The Wellcome Trust, one of the world’s wealthiest charitable foundations, is planning for its return on investments to fall in the years ahead, citing Brexit, a “protracted economic struggle” between the US and China, and political “logjam” in Europe.

The trust, which was founded by the will of British pharmaceutical magnate Sir Henry Wellcome in 1936 to fund medical research, said its investment portfolio grew to £26.8bn in the 12 months that ended on September 30, with a return of 6.9% — just over half what it was last year.