For Scott Douglas, co-manager of the Premier RENN US Emerging Growth fund, the best hedge available is backing smaller entrepreneurial companies, wherever they may be.

The $29m (£14.9m, €18.7m) fund targets micro-cap companies and takes a pure bottom-up approach. "We would never look at a sector such as mining and think: 'That looks hot, let's get in there'," he says. "We're just not that type of fund."