Over the last decade or so it seems geopolitical risk has become of greater significance for investors – particularly with the 2016 Brexit vote and Donald Trump’s election, and tensions with China from 2018. However, beyond lots of noise around President Trump and the US election, geopolitical risk took a back seat for most of the last year in terms of relevance for global investment markets as coronavirus dominated. But, after a period of relative calm following the handover to President Biden, there is a growing risk that it may make a bit of a comeback with tensions building in a number of areas.