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.
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 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.
| Launch date | 8 Mar 2012 |
| Launch price | 100.00p |
| Accumulations units | 163.63p |
| Income units | 137.79p |
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.
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.
| 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 |
| 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 |
To invest in the Charity Assets Trust, please get in touch with Ajay using the details provided below.