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Inflation volatility demands investors think differently

Portfolio Construction Forum – Viewpoint
17 mins | Market views
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Articles by Fiona
Fiona Ker
Fund Manager
24 July 2023

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.

our thinking
16 November 2023
So you want stock TIPS?
November 2023: After a bond market rout commensurate with the steepest and fastest rate hiking cycle in a generation, is there now a case for adding fixed income into portfolios? Perhaps - there might even be two. In this month’s green line, Fund Manager Duncan MacInnes looks at the cyclical and structural cases for inflation-linked bonds.
Duncan MacInnes
3 mins | Green Line
18 October 2023
It's a very, very mad world
October 2023: Some extraordinary dynamics have emerged in markets in 2023. None more startling than the breakdown of the typical relationship between bond yields and equity valuations – especially mega-cap tech stocks. So far, it’s been bond investors who have endured the pain of rising real yields. But is an equity market repricing – reflective of stickier inflation and ‘higher for longer’ rates – the shoe that’s yet to drop?
Steve Russell
3 mins | Green Line
11 October 2023
Responsible Investment Report
We outline some of the difficulties of engaging when it comes to commodity investments and explain our efforts to find ways around them. This quarter's engagements in focus are with BAT, ArcelorMittal and Perseus Mining.
28 mins | Responsible investment
9 October 2023
Ruffer Radio: From the Chairman
October 2023: In this quarter’s episode of Ruffer Radio, Chairman Jonathan Ruffer shares his perspectives on the evolution of Ruffer’s all-weather investment approach since founding the firm in 1994. Jonathan reflects on the genesis of the firm, making mistakes, the character traits that shape his investment style, and the challenges and opportunities facing investors today. And crucially, how these are reflected in the Ruffer portfolio.
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Jonathan Ruffer, Rory McIvor
30mins | Ruffer Radio
OUR THINKING
contact

ruffer@ruffer.co.uk

Ruffer LinkedIn
London
80 Victoria Street
London SW1E 5JL
Directions | Map +44 (0)20 7963 8100
Edinburgh
31 Charlotte Square
Edinburgh EH2 4ET
Directions | Map +44 (0)131 202 1602
Paris
103 boulevard Haussmann
75008 Paris, France
Directions | Map +33 (0)1 88 45 02 54