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

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
  • Generate returns meaningfully ahead of the return on cash

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.

It will take bravery, imagination, and an uncomfortable portfolio journey to get through the drama.
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.

who to contact
Lauren French
Lauren French
Investment Director
After graduating from Oxford University she worked at JO Hambro Capital Management, assisting with the transition of James Hambro & Partners LLP. Joined Ruffer in 2010 and became a member of the Chartered Institute of Securities & Investment following completion of the CISI Masters in Wealth Management in 2012, receiving a merit in the Applied Wealth Management paper.
Rachel Holdsworth
Rachel Holdsworth
Investment Manager
Joined Ruffer in 2013 after graduating from Oxford University with a first class honours degree in biological sciences. She is a member of the Chartered Institute for Securities & Investment following completion of the CISI Masters in Wealth Management, receiving a distinction in both the Private Client Investment Advice and Management and Portfolio Construction Theory papers.
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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 Haussmann
75008 Paris, France