David Ruff

About David Ruff

Prior to joining ACM as a Portfolio Manager, David Ruff was a managing director and senior portfolio manager at Salient where he co-managed the Dividend Signal Strategy® portfolios. Previously, David was chief investment officer for Berkeley Capital Management. In 2008, Forward Management acquired Berkeley, and subsequently in 2015, Salient acquired Forward. Prior to joining Berkeley in 2001, David was chief investment officer of London Pacific Advisors where he chaired the LPA Investment Policy Committee. From 1998 through 2001, David served as president and director for the Security Analysts of Sacramento. David graduated magna cum laude from Iowa State University with a Bachelor of Science in finance. David is a CFA® charterholder and currently a member of CFA Institute.

By David Ruff, Portfolio ManagerDozens of central bank tightening moves across EM countries designed to curb inflationary pressures and stabilize currencies combined with lower anticipated US monetary accommodation created a difficult environment for most EM businesses. Additionally, much of the world’s economy depends on the China economic growth engine, and with this machine sputtering as…

By David Ruff, Portfolio ManagerThe STOXX Europe 600 advanced 21.04% year-to-date through August 25th. In local currency, this ranks best of the world’s regional returns and even squeezes ahead of the S&P 500’s 20.83% return over the same period. This is an impressive result, especially considering the much lower monetary stimulus applied in Western Europe…

Last July, we wrote a commentary titled “Europe – Always the Also-Ran?” where we highlighted the poor short and long-term equity performance of the European continent relative to the other global superpowers of the US and China. Despite the region being an economic behemoth, only behind the US in GDP, and the use of the…

Our ACM International ADR and Global strategies feature unique, high-quality international companies, many of which do not have a U.S.-based equivalent or competitor. This is the most important reason for investing in ADRs in my mind, and given that the overwhelming majority of our clients are U.S.-based, this foreign-focused strategy expands a typical investor’s opportunity…

Given the seemingly national obsession with Bitcoin I’ve had to become more of an expert on the king of digital coin and other cryptocurrencies like Ethereum, Ripple, Litecoin, Tether, and Dogecoin. Equity investing is the heart of my comfort zone, but my colleague Randy Coleman’s commentary Is It Really Different This Time? last week compelled…

If you believe some of the recent headlines, yes. For example, Forbes published an article titled Those Bombers China Sent Toward Taiwan? They Were a Dress Rehearsal For War. The piece discussed military tactics China would use to attack and unify Taiwan. The article suggested a military invasion is inevitable and that a massive Chinese…

The Bob Dylan anti-establishment, frustrated-youth song that became the anthem for change during the U.S. civil rights movement could also apply to corporate Japan today. Japanese equity investors, frustrated with decades of poor returns, are calling for significant change. It’s beginning to happen. It may seem surprising for us to project better equity returns from…

With the arrival of Autumn, the U.S. Presidential election will increasingly take center stage as the candidates spell out their economic and foreign policy agendas. The outcome is important, not just for the U.S., but for foreign economies as well. Possibly even more consequential is another event happening in the world’s second largest economy. I’m…

The surge in global equity markets since late March, led by the major markets of China and the U.S., has left Europe behind and stocks there are receiving scant attention. Ranking last of the big three regional powers in year-to-date equity performance is not an uncommon position for Europe. In dollar terms, the pan-European STOXX…

© Advisors Capital Management, LLC