The Old Mutual Maximum Return fund is continuing to take a cautious approach to global growth amid the political uncertainty wrought on the world economy by US President Donald Trump’s shift to trade isolationism. Local stocks and bonds came to its rescue over the past year.

The new US administration has slapped tariffs on economies where the bulk of imports originate and warned of similar actions on countries not following its policies of repatriating manufacturing to the world’s largest economy.

According to Zain Wilson, co-manager of the Old Mutual Maximum Return fund, there is concern about global growth.