Donald Trump won the 2024 U.S. presidential election. We are not making changes to our portfolios based on the election’s outcome.

President-elect Trump ran on a populist platform focused on illegal immigration, crime, tariffs, and tax cuts. His proposals include: 

• Extending provisions of the Tax Cuts and Jobs Act, informally known as the “Trump tax cuts,” some of which are set to expire in 2025. He has also proposed more targeted tax policies, including eliminating federal          income tax from tipped wages and Social Security income for seniors. More recently, he proposed eliminating the individual income tax altogether. 
• Taxing imported goods and services. He has proposed a 10% (or higher) tariff on all imports and a 60% tariff on Chinese goods. He has gone so far as to suggest a 200% (or higher) tax on cars built in Mexico. 
• Increasing security at the U.S. border with Mexico and deporting millions of undocumented immigrants in hopes of reducing crime and improving housing affordability. 
• Scaling back regulations in an effort to unlock economic growth. 
• Including the president in the Federal Reserve’s monetary policy decisions. 
• Implementing a tax credit for family caregivers. Additionally, Trump’s running mate JD Vance has signaled an interest in expanding the annual Child Tax Credit from $2,000 to $5,000 per child.

Our view 

We expect that the president-elect’s legislative agenda will be tempered before being put into effect. We also believe it is usually best that investors pay strict attention to the market fundamentals and ignore the politics. Accordingly, we are not making changes to our portfolios based on the election’s outcome. 

As always, we will pay close attention to policy-driven fundamental changes and the financial-market imbalances they create, in terms of the risks and opportunities they present. At present, rising government debt and inflation are among the range of topics we are tracking. Clearly, deporting undocumented immigrant workers, who comprise almost 5% of the U.S. labor force, will result in higher labor costs. Furthermore, allowing a president to shape monetary policy could have dramatic impacts on borrowing costs and the economy. We will continue to position portfolios based on economic and legislative developments.













Important information

This material represents an assessment of the market environment at a specific point in time and is not intended to be a forecast of future events or a guarantee of future results. All information as of the date indicated. There are risks involved with investing, including possible loss of principal. This information should not be relied upon by the reader as research or investment advice, (unless you have otherwise separately entered into a written agreement with SEI for the provision of investment advice) nor should it be construed as a recommendation to purchase or sell a security. The reader should consult with their financial professional for more information. 

Statements that are not factual in nature, including opinions, projections and estimates, assume certain economic conditions and industry developments and constitute only current opinions that are subject to change without notice. Nothing herein is intended to be a forecast of future events, or a guarantee of future results. 

Certain economic and market information contained herein has been obtained from published sources prepared by other parties, which in certain cases have not been updated through the date hereof. While such sources are believed to be reliable, neither SEI nor its affiliates assumes any responsibility for the accuracy or completeness of such information and such information has not been independently verified by SEI. 

There are risks involved with investing, including loss of principal. The value of an investment and any income from it can go down as well as up. Investors may get back less than the original amount invested. Returns may increase or decrease as a result of currency fluctuations. Past performance is not a reliable indicator of future results. Investment may not be suitable for everyone.

The information contained herein is for general and educational information purposes only and is not intended to constitute legal, tax, accounting, securities, research or investment advice regarding the strategies or any security in particular, nor an opinion regarding the appropriateness of any investment. This information should not be construed as a recommendation to purchase or sell a security, derivative or futures contract. You should not act or rely on the information contained herein without obtaining specific legal, tax, accounting and investment advice from an investment professional. 

The views contained herein are not to be taken as advice or a recommendation to buy or sell any investment in any jurisdiction. Our outlook contains forward-looking statements that are judgments based upon our current assumptions, beliefs, and expectations. If any of the factors underlying our current assumptions, beliefs or expectations change, our statements as to potential future events or outcomes may be incorrect. We undertake no obligation to update our forward-looking statements.

Information in the U.S. is provided by SEI Investments Management Corporation (SIMC), a wholly owned subsidiary of SEI Investments Company (SEI). SEI Fixed Income Portfolio Management is a unit of SIMC.

Information in Canada is provided by SEI Investments Canada Company, a wholly owned subsidiary of SEI Investments Company (SEI), and the Manager of the SEI Funds in Canada