Ruffer

Reduced equity exposure to lowest since crisis

Fearful of valuation divergence

Fed expected to hike next month

Further volatility expected

Managers fear further market falls

The £332.1m Ruffer investment company has announced a tap issue of 100,000 redeemable participating preference shares of £0.01 each, at a price of 216p per share.

Canaccord Genuity has recommended a number of closed-ended vehicles which investors should reconsider, including a handful still sitting on a premium.

Managers of the Ruffer Investment Company have raised exposure to sterling on the portfolio to its highest position ‘for many years'.

The managers of the Ruffer investment company have warned that markets and banks are unprepared for a future crisis, while investors are facing higher risks than ever before as liquidity dries up.

Jane Tufnell, the co-founder of Ruffer Investment Management, has been appointed to the board of specialist fund manager GVQ Investment Management.