All-weather investing

Seeking consistent positive returns.

Come rain or shine.

Ruffer provides investment management services for institutions, pension funds, charities, financial planners and individual investors.
All-weather investing
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London
80 Victoria Street
London SW1E 5JL
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31 Charlotte Square
Edinburgh EH2 4ET
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103 boulevard Haussmann
75008 Paris, France

Inflation

Showing articles with the 'inflation' tag filter.
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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?
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Ruffer Radio: From the Chairman
July 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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Investment Review
October 2023: With our cautious positioning proving costly so far this year, Jonathan Ruffer considers why some offsetting assets have not performed as expected. He also explains why we remain confident that our portfolio is well positioned for the current tricky market environment.
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A starter for yen
September 2023: The Bank of Japan has been marching to a different beat to other central banks. While the Federal Reserve, ECB and Bank of England hurried to ramp up rates in a battle against inflation, a deflationary mist lingered over Japan. Until now…
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Inflation volatility demands investors think differently
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? Investment Manager Fiona Ker discusses inflation volatility with the Portfolio Construction Forum.
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Ruffer Radio: Early and ready
July 2023: Investment Director Steve Russell reviews the downtrend in performance this year in the context of a global equity market rally. Steve explains why we retain high conviction in a strongly defensive position in portfolios despite investor sentiment having turned more positive. He also discusses the assets we expect to generate returns in worsening financial conditions.
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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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A few bad apples?
May 2023: Markets have breathed a sigh of relief as turmoil in the US banking sector appears to have been contained. But a string of bank failures may merely be a symptom of wider, more troubling dynamics at hand in financial markets. Economist Jamie Dannhauser discusses the fragility of the current investment landscape and explains why our conviction of an impending liquidation event in markets is growing stronger.
The Hemingway recession
In every market cycle comes a moment when investors, en masse, face a shocking revelation – when the improbable becomes unwelcome reality. Our fear is that we are fast approaching such a moment. Here, Economist Jamie Dannhauser discusses the fragility of today’s financial system, the likelihood of recession and the inability of central banks to remedy the inflation problem without significant cost for investors.
Whatever it breaks
Central bankers once again face their old foe – inflation. Investors expect inflation to drop sharply in 2023 and the monetary cavalry to arrive by the second half of the year. But might those hopes be misguided?
London
80 Victoria Street
London SW1E 5JL
Edinburgh
31 Charlotte Square
Edinburgh EH2 4ET
Paris
103 boulevard Haussmann
75008 Paris, France