A growing majority of equity investors expect President Donald Trump will win re-election in 2020, according to an RBC survey.

In the firm’s December survey, 76 per cent of 119 respondents said they thought Trump will win, a “big jump” from September’s 66 per cent, Head of U.S. Equity Strategy Lori Calvasina wrote in a note. The figures reversed fading expectations regarding a Trump victory in June and September surveys. Those predicting a Democrat will win came in at 24 per cent in December, down from 34 per cent in September.

Two-thirds of RBC’s December respondents said a Trump victory would be good for stocks; only four per cent were bearish on a Trump re-election, the lowest level since RBC began asking in June.

The survey also showed Joe Biden’s “chances have stabilized and Warren fears have faded,” with those expecting Elizabeth Warren to win the Democratic nomination falling to 13 per cent from 39 per cent in September. RBC continues to think it’s too early for investors to call the Democratic primary.

Portfolio managers accounted for the bulk of respondents, while investors from a wide range of equity-related roles participated, RBC said.