Cautious Ruffer European ups cash holding to 60%+

Cash weighing on the CF Ruffer European fund has increased to 63% as manager Tim Youngman grows incr...

Cash weighing on the CF Ruffer European fund has increased to 63% as manager Tim Youngman grows increasingly cautious. He dramatically decreased equity exposure in the second half of last year from 80% to 30%, based on a negative view on financial markets. "In the first five months of last year the fund was up 20% but that was when we began to take a negative view on financial markets, which prompted me to take drastic evasive action and significantly reduce equity exposure," he said. Youngman subsequently increased cash holdings to 50% at the end of the year and further still to 63%...