UPDATE (Oct 2026): CGT produced a rare negative return of -3% in its NAV for the year to March 2022, followed by gains of 1%, 3%, 4%, and 6% over the years ended March 2023 to March 2026. It has continued its defensive stance with a low weighting towards risk assets relative to its history. A 10-for-1 share split took place in July 2026, while in October 2026, Emma Moriarty was promoted to co-manager, allowing Alistair Laing to focus on his duties as CEO of CG Asset Management. The shares have traded at a discount since early 2023, so the trust has bought back around 40% of its shares since th...
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Ruffer Investment Company (RICA) was launched in 2004, and it is one of a handful of wealth-preservation trusts that sit within the AIC's Flexible sector. It follows the Ruffer investment approach of aiming to "generate consistent positive returns, however financial markets are performing." To date, RICA has largely succeeded in doing that, with just a handful of negative financial years, all of which resulted in losses of less than 3%. The Ruffer strategy has also stayed ahead of its two comparators over the last three decades, being the FTSE All-Share and twice the UK bank rate. RICA tends t...
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UPDATE: A revised version of this profile was published in February 2025.
Personal Assets Trust is designed with private investors in mind and famously says its "primary objective is to protect and increase (in that order) the value of shareholders’ funds per share over the long term". It became self-managed in 1990 and was run by Ian Rushbrook from that time until his death in 2008. Sebastian Lyon of Troy Asset Management has been the manager since 2009, employing a similar style to Rushbrook with a large proportion of assets in inflation-linked bonds, similar to the approach taken by the tw...
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Update: A revised version of this profile was published in September 2026.
Ruffer Investment Company (ticker: RICA) is the only investment trust run by Ruffer LLP and it follows the firm's core strategy, looking to deliver positive returns over any given 12-month period. While the investment trust was launched in 2004, the strategy dates back to the mid-90s. Ruffer LLP manages £26bn assets, mostly for institutional investors, with the investment trust accounting for around £1bn. Like Capital Gearing and Personal Assets, which have a similar wealth-preservation focus, Ruffer has been warning ...
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I am experimenting with a series of shorter videos covering specific asset classes and investment trust sectors. The notes this week include the first of these, together with a short summary of my current thinking about the market cycle.
Market overview Once again I have reason to be grateful for technical analysis, which has kept me from making too grievous a mistake in thinking about the equity and bond markets so far this year. The essential message from the charts has been; don't rush to judgment and in particular don't buy too readily the argument that both equity and bond prices are...
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Nobody is more disappointed than me that Simon Elliott is leaving Winterflood Securities to take up a senior management role at J.P.Morgan Asset Management. As a result he will no longer be able to continue co-hosting the weekly Money Makers investment trust podcast. He has been a brilliant partner in this venture over the last two and a quarter years, as all the compliments that have come in since the news came out testify. He will be a tough act to follow.
Onwards and upwards? Simon bought a unique set of knowledge and skills to the podcast. As a result it seems sensible to experiment a lit...
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The latest Q and A for premium subscribers is with Hamish Baillie, the manager of the Ruffer Investment Company, a £600m multi-asset investment trust with an absolute return mandate which sits in the Flexible Investment sector. The objective of the trust is to deliver a return that is at least twice the return on cash while aiming never to lose money for investors on any 12-month period. The trust published its interim results this week and was highlighted in the recent review of our newly created defensive investment trust portfolio.
Hamish Baillie Here is a reminder of the background to thi...
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This week's profile features Round Hill Music Royalty (ticker: RHM), one of the two music royalty funds that have joined the London market since 2018. The Q and A is with Hamish Baillie, the manager of the Ruffer Investment Company (ticker: RICA). I will follow up these general notes on the impact of the Russian invasion of Ukraine with a market video.
Ukraine and beyond This has been the week in which the world woke up to the full horror of the Russian invasion of Ukraine and the gravity of the humanitarian and the heightened geopolitical threat which Putin's Russia now poses. The sight of...
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Jonathan Davis Stuart Watson's fund profile this weekend looks in depth at the European Opportunities investment trust, managed by Alex Darwall, a high profile manager who left Jupiter Asset Management, where he managed the trust previously, to form his own independent investment company in 2019. When a well publicised accounting scandal at the German company Wirecard knocked holes in the value of his largest holding last year, the trust got off to a sticky start - but is it now on the way back? The Q and A this week is with Helen Steers, lead manager of the Pantheon International private equi...
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For premium subscribers we do regular interviews with fund managers and analysts about current market conditions and funds and markets (occasionally shares) that we invest in. The latest one is with Hamish Baillie, the manager of the Ruffer Investment Company, a £600m multi-asset investment trust with an absolute return mandate which sits in the Flexible Investment sector. The objective of the trust is to deliver a return that is at least twice the return on cash while aiming never to lose money for investors on any 12-month period.
Hamish Baillie Why take an interest in this trust? Jonathan...
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