"You've got this heads I win, tails I don't lose too much payoff on bonds from this current point."
This week, Duncan MacInnes, co-manager of the A-Rated WS Ruffer Diversified Return fund, joins Square Mile's Alex Farlow to share his views on recession risk and how they are positioning the portfolio to take advantage of that. He continues by outlining their two biggest risk positions, and why they think the catalyst for the yen appreciation has only just begun.
Listen to the Behind the Screens on your favourite platform here, or listen below.
Don't have time to listen to the full episode, jump to your favourite part:
1:25 - What has happened this year in the portfolio, and why?
2:30 - How is the portfolio constructed in terms of building blocks?
4:15 - Let's talk about the yen.
7:00 - What about bonds?
9:40 - How are asset allocation decisions made?
11:45 - What area has the most diverse set of views?
14:45 - What does a typical day look like?
This was recorded on Wednesday 8th November 2023. This podcast is only aimed at professional advisers and regulated firms and should not be passed on to or relied upon by any other persons. It is not intended for retail investors, who should obtain professional or specialist advice before taking, or refraining from, any action on the basis of the podcast, remembering past performance is not an indication of future performance. It is published by, and remains the copyright of, Square Mile Investment Consulting and Research Ltd. Square Mile makes no warranties or representations regarding the accuracy or completeness of the information contained herein. This podcast represents the views and forecasts of SM at the date of issue and may be subject to change without reference or notification to you. Nothing in this podcast shall be deemed to constitute a regulated activity or an invitation or inducement to engage in investment activity and it is not a recommendation to buy or sell any funds or investments that are mentioned during this podcast.