Charity Assets Trust

A fund designed for the specific needs of eligible UK charities
The Charity Assets Trust 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.

A responsible policy

The fund's responsible investment policy has been shaped by the concerns of many charities.

It imposes strict restrictions on investment in alcohol, armaments, gambling, pornography, tobacco, oil sands and thermal coal.

It also follows a proactive voting and engagement approach with companies held within the fund. The fund is monitored against UN Global Compact principles, MSCI’s ESG Metrics and the managers also monitor the fund’s carbon metrics.

The nuts and bolts

The Charity Assets Trust is regulated by the Charity Commission and is exclusively for the use of eligible UK charities.

The Trust is managed by Ruffer AIFM Limited, which is authorised and regulated by the Financial Conduct Authority. Ruffer AIFM Limited is a wholly owned subsidiary of Ruffer LLP.

At a glance
30 Jul 2021
Launch date 8 Mar 2012
Launch price 100.00p
Accumulations units 163.63p
Income units 137.79p
The markets remain our master – they will do what they do, when they do it: we must do our best in that context. And that context is about to change.
Jonathan Ruffer, Chairman
We're moving from a world where profit trumped politics, to one where politics trump profit.
Alexander Chartres, Investment Director
It will take bravery, imagination, and an uncomfortable portfolio journey to get through the drama.
Henry Maxey, Chief Investment Officer
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.

Read more about our integrated approach to responsible investment.

Key people

The Charity Assets Trust 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 Henry Maxey (Chief Investment Officer) and Jonathan Ruffer (Chairman, Ruffer LLP), supported by a team of senior fund managers and our in–house researchers.

The fund is managed by Christopher Querée and Jenny Renton – both Investment Directors at Ruffer. Christopher has been managing the fund since it launched in 2012; Jenny joined as a co-manager in 2019.

Fund managers
Christopher_Querée
Christopher Querée
Investment Director
Previously Director at Le Masurier, James & Chinn, now absorbed within the HSBC Group. He spent thirteen years there, with responsibility for offshore private clients, moving to Chiswell Associates in 2001 to focus on charity fund management, before joining Ruffer in 2004 to help develop the firm’s charity business. He holds an MBA from Henley Management College and is co-manager of Ruffer’s Common Investment Fund, the Charity Assets Trust.
Jenny_Renton
Jenny Renton
Investment Director
Joined Ruffer in 2013. After reading politics at Newcastle University, she worked with oil and gas companies on their corporate and financial strategies before joining the fund team at Ingenious Investments. She is a CFA charterholder and co-manager of Ruffer’s Common Investment Fund, the Charity Assets Trust.
Ajay_Johal
Ajay Johal
Investment Manager
Graduated from the University of Warwick with a degree in history and sociology and worked at Barclays Wealth before joining Ruffer in 2014. In 2019, he worked as an equity analyst in Ruffer’s Hong Kong office, before returning to the charities team in London as an Investment Manager. He is a member of the Chartered Institute of Securities & Investment and is co-manager of the Charity Assets Trust.
ASSET AND CURRENCY ALLOCATION
Asset %
Long-dated index-linked gilts 12.9
Cash 10.3
Short-dated bonds 10.1
Index-linked gilts 9.6
Illiquid strategies and options 8.0
Non-UK index-linked 5.7
Gold and gold equities 4.5
UK equities 15.3
North America equities 8.2
Japan equities 6.8
Europe equities 6.5
Asia ex-Japan equities 0.5
Other equities 1.5
Currency %
Sterling 80.4
US dollar 7.5
Gold 4.5
Euro 2.2
Yen 0.2
Other 5.2
Data as at 30 June 2021. Totals may not equal 100 due to rounding
Top 10 equity holdings
10 largest equity holdings (excludes holdings in pooled funds) %
Lloyds Banking Group 2.6
NatWest Group 2.5
Countryside Properties 1.8
Equinor 1.6
Royal Dutch Shell 1.4
Alexion Pharmaceuticals 1.3
Barclays 1.2
Kinross Gold 1.2
American Express 1.1
Newmont Mining 1.1
Data as at 30 June 2021
 
How to invest

To invest in the Charity Assets Trust, please get in touch with Ajay using the details provided below.

who to contact
Ajay_Johal
Ajay Johal
Investment Manager
Graduated from the University of Warwick with a degree in history and sociology and worked at Barclays Wealth before joining Ruffer in 2014. In 2019, he worked as an equity analyst in Ruffer’s Hong Kong office, before returning to the charities team in London as an Investment Manager. He is a member of the Chartered Institute of Securities & Investment and is co-manager of the Charity Assets Trust.
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