He bought into gold in February through an exchange traded fund which represents 4 per cent across all his multi-manager funds. It has now risen to $932.5 an ounce from $910.45 in February, having touched $1,000 in March.
Chatfeild Roberts says: “At the time, we bought it as an insurance policy. If the global economy is fine, we will sell the position but if not, gold could prove to be a very worthwhile investment for a while yet.
“The gold price is nowhere near its all-time high in real terms and so whether you think we are in a deflationary bust or an inflationary spiral, it seems sensible to have a holding in a non-paper currency.”
Jupiter recently bolstered the cash weighting in its multi-manager funds from 17.8 to 23.8 per cent in the balanced fund, 16.1 to 17.9 per cent in the income fund and -1 to 3.2 per cent in the worldwide fund.