Steer clear of government bonds during 2017 – that was the overwhelming message of investment chiefs, with ‘Trumponomics’ poised to shape the year's asset allocation agenda.

Some 83% of respondents to Financial News’ CIO Snapshot poll carried out in December said government bonds are in line for poor returns over the coming 12 months, making it the least attractive asset class by some margin. Gold, where 39% of managers expect poor returns, credit and hedge funds also languish at the bottom of the poll results for expected return opportunities.