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

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.

At a glance
We do One thing – investment management
The strategy  Global, multi-asset, absolute return
So far A 31 year track record, 8.0% net annualised returns as at 31 March 2026
Stewardship Environmental, social and corporate governance (ESG) issues are integrated into our process
Investors £18.8 billion under management as at 31 March 2026. Private investor origins, now over 69% institutional investors.
Offices London, New York, Paris, Edinburgh and Guernsey
Founded 1994
People Over 240 work at Ruffer as at 31 March 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
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
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.

The Ruffer Review 2026
At a time of increasing political, economic and market disequilibrium, the Ruffer Review 2026 assesses a broad range of risks – and unearths some underappreciated opportunities.
Read
In conversation with Chris Bacon
In this thought‑provoking conversation, Ruffer Chief Executive Chris Bacon discusses the idea of Risk backwards: that comfort, conformity and ‘blanding’ can create the illusion of safety while increasing vulnerability.
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Read
Iliads and Odysseys
We have entered a new era, where hard power rules. Safely navigating this New World Disorder will require the agile intelligence of Odysseus.
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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