With Richard Bullock, senior strategist, geopolitics

Globalisation as we have known it for the last three decades is over. The current period of deglobalisation had its origins in the aftermath of the financial crisis, and the global pandemic has accelerated this trend, serving to highlight supply-chain vulnerabilities for Western businesses and consumers. More fundamentally, however, we view geopolitics, and the competition among great powers, as a more enduring driver of deglobalisation.

Find out the three implications of the changing globalisation pattern for investors.

Your capital may be at risk. The value of investments and the income from them can fall as well as rise and investors may not get back the original amount invested.