Duncan MacInnes, co-manager of the FE fundinfo top-rated Ruffer Investment Company, has left with immediate effect.
Alexander Chartres and Ian Rees will step in to flank the trust's current co-manager, Jasmine Yeo, who has been in this role since 2022.
Chartres, who joined Ruffer in 2010, is a lead manager on its Total Return and Absolute Return funds, while Rees has been in charge of Ruffer Diversified Return since 2021.
Ruffer's defensive and contrarian approach has been a drag on performance recently, as investors preferred to take on more risk. Over the past year, the Ruffer Investment Company has lagged its average peer by more than five percentage points, as the chart below shows.
Performance of fund against sector and index over 1yr
Source: FE Analytics