Ruffer slashes dollar exposure further despite roaring returns

The managers of the Ruffer investment company have cut their US dollar exposure further, even as the currency looks set for its best quarter in over 20 years.

Hamish Baillie and Steve Russell (pictured), warned last month that the dollar had become a "consensus trade" and have continued to cut exposure in recent weeks. Their £345m investment trust now has just 7% exposure to the currency, down from 13% at the end of January and 22% at the start of the year. Often used a safe haven investment in recent years, the US dollar index surged last year and has already risen some 10% so far in 2015, as central banks' monetary policies diverge against the backdrop of the ongoing US economic recovery. The managers said the move was a "partly a prof...