Questor: ready for both fear and greed – why this ‘wealth preservation’ trust is a hold
In short, any investor with a phobia about volatility will sleep far more easily with this fund than with any more broadly aligned with the stock market.
This is because the portfolio includes a wide range of asset types, of which stocks are only one (they currently account for about 40pc of the total).
There is also heavy exposure to index-linked government bonds, largely British and American (about 30pc; along with cash (about 10pc); gold, including gold-related shares (7.5pc); “illiquid strategies and options” (8pc); and some non-index-linked bonds.
It is worth understanding the rationale behind this spread of assets and for an explanation it is hard to beat Ruffer’s own words in its fact sheet of November last year.
The managers, Hamish Baillie and Duncan MacInnes, said they had ...