A clear and repeatable process

Our approach is tried and tested

The Ruffer approach is unchanged from when the firm started in 1994.

We actively manage investments, mainly in conventional assets, and operate freely, without restrictive benchmarks.

In all we do, we seek to be responsible investors, fully integrating environmental, social and corporate governance (ESG) issues into our investment process.

Our twin aims
  • Not to lose money in any twelve-month period
  • To grow the value of our clients’ assets over the long term, outpacing the alternative of placing cash on deposit

Always investing in both growth and protection

If we are to be good all-weather investors, we cannot be dependent on the direction of markets.

To avoid that dependency, we create a balance of offsetting investments in every portfolio. In practice, this means Ruffer portfolios always hold investments in what we call growth and protection. We hold these alongside each other, changing the allocation to each over time.

The growth assets are typically equities. The protective assets are usually a combination of conventional and index–linked bonds, currencies, commodities and derivatives.

When the market sun shines, we expect our growth assets to prosper. When a market storm hits, our protective assets should provide shelter, defending the portfolio from a downturn.

We manage the absolute risk of losing money for clients, not the relative risk of underperforming the stock market.
Henry Maxey, Chief Investment Officer

Never trying to time the market

In an ideal world, a portfolio would be switched to safety at the top of the market, then switched back to growth at the bottom. In the real world, however, nobody can see into the future and determine exactly when this point will be: market downturns emerge from blue skies, not grey.

Trying to time the market is therefore fraught with danger. Switch too early and you miss out on the boom; hang on too long and you get caught up in the bust.

At Ruffer, we try to remove any need for market timing by always maintaining a balance of offsetting investments in protection and growth.

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Our aim? To deliver consistent positive returns - whatever happens in the financial markets...
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At Ruffer, we are committed to being good stewards of our clients’ assets. To that end ESG issues are fully integrated...
London
80 Victoria Street
London SW1E 5JL
Edinburgh
31 Charlotte Square
Edinburgh EH2 4ET
Paris
103 boulevard Haussman
75008 Paris, France