An interconnected globe is something modern investors have taken for granted and yet, as we explore in this month’s cover story, the world has of late come to feel a fragile place. The pandemic exposed vulnerabilities in global trade, relationships between nations have decayed and there is a sense that companies are going to have to grow used to operating in a deglobalised world – one where cross-border trade is no longer fluid and geopolitical concerns can pose meaningful risks to business. Is this a realistic assessment and how might professional investors adapt?