The managers of the Ruffer Investment Trust have apologised for missing "easy gains" earlier this year but maintain they are correct to retain their cautious stance.
In its monthly investment report, managers Hamish Baillie, Steve Russell (pictured) and Duncan MacInnes said the portfolio was positioned to deal with temporary setbacks and volatility. The trio described their performance thourghout 2017 so far as "marching on the spot" after seeing strong performance in 2016. The £387m trust has returned 10.6% over one year to 10 July, according to FE, versus returns of 20.6% by the AIC Flexible sector and the 17.7% return from the FTSE All-Share. More recently, Ruffer has returned 0.4% over the last three months versus sector returns of 4.5% and Al...
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