Ruffer calls time on European and Japanese funds

investmentweek.co.uk:

It is understood the funds have been liquidated to provide Ruffer with greater flexibility in its wider multi-asset range.

The £293m LF Ruffer Japanese fund and £201m LF Ruffer European fund were part of the firm's specialist range and mainly used as sub-funds for the firm's core multi-asset portfolios, as well as stand-alone vehicles on platforms.

It is understood the funds have been liquidated to provide the firm with greater flexibility in its wider multi-asset range, enabling a more direct equity approach and allowing more nimble asset allocation decisions. Ruffer declined to comment. 

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In the European fund's latest monthly report in June, chief operating officer Simon Mountain thanked investors for their trust over the last 21 years. 

The fund, which launched in June 2002, began making initial distributions of cash to investors in July after gradually reducing its exposure to equities to increase liquidity in the second quarter of 2023.

Claire Titmarsh, co-manager of the European strategy, left the firm in July, while Mountain, who served as research director until April this year, has relinquished his portfolio management responsibilities. 

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In the last monthly report, the managers of the Japanese fund «wholeheartedly» thanked the investors in the strategy for their «unwavering support» throughout the fund's existence from May 2009 to July 2023 and wished them well for the future. 

The Japanese strategy, which was fully liquidated at the end of June, was managed by Kentaro Nishida, Tristan Matthews and Theo Wyld.

Matthews left Ruffer in June, according to