Volatility generates diverse returns

CF Ruffer European fund tops sector over three years with manager Timothy Youngman looking to build on past gains by increasing exposure to equities

IMA Balanced Managed, traditionally a popular sector for investors prepared to tolerate an element of risk, has seen a wide disparity of performance over the past three years. The average fund in the sector has fallen 2.94% over the three years to 7 September, with the top-performing CF Ruffer European fund climbing 44.6%, while the CF BWH International dropped 24.8%, according to Morningstar. Timothy Youngman has managed the CF Ruffer European fund over the past three years. He attributes much of the outperformance throughout 2007 and 2008 to an aggressive move out of equities and h...