Professional Adviser Working Lunch
with Ruffer

Your portfolio is about to get punched - and why 'low risk' might be most vulnerable

Ruffer presented recently about the return of inflation. A month on, let’s look back at the first quarter of 2021, a quarter in which some of the dynamics that Ruffer expect to define the next market regime were visible: falling bond prices, falling tech stocks, volatile markets. The balanced portfolio is starting to look quite unbalanced - how did your portfolios fare in this first test?

Matt Smith, Investment Director at Ruffer LLP, will review the lessons from Q1 and assess the future for bonds. He will also evaluate so-called inflation protections such as growth equities, corporate credit, infrastructure, real estate, and precious metals, and explain why they are really just bonds in disguise, and likely to be false friends in a balanced portfolio.


Matt Smith, Investment Director

Matt joined Ruffer in 2011 after graduating from Edinburgh University with a first class honours degree in history and German. He spent 2015 seconded to Ruffer’s Hong Kong office as an equity analyst, and is a fellow of the Chartered Institute for Securities & Investment, having achieved a distinction in the Financial Derivatives paper. He primarily manages portfolios for pension schemes and institutions and co-manages the LF Ruffer Total Return Fund.