Global investors have already begun to assess what impact Donald Trump’s potential return to the White House could have on portfolios — but they predict that the race to be president between the Republican nominee and Democrat Kamala Harris will be closer than expected.

“Investors do still think Trump is the most likely to win, but they are starting to appreciate that the odds of a Trump victory are narrowing,” Tina Fordham, founder of Fordham Global Foresight, said during the most recent Financial News Leadership Roundtable.