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.
Location
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UK
Europe
Australia
US
Asia
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Individual investors
I invest on my own behalf, am a job seeker or want to learn more about Ruffer
Intermediary
I am a financial advisor or wealth manager
Institutional
I am a professional client or eligible counterparty
Charity
I am a charity trustee, or a consultant who advises charities
Individual investors
I invest on my own behalf, am a job seeker or want to learn more about Ruffer
Institutional
I am a professional client or eligible counterparty
Charity
I am a charity trustee, or a consultant who advises charities
Wholesale
I am a financial advisor, wealth manager or institutional investor
Institutional
I am a professional client or eligible counterparty
Institutional
I am a professional client or eligible counterparty
Institutional
I am a professional client or eligible counterparty
All investors
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
Remember my choice
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

Our aim?

To deliver consistent positive returns
– whatever happens in the financial markets.

Ruffer

Ruffer provides investment management services for different institutions, including pension funds, family offices, wealth managers, local governments, corporations, investment companies and insurance companies.

Our investment process is different to most. It is designed to protect and then grow the value of our investors’ portfolios – avoiding large losses and harnessing the power of compounding over time.

It’s by putting safety first that we have made good money for our investors. Through boom and bust. For over 31 years.

INVESTMENT APPROACH
At a glance
We do One thing – investment management
The strategy  Global, multi-asset, absolute return
So far A 31 year track record, 7.9% net annualised returns as at 30 April 2026
Stewardship Environmental, social and corporate governance (ESG) issues are integrated into our process
Investors £18.5 billion under management as at 30 April 2026. Private investor origins, now over 68% institutional investors.
Offices London, New York, Paris, Edinburgh and Guernsey
Founded 1994
People Over 240 work at Ruffer as at 30 April 2026
Ownership Independent private partnership

 

Past performance is not a guide to future performance. Regulatory performance disclosure


GET IN TOUCH
David_Benson
David Benson
Director – Institutional
T +44 (0)20 7963 8204
After graduating from the University of Oxford, he worked at Phillips & Drew Fund Management (1991–1999), predominantly managing UK equity portfolios for pension funds. A consultant for McKinsey & Company from 1999, he joined Deutsche Asset Management in 2004. In 2005, worked as a fund manager at Société Générale, focusing on pooled UK equity and multi–asset portfolios for UK institutions and retail investors. He joined Ruffer in 2010.
Tim Gordon
Director – UK Wholesale
T +44 (0)20 7963 8161
Joined Ruffer in 2021 to develop UK wholesale distribution. He previously spent five years at Robeco developing their UK business and five years at SKAGEN as Head of UK Wholesale.
Our approach
Approach Single approach – multi-asset and unbenchmarked
Philosophy Unchanged since we started in 1994
Returns Strong track record of positive returns with low correlation to conventional investment strategies
Protection Clients protected from the bursting of the dot.com bubble, the credit crisis and the crash in Q1 2020
Process  Distinctive, clear and repeatable

 

Past performance is not a guide to future performance. Regulatory performance disclosure



Where does Ruffer fit?

We have a distinctive investment style, offering an alternative to volatile equity investment and to traditional active fund management.

Our approach is sometimes categorised as ‘diversified growth’ or ‘dynamic asset allocation’.

Typically, institutional clients use Ruffer in one of three ways

  • as the manager for all of their assets

  • as part of their allocation to uncorrelated alternative assets

  • as part of the growth assets in a strategic asset allocation

Our investment service

Ruffer provides discretionary investment management to institutional clients.

Institutions that invest with Ruffer can have their own segregated portfolio, or invest via a pooled fund.

Segregated portfolios can be tailored to clients’ requirements – to incorporate investment restrictions, for example.
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19 mins | Chris Bacon
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Ruffer Radio
In conversation with Michael Biggs
What really drives the economic cycle? It’s not the total amount of debt – it’s the rate of change of new borrowing. Investment Specialist Gemma Cairns-Smith sits down with Ruffer’s Head of Macro Strategy Michael Biggs to explore his research into the credit impulse — the change in new borrowing that drives economic activity.
Audio icon
18 mins | Michael Biggs, Gemma Cairns-Smith
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May 2026: Earnings growth contrasts with low valuations for the software sector as AI uncertainty rises. We see selective opportunities among established firms with strong balance sheets and recurring revenues.
5 mins | Fiona Ker
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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