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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Jonathan Davis This week, because of disruption to my daily routine, I have reverted to writing these notes as a single item. I hope you will have noticed the first of the regular forums in which a panel of investment trust experts give their thoughts on topical issues. Part 2 of the recent market review will be uploaded to the site shortly.
More on the market cycle These comments from the latest monthly factsheet of the Ruffer Absolute Return fund catch my eye and raise some important questions. Conventional portfolios have become by design, and by default (via benchmarking) wired to the as...
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It has been another remarkable week for the investment trust sector, with Scottish Mortgage and the technology and Chinese investment trusts falling sharply again, reversing some of their previous exceptional gains and continuing the pattern of rotation into value and cyclical stocks (which are not always the same thing).
Jonathan Davis Harry's game How long will the marked rotation into cyclical value stocks we have seen since October endure? Harry Nimmo, the long serving manager of the Standard Life Smaller Companies investment trust, whom I spoke to this week, tells me that on past experie...
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There are a lot of valuable things to read this week - it goes like that sometimes. Other weeks nothing much of interest seems to pass my inbox. The week itself has been dominated by the inauguration of Joe Biden as President of the United States, which fortunately went off peacefully. The markets are expecting a big stimulus package to back up the already exceptional amounts of monetary stimulus and help reignite economic growth after the vaccines start to kick in and bring an end to the current wave of stringent lockdowns we are seeing across many countries, although there seems to be a clea...
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Jonathan Davis These are the latest extracts from my weekly diary, highlighting interesting research and other odds and ends that I have read, heard or noted. Some will relate to specific stocks, others to more general market phenomena. In addition I will keep you updated on future developments and additions to the circle content.
Housekeeping update As before, if you are reading this it should mean that you have successfully logged into the Money Makers website and can see the latest content. From this weekend, the plan is for a list of premium content published in the week just gone to be ...
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