All-weather investing

Seeking good positive returns.

Come rain or shine.

Ruffer provides investment management services for institutions, pension funds, charities, financial planners and individual investors.
Ruffer LLP
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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

Just bluster?

Ideas, thoughts and comments
Ruffer
Our thinking
Nowhere to hide?
May 2022: So far this year, the prices of almost all conventional assets are down. Supposedly diversified portfolios have turned out to be anything but. To preserve their capital, investors will require a new approach to constructing portfolios - flexible, adaptable, robust, and responsive.
The risk addiction
In the depths of addiction nothing else matters. The pursuit is focused, relentless and uncompromising – dismissive of any potential consequences. So what happens when the addiction is to risk?
The gathering storm
China’s bid for global power, climate change and the transition away from fossil fuels are three of the defining megatrends of our time. Collectively, they promise generational upheaval. But decades of peace and stability have left markets, politics, economies and societies complacent and vulnerable. It’s going to get bumpy.
Ruffer Review 2022
Download our 2022 edition of the Ruffer Review. We explore how turbulence lies ahead for investors as inflation volatility sets up to be the biggest challenge for investors in a generation. We also discuss risk and its repercussions, shifts in global politics and Great Power relations, a warming planet and shifting energy mix as well as financial disruption and regime changes.
ALL ARTICLES
EDITOR'S CHOICE
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Crossing the Rubicon
Investors face one of the most complex market environments in history. Simultaneous shifts in the global energy system, geopolitics, demography, technology and much else besides promise a more inflation-prone and volatile world ahead. This brings with it elevated risks, but also potential rewards. Amidst all the uncertainty, this presentation will examine what investors can have conviction about.
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Investment Review
April 2022: In his latest investment review, Jonathan Ruffer reflects upon how forty years of a bull market, where for decades ‘buying the dip’ has been a sure-fire idea, is clashing against circumstances and events which may break this benign and predictable investment pattern.
The perils of yesterday’s logic
Increasing inflation volatility represents the greatest challenge to investors for a generation. A new regime and the collapse of the financial market status quo requires us to reimagine portfolios. No longer can we rely on yesterday’s logic.
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Ruffer round up – Q1 2022
April 2022: We reflect on the events that have dominated markets over the past three months - including the major developments we’re all talking about. We also discuss one or two aspects which have received less attention, but may well be crucial for investors in the months ahead.
Responsible Investment Report
In our latest quarterly report, Investment Director Harry Sevier looks at the crucial role banks can play in facilitating the transition to Net Zero. We also include the usual update on our stewardship activities throughout the quarter.
Annual Stewardship Report
Our 2021 report highlights the depth and breadth of our stewardship activities. Our focus on engaging directly with company management has afforded us a deeper understanding of the companies in which our clients are invested.
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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