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In the second half of March, Ruffer chose to take a gamble with its strategy as the extent of the pandemic made itself known. Its £434 million trust is traditionally defensive, but extreme times call for extreme measures, and Ruffer pivoted on its position to capture the upside of the market.
The move paid off, and the firm had one of the best months ever. Net asset value rose by 5.8 per cent in April, while the company’s share price jumped by 10 per cent – double the increase seen in the FTSE All Share.
One of the key figures at the firm is Bertie Dannatt, who became investment director in 2015. He joined Ruffer as a graduate trainee in 2008, after five years in the Army. Hopefully his father, General Sir Richard Dannatt, former head of the Army, approves of his new career.