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
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.
Oct 2025 portfolio update
Fund Managers Ian Rees and Jasmine Yeo review Ruffer’s year-to-date performance, discuss recent portfolio changes and outline how the portfolio is positioned for the key risks and opportunities ahead.
Q3 2025 Report
In our latest report, we look at two animals at opposite extremes of the food chain and climatic conditions. Both are keystone species – that is, disproportionately important to the health of their entire ecosystem.
Investment Review
October 2025: After fifty years of almost uninterrupted bull markets, Jonathan Ruffer examines whether we’re approaching a turning point.
Jonathan Ruffer announces retirement
“The timing of such a decision is never an easy one, not least because it raises the obvious question – why? Why now? The company is in cracking shape, and that is reason enough.”
Taking credit for protection
Sep 2025: This month’s Green Line explores why investments that gain exposure to credit spreads can be a useful complement to equity market protections.
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.
A wobbly tariff fence?
Jul 2025: US tariffs cut Chinese exports to America by a third, but a large proportion seems to have been rerouted through Southeast Asia, suggesting China's economy may prove stronger than expected.
Investment Review
July 2025: Markets hit record highs despite wars, tariffs, and towering debt. Jonathan Ruffer explores why today’s ‘Looney Tune’ valuations persist, examines generational investment divides, and explains how Ruffer’s all-weather approach is well placed to navigate this new era.
Q2 2025 Report
In our latest report, we focus on FMC, an agricultural science company specialising in crop protection technologies, and our long-running engagement with ArcelorMittal. We also include the usual round up of our stewardship activities this quarter.
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