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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 Year of the Snake
January 2025: After US equities’ strong gains over the past two years, we think the best opportunities for 2025 may lie in overlooked assets elsewhere in the world.
R-Star Wars
Could today’s market optimism about inflation be misplaced? Oliver Shale warns we may be facing an ‘Empire Strikes Back’ moment, with a second wave of price rises on the horizon.
Q4 2024 Report
Our latest report discusses engagement with the agriculture supply chain, and includes a round up of our stewardship activities during the quarter.
Jan 2025 portfolio update
Fund Manager Jasmine Yeo and Private Wealth Director Charles Lynne cover the most pressing and important questions from our clients and investors – on markets, the economic outlook and the Ruffer strategy.
Investment Review
January 2025: In his latest Investment Review, Jonathan Ruffer sees parallels between today’s Magnificent Seven and the Nifty Fifty stocks of 1970s America. Pay too much for quality, and you’ve made a bad investment.
MAGA versus the vigilantes
December 2024: Trump’s new administration faces a high-stakes showdown with bond vigilantes, threatening to shake global financial markets, raise borrowing costs and potentially trigger the first US fiscal crisis since the Civil War.
As easy as ABC
November 2024: China’s stocks have massively underperformed the US for decades, but rock-bottom valuations, government stimulus and depressed investor sentiment are creating an opportunity. Sometimes the best investments are when things go from awful to bad.
Your Last Gift
Matthew Hutton’s guide to end-of-life planning addresses crucial but often overlooked aspects of estate planning. Through practical checklists and straightforward advice, the book aims to simplify this complex but necessary process to reduce future stress for loved ones.
Stuck in the middle with EU
October 2024: Declining car production reveals just how exposed German industry is to the new Cold War. The political and economic consequences for the EU will be profound.
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.
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