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‘Genuine heretics’: how ‘safety first’ pays off for Ruffer

All fund managers like to talk about protecting capital. At Ruffer Investment Management, it is a more embedded philosophy than most. The firm was founded by Jonathan Ruffer on the principle that “investors like making money, but they hate losing money more.” Ruffer is built to preserve capital for the long-term:  centred on “absolute-return investing with a…

James Dunn | 6th May 2022 | More
Why slow and steady still wins the race

In a world of concept stocks and near-meaningless valuation metrics, the trick to beating the market might well be ignoring it. “Hedge funds aren’t supposed to be a high-risk proposition,” says Omkar Joshi, principal and portfolio manager of Opal Capital Management. “They do get cast in a bad light, and that’s because there’s been lots…

Lachlan Maddock | 20th Jan 2022 | More
  • Northern Trust’s blueprint for growth in 2022

    Northern Trust Asset Management (NTAM) has grown local AUM more than 500 per cent since it opened its doors in Australia. And a “year of transitions” could create the opportunity for even more. When Bert Rebelo was working for NTAM in Hong Kong in the mid-2010s, he began to think about the opportunity Down Under….

    Staff Writer | 16th Dec 2021 | More
    ‘Profitability collapses almost instantaneously’: beware ‘The Second Wave’

    A time of great change is upon global markets – and the ‘winners’ that everybody is backing might not be the winners at all. It’s essentially an orthodox view among fund managers that the incumbents in any industry will “win” the transition to green energy. After all, they already have the infrastructure in place, stable…

    Lachlan Maddock | 18th Nov 2021 | More
  • How Elmslie and Langley built RARE (and an asset class)

    When Richard Elmslie and Nick Langley started RARE, listed infrastructure “didn’t exist”. They hit the ground running – but that doesn’t mean there weren’t speedbumps. “We started with no revenue and no people – it was an idea,” says Richard Elmslie, managing director and co-founder of RARE Infrastructure (now ClearBridge Investments, following its integration with…

    Lachlan Maddock | 12th Nov 2021 | More
    Why big super is doing infrastructure wrong

    The money that industry super funds are spending on buying renewables would be better spent building them, according to Quinbrook. But there’s plenty of challengers for that view. The fresh interest in renewable infrastructure from industry funds has come with plenty of caveats. One of the major problems is finding investment opportunities at scale, while…

    Lachlan Maddock | 28th Oct 2021 | More
    Ex-Pengana crew go ‘all in’ at Pella

    Pengana’s star international equities team have built their new home from the ground up, drawing on a history of weathering global crises to prepare for the climate upheaval sweeping markets. Six months before the collapse of Lehman Brothers sent markets into a death spiral, Jordan Cvetanovski sold the banks. Cvetanovski (pictured) was working at French…

    Lachlan Maddock | 20th Oct 2021 | More
    Henaghan returns to the coal face – without coal

    Sean Henaghan’s new role at Aurora Capital sees the former AMP CIO turn his gaze to climate change – and the question of what retail investors really want from their money. For Sean Henaghan, a “return to the coalface” of investing has come with its share of challenges. “You’re doing everything. It’s quite amazing what…

    Lachlan Maddock | 8th Oct 2021 | More
    Lai’s new boutique ready for the Year of the Ox

    Going it alone is never easy. But it seems that for Dr Joseph Lai, the hardest part of starting his own boutique was picking a name. One candidate was ‘Iora’ – a colourful songbird found across many of the emerging markets that Lai has spent his career investing in. But Lai and his colleagues ultimately…

    Lachlan Maddock | 27th Aug 2021 | More
  • ESG in a worst-case world

    The sixth report of the Intergovernmental Panel on Climate Change (IPCC) has lit a fire under fund managers – literally. The problem is figuring out what they can do about it. “In order to get to any kind of stable climate outcome, we need to reduce emissions, and we haven’t done that yet,” says Pablo…

    Lachlan Maddock | 19th Aug 2021 | More
    A ‘love affair’ with sustainable investing

    Rachel Halpern has gone from corporate cop to an adviser to some of the largest super funds in the country, and brings a “forensic approach” to the risks of Australia’s sustainability boom. “The direction that investors are going in is systems level thinking,” says Rachel Halpern, JANA’s newly appointed head of sustainability. “Methods to ensure…

    Lachlan Maddock | 13th Aug 2021 | More
    Pinnacle’s roadmap for expansion and succession

    ASX-listed Pinnacle Investment Management reported early in the season, on August 4, as those delivering good news tend to do. For shareholders, the news was very good. For the industry, the implications are even better. Over the next few days, shares in Australia’s largest multi-affiliate manager, which oversees the growth and development of 16 affiliated…

    Greg Bright | 13th Aug 2021 | More