Will Trump presidency present opportunities in US small-caps?

In a year of political surprises, Donald Trump has succeeded in delivering the greatest of them all by winning the US Presidential Election on the back of a Republican sweep, writes Nicolas Janvier, co-manager of the Threadneedle American Smaller Companies fund.

While traditionally Republicans are viewed by markets as advancing pro-business, low taxation and free trade policies, in this instance the Republican sweep may be, at least in the very near term, a mild negative for markets as we are entering a period of some policy uncertainty.  Perhaps one of the key question marks will be over the US dollar's safe-haven status, with investors unnerved by political uncertainty. But while Trump has outlined significantly expansionary fiscal plans for his Presidency, we expect budget-conscious Republicans in Congress to temper some of his aggressive ten...