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.
All-weather investing
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UK
Europe
Australia
US
Asia
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Channel Islands
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Type of Investor
Individual investors
Institutional
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Family office
Financial planner
Individual investors
Institutional
Charity
Wholesale
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Institutional
Institutional
All investors
All investors
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, 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.

The market never allows you to hold the assets you need to survive financial crises without extreme discomfort.
Henry Maxey, Chief Investment Officer
Fragilities can persist for long periods, hidden from view, without the system breaking.
Jamie Dannhauser, Economist

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...
London
80 Victoria Street
London SW1E 5JL
Edinburgh
31 Charlotte Square
Edinburgh EH2 4ET
Paris
103 boulevard Haussmann
75008 Paris, France