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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London
Ruffer LLP
80 Victoria Street
London SW1E 5JL
Paris
Ruffer S.A.
103 boulevard Haussmann
75008 Paris, France
New York
Ruffer LLC
300 Park Avenue
New York NY 10022
Edinburgh
Ruffer LLP
31 Charlotte Square
Edinburgh EH2 4ET

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, 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, derivatives and exposure to commodities.

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.

People often think financial catastrophes occur because herds of humans panic when the emotional pendulum swings from greed to fear.
Henry Maxey, Co-CIO
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
We expect the rise of systematic investing to produce more short-term dislocations from the long-term fundamentals. A patient discretionary investor can exploit these dislocations.
Teun Draaisma, Head of Investment Strategy

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. ESG issues are integrated into our investment process.
Paris
Ruffer S.A.
103 boulevard Haussmann
75008 Paris
London
Ruffer LLP
80 Victoria Street
London SW1E 5JL
New York
Ruffer LLC
300 Park Avenue
New York NY 10022
Edinburgh
Ruffer LLP
31 Charlotte Square
Edinburgh EH2 4ET