Steve Russell, investment director and manager of the £2.9bn CF Ruffer Total Return fund, tells Ruth Gillbe why he has been 'desperately' selling stocks and why all conventional bonds are 'poisonous'.

As detailed in the last issue of Investment Week the June sell-off, notable for a rise in correlations across asset classes, caused a lot of problems for funds that rely on diversification to flourish.

Last week Tom Dobell and the board of the M&G Recovery fund vented their increasing frustration with a particular oil company they have backed.

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