Total Return International

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.

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

The Ruffer Total Return International Fund is a UCITS fund designed to cater for the specific needs and requirements for investors outside the UK.

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 DETAIL

The fund is a UCITS fund registered for sale in a number of European countries and specific tax reporting figures are published for several jurisdictions. Share classes are available in pound sterling, US dollar, euro, Swiss franc, Singapore dollar, Australian dollar, Canadian dollar, Swedish krona.

The fund itself is managed in pounds sterling; the other share classes offer the return in pounds sterling, hedged back to the base currency.

We have an Australian unit trust available for investors in Australia.

Custody and administration for the fund are conducted in Luxembourg. Broadly, the return should correspond to the sterling portfolio return plus the differential between interest rates in their base currency and sterling (or minus, if sterling rates are higher).

At a glance

24 Apr 2024

Launch date	14 Jul 2011
Launch price	1.0000

	C class	O class	OI class	I class
CHF capitalisation	1.4261	1.3687	na	1.4610
EUR capitalisation	1.5345	1.4726	1.4744	1.5720
EUR distribution	1.5084	1.5720	na	na
GBP capitalisation	1.7270	1.6573	na	na
GBP distribution	1.6821	na	na	1.7155
GBP income	1.5423	na	na	na
USD capitalisation	1.8125	1.7395	1.7414	1.8569
USD distribution	1.7841	na	na	1.8074

FUND REPORTS

Ruffer Total Return International

C class I class O class

Select from the options below to view historic reports

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.

Key people

The Ruffer Total Return International 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 Investment Director Alex Lennard, who has been managing the fund since it launched in 2011, and Investment Manager Fiona Ker, who became co-manager in 2023.

Fund Managers

Alex Lennard

Fund Manager

T +44 (0)20 7963 8103

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 associate for Jonathan Ruffer and now manages institutional investment portfolios. He sits on the senior asset allocation committee and is co–manager of three of Ruffer’s flagship funds. He is also a Non-Executive Director of the JPMorgan European Investment Trust.

Articles by Alex

Fiona Ker

Fund Manager

Joined Ruffer in 2017 from Ernst & Young. She holds an honours degree in singing performance from the Royal Conservatoire of Scotland. Fiona manages portfolios for institutions with a focus on international clients, and is a member of the CISI and the Institute of Chartered Accountants for England & Wales. She is co-manager of two of Ruffer’s flagship funds.

Articles by Fiona

ASSET AND CURRENCY ALLOCATION

Asset	%
Short-dated bonds	46.6
Gold and precious metals exposure	8.7
Long-dated index-linked gilts	8.3
Cash	4.7
Non-UK index-linked	3.6
Index-linked gilts	2.0
Credit and derivative strategies	0.3
Commodity exposure	5.3
Financials equities	3.7
Consumer discretionary equities	3.0
Energy equities	2.5
Consumer staples equities	1.7
Other equities	9.6

Currency	%
Sterling	78.7
Yen	10.4
US dollar	6.3
Euro	1.5
Other	3.0

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	2.9
BP	1.8
Alibaba Group	0.9
Citigroup	0.9
Prosus	0.7

Data as at 31 March 2024

IMPORTANT INFORMATION

The investment objective of Ruffer Total Return International (‘the fund’) is to achieve positive returns from an actively managed portfolio. The fund may have exposure to the following asset classes: cash, debt, securities of any type (including government and corporate debt), equities and equity related securities and commodities (including precious metals). Overriding this objective is a fundamental philosophy of capital preservation. Investors should note that there can be no assurance that the investment objective will be achieved.

The fund data displayed is designed only to provide summary information. This marketing communication does not explain the risks involved in investing in the fund. Any decision to invest must be based solely on the information contained in the Prospectus, Key Information Documents and the latest report and accounts. This investment concerns the acquisition of units in a fund, and not in a given underlying asset such as shares of a company, as these are only the underlying assets owned by the fund. Future performance is subject to taxation which depends on each investor’s personal situation, and may be subject to change in the future. A Summary of Investor Rights is available in English from group.pictet. The fund is not a tracker fund and is actively managed. The fund is managed in reference to a benchmark as its performance is measured against the FTSE All-Share Index Total Return, Bloomberg Global – Aggregate Total Return and HFRI Fund of Funds Composite. This marketing communication is not targeting a specific investor type. The fund is open to both retail and professional investors depending on jurisdiction.

who to contact

Chiara Ruta

Director – Europe

T +33 (0)1 88 45 02 59

Joined Ruffer in 2021, to expand the institutional clients business across continental Europe. Previously at Morgan Stanley and EBRD (the European Bank for Reconstruction and Development), she holds a master’s degree in economics from Bocconi University, Milan, and is fluent in Italian, English, French and Spanish.

Julien Galichet

Manager – Europe

T +33 (0)1 88 45 02 53

Previously at Finalpha, he joined Ruffer in 2019. Other roles include co-founding DG Patrimoine, a real-estate asset management company where he managed investments for high net worth individuals. Prior to that he held various positions at IT Asset Management, Deutsche Bank and IFS (Dublin).