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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

Gemma Cairns-Smith

Investment Specialist
Joined Ruffer in 2020 after graduating from the University of Cambridge with a first class degree in land economy. She is an investment specialist with extensive experience working with wholesale and institutional clients. She is a CFA charterholder.
Articles by Gemma
Apr 2026 portfolio update
Fund Manager Fiona Ker and Investment Specialist Gemma Cairns-Smith will discuss the most pressing market themes so far this year, and how the Ruffer strategy is positioned to navigate them
In conversation with Alexander Chartres
Fund Manager Alexander Chartres sits down with Investment Specialist Gemma Cairns-Smith to discuss the challenges facing investors in a more fractured global landscape. They cover the journey to this more multipolar and harder‑edged world order, its new power dynamics, and the renewed importance of real assets. They also discuss the skills investors need to survive in this hard new world.
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.
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.
In conversation with Alexander Chartres
Fund Manager Alexander Chartres sits down with Investment Specialist Gemma Cairns-Smith to discuss the challenges facing investors in a more fractured global landscape. They cover the journey to this more multipolar and harder‑edged world order, its new power dynamics, and the renewed importance of real assets. They also discuss the skills investors need to survive in this hard new world. Read Alexander’s article in The Ruffer Review 2026 ruffer.co.uk/rufferreview
Narratives and the shifting market mindset
Stories are increasingly driving markets, outweighing the fundamentals. We analyse how this dynamic works – and how to avoid getting caught in the downdraft.
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.
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.
Made in China – AI too?
Nov 2025: After years of underperformance compared to US rivals, China’s tech shares are showing signs of life. This month’s chart tracks their comeback, and looks at the themes behind the move
Jul 2025 portfolio update
Fund Manager Fiona Ker and Investment Specialist Gemma Cairns-Smith share Ruffer’s latest views on global markets, explain how we are positioning portfolios to navigate these dynamics, and outline where we see the greatest risks and opportunities ahead.
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