60-second interview with Rachel Holdsworth

What is your role within your firm?

I am a Director in the Private Wealth team at Ruffer. I am based in our London office but do a lot of work with our clients in the Channel Islands. I look after a range of clients and their portfolios – mainly private individuals but also trusts and companies. Our strategy is focused on capital preservation and growth (in that order), aiming to provide positive returns regardless of what happens in markets. This means that Ruffer is often used as a true diversifier within overall client portfolios, increasing overall risk adjusted returns.

How did it feel to win a STEP Private Client Award (PCA)?

We were delighted to win the Investment Team of the Year Award and to be recognised by STEP for our performance in 2020-22, particularly given the volatile period of markets over which it was achieved. Our clients look to us for stability at times of turbulence and we were pleased to have provided this. 

Why is winning a STEP PCA important to your firm?

STEP is a globally recognised professional body and given the rigour with which the award entries are assessed, it stands out as a real achievement. Performing well during market turbulence has been key to building the 30 year track record which helps set us apart – recognition of delivering positive returns throughout the variable market conditions during the pandemic and its aftermath speaks exactly to why clients invest with Ruffer. 

What are the main challenges facing your organisation/practitioners at the moment, and how will you deal with them?

Markets have been much more volatile over the past few years after a long period of calm. We believe that the biggest challenge ahead will be a world where inflation is more volatile, which will make managing portfolios much more difficult. This is particularly in the context of a changing world order and geopolitical dynamics. 

What do you like best about your job?

I enjoy the ever-changing nature of markets which makes sure every day is different and that I am always learning. No two clients are the same, and it is a great privilege to serve and build relationships with people who come to investing with different – often very interesting – perspectives. 

...and what do you feel is most worthwhile?

Most worthwhile is providing clients comfort by keeping their portfolios steady at times of great uncertainty, such as when almost all conventional asset class sold off in 2022. 

What would you say to a young person thinking of a career in this industry?

I would recommend staying inquisitive when learning about markets and investments. When reading investment news look up areas that you don’t understand to grow your knowledge over time. 

Where do you see future growth, both in terms of sectors and jurisdictions?

The investment world is becoming increasingly homogenous – we think this provides us a unique and exciting opportunity. Our approach to investing is deliberately different and we see growth and interest in our areas of expertise and focus, where genuine diversification can be provided in a liquid portfolio.

Entries for this year's STEP Private Client Awards are open until 12 April.

Find out more about how to enter: https://pca.step.org/2024/entry-kit