Markets have experienced a seismic shift in recent months. As we explore in this note, inflation forecasts have changed and with them interest rate expectations. As we discuss on page 6, a Republican clean sweep in the US elections offers the prospect of a favourable landscape for financials, particularly US banks. This has been reflected in the dramatic improvement in the NAV and share price of Polar Capital Global Financials (PCFT) over the past 12 months (see page 12). PCFT’s managers beli ....