Total Return International

The Ruffer approach, in a range of different currencies
The Ruffer Total Return International Fund is a UCITS fund designed to cater for the specific needs and requirements for investors outside the UK.

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.


The fund is a UCITS fund registered for sale in a number of European countries and specific tax reporting figures are published for several jurisdictions. Share classes are available in pound sterling, US dollar, euro, Swiss franc, Singapore dollar, Australian dollar, Canadian dollar, Swedish Krona.

The fund itself is managed in pounds sterling; the other share classes offer the return in pounds sterling, hedged back to the base currency.

Custody and administration for the fund are conducted in Luxembourg. Broadly, the return should correspond to the sterling portfolio return plus the differential between interest rates in their base currency and sterling (or minus, if sterling rates are higher).

At a glance
17 Sep 2020
Launch date 14 Jul 2011
Launch price 100.00
  C class O class I class
CHF capitalisation shares 136.48 132.54 138.85
EUR capitalisation shares 142.27 138.14 144.74
EUR distribution shares 140.29 na na
GBP capitalisation shares 153.39 148.93 na
GBP distribution shares 149.89 na 152.12
GBP income shares 143.96 na na
USD capitalisation shares 158.59 154.02 161.35
USD distribution shares 156.50 na 158.17
Latest fund prices and reports
A list of all our latest fund reports and prices.
How we invest
Our approach to investing.
Responsible investing
How we approach environmental, social and governance issues.
Our latest thoughts, comments and views.
Falling profits, a re-energised workforce calling for its rights, a shortage of prosperity to start paying down debts – it all adds up, in our view, to a re-run of Britain and much of Europe in the 1970s.
Jonathan Ruffer, Chairman
Unbeknownst to many shareholders, corporate management have been engaged in a previously implicit, but now very explicit, trade-off between optimisation and resilience.
Duncan MacInnes, Investment Director
The markets have wired themselves to the wrong inevitabilities.
Henry Maxey, Chief Investment Officer, ON THE DEFLATION MACHINE
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 a boggy field that a tractor proves to be a wise way to travel.

Read more about our integrated approach to responsible investment.

Key people

The Ruffer Total Return International Fund 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 Jacques Hirsch and Alex Lennard – both Investment Directors at Ruffer. They have been managing the fund since it launched in 2011.

Fund Managers
Jacques Hirsch
Research Director
Prior to joining Ruffer in 2011, he spent over ten years in fund management and macro research at firms including Goldman Sachs, GLG Partners and Fulcrum Asset Management. He graduated from École Centrale Paris in 1999, and holds an MSc in Mathematics from Oxford University. He is co–manager of Ruffer Total Return International.
Alex Lennard
Investment Director
Joined Ruffer in 2006 after graduating from Exeter University with an honours degree in economics and finance; he is a member of the Chartered Institute for Securities & Investment. He initially worked as assistant to Jonathan Ruffer and now manages investment portfolios, concentrating on family offices and corporate pension schemes. He is co–manager of Ruffer Total Return International.
Asset %
Non-UK index-linked 21.9
Gold and gold equities 10.1
Illiquid strategies and options 9.7
Long-dated index-linked gilts 8.8
Short-dated bonds 8.3
Cash 5.4
Index-linked gilts 5.3
UK equities 8.2
Japan equities 8.0
North America equities 6.7
Europe equities 6.3
Asia ex-Japan equities 1.3
Currency %
Sterling 75.8
Gold 10.1
US dollar 7.3
Yen 3.1
Euro 1.1
Other 2.6
Data as at 31 August 2020. Pie chart totals may not equal 100 due to rounding.
Top 10 EQUITY holdings
10 largest equity holdings (excludes holdings in pooled funds) %
Lloyds Banking Group 2.3
iShares Physical Gold 2.2
ArcelorMittal 1.6
Kinross Gold 1.2
Fujitsu 1.2
ORIX Corporation 1.2
Hennes & Mauritz 1.1
NatWest Group 1.1
Charles Schwab 1.0
Data as at 31 August 2020.
who to contact
Benjamin Boucher–Ferté
Investment Director
Graduated from ESCP Europe in 1999 and joined the Private Wealth Management group of Goldman Sachs in London after completing his National Service with Renault Financial Services. In 2004, he participated in the launch of Fulcrum Asset Management where he was a Director until 2010, when he joined Ruffer.
David Moos
David Moos
Investment Director, Paris
Joined Ruffer in 2019 from Finalpha, where he was the co-founder. He has 18 years of experience acting as the liaison between portfolio managers and French and Italian investors. His previous roles include IT Asset Management, Crédit Agricole and Banque de l’Union Européenne.
Omar Kodmani
Investment Director
Joined Ruffer in 2019 from EnTrust Permal, a specialist in alternative investments. He originally joined what was the Permal Group in 2000 and held a number of roles there including Chief Executive, and Head of International. He holds a BA in economics from Columbia University, an MBA Finance from NYU-Stern, and is a CFA charterholder.
80 Victoria Street
London SW1E 5JL
31 Charlotte Square
Edinburgh EH2 4ET
103 boulevard Haussman
75008 Paris, France