The former Bridgewater executive once known as Ray Dalio’s right-hand man says that hedge funds have been wrong-footed by US president Donald Trump’s trade war and that consequences on equity markets still have “far” to go.

Bob Elliott, who is now chief executive of US investment firm Unlimited, told Financial News that “no one had a real edge in predicting what would happen” from Trump’s so-called ‘liberation day’, which has left some big hedge funds nursing losses.