Presentation by Ruffer
Minutes:
David Balance, Investment Director and Tom Saville, Senior Investment Associate attended the meeting to advise the Committee of their performance in quarter 2. Encouragingly, in a quarter where bond and equity markets had fallen, Ruffer had managed to produce a small positive return and outperform its cash benchmark by 0.3%. It had also outperformed the composite benchmark by 3.7%.
However, the Committee had been informed that by the end of the day on 21 September the Fund’s investment had fallen to £70m.
Ruffers remained optimistic that they would be able to recover this loss in the long term.
The Committee had noted the presentation.