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The Trump Comeback

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The Trump Comeback

Author: Greg Valliere

March 1, 2023

THE EARLY FRONTRUNNER FOR THE GOP NOMINATION is Donald J. Trump, whose poll numbers have improved, showing him with support from at least 45% of Republicans — enough to win primaries, especially if there’s a crowded field.

WE’VE SAID IT BEFORE AND WILL SAY IT AGAIN: You underestimate Trump at your own peril. He still has a passionate base of support within the party, and we cautiously make him the early favorite to win the nomination.

WHAT ABOUT RON DeSANTIS? The Florida governor has raised tons of money and has solid support from Washington’s GOP establishment, but he isn’t exactly charismatic. DeSantis leads Trump in some states, and has easily settled into second place, but party insiders concede that Trump has a first-rate campaign staff that has kept him from unforced errors.

PARTY LEADERS WORRY that a crowded field would be perfect for Trump, so they are urging Republicans to refrain from running. We think there may be only six or seven other serious candidates — Nikki Haley, Mike Pence, Mike Pompeo, John Sununu, Tim Scott and dark horse Glenn Youngkin.

SOME OF THOSE CANDIDATES SEEM UNLIKELY to get even 10% support in primaries, while Trump clings to his 45% and DeSantis perhaps wins about 30%. In fact, some of those candidates we listed above may have difficulty making the cut. Party leaders want a small group on the debate stage and the field may be culled early.

REPUBLICAN CANDIDATES ARE BEGINNING TO TREAD LIGHTLY when it comes to criticizing Trump; no one wants to be on his enemies list or get tagged with a nasty nickname by the former president. Outside of his base Trump may not be loved — but he’s certainly feared.

HE’S FEARED LARGELY BECAUSE Trump could be an albatross for the party — once again — in a general election; his base doesn’t appear to be sufficient to win him another term as president. Moderates view him as too polarizing, and Republicans insiders worry that with Trump at the top of the ticket — still insisting that the 2020 election was stolen from him — could drag down several GOP Senate and House candidates.
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TRUMP’S POPULIST APPEAL IS REMARKABLE: He has overwhelming support among white blue collar workers who don’t have a college degree. He went to East Palestine, Ohio and Biden has not. And Trump has been outspoken — unlike many Republicans — about maintaining or improving Social Security benefits.

THERE’S A LONG WAY TO GO, and there may be a focus on Trump’s health; he’s 76 years old now. And he may face indictment in Georgia or New York, although that would enrage his base, as Trump claims a “witch hunt” against him. The key is his base — they would walk barefoot over broken glass for Trump, and DeSantis does not appear to generate such passion.


The views expressed in this blog are those of the author and do not necessarily represent the opinions of AGF, its subsidiaries or any of its affiliated companies, funds or investment strategies.

The views expressed in this blog are provided as a general source of information based on information available as of the date of publication and should not be considered as personal investment advice or an offer or solicitation to buy and/or sell securities. Speculation or stated believes about future events, such as market or economic conditions, company or security performance, or other projections represent the beliefs of the author and do not necessarily represent the view of AGF, its subsidiaries or any of its affiliated companies, funds or investment strategies. Every effort has been made to ensure accuracy in these commentaries at the time of publication; however, accuracy cannot be guaranteed. Market conditions may change and AGF accepts no responsibility for individual investment decisions arising from the use of or reliance on the information contained herein. Any financial projections are based on the opinions of the author and should not be considered as a forecast. The forward looking statements and opinions may be affected by changing economic circumstances and are subject to a number of uncertainties that may cause actual results to differ materially from those contemplated in the forward looking statements. The information contained in this commentary is designed to provide you with general information related to the political and economic environment in the United States. It is not intended to be comprehensive investment advice applicable to the circumstances of the individual.

AGF Investments is a group of wholly owned subsidiaries of AGF Management Limited, a Canadian reporting issuer. The subsidiaries included in AGF Investments are AGF Investments Inc. (AGFI), AGF Investments America Inc. (AGFA), AGF Investments LLC (AGFUS) and AGF International Advisors Company Limited (AGFIA). AGFA and AGFUS are registered advisors in the U.S. AGFI is a registered as a portfolio manager across Canadian securities commissions. AGFIA is regulated by the Central Bank of Ireland and registered with the Australian Securities & Investments Commission. The subsidiaries that form AGF Investments manage a variety of mandates comprised of equity, fixed income and balanced assets.

About AGF Management Limited

Founded in 1957, AGF Management Limited (AGF) is an independent and globally diverse asset management firm. Our companies deliver excellence in investing in the public and private markets through three business lines: AGF Investments, AGF Capital Partners and AGF Private Wealth.

AGF brings a disciplined approach, focused on incorporating sound, responsible and sustainable corporate practices. The firm’s collective investment expertise, driven by its fundamental, quantitative and private investing capabilities, extends globally to a wide range of clients, from financial advisors and their clients to high-net worth and institutional investors including pension plans, corporate plans, sovereign wealth funds, endowments and foundations.

Headquartered in Toronto, Canada, AGF has investment operations and client servicing teams on the ground in North America and Europe. AGF serves more than 800,000 investors. AGF trades on the Toronto Stock Exchange under the symbol AGF.B.

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Written by

Greg Valliere

Greg Valliere

Chief U.S. Policy Strategist

AGF Investments

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