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.
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I am a charity trustee, or a consultant who advises charities
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I am a financial advisor, wealth manager or institutional investor
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I invest on my own behalf, am a job seeker or want to learn more about Ruffer
All investors
I invest on my own behalf, am a job seeker or want to learn more about Ruffer
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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

WS Ruffer Total Return Fund

Seeking positive absolute returns with low volatility
The WS Ruffer Total Return Fund is our flagship fund. An established and popular choice.

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.

If we can do this, we should outpace inflation, protecting and increasing the real value of our investors’ income and capital.

Please note the WS Ruffer Total Return Fund is a UK domiciled fund and only registered for distribution in the UK.

At a glance
17 Apr 2024
Launch date 29 Sep 2000
Launch price 100.00p
  C class I class
Accumulation shares 538.43p 573.51p
Income shares 324.79p 345.77p
FUND REPORTS
WS Ruffer Total Return Fund
C class I class
Select from the options below to view historic reports
Class
C class
I class
O class
Year
2024
2023
2022
2021
2020
2019
2018
2017
2016
2015
Month
Mar Feb Jan Dec Nov Oct Sep Aug Jul Jun May Apr Mar Feb Jan Dec Nov Oct Sep Aug Jul Jun May Apr Mar Feb Jan Dec Nov Oct Sep Aug Jul Jun May Apr Mar Feb Jan Dec Nov Oct Sep Aug Jul Jun May Apr Mar Feb Jan Nov Nov Oct Sep Aug Jul Jun May Apr Mar Feb Jan Dec Nov Oct Sep Aug Mar Feb Jan Dec Nov Oct Sep Aug Jul Jun May Apr Mar Feb Jan Dec Nov Oct Sep Aug Jul Jun May Apr Mar Feb Jan Dec Nov Oct Sep Aug Jul Jun May Apr Mar Feb Jan Dec Nov Oct Sep Aug Jul Jun May Apr Mar Feb Jan Dec Nov Oct Sep Aug Jul Jun May Apr Mar Feb Jan Dec Nov Oct Sep Aug Oct Sep Aug Jul Jun May Apr Mar Feb Jan Dec Nov Oct Sep Aug Jul Jun May Apr Mar Feb Jan Dec Nov Oct Sep Aug Jul Jun May Apr Mar Feb Jan Dec Nov Oct Sep Aug Jul Jun May Apr Mar Feb Jan Dec Nov Oct Sep Aug Jul Jun May Apr Mar Feb Jan Dec Nov Oct Sep Aug Jul Jun May Apr Mar Feb Jan Dec Nov Oct Sep Aug Jul Jun May Apr Mar Feb Jan Dec Nov Oct Sep Aug Jul
Latest fund prices and reports
A list of all our latest fund reports and prices.
Thinking
Our latest thoughts, comments and views.
Investment approach
We aim to deliver consistent positive returns – whatever happens in the financial markets.
Envy is one of the seven deadly sins. Bad for your spiritual profit and loss account, and bad for earthly decisions too.
Alexander Chartres , Fund Manager
Read article
People often think financial catastrophes occur because herds of humans panic when the emotional pendulum swings from greed to fear.
Henry Maxey, Co-CIO
READ
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.

Our investment approach is tried and tested but sometimes can seem a bit dull. We don’t apologise for that.

For example, we never own shares just because they are currently popular. What’s more, when markets are rising strongly, investing with Ruffer can be like riding a tractor on the motorway, plodding in the slow lane. It’s only when the motorway sinks into boggy marshland that a tractor proves to be a wise way to travel.

Key people

The WS Ruffer Total Return Fund 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 set by Henry Maxey and Neil McLeish, Co-Chief Investment Officers, supported by a team of senior fund managers and research analysts.

The fund is managed by Steve Russell, Matt Smith and Alexander Chartres – all Investment Directors at Ruffer. Steve has been managing the fund since 2006; Matt and Alexander joined as co-managers in 2019.

Fund Managers
Steve Russell
Fund Manager
Graduated from the University of Oxford in philosophy, politics and economics and started work as an equity analyst at Confederation Life in 1987, where he became Head of Equities in charge of £5 billion of equity funds. In 1999 he moved to HSBC Investment Bank as Head of UK and European Equity Strategy, joining Ruffer in 2003. He was co-manager of Ruffer’s investment trust from 2004 to 2019 and is currently co-manager of two of Ruffer’s flagship funds. He became a non-executive director of F&C Investment Trust in 2022, having previously been non-executive director of JPMorgan European Investment Trust.
Articles by Steve
Matt_Smith
Matt Smith
Fund Manager
T +44 (0)20 7963 8290
Joined Ruffer in 2011 after graduating from the University of Edinburgh 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 CISI. He sits on the senior asset allocation committee and co-manages two of Ruffer’s flagship funds.
Articles by Matt
Alexander Chartres
Fund Manager
Joined Ruffer in 2010 after graduating from Newcastle University with a first class honours degree in history and politics, and is a Fellow of the Chartered Institute for Securities & Investment. He specialises in geopolitics and is co-manager of two of Ruffer‘s flagship funds.
Articles by Alexander
ASSET AND CURRENCY ALLOCATION
Asset %
Short-dated bonds 54.2
Gold and precious metals exposure 8.9
Long-dated index-linked gilts 8.2
Cash 5.7
Credit and derivative strategies -2.2
Commodity exposure 5.4
Healthcare equities 2.8
Consumer discretionary equities 2.6
Energy equities 2.5
Financials equities 2.4
Other equities 9.4
Currency %
Sterling 76.3
Yen 10.3
US dollar 7.2
Euro 2.1
Other 4.1

Data as at 31 March 2024. Totals may not equal 100 due to rounding

Largest equity holdings
Largest equity holdings (excludes holdings in Ruffer funds) %
iShares MSCI China A UCITS ETF 2.6
BP ADR 1.0
Alibaba Group 0.9
Pfizer 0.8
Roche 0.6
Data as at 31 March 2024
 
KEY INVESTOR INFORMATION DOCUMENTS
Select a share class
SHARE CLASS
C accumulation
C income
H accumulation
H income
I accumulation
I income
J accumulation
J income
K accumulation
K income
SHAREHOLDER RIGHTS DIRECTIVE
Institutional Investor Disclosures
SELECT REPORT
2022 report
2021 report
2020 report
2019 report
How to invest

The fund is available to buy on the following platforms, among others. Click a logo to be directed to the platform.

Alternatively, if you would like to invest directly with us please get in touch with one of the contacts listed below.

Total Return Fund
Joshua Gunson
Director – UK Wholesale
T +44 (0)20 7963 8254
Joined Ruffer in 2010, working in the Product and Fund Relations teams. He holds a degree in philosophy from the University of Nottingham and an MBA with distinction from Cass Business School, and focuses on building relationships with financial planners and wealth managers throughout the UK.
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