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Ruffer LLP
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Ruffer LLC
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Inflation volatility demands investors think differently

Portfolio Construction Forum – Viewpoint
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Fiona Ker
Fund Manager

Regime identification is critical to successful portfolio construction strategy. 

The asset management industry has operated in a disinflationary world for 40 years – a world where capital takes the spoils. If labour is to become more dominant, what does that mean for asset allocation?

As we move into an era which is both more inflationary and more volatile, asset allocators will need to adapt in order to deliver returns. There will be significant opportunities to do so – but a different set of tools will be required. Correlations that have held firm in a low inflation, falling interest rate environment will become unstable, testing traditional portfolio theory. A dynamic and unconstrained approach to asset allocation will become essential.

To earn Continuing Education (CE/CPD) hours for watching this video, visit portfolioconstructionforum.edu.au. Portfolio Construction Forum is the specialist, independent, investment continuing education, accreditation and certification service.

Winning by not losing
Investment Manager Fiona Ker and James Dunn from The Inside Network discuss Ruffer’s outlook for markets in 2023 and beyond.
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Ruffer holds Australian financial services licence no. 526358 under the Corporations Act 2001 (Cth) authorising it to provide certain financial services to wholesale clients only. Ruffer is not licensed to provide financial services to retail clients in Australia. This is provided for general information purposes only for ‘wholesale clients’ only. Reliance should not be placed on this information as the basis for making an investment, financial or other decision. This information does not take into account your investment objectives, particular needs or financial situation. Whilst every effort is taken to ensure the information is accurate, its accuracy, reliability or completeness is not guaranteed.

The views expressed in this publication are not intended as an offer or solicitation for the purchase or sale of any investment or financial instrument, including interests in any of Ruffer’s funds. The information contained in the publication is fact based and does not constitute investment research, investment advice or a personal recommendation, and should not be used as the basis for any investment decision. This publication does not take account of any potential investor’s investment objectives, particular needs or financial situation. This publication reflects Ruffer’s opinions at the date of publication only, the opinions are subject to change without notice and Ruffer shall bear no responsibility for the opinions offered. Read the full disclaimer.

Investment Review
April 2024: Jonathan Ruffer discusses the stock market’s seemingly invincible summer. This has created distortions in both debt and equity markets, and with them, opportunities to benefit from a change in the season.
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Something new under the sun
Several new features of the global financial system have increased both the risk of a market crisis and its likely severity.
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Out of sight, out of mind
April 2024: Markets today are very different to the pre-2008 era. But has systemic risk been removed or relocated?
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London
Ruffer LLP
80 Victoria Street
London SW1E 5JL
Paris
Ruffer S.A.
103 boulevard Haussmann
75008 Paris, France
New York
Ruffer LLC
300 Park Avenue
New York NY 10022
Edinburgh
Ruffer LLP
31 Charlotte Square
Edinburgh EH2 4ET