The managers of the Ruffer Investment Company are becoming increasingly cautious as they cut the net portfolio duration to a "negligible" level in preparation for the first Fed hiking cycle since 2004.
In the latest monthly update, managers Hamish Baillie (pictured), Steve Russell and Duncan MacInnes said they had increased the interest rate protection on the portfolio by reducing its net duration. The manager trio are adopting a cautious stance as the Federal Reserve has indicated it could hike rates up to four times this year, while doubts remain about President Donald Trump's proposed fiscal stimulus. Ruffer names Vaughan as CEO They said: "We worry about an air pocket in which Trump's reform and fiscal easing remains stymied whilst markets have to start reacting to the ...
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