Total Return International – Australia Fund

The Ruffer approach, for the Australian market
Ruffer Total Return International – Australia Fund is a managed investment scheme registered with ASIC.

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 intends to invest in Australian dollar denominated shares of the Ruffer Total Return International, a sub fund of Ruffer SICAV (Underlying Fund), and in cash or cash equivalents. Ruffer SICAV is a Luxembourg open-ended investment company (SICAV).

The fund has been assigned a rating of Recommended by Zenith Investment Partners.

Where does Ruffer fit?

It is our belief that the distinctive Ruffer approach to investing fits well in two different parts of an investor portfolio.

The first is in the ‘growth alternatives’ part of a portfolio. Ruffer has been running its single investment approach since the firm launched in 1994; this approach is aligned to the investment objectives of the fund. Over the 20 years the returns of the Ruffer strategy, as represented by its funds, have been in excess of the Australian CPI +5%, combined with an annualised volatility1 of 7%2. This is the same strategy followed by the Australia fund. This means that Ruffer is well-placed to deliver on inflation-plus or cash-plus return objectives in a low-risk manner. These returns have been delivered with a correlation to global equities, adding a genuinely uncorrelated return stream to client portfolios.

We believe the Ruffer approach also sits well as a component of a more beta-heavy core portfolio. Ruffer’s track record of protecting investors’ capital through times of crisis (such as the dot.com bust and the global financial crisis) means that it provides a useful offset to more conventional equities and bonds, delivering a return that is uncorrelated during normal markets but negatively correlated during market sell-offs. Our willingness and ability to look beyond conventional assets whilst still focusing on delivering overall positive returns makes them a more effective portfolio allocation than pure tail-risk strategies (strategies that require low likelihood events to occur).


1 Volatility refers to the amount of uncertainty or risk related to the size of changes in a security's value. A higher volatility means that a security's value can potentially be spread out over a larger range of values. This means that the price of the security can change dramatically over a short time period in either direction. A lower volatility means that a security's value does not fluctuate dramatically, and tends to be more steady.

2 As at 31 March 2021. Past performance is not a reliable indicator of future performance of the fund. The performance of the fund could be significantly different to past performance. As the fund is newly formed, this is aggregated past performance information of LF Ruffer Total Return Fund, an open-ended investment company in the United Kingdom whose returns are 90%+ correlated (monthly returns) to those of the underlying fund, for the period 29 September 2000 to when the underlying fund received its first investment on July 2011 and past performance information of the underlying fund after that. The rate is shown (a) net of fees and costs that would be payable in relation to the underlying fund, (b) based on the reinvestment of distributions back into the relevant funds and (c) before tax.

At a glance
6 Apr 2021
Launch date 24 Dec 2020
Launch price (AUD) 1.00
Unit price (AUD) 1.07
Monthly Reports
Select from the options below to view historic reports
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
A changing of the guard is also the way of the world – and on its way. We are preparing for a time when high taxes – on capital gains, wealth, and income – effectively constrain capital accumulation.
Jonathan Ruffer , Chairman
Key people

The Ruffer Total Return International Fund (in which the Australia Fund invests) 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
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
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 ALLOCATION
Asset %
Non-UK index-linked 16.6
Illiquid strategies and options 9.6
Index-linked gilts 9.0
Long-dated index-linked gilts 7.9
Gold and gold equities 6.7
Short-dated bonds 5.5
Cash 3.5
UK equities 16.0
North America equities 9.6
Japan equities 8.6
Europe equities 5.5
Asia ex-Japan equities 1.4
Data as at 31 March 2021. Total may not equal 100 due to rounding
Top 10 EQUITY holdings
10 largest equity holdings (excludes holdings in pooled funds) %
Lloyds Banking Group 2.5
iShares Physical Gold 2.3
Barclays 2.1
NatWest Group 1.6
BP 1.5
BT 1.4
Centene 1.3
Charles Schwab 1.2
Ambev SA 1.2
Bristol-Myers Squibb 1.1
Data as at 31 March 2021
 
who to contact
Alex_Lennard
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.
Matt_Smith
Matt Smith
Investment Director
Joined Ruffer in 2011 after graduating from Edinburgh University with a first class honours degree in history and German. He spent 2015 seconded to Ruffer’s Hong Kong office as an equity analyst, and is a fellow of the Chartered Institute for Securities & Investment, having achieved a distinction in the Financial Derivatives paper. He primarily manages portfolios for pension schemes and institutions and co-manages the LF Ruffer Total Return Fund.
Alice_Brader
Alice Brader-Ellis
Investment Director
Graduated in 2002 from Durham University with a BA (Hons) in Chinese and Management, and began her career with Bloomberg in London and Hong Kong. In 2007, while still in Hong Kong, she joined JPMorgan Asset Management, and in 2014 transferred back to London with JPMorgan Private Bank as part of the International Manager Selection team. She joined Ruffer in 2017.
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