“This should not have surprised anyone” Trump and the great rebalancing
In our latest Navigating The Noise podcast, I talk to Chris Wallis, CEO/CIO of Vaughan Nelson, about Trump’s tariffs and recent policy changes, along with the market volatility. Chris believes that the current market turmoil is an inevitable part of a global change to trade and capital flows that has been going on since 2021 which he calls: “the great rebalancing”. After a period of US exceptionalism where everyone had piled into US large cap stocks and mega-cap technology, Chris says capital is now flowing out of an over-invested US and “going home”.
Listen to the full podcast where Chris also discusses:
- How his portfolios are positioned for this volatility
- The countries and geographic areas he is most confident in, including why he thinks Chinese equities are a “dead cat bounce” and investors in ‘ReArm Europe’ should book their profits and move on
- The equity asset class where he has his highest personal allocation
- The big risk he thinks many investors are not fully grasping.
This podcast was recorded on 4 April 2025.

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Vaughan Nelson Global Equity SMID Fund (Quoted Managed Fund) (VNGS)
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