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
Jonathan_Ruffer

Jonathan Ruffer

Founder Emeritus
Trained as a barrister and a stockbroker with Myers & Co in 1973 before moving into private client investment management in 1979, with Dunbar Fund Managers. Formerly Chief Investment Officer of Rathbone Bros plc. He established Ruffer Investment Management Limited in 1994, which transferred its investment business to Ruffer LLP in 2004.
Articles by Jonathan
Q3 2024 Report
Our latest report focuses on three mainly climate-themed engagements. We also explain why CDP’s Non-Disclosure Campaign can provide invaluable data to help us analyse climate risks and opportunities.
A few good choices
Isaac Newton said, “If I have seen further it is by standing on the shoulder of giants.” At five foot one, my grandmother wasn’t a conventional giant. But she’s helped me see further, and better. And helped me in my own way to make better decisions.
Investment Review
October 2024: For 30 years, Ruffer’s chief concern has been the preservation of clients’ money. In this quarter’s review, Jonathan Ruffer revisits the merits, and measures, of this aspiration in the context of today’s market environment.
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.
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