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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
The price of popularity
Feb 2026: Ahead of the mid-terms, can President Trump raise households’ morale without rocking markets?
Bargain barrels
Jan 2026: Oil prices have hit multi-decade lows against gold. Could current weakness present a compelling contrarian opportunity?
Jan 2026 portfolio update
Fund Managers Fiona Ker and Alexander Chartres discuss our latest thinking on inflation, geopolitics, and equity market risks and opportunities and how the Ruffer strategy is positioned to navigate them.
Q4 2025 report
What happens to responsible investing when the most powerful man in the world wages war against it? This quarter’s report examines ESG investing in the age of retrenchment.
Investment Review
January 2026: Jonathan Ruffer reflects on over 30 years in investment management and warns that today’s speculative market exuberance will eventually face a reckoning.
Podcast: Interactive Investor
Fund Manager Ian Rees speaks to Interactive Investor about AI development, index funds versus ETFs and how Ruffer’s portfolio fared earlier this year when stock market volatility picked up.
Against the odds
Dec 2025: Prediction markets are entering the financial mainstream, offering crowd-sourced forecasts on real world events. But could they end up adding yet more risk to the system?
How Ruffer can protect – and grow – your capital 
With the return of inflation ripping up the asset allocation rule book, investors need a new approach to protect their wealth – while keeping their eyes open to growth opportunities.
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
The great British bull case
Oct 2025: With the UK Budget approaching, all eyes are on the deteriorating public finances. But private sector balance sheets are in good shape – and could drive GDP growth.
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