Cautious sector shelters a few from market storm

Sector renowned for providing protection from economic uncertainty throws up only a handful of positive returns, with Ruffer Total Return topping the group

Cautious managed funds have generally been perceived as providing shelter from economic storms, but over the past three years only a handful have remained in the black. Robin McDonald, co-manager of the Cazenove Multi-Manager Diversity fund, is one of the few to be in positive territory over the period. The portfolio, ranked fourth of 69 peers over three years, has delivered 4.79% against a sector average of -11.16% to 24 November, according to Morningstar. McDonald concedes the Cautious Managed sector had a rough ride but refutes the claim it will struggle to attract equity-shy inves...