Join us for the latest episode of Behind The Screens, hosted by Ittan Ali, research manager and lead analyst on alternatives for Square Mile, who is talking with Ian Rees, fund manager of the WS Ruffer Diversified Return Fund.

They discuss the fund strategy’s approach to navigating market uncertainty while aiming to preserve capital and deliver consistent returns. Ian outlines the team’s long-term market view, how it shapes portfolio construction, and the process behind identifying opportunities as conditions evolve. The conversation also reflects on the fund’s performance through 2024 and into 2025, highlighting key contributors, detractors, and how the strategy stayed aligned with its core principles despite shifting market dynamics.

Don't have time to listen to the full episode, jump to your favourite part:

• 02:47 Ian, can you introduce yourself, and your role and responsibilities as Fund Manager for the Diversified Return strategy, and briefly comment on the wider team around you and how they interact?
• 04:08 Ruffer has held a long-established view of markets based on the team's internal work. Can you please summarise that view as it stands today, and how it reflects the investment process and ultimately how the portfolio is constructed?
• 07:26 What do you look for when identifying opportunities, and can you offer some examples of how you have constructed the portfolio to adapt to changing market conditions over time?
• 10:35 Can you explain the rationale behind the derivative exposure, and the types of derivative exposure that are held and how are they managed?
• 14:16 As the year progressed in 2024, can you explain what drove fund performance, and how the principles of the strategy were maintained compared to how markets behaved?
• 17:57 Can you describe the key factors that have contributed to performance in 2025, with key winners and losers?

This podcast was recorded in August 2025. This podcast is issued by Square Mile Investment Consulting and Research Limited which is registered in England and Wales (08791142) and is a wholly owned subsidiary of Titan Wealth Holdings Limited (Registered Address: 101 Wigmore Street, London, W1U 1QU).

This podcast is for the use of professional advisers and other regulated firms only and should not be relied upon by any other persons. It is published by, and remains the copyright of, Square Mile Investment Consulting and Research Ltd (“SM”). SM makes no warranties or representations regarding the accuracy or completeness of the information contained herein. This information represents the views and forecasts of SM at the date of issue but may be subject to change without reference or notification to you. SM does not offer investment advice or make recommendations regarding investments and nothing in this podcast shall be deemed to constitute financial or investment advice in any way and shall not constitute a regulated activity for the purposes of the Financial Services and Markets Act 2000. This podcast shall not constitute or be deemed to constitute an invitation or inducement to any person to engage in investment activity. Should you undertake any investment activity based on information contained herein, you do so entirely at your own risk and SM shall have no liability whatsoever for any loss, damage, costs or expenses incurred or suffered by you as a result. SM does not accept any responsibility for errors, inaccuracies, omissions, or any inconsistencies herein. Past performance is not a guide to future returns.

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