he CF Ruffer Equity & General Fund aims to achieve absolute return on investment measured in Sterling in line with Ruffer's overall targets.

The fund is actively managed, and is not constrained by any requirement to track indices or conform to investment fashion. It focuses principally on equity investments without constraint of market capitalisation or balance of industry group weightings.

At the core of the fund are holdings in companies where we believe there is fundamental under valuation that outweighs any reasonable risk concern, whatever market conditions might be endured.

It is self-evident that to achieve a return above the risk-free rate means accepting risk, but it does not follow that the risk and reward are symmetrical.

It is our belief that through careful research and management of investment exposure, we can deliver the advantages of asymmetric risk over time - enduring rewards without fear.

The fund was launched in December 1999. For recent performance data and portfolio structure, please see the latest monthly report.