he CF Ruffer Total Return Fund aims to achieve positive total returns with low volatility from an actively managed portfolio of different asset classes, including equities, bonds and currencies. Pervading this objective is a fundamental philosophy of capital preservation.

The fund offers investors a 'slice of Ruffer' - representing the essence of the company's investment philosophy and process, asset allocation and stock selection. At the heart of this philosophy is the principle of capital preservation under all market conditions, whilst also aiming to deliver a stable investment return, well ahead of that from cash, in markets both good and bad.

The future is always opaque, and whilst we work in a industry that claims to be able to predict the future, our philosophy is never to assume that we are entirely right in our views on the future path for economies and markets. Therefore the fund will always hold a mix of investments in 'greed' and 'fear', no matter how bright, or dismal, market prospects may appear. In this way we hope to deliver on our aspirations. If we achieve this, then as a by-product, we should outperform the equity market over any reasonable length of time. The fund was launched in September 2000. For recent performance data and portfolio structure, please see the monthly report.