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November 14, 2022

Has the sell-off in long-dated bonds presented an opportunity to add risk to portfolios, asks Ruffer’s Jasmine Yeo?

Market sell-offs can provide the chance to buy quality assets at attractive valuations. Of course, if you can preserve capital as prices fall, then you’ll be better placed to take advantage of any opportunities that arise.

But buying equities isn’t the only way to dial up risk in portfolios today.

We see the recent falls at the long end of the US bond market as an opportunity worth grabbing.

Impact investing: How a fund of funds approach can help address challenges in private markets

October 26, 2022

Minimising the negative societal consequences of an investment is no longer just a ‘Nice to have’. Investors today are increasingly prioritising positive and measurable environmental, governance or social outcomes alongside financial gains, says Russell Investments’ Samantha Steele.

Private equity markets have seen a surge of interest in impact investing in recent years. In a recent survey by Pitchbook, 65% of respondents managing external money said that they had offered impact strategies to their clients, up from 57% in 2021. However, challenges around transparency, reporting and access to opportunities are common. Here’s how a fund of funds approach can help.

Could rising interest rates trigger a stampede out of risky assets?

October 17, 2022

It may be time for a bit of grin and bear it before we can once again look for reasons to be cheerful, says Steve Russell, investment director at Ruffer LLP.

Warning: the following contains explicit language of a bearish nature. Readers of a more nervous disposition may want to look away now…

Even after three consecutive quarters of losses in both equities and bonds, investors may not be out of the woods. So far, it has been a painful, but orderly repricing of risky assets. Now, we fear something worse - a liquidation.

Jonathan Ruffer’s Investment Review

October 4, 2022

In a world where people find themselves without the ability to pay commitments as they arise, forced selling drives prices, says Ruffer LLP chairman Jonathan Ruffer.

Jonathan Ruffer’s investment review

July 19, 2022

Inflation oscillates: it’s an idea when it’s not about, and a defining feature when it is, says Ruffer LLP chairman Jonathan Ruffer.

Inflation oscillates: it’s an idea when it’s not about, and a defining feature when it is. The only other word which comes to mind with similar status is ‘war’. Irrelevant or inexorable – the human mind finds it hard to make a judgement between the two extremes.

Do conventional bonds still deserve a place in portfolios?

April 21, 2022

Inflation-linked bonds are a key defence in a world of deepening negative real yields, says Jasmine Yeo, investment manager at Ruffer LLP.

What was the real return on the US ten-year bond over the past two years? Flat? Down a little?

Wrong – down a lot. The bedrock of the balanced portfolio has delivered a real return of -20% over the past two years [1].

That’s the worst inflation-adjusted performance since 1981 [2].

Traditional balanced portfolios rely on equities and bonds fulfilling their roles – equities for good times, bonds to cushion the bad. But after a torrid three months for markets, investors are being forced to tear up the rulebook.

Jonathan Ruffer’s investment review

April 7, 2022

Events in Ukraine are to be seen, first, through the lens of humanity. Through the lens of finance, Russia’s invasion is having the same effect as Covid-19: it is accelerating trends which are already in place. And those trends are inflationary says Ruffer LLP chairman Jonathan Ruffer.

How to give equal opportunities to employees in family businesses?

November 30, 2021

The nature of the family business human capital is complex. Family and non-family employees have the potential to offer unique and distinct contributions to the firm. Yet some human resources practices might be perceived as a preferential treatment to family employees over non-family ones.

This could be detrimental to the reputation of family business, being perceived as socially irresponsible, and potentially limiting their ability to attract qualified nonfamily employees, which could ultimately affect the company’s long-term performance.

Get the basics right in family business employment law

November 3, 2021

Family businesses often grow in an unstructured way, leading to a culture of informality. As a result, basic employment law documents can get overlooked and family members are not issued with employment contracts or subject to formal policies. This can leave the business exposed when issues arise as neither the business nor the family member have a ‘rule book’ to follow.

Emerging stronger as a successor: Successor value to the family enterprise

August 9, 2021

Do you know what your value to the family company as a successor is? If you are considering joining, do you know under what conditions your value might be at its maximum? Are these questions important?