Ruffer trio bemoan 'disappointing' year but prepare to be 'greedy when others are fearful'

Equity exposure caused 'damage'

The managers of the Ruffer investment trust called 2018 a 'disappointing and frustrating' year in terms of returns, but are confident the protective investments they have in place will serve them well in 2019.

In a monthly investor report for December, managers Hamish Baillie, Steve Russell and Duncan MacInnes revealed they had cut their equity allocation in 2018 to its lowest level since 2008, to sit at just 34%. This was down from 42% and was comprised of 10.5% in UK, 10.4% in Japan, 9.3% in North America, 2.9% in Europe and 1.5% in Asia ex Japan.  Ruffer: Asset managers are about to learn some lessons However, the managers said, this failed to prevent the trust from sustaining "damage" - the NAV total return of the vehicle stands at -6% for the year, according to the report. "We ha...