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.
We have an Australian unit trust available for investors in Australia.
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).
| Launch date | 14 Jul 2011 |
| Launch price | 100.00 |
| C class | O class | I class | |
| CHF capitalisation shares | 151.76 | 146.98 | 154.63 |
| EUR capitalisation shares | 158.46 | 153.45 | 161.46 |
| EUR distribution shares | 156.26 | na | na |
| GBP capitalisation shares | 171.71 | 166.28 | na |
| GBP distribution shares | 167.79 | na | 170.55 |
| GBP income shares | 159.94 | na | na |
| USD capitalisation shares | 178.10 | 172.50 | 181.49 |
| USD distribution shares | 175.76 | na | 177.91 |
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 firm’s integrated approach to responsible investment.
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.
| Asset | % |
|---|---|
| Index-linked gilts | 13.0 |
| Long-dated index-linked gilts | 12.4 |
| Short-dated bonds | 10.9 |
| Non-UK index-linked | 9.1 |
| Gold and gold equities | 6.1 |
| Illiquid strategies and options | 5.4 |
| Cash | 3.6 |
| UK/Europe equities | 21.2 |
| North America equities | 8.6 |
| Japan equities | 6.3 |
| Asia ex-Japan equities | 1.2 |
| Other equities | 2.2 |
| 10 largest equity holdings (excludes holdings in pooled funds) | % |
|---|---|
| Lloyds Banking Group | 2.3 |
| Alexion Pharmaceuticals | 1.9 |
| NatWest Group | 1.9 |
| iShares Physical Gold | 1.7 |
| BP | 1.7 |
| Royal Dutch Shell | 1.7 |
| GlaxoSmithKline | 1.4 |
| Centene | 1.3 |
| Cigna | 1.2 |
| Bristol-Myers Squibb | 1.2 |
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