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Ruffer round up - Q3 2021

Episode 9

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Duncan_Macinnes
Duncan MacInnes
Investment Director
Rory McIvor
Senior Associate
 

In this edition of Ruffer Radio, Investment Director Duncan MacInnes explores the key themes in today’s market environment.

A brief round up of how recent events impacted markets and Ruffer portfolios, and what investors have learned as we move into the fourth quarter.

Inflation protection toolkit
The return of inflation poses a critical threat to balanced portfolios – severing the relationship between bonds and equites which has held steady for nearly half a century. And yet investors, so far, have stuck to what they know – trusting a portfolio built for the world which we are leaving. We look at how the risk of inflation might be mispriced, and why it may pay to be prudent.
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Ruffer performance to 30 Jun %
2017  6.5 | 2018  -0.4 | 2019  -2.0 | 2020  12.9 | 2021  15.2 

 

Sources:

Indices performance – Factset
Oil stock investment performance – Bloomberg, Ruffer calculations
Oil stock market cap compared to Apple – Bloomberg, Ruffer calculations
Evergrande information – Business Insider and Bloomberg
Barratt homes construction – company results (Thursday 2 September 2021)

Past performance is not a guide to future performance. The value of investments and the income derived therefrom can decrease as well as increase and you may not get back the full amount originally invested. Ruffer performance is shown after deduction of all fees and management charges, and on the basis of income being reinvested. The value of overseas investments will be influenced by the rate of exchange.

The views expressed in this podcast 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 article 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 document does not take account of any potential investor’s investment objectives, particular needs or financial situation. This document 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.

London
80 Victoria Street
London SW1E 5JL
Edinburgh
31 Charlotte Square
Edinburgh EH2 4ET
Paris
103 boulevard Haussmann
75008 Paris, France