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Recommended | All Articles
Market views
The DC correlation conundrum
DC pension schemes are beginning to allocate more to illiquid assets – looking beyond conventional asset classes to achieve real capital growth over the long-term. Here we look at how DC schemes should best complement illiquid assets with an uncorrelated, liquid, and diversified strategy.
5 mins |
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Market views
The case for cash
Holding cash is not usually considered a courageous move by active investors. But here, Duncan MacInnes suggests that at times, a high cash allocation is in fact an act of bravery. And now, more than ever, breaking convention may be crucial for investors.
10 mins |
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Market views
Cash is trash, or is it?
In the October edition of Duncan MacInnes' Citywire column, he explains why Ruffer is sitting on the highest cash weighting in its history.
8 mins |
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Market views
Lessons for DC schemes from the LDI crisis
DC schemes and their investors can take some crucial lessons from recent whipsaws in the UK government bond market.
5 mins |
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Market views
LGPS: liquidity lessons from the LDI crisis
The long-term hunt for yield has driven LGPS funds to adopt a liquidity barbell, with listed equities and bonds at one end of the spectrum and illiquid alternatives at the other. But these assets’ performance can be worryingly correlated at times of market stress.
10 mins | Ben Crawfurd-Porter
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Market views
Case of the misplaced money
Portfolios are prepared for a potential liquidation event in asset markets, “a waterfall of the things that can be sold, as distinct from the ones that can’t.” This article from Grant’s Interest Rate Observer, speaking to Ruffer’s Chief Investment Officer Henry Maxey, explores these changing liquidity dynamics.
8 mins | Henry Maxey
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Market views
The Barber Boom
The story of an economic gear shift which sent post-war Britain careering around country lanes, before skidding on an oil slick and being sent ditchward. There it was left, engine smoking, entangled in the brambles of inflation. It wasn’t until 1980 that road-side recovery eventually arrived in the shape of Paul Volcker and his inflation curbing toolkit.
8 mins | Rory McIvor
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Market views
The return of something to lose for pension asset allocators
Investor behaviour is both instinctive and learned. Low interest rates have taught investors to allocate to ever-riskier assets in the pursuit of returns. The cost of doing so, in the form of low or negative ’risk-free’ rates, was minimal. But with rising interest rates, the risk-free rate now carries value.
3 mins |
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Market views
Inflation: bad for portfolios, good for society?
As inflation has soared to its highest level for 40 years, financial markets have taken fright, with most bond and equity markets down significantly so far in 2022. In fact, the US is now officially in a bear market, and inflation pressures show few signs of fading – quite the contrary.
3 mins | Ian Rees
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Market views
What if?
Our approach to building portfolios favours being roughly right, as opposed to precisely wrong, designed to preserve capital across a range of economic and market outcomes. But naturally, we consider some outcomes more likely than others. At this critical juncture in markets, Duncan MacInnes offers an exercise in imagination – what if we are wrong?
4 mins |
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