Tsukasa Shimoda, whose UMJ Galleyla Fund beat all other Japan-focused hedge funds last year, says the Donald Trump rally will soon fade as the U.S. president’s protectionist policies start to hurt the global economy. “The U.S. economy perhaps may improve because of him,” said Shimoda, whose $42 million UMJ fund returned 19 percent last year. “But as he makes a mess of things, that would affect the global economy negatively.” Hedge fund managers are diverging on whether Trump will introduce growth-friendly policies that drive equities higher, or pursue a protectionist agenda that hurts global trade. Ray Dalio, who runs the...