Markets are changing. The world that supported US assets, global supply chains and low-risk diversification is breaking down. Investors can no longer assume the next decade will look like the last one.
Countries are questioning old alliances, rebuilding strategic industries and spending more on security, energy and infrastructure. That makes defence, electrification, robotics, automation and real assets more relevant for portfolios.
Bonds may not protect portfolios as reliably if inflation remains a threat. The dollar may be less dependable as a safe haven. Investors may need more flexible portfolios, with exposure to commodities, cash and active hedging. Gold still has a role. Debt pressure, currency concerns, inflation risk and geopolitical tension continue to support its case, although recent gains make position sizing more important.
Investors need portfolios built for several outcomes, not one forecast.
Ruffer Investment Company Limited (LON:RICA) is a British investment company dedicated to investments in internationally listed or quoted equities or equity related securities
