/2025

The North American Smaller Companies sector has been hardest hit by the first 100 days of Trump’s second presidency, dropping more than 21%. Technology came second, with an average loss of 17.6%.

Interestingly, Latin America has posted the biggest total return during the same period, of 4.5%.

Morgan notes: “The impact on small and mid-sized US companies, as well as on many large technology stocks, was pronounced. This reflects expectations that the effects of tariffs will hit American businesses and consumers hardest through higher prices as well as the uncertainty around the availability of products.

“Meanwhile, Latin America was the standout sector as proposed tariffs on nearby neighbours were somewhat less than imagined.”

Best and worst funds

Source: FE Analytics, data for Trump’s first 100 days: 20/01/2025 to 29/04/2025. Onshore and retail open-ended funds only

Gold funds dominate the top-performing open-ended funds, buoyed by the soaring gold price.

Analysis by precious metals marketplace BullionVault reveals that the price of gold rose 22% in US dollar terms during the first 100 days of Trump's second presidency, making it the strongest rise since Richard Nixon began his second term of office in 1973.

Morgan at Charles Stanley notes that some investors turned to gold during the stock market volatility, “the timeless store of value and financial 'teddy bear' they often cling to in times of uncertainty”.

He says investors must have been “pretty worried as bullion has hit 25 record highs in 2025 so far”, adding: “Shares in gold miners have followed suit with impressive gains, though concerns about cost inflation keeping profits in check have pegged them back a little.”

Unsurprisingly, the list of fund losers heavily features American smaller companies and technology firms, which have seen their share prices tank since Trump took office in January.

Morgan comments: “Another reason for the underperformance of the US is that the previous dominant narrative around ‘exceptionalism’ that led to full valuations is now highly questionable. It is likely to be further tested by business uncertainty and worsening economic data as the year progresses, so it’s no surprise that investors are looking further afield with fresh eyes.

“In addition, a slide in the US dollar has accentuated declines for UK investors.”

Best and worst investment trusts

Property dominates the best-performing investment trusts over the past 100 days.

Morgan tells MoneyWeek: "The top 10 list reveals how property and infrastructure have been something of a haven from the volatility with investors prioritising more certainty of income generation. There has also been some consolidation and activity around asset sales in some of the trusts that have served to shore up confidence in valuations.

“Having been a poor area for several years owing to sensitivity to high interest rates there has been something of a reprieve based on falling gilt yields and undemanding valuations."

In terms of the investment trust losers, he comments: "The fallers reflect a similar picture to funds with US and growth investments faring poorly. There are generally bigger moves in investment trusts owing to the gearing and the fact that in some cases discounts to NAV have widened amid deteriorating investor sentiment."