Ruffer duo return to old tech as 'mini-bubble' engulfs sector

Ruffer managers Hamish Baillie and Steve Russell (pictured) have bought into ‘old tech' stocks, mirroring a trade executed by a number of technology funds in the last month.

The managers of the £313m Ruffer investment trust have bought into blue chip tech stocks Oracle, IBM and Qualcomm, with an overall weighting of 4%. "These businesses are at the opposite end of the spectrum to the upstarts of social media and internet start-ups," the duo said in their latest factsheet. "They have mature businesses which are cash generative, profitable, and derive a significant part of their profits from recurring (ie relatively stable) revenue streams. They remain reasonably valued and have not been caught up in the hype (and disappointment) of the recent tech mini-bu...