Wealth Manager - the site for professional investment managers

Register to get unlimited access to Citywire’s fund manager database. Registration is free and only takes a minute.

Jonathan Ruffer: in a boggy world, Japan is a rare land mass

Jonathan Ruffer: in a boggy world, Japan is a rare land mass

Jonathan Ruffer has told investors in his Ruffer Investment Company the fortunes of the fund over the next year will come down to a binary play on Japan.

The £178.1 million trust has become one of the most closely followed in the UK as Ruffer and co-manager Steve Russell have made a series of prescient allocation calls.

The fund finished 2008 15.4% ahead of its nearest competitor as it positioned itself at the head of currency and bond cycles, following through with cyclical equity in 2009.

The trust has consistently traded at a sizeable premium over the past two years. Shares are currently changing hands 6.7% over net asset value.

‘In an investment world which is distinctly boggy, the opportunity in Japan remains a rare land mass which will determine, in my view, whether or not the investment company has a third good year,’ said Ruffer.

‘22% of the portfolio is represented by Japanese equities. More startlingly, perhaps, over 40% of our equity exposure is now held there. The moral is that we had better be right.’

He remains somewhat sceptical of the attention lavished on him by the media, however.

‘We wrote at the end of last month that we had been purchasing high-beta Japanese financial stocks quite hard that month; such was the shortage of news that the magazine The Week featured this fact as from the voice of an expert. I wouldn’t really put it quite like that.’

Ruffer possibly protests too much. Over the last three years the trust has returned 63.3% versus his nearest competitor, Murray International, on 31.8%.              

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Brewin's Gutteridge: Yuan direction

Brewin's Gutteridge: Yuan direction

This week Brewin Dolphin's research head chats to Fidelity Asian Investment Directors Jenny Lee and Gary Monaghan about the big changes in China.

Play On the Road Challenge: horsing around on the polo pitch

On the Road Challenge: horsing around on the polo pitch

Libby Ashby takes to the polo pitch with Stuart Leigh-Davies from Redmayne-Bentley for an 'On the Road' challenge.

Brewin's Gutteridge: where Miton's Godber sees value

Brewin's Gutteridge: where Miton's Godber sees value

This week Brewin Dolphin's research head talks to George Godber, co-lead fund manager of the Miton UK Value Opportunities fund, about value investing.

Your Business: Cover Star Club

Profile: TAM Asset Management’s CEO prepares for a quantum leap

Profile: TAM Asset Management’s CEO prepares for a quantum leap

TAM Asset Management may be relatively small but Lester Petch has big ambitions and believes it is on the verge of a 'quantum leap’

Wealth Manager on Twitter