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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
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.
Task Force on Climate-related Financial Disclosures
Our fifth annual TCFD Report looks at Ruffer’s alignment with the TCFD recommendations, covering governance, strategy, risk and targets.
Dollar disparities
Jun 2025: The Taiwan dollar’s surge in early May highlighted the risk for global investors from an unwinding of the massive unhedged exposures to US assets built up over recent years in many countries.
Podcast: Investors’ Chronicle
Fund Manager Jasmine Yeo talks to Investors’ Chronicle about bonds, commodities and the end of US exceptionalism.
Trump’s not orange – he’s gold!
May 2025: Gold miners are enjoying record profit margins as prices soar. Could they outshine bullion in portfolios as Trump’s policies continue to drive gold higher?
Annual Stewardship Report
Our 2024 report outlines Ruffer’s key stewardship activities, enhancements to our fossil fuel policy and our sustainability performance ranking model.
Apr 2025 portfolio update
Political and technological upheaval is injecting significant volatility into global markets. We believe this is set to continue as the pervasive faith in US exceptionalism is undermined.
Follow the fiscal
April 2025: Long-awaited shifts in Germany and China are likely to reinforce the equity market rotation away from the US.
Q1 2025 Report
Our latest report introduces our new measure for gauging the long-term sustainability of companies’ business models. We also have the usual round up our stewardship activities during the quarter.
Investment Review
April 2025: Equities are at maximum valuations, investors are at peak investedness, and now a regime change which markets have not yet digested. Jonathan Ruffer asks if this is one of the rare occasions when a market crisis not only foretells but contributes to the economic hardship to come.
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