WELCOME TO RUFFER

All-weather investing

Seeking consistent positive returns.

Come rain or shine.

Ruffer provides investment management services for institutions, pension funds, charities, financial planners and individual investors.
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Ruffer LLP
80 Victoria Street
London SW1E 5JL
Directions | Map +44 (0)20 7963 8100
Paris
Ruffer S.A.
103 boulevard Haussmann
75008 Paris, France
Directions | Map +33 (0)1 88 45 02 54
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Ruffer LLC
300 Park Avenue
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Ruffer Investment Company

An accessible slice of Ruffer, trading on the London Stock Exchange
Ruffer Investment Company Limited is an investment company with shares listed on the London Stock Exchange.

It has a simple aim – consistent positive returns, regardless of how the financial markets perform.

We try not to lose money in any 12 month period, and to grow the value of our investors’ wealth over the long haul.

If we can do this, we should outpace inflation, protecting and increasing the real value of our investors’ income and capital.

At a glance
22 Apr 2024
Launch date 8 Jul 2004
Launch price 100.00p
Share price 271.50
NAV as at 16 April 2024 285.76
FUND REPORTS
Ruffer Investment Company
Latest fund report
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Latest fund prices and reports
A list of all our latest fund reports and prices.
Thinking
Our latest thoughts, comments and views.
Investment approach
We aim to deliver consistent positive returns – whatever happens in the financial markets.
Envy is one of the seven deadly sins. Bad for your spiritual profit and loss account, and bad for earthly decisions too.
Alexander Chartres , Fund Manager
Read article
People often think financial catastrophes occur because herds of humans panic when the emotional pendulum swings from greed to fear.
Henry Maxey, Co-CIO
READ
What to expect?

We focus on the absolute risk of losing money, not the relative risk of underperforming the stock market.

Consider a year when the market falls by 25%. A fund manager focused on relative returns could lose 20% of their investors’ money and still claim to have done well by ‘outperforming’ the index.

At Ruffer, we take on the responsibility for managing risk, and for the returns we deliver. If we ever lost 20% of our investors’ money, we would have failed.

While our track record is strong, it should definitely not be seen as evidence the fund is immune to shocks or unexpected events. During the next market panic, our protective investments may not protect us.

Our investment approach is tried and tested but sometimes can seem a bit dull. We don’t apologise for that.

For example, we never own shares just because they are currently popular. What’s more, when markets are rising strongly, investing with Ruffer can be like riding a tractor on the motorway, plodding in the slow lane. It’s only when the motorway sinks into boggy marshland that a tractor proves to be a wise way to travel.

Key people

Ruffer Investment Company follows the core Ruffer philosophy and strategy. These are unchanged since the firm started in 1994.

The investment strategy and asset allocation are set by set by Henry Maxey and Neil McLeish, Co-Chief Investment Officers, supported by a team of senior fund managers and research analysts.

The Company is managed by Duncan MacInnes and Jasmine Yeo.

Fund managers
Duncan_Macinnes
Duncan MacInnes
Fund Manager
T +44 (0)131 202 1605
Joined Ruffer in 2012. He graduated from the University of Glasgow School of Law in 2007 and spent four years working at Barclays in Glasgow, London and Singapore. He is a CFA charterholder and co-manager of two of Ruffer's flagship funds.
Articles by Duncan
Jasmine Yeo
Fund Manager
Joined Ruffer in 2017, having graduated with a degree from Warwick Business School. She is a member of the CISI, following completion of the CISI Masters in Wealth Management. She has managed private client portfolios and now works with wealth managers and advisors as part of Ruffer’s UK wholesale team. She is co-manager of two of Ruffer’s flagship funds and Ruffer’s investment trust.
Articles by Jasmine
ASSET AND CURRENCY ALLOCATION
Asset %
Short-dated bonds 43.3
Credit and derivative strategies 13.0
Gold and precious metals exposure 8.4
Long-dated index-linked gilts 6.5
Index-linked gilts 2.0
Cash 1.7
Commodity exposure 5.4
Energy equities 2.7
Financials equities 2.5
Consumer discretionary equities 2.3
Consumer staples equities 2.1
Other equities 10.1
Currency %
Sterling 83.9
Yen 10.0
US dollar 2.3
Euro 0.8
Other 3.0

Data as at 31 March 2024. Totals may not equal 100 due to rounding

Largest equity holdings
Largest equity holdings (excludes holdings in Ruffer funds) %
BP 1.8
iShares MSCI China A UCITS ETF 1.5
Alibaba Group ADR 0.9
TSMC ADR 0.8
Swire Pacific 0.7

Data as at 31 March 2024

ANNUAL AND INTERIM REPORTS
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ADDITIONAL INFORMATION
LATEST PROSPECTUS
15 December 2022
LATEST PROSPECTUS SUMMARY
15 December 2022
Launch prospectus
23 June 2004
TERMS OF REFERENCE
Audit and Risk Committee
TERMS OF REFERENCE
Management Engagement Committee
Schedule of matters 
Reserved for the Board
Non-Audit Services Policy
MEMORANDUM AND ARTICLES OF INCORPORATION
How to invest

The Ruffer Investment Company's shares are traded on the London Stock Exchange, so you can place an order with any stockbroker, or ask a professional adviser to buy shares on your behalf.

The fund is available to buy on the following platforms, among others. Click a logo to be directed to the platform.

Alternatively, if you would like to invest directly with us please get in touch with one of the contacts listed below.

Buy back policy
The premium or discount of share price to net asset value (NAV) per share has been less than 5% for ninety percent of the time since the Company was launched in 2004. Close to that level the board determines whether the discount or premium is a temporary aberration, solved by buying back or issuing shares, or a signal for further action. The objective is to add value to the NAV, to bring the share price closer to NAV and to provide liquidity in the market for the shares.
who to contact
Joshua Gunson
Director – UK Wholesale
T +44 (0)20 7963 8254
Joined Ruffer in 2010, working in the Product and Fund Relations teams. He holds a degree in philosophy from the University of Nottingham and an MBA with distinction from Cass Business School, and focuses on building relationships with financial planners and wealth managers throughout the UK.
London
Ruffer LLP
80 Victoria Street
London SW1E 5JL
Directions | Map +44 (0)20 7963 8100
Paris
Ruffer S.A.
103 boulevard Haussmann
75008 Paris, France
Directions | Map +33 (0)1 88 45 02 54
New York
Ruffer LLC
300 Park Avenue
New York NY 10022
Directions | Map +1 917 947 3003
Edinburgh
Ruffer LLP
31 Charlotte Square
Edinburgh EH2 4ET
Directions | Map +44 (0)131 202 1602