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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Ruffer's absolute return strategy lost 0.9% in June as Fed hawkishness lifted yields and an Iran deal reversed oil. The fund avoided AI momentum, adding luxury exposure for Asian wealth effects while trimming yen."
Ruffer Absolute Return Fund returned -0.9% in June 2026 as new Fed Chair Kevin Warsh's hawkish stance drove bond yields higher while a US-Iran agreement reversed oil prices, triggering market broadening beyond AI beneficiaries. The fund's increased US dollar exposure benefited from rising US rates, and tactical bond positions in five-year gilts and ten-year TIPS added value. Headwinds came from gold mining equities pressured by higher real yields and a stronger dollar, while software and China technology holdings suffered as AI victims. Energy equities declined with crude oil. The manager increased LVMH exposure to capture Asian wealth effects from AI export profits and reduced yen exposure given Fed hawkishness. The portfolio maintains a cautious stance on the AI capex cycle, warning that concentrated investment periods historically sow seeds of reversal. With 31% equity exposure, 2.4 years duration, and derivative protection strategies, the fund prioritizes resilience over chasing momentum, focusing on less crowded opportunities with attractive asymmetry while preparing for potential inflation volatility and market concentration risks.
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