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Ruffer provides investment management services for institutions, pension funds, charities, financial planners and individual investors.
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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

Anyone for tennis?

 
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Rory McIvor
Director – Markets & Communications

Tennis champions share a lot of the same traits: resilience, determination, faith in their technique and style. And successful investing requires some of these traits too.

In this month’s Green Line, we look at what we can learn from the tennis court, especially when it comes to investing at critical points of the market cycle.
Is discretion the better part of valour?
June 2023: Whilst it’s been a tough start to the year for cautious investors, equity valuations – particularly in the US – suggest the rally could run out of steam, and cash now offers a tempting alternative. Moreover, with inflation stubbornly high, central bankers will be reluctant to intervene if markets encounter turbulence. Against this backdrop, we think caution is still justified.
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Ruffer performance to 31 Mar %
2019 -1.6 | 2020 5.6 | 2021 23.3 | 2022 5.6 | 2023 -0.5

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.

The views expressed in this video 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 video 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. References to specific securities are included for the purposes of illustration only and should not be construed as a recommendation to buy or sell these securities. This video does not take account of any potential investor’s investment objectives, particular needs or financial situation. This video 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. This financial promotion is issued by Ruffer LLP which is authorised and regulated by the Financial Conduct Authority in the UK and is registered as an investment adviser with the US Securities and Exchange Commission (SEC). Registration with the SEC does not imply a certain level of skill or training. © Ruffer LLP 2023. Registered in England with partnership No OC305288. 80 Victoria Street, London SW1E 5JL. For US institutional investors: securities offered through Ruffer LLC, Member FINRA. Read the full disclaimer.

Minds over matter
Whilst technology has transformed stock markets over the centuries, they are underpinned by human traits like fear and greed, which remain unaltered. But one key recent change has been to markets’ purpose, and this risks severe instability.
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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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Material world
May 2024: Compared to equities, commodities are trading as cheaply as they have done for the past 50 years. But if history is any guide, exposure to real assets may be exactly what investors need to defend against higher and more volatile inflation.
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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