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Of the many storylines to unfold in 2022, only one really mattered to investors – rising interest rates and falling asset prices. The chief protagonist in this tale – the Federal Reserve - conducted one of the fastest and steepest rate hiking cycles in financial history. But how much further do they need to go?
Fiona Ker discusses the unenviable choices facing central bankers and explains why monetary policy will continue to dominate the narrative in the next chapter in markets.
Ruffer performance to 31 Dec %
2018 -5.8 | 2019 7.0 | 2020 16.7 | 2021 8.2 | 2022 5.7
Sources: Factset, Bloomberg
All mentions of Ruffer performance refer to Ruffer’s representative portfolio, which shows the performance of an unconstrained, segregated portfolio of £1 million set up in 1995, and follows Ruffer’s investment approach.
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.
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