When politics rattles markets, money often finds subtler ways of expressing concern.
Recent analysis from UBS suggests investors are already adjusting to the realities of a second Trump presidency, marked by aggressive trade policy, fiscal uncertainty and heightened market volatility.
A clear divergence in fund flows is beginning to emerge across the Atlantic.
In Europe, equity inflows have regained momentum after a brief post-tariff wobble.
Investors are favouring large-cap and small- and mid-cap strategies across both active and passive funds.
This reflects growing confidence in the region's relatively stable policy backdrop, supported by Germany's shift towards fiscal expansion and recent dovish guidance from the European Central Bank.
By contrast, the picture in the United States is more hesitant.
US fixed income flows have turned sharply negative, down 5% annualised over the past two weeks. Investors are weighing up the lingering effects of inflation and the potential fallout from the White House's new trade agenda.
Meanwhile, flows into large-cap equity funds have reversed, ending a months-long streak of steady inflows.
UBS highlights that institutional portfolios have yet to move significantly.
However, retail investors are starting to reposition, suggesting growing unease with the near-term outlook for US assets.
For UK investors, the read-across is clear.
While geopolitical risk is clouding the global view, capital is moving toward areas with more predictable policy and growth prospects. Europe appears to be one of those destinations...for now.