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Ruffer provides investment management services for institutions, pension funds, charities, financial planners and individual investors.
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Ruffer LLP
80 Victoria Street
London SW1E 5JL
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Ruffer S.A.
103 boulevard Haussmann
75008 Paris, France
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Ruffer LLC
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New York NY 10022
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Ruffer LLP
31 Charlotte Square
Edinburgh EH2 4ET

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Episode 18

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Steve Russell
Fund Manager
Rory McIvor
Director – Markets & Communications

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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Anyone for tennis?
July 2023: 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.
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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?
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Ruffer performance to 30 Jun %
2019 -2.0 | 2020 12.9 | 2021 15.2 | 2022 2.1 | 2023 -3.8

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 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 podcast 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 podcast does not take account of any potential investor’s investment objectives, particular needs or financial situation. This podcast 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. 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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Out of sight, out of mind
April 2024: Markets today are very different to the pre-2008 era. But has systemic risk been removed or relocated?
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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