Total Return International

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.

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

Ruffer Total Return International 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.

INVESTMENT APPROACH

FUND REPORTS

Latest fund report

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THE DETAIL

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).

For the purposes of UK regulation, this fund is based overseas and is not subject to UK sustainable investment labelling and disclosure requirements.

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.

INVESTMENT APPROACH

Portfolio management team

Ruffer Total Return International follows the Ruffer philosophy and strategy. These are unchanged since the firm started in 1994.

The investment strategy and asset allocation is set by Henry Maxey and Neil McLeish, Co-Chief Investment Officers. A team of portfolio managers are collectively responsible for implementing this strategy across all our core funds.

The lead portfolio managers for the fund are Fiona Ker, Ian Rees, Alexander Chartres and Matt Smith.

GET IN TOUCH

Chiara Ruta

Director – Europe

T +33 (0)1 88 45 02 59

Joined Ruffer in 2021, to expand the institutional clients business across continental Europe. Previously at Morgan Stanley and EBRD (the European Bank for Reconstruction and Development), she holds a master’s degree in economics from Bocconi University, Milan, and is fluent in Italian, English, French and Spanish.

At a glance

15 Dec 2025

Launch date	14 Jul 2011
Launch price	1.0000

	C class	O class	OI class	I class	X class
CAD cap	1.6066	na	na	1.6092	na
CHF cap	1.4669	1.4004	na	1.5075	na
EUR cap	1.6438	1.5690	1.5720	1.6894	1.6438
EUR dis	1.6052	1.6894	na	na	na
EUR inc	1.6080	na	na	na	na
GBP cap	1.9085	1.8214	na	na	1.9084
GBP dis	1.8471	na	na	1.8825	na
GBP inc	1.6265	na	na	na	na
USD cap	2.0049	1.9138	1.9171	2.0604	2.0049
USD dis	1.9588	na	na	1.9819	na

FUND REPORTS

Ruffer Total Return International

C class I class O class

Select from the options below to view historic reports

ASSET AND CURRENCY ALLOCATION

Asset	%
Gold and precious metals exposure	4.8
Long-dated UK inflation-linked bonds	4.2
Short-dated nominal bonds	41.8
Long-dated nominal bonds	11.5
Cash	5.1
Credit and derivative strategies	0.8
Consumer discretionary equities	4.9
Financials equities	4.2
Healthcare equities	4.2
Industrials equities	3.3
Other equities	13.9
Commodity exposure	1.4

Currency	%
Sterling	71.0
Yen	10.7
US dollar	10.1
Euro	2.0
Other	6.1

Data as at 30 November 2025. Totals may not equal 100 due to rounding

Largest equity holdings

Largest equity holdings (excludes holdings in Ruffer funds)	%
BP	1.7
Prudential	1.2
Alibaba Group	1.0
iShares MSCI China EUR H acc	1.0
ArcelorMittal	0.9

Data as at 30 November 2025

IMPORTANT INFORMATION

The investment objective of Ruffer Total Return International (‘the fund’) is to achieve positive returns from an actively managed portfolio. The fund may have exposure to the following asset classes: cash, debt, securities of any type (including government and corporate debt), equities and equity related securities and commodities (including precious metals). Overriding this objective is a fundamental philosophy of capital preservation. Investors should note that there can be no assurance that the investment objective will be achieved.

The fund data displayed is designed only to provide summary information. This marketing communication does not explain the risks involved in investing in the fund. Any decision to invest must be based solely on the information contained in the Prospectus, Key Information Documents and the latest report and accounts. This investment concerns the acquisition of units in a fund, and not in a given underlying asset such as shares of a company, as these are only the underlying assets owned by the fund. Future performance is subject to taxation which depends on each investor’s personal situation, and may be subject to change in the future. A Summary of Investor Rights is available in English. The fund is not a tracker fund and is actively managed. The fund is managed in reference to a benchmark as its performance is measured against the FTSE All-Share Index Total Return, Bloomberg Global – Aggregate Total Return and HFRI Fund of Funds Composite. This marketing communication is not targeting a specific investor type. The fund is open to both retail and professional investors depending on jurisdiction.

KEY DOCUMENTS

UCITS KEY INVESTOR INFORMATION DOCUMENTS (KIIDS)

Ruffer Total Return International