Many Happy Returns Capital Preservation: The Art of Not Losing Money, with Jasmine Yeo from Ruffer
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Mar 4, 2026 Jasmine Yeo, a fund manager at Ruffer focused on capital preservation and unconstrained strategies, walks through the art of not losing money. She discusses Ruffer’s defensive mindset, how derivatives and commodities are used as insurance, the limits of bonds as hedges, and the behavioural benefits of smoother returns. Expect candid takes on risks, regime shifts, and staying patient when you’re early.
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Combine Linkers And Commodities For Inflation Protection
- Consider long-dated index-linked bonds and commodities as inflation hedges, but keep allocations modest and diversified.
- Jasmine says Ruffer holds <5% UK index-linked gilts plus commodities and derivatives to guard against financial repression and inflation spikes.
How Gold Miners Powered 2025 Returns
- Ruffer held up to about 10% exposure to precious metals in 2025, largely via gold mining equities and some bullion.
- Jasmine says miners outperformed metal prices (gold ≈+60–70%, miners ≈+160%), and they trimmed but kept mid/small-cap exposure.
Match Commodity Instruments To The Risk You Want
- When choosing commodity exposure, pick the instrument to match the risk: bullion, equities, ETCs, or derivatives.
- Jasmine notes oil is held via an ETC (currently positive roll yield) while gold has moved between bullion and miners.