he Ruffer funds are structured as sub-funds of an open-ended investment company (OEIC). Its umbrella structure carries a number of attractions.

By participating in a pooled fund, investors gain reassurance in diversity through exposure to a wider portfolio of investments than might be possible on an individual basis.

The funds' transactions are exempt from capital gains tax. This means that any gains are rolled up within the fund, and as an investor you only pay capital gains tax on disposal of your shares. Taper relief might then help to reduce the final tax bill. Tax planning becomes easier, as does the paperwork.

OEICs are simple to understand. The share price relates directly to the value of the fund. There is one common price for buyers and sellers and the charges are clear and shown separately. The prices of the funds are published in The Financial Times and on Ruffer LLP's website, so performance is easy to track.