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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"Ruffer navigated March's Iran crisis with energy gains offsetting broader equity losses. Oil allocation and volatility protections delivered while gold disappointed as a geopolitical hedge."
Ruffer's Total Return Fund navigated March's geopolitical crisis with mixed results, as the US-Israeli attack on Iran drove oil prices up 60% while most other assets fell. The fund's 5% crude oil allocation and energy equities, topped up in prior months, were major positive contributors. However, equity pain was significant as preferred markets like UK, Europe and Japan were hit by Persian Gulf supply concerns. Gold's 12% decline despite its geopolitical hedge reputation was notable. The fund's credit and volatility protections performed positively, among the few protective assets globally to do so. Portfolio activity included reducing Chinese equities that didn't price prolonged conflict and adding 15% to five-year gilts, capitalizing on inappropriately high yields from hedge fund positioning. The fund maintains defensive positioning against further market stress while keeping exposure to global capital expenditure themes. Bonds offer attractive each-way positioning whether geopolitical tensions ease or economic conditions deteriorate further.
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