The highest inflation in 40 years has spurred more investors to search for assets that can help offset its bite.

Inflation has been on the rise recently, raising concerns about long-run inflation and its impact on the spending power of those who can least afford it—investors approaching or already in retirement.

Sovereign bonds have long been the prime defensive asset for multi-asset portfolios. But in today’s extraordinary market conditions, should investors make more extensive use of other defensive choices?

With the global economy moving into its late-cycle stages, we think it’s a good time to bolster portfolio inflation protection by embracing several recently unloved investments—including natural resources and commodities.

Does Donald Trump’s election victory mean that US investors should brace for higher inflation? Financial markets certainly think so. It may be time for investors to take note.