The nation’s largest investment managers, including the big superannuation funds, are using private unlisted assets to shield their returns from the turmoil and volatility that have engulfed global equity markets after US President Donald Trump unveiled his sweeping tariff plans this month.

With almost $300 billion wiped from the S&P/ASX 200 since early February – and steeper losses on Wall Street – markets have tanked, then roared back based on Trump’s erratic policy settings. His initial tariff plan caused a meltdown earlier this month and, while a delay to this sparked a recovery, local pharmaceutical groups now appear to be in the president’s crosshairs.