Portfolio Adviser fund AwArds 2008 CAtegory winner
Fund Awards 2008
WINNER
CF Ruffer European Fund
“
Ruffer’s maxim is
‘Clients like making
money, but they hate
losing it more than
they like making it’.
Delivering on this sets
the fund apart
”
Rob Burdett, PA Fund Awards judge
Multi-asset funds
As at the end of September,
the CF Ruffer European Fund’s
manager Timothy Youngman
held 41% of the portfolio
in cash, a reduction on its
Q2 allocation, with 39.1% in
equities (35.3% long and
3.8% short), a step up from
its August holding of just
under 33%.
This is a further increase
on its position at the end of
July, when he held 31.1% in
long and 1.7% short equity
positions.
He talks about “having more
or less survived the last 18
months of warfare in financial
markets” and is now starting
Annual discrete performance
% 15
30
25
20
10
5
0
CF Ruffer European
Asset Allocation Europe Dynamic
*Consists of only 2 funds. Source: Morningstar
Quartile performance: 1 Jul ’05 – 1 Jul ’08
1st q’tile
2nd q’tile
3rd q’tile
4th q’tile
Q3
’05
Q4
’05
Source: Morningstar
Q1
’06
Q2
’06
Q3
’06
20 Portfolio ADViSEr SuPPlEmEnt [www.portfolio-adviser.com] DEcEmbEr 2008
Cf ruffer european vs index
% 45
90
75
60
30
15
0
Jul ’05 Jan ’06 Jul
*Only 2 funds. Source: Morningstar
fund facts
to get more active in his asset
and stock selection, although
Q4
’06
Year ending Jun ’06
Year ending Jun ’07
Year ending Jun ’08
Fund name: CF Ruffer European Manager: Timothy Youngman
Launch date: 29 May ’02 Fund size: £102.34m Initial charge: 5%
Annual charge: 1.5% Min initial investment: £1,000 M’star rating: HHHHH
Q1
’07
Q2
’07
Q3
’07
Q4
’07
Q1
’08
Q2
’08
CF Ruffer European
Asset Allocation Europe Dynamic*
Jan ’07
Jul
he is still largely defensive.
As a multi-asset fund, he
also holds 19.7% in sovereign
debt, up from 9.9% in August
when he had close to 60%
in cash.
In September, Youngman
made an 18% weighting to
UK Treasury, specifically the
March 09 issue; he locked
in short-term profits in his
Switzerland 2.75% 2012
bond holding as well as 13.3%
in German bunds.
The balance of the fund
is 3.8% in the MCXP mid-
cap option, taken out to
hedge approximately 75% of
the fund’s equity exposure
as of July.
The equity holding is also
chiefly in German (8%) and
Swiss (11%) companies, with
only 6% in the UK.
Youngman still holds 21%
in cash, as at the end of
October 2008, with 5% in
gold bullion.
Jan ’08
Jul
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