Ruffer Investment Company | Research

In this latest Big Picture Interview, David Stevenson questions Jasmine Yeo, co-manager of the Ruffer Investment Company, on portfolio positioning, and her outlook for the macroeconomic environment. The pair discuss: Chinese equities, the path of interest rates, opportunities in fixed income, geopolitics, recession and liquidity crises, pockets of value in equity markets and what makes a 'hedged fund' over a hedge fund.

Jasmine Yeo, one of the core fund managers at Ruffer LLP, provides an update on the positioning of the portfolio, and the key drivers of recent performance. The Ruffer portfolio remains stocked with assets which may offer protection in the event of a recession. However, the team have also added to Chinese equities as more bad news is priced in, and the likelihood of government stimulus increases. These holdings may perform well in an environment where global growth ticks up, and the likelihood of recession recedes.

The Ruffer approach has remained unchanged since the firm's inception in 1994. Their all-weather, unconstrained investment strategy allows for the construction of a unique portfolio of assets which is designed to achieve their two investment objectives: Not to lose money in any twelve-month period, and to generate returns meaningfully ahead of the return on cash.