CNBC reports that according to JPMorgan’s global head of macro quantitative and derivatives strategy Marko Kolanovic, President Donald Trump’s re-election chances are rising, which could leave investors positioned for a Biden victory in the dust.

“We currently believe that momentum in favor of Trump will continue, while the most investors are still positioned for a Biden win,” Kolanovic said in a note to clients on Monday. “The impact on sectors and factors (momentum vs value, cyclicals vs tech, ESG) could be dramatic and investment portfolios should adjust for a potential Trump re-election,” he added.