Engagements in focus
FMC
FMC is an agricultural science company specialising in the research, development and marketing of crop protection technologies. Ruffer invested in FMC as part of a systematic equity basket targeting free cash flow yield. We later sold the position in a basket rebalance, because its ranking on key fundamental criteria had declined.
ARCELORMITTAL
ArcelorMittal is a Luxembourg-based steel manufacturer, with operations spanning Europe, India, Latin America and North America. During the quarter, Ruffer met with ArcelorMittal and, as part of the CA100+ collaborative engagement, tabled several questions at the company’s AGM on 6 May.