The victory of maverick Republican Donald Trump in the US Presidential election sent shockwaves across the world, but global stock markets shrugged off the surprise result and the predicted market meltdown failed to materialise.

Indeed, there are a number of investment funds that could flourish in the new political landscape.

Jason Hollands, managing director of financial advisory firm Tilney Bestinvest, said the T Rowe Price US Smaller Companies fund, which has grown by 36 per cent in the last year, is one that could perform well in the era of President Trump.

“Trump favours an America-first agenda, advocating plans to restrict imports from China and Mexico, renegotiating existing trade deals and measures to repatriate jobs and capital back to the US,” he said.

“He also favours deep tax cuts, massive infrastructure investment and lighter regulation for financial services.

“Smaller companies are more domestically focused than the large, international businesses that dominate the S&P 500 Index. T Rowe Price has been investing in US small-caps since the 1960s and this fund is incredibly diversified with over 200 holdings.”

Tom Stevenson, investment director for personal investing at investment house Fidelity International, also picked up on the small-cap theme, saying that “if Donald Trump is putting America first, then so probably should investors”.

Stevenson said the Blackrock US Opportunities Fund, which is managed by a team led by Ian Jamieson and has risen by 24 per cent over the last year, could fare well from the Trump administration.

“The fund invests at least 70 per cent in smaller and medium-sized companies that will be more exposed to the domestic economy than more international larger companies,” he said.

However, finding a fund manager who can beat the US market is not easy. In light of this Danny Cox of financial adviser Hargreaves Lansdown, recommended a low-cost tracker fund such as the Legal & General US Index, which has gained 31 per cent over the past 12 months.

Investors who are excited by Mr Trump’s commitment to spending on infrastructure, could also look at funds such as the First State Global Listed Infrastructure fund, which has gained about 29 per cent in the past year. Although it has a global mandate, almost 60 per cent of the portfolio is invested in North America.

“The fund could benefit from plans to upgrade creaking US infrastructure, including roads and bridges, as well as improved prospects for the domestic energy industry as it has exposure to energy infrastructure,” Mr Hollands said.

Mr Cox also highlighted the First State fund and pointed to manager Peter Meany’s experience as an infrastructure and utilities analyst and 10-year track record as positives.

“The fund’s focus is on companies that own or operate high-quality infrastructure assets and enjoy strong pricing power, barriers to entry and predictable cash flows,” Mr Cox said.

“This has proved to be a successful recipe thus far - the fund has outperformed its benchmark since launch and has offered a degree of shelter against falling markets.”

An alternative is Investec Enhanced Natural Resources, which has grown by 50 per cent over the past year.

It invests across commodity markets and could therefore capitalise on the demand for raw materials that could arise from increased infrastructure spend, although Mr Hollands stressed that increased demand from the US has to be weighed against a slowdown in demand from China.

Another area that Mr Trump’s victory could benefit is healthcare, with the Republicans less likely than Democrats might have been to increase controls over drug pricing.

Patrick Connolly, a certified financial planner at Chase de Vere, said: “Sentiment in healthcare and pharmaceutical stocks has been low and so they could have an opportunity to bounce back.”

He suggested that AXA Framlington Health, a high-risk, specialist fund that has climbed 15 per cent over the past year, could be a beneficiary.

Mr Hollands also pointed to this fund. “This long-established fund is 71 per cent invested in North America, with negligible exposure to Asia or emerging markets, and therefore might continue to benefit from a less interventionist approach on drug pricing,” he said.

Most experts agree that investors should be wary of emerging markets, which are at risk from a Trump presidency imposing aggressive trade tariffs, most notably on China and Mexico, as well as talk of a review of the North American Free Trade Agreement (NAFTA).

Adventurous investors might, however, consider a play on Russia. “A wild card exception here could be the already bombed-out Russian equity market as a Trump presidency could re-set the relationship with Putin, de-escalating tensions and leading to an easing of sanctions. But investors would need to be brave to take a punt on such a fund,” Mr Hollands said.