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
Charles_Lynne

Charles Lynne

Director – Private Wealth and Charities
Joined Ruffer in 2008 and manages investment portfolios for individuals and charities. Previously at Morgan Stanley Investment Management, including a placement in Asia. He holds a first class honours in natural sciences from Durham University and is a Chartered Fellow of the CISI.
Articles by Charles
A market miscellany
We explore the limitations of AI, the difficulty of assessing probabilities, ways to tackle youth unemployment and the blurring of the line between purchases and investments.
Election 2024
September 2024: As the US presidential race enters its final straight, Dr Tim Smith and Alexander Chartres join Rory McIvor to discuss how investors are weighing up the prospects of a new administration.
Trump, tariffs and election trade-offs
September 2024: As markets try to weigh the outcome of the upcoming US election, Economist Jamie Dannhauser looks at the possible inflationary effects of the candidates’ policy platforms.
Sep 2024 portfolio update
How did August’s market whipsaw impact the Ruffer portfolio? What can we learn from investors’ reaction? Have recent events changed our thinking?
Permanence and change
Whilst technology has transformed stock markets over the centuries, they are underpinned by human traits like fear and greed, which remain unaltered. But one key recent change has been to markets’ purpose, and this risks severe instability.
CBAM
The EU’s Carbon Border Adjustment Mechanism (CBAM) is set to revolutionise carbon pricing both within the bloc and beyond, contributing to cleaner, more equitable and more transparent global value chains.
The Ugly Duckling portfolio
The Ruffer portfolio is filled with ugly ducklings. Unloved and out-of-favour assets, spurned by most investors. We believe these assets can transform and prove their worth just when they are needed most.
Leaving the pack
July 2024: Investors are herding into a narrow market and propelling stocks to new highs. Fund Manager Jasmine Yeo joins Rory McIvor to explain why this is a market well worth insuring against.
Investment Review
July 2024: Recent portfolio performance has, understandably, provoked questions from our clients and investors. These are broadly the same questions we have been asking ourselves, chief among which is: why are we comfortable owning a portfolio that feels so uncomfortable to hold? Jonathan Ruffer’s quarterly investment review seeks to answer that question, laying out the reasons for our conviction in a portfolio which can protect and grow capital as the market turns.
‘Washington, we have a problem’
July 2024: The cost of servicing US national debt is set to swallow an ever-greater share of the public purse over the coming years. To tackle the debt burden, governments are faced with an array of unpalatable choices – with higher inflation an increasingly likely side effect.
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