David W. McClean

CTIM has extensive expertise in top-down asset allocation, fixed income, equity and alternatives investing, in a multi-currency environment. They are research driven and employ a judgmental and adaptive approach. In order to achieve investment goals, the firm begins by setting appropriate long-term strategic objectives. CTIM creates a benchmark appropriate to the client’s liabilities, return objectives and risk appetite. They then take tactical investment positions re?ecting top-down market views and bottom-up market opportunities. Finally, they ensure the portfolio is balanced – a collection of good ideas and opportunities, which, when aggregated, form a coherent set of investments.

Ruffer aims to deliver consistent positive returns – whatever happens in financial markets. The firm actively manages investments, mainly in conventional assets, and operates freely, without restrictive benchmarks. In all they do, they seek to be responsible investors, integrating environmental, social and corporate governance (ESG) issues into their investment process. Ruffer always holds investments in what they call growth and protection. They hold these alongside each other, changing the allocation to each over time. The growth assets are typically equities. The protective assets are usually a combination of conventional and index–linked bonds, currencies, derivatives and exposure to commodities.