Alex Grispos, investment director and manager of the Ruffer Equity & General fund, explains how he is positioning the vehicle during difficult market conditions.
What themes are you playing in your portfolio at the moment? Historically the Ruffer Equity & General (REG) fund has invested in areas of the market that were not popular at the time. For example, we bought US housebuilders and US financials in the second half of last year. Over time we have built a portfolio that currently comprises of a) global multinationals with stable cash flows such as Johnson & Johnson, Wal-Mart, Kraft, Merck; b) mispriced growth stocks such as Google; c) cheap cyclicals in Japan (Toyota), in the US (JP Morgan, Berkshire Hathaway), Europe (Munich Re, GBL); d) sp...
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