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80 Victoria Street
London SW1E 5JL
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31 Charlotte Square
Edinburgh EH2 4ET
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103 boulevard Haussmann
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Going, going, gone!
September 2021: What can they see that we can’t? Private equity bids for UK companies are soaring, while at the same time the UK stock market languishes at valuations well below US peers.
Climate Change Framework 2021
Our inaugural TCFD Report introduces Ruffer’s Climate Change Framework and provides a response to the recommendations of the Taskforce for Climate-related Financial Disclosure. The report exhibits our climate-related activities over the past few years and provides an insight into how our understanding of the risks facing our investee companies has evolved.
Worried about inflation?
The return of inflation poses a critical threat to balanced portfolios – severing the relationship between bonds and equites which has held steady for nearly half a century. And yet investors, so far, have stuck to what they know – trusting a portfolio built for the world which we are leaving.
Engagement over exclusion
August 2021: Engaging with companies to improve their climate policies is not only beneficial to the environment, but also to investors. Hermione Davies explains how our engagement with ArcelorMittal has led to significant positive outcomes.
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Ruffer Radio: Inflation – great expectations
July 2021: Inflation is back, but for how long? Bertie Dannatt joins Ruffer Radio to discuss how markets are digesting the return of inflation, and what rising prices mean for consumers and investors alike.
Bitcoin – the future arrived early
July 2021: The best investments are often the least comfortable ones. This is certainly the case with our decision to add bitcoin exposure to our portfolios in November last year.
Responsible Investment Report
In our latest quarterly report, Investment Manager Rory Goodman examines the global significance of US President Joe Biden's new emission reduction targets announced at the Earth Day summit, and we share our stewardship and engagement activities during the second quarter of 2021.
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Investment Review
July 2021: We have been talking of inflation for well over a decade – which is not the same thing as calling its timing. An impasse was created by the failure of the economy to grow after the 2008 crisis – all the risks (as we patiently explained) were deflationary, and in vain did the central banks and governments try to force an inflationary impulse into a sluggish world.
Navigating information
It’s easy to be overwhelmed by the volume of information aimed at us. Inundated by a daily torrent of headlines, images, messages and data, we can be left feeling unable to process it to a satisfying degree. For investors, navigating information is central to being effective. Insights from information theory and gauge theory can help.
Inflation – are we there yet?
June 2021: We have been positioned for a vaccine-led rally and recovery since summer last year. That recovery is here, economies are opening up and animal spirits are being unleashed. But the pickup is so fast, messy and distorted that traditional measures are not giving the full picture.
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London
80 Victoria Street
London SW1E 5JL
Edinburgh
31 Charlotte Square
Edinburgh EH2 4ET
Paris
103 boulevard Haussmann
75008 Paris, France