All-weather investing

Seeking good 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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Rory McIvor

Investment Communications Specialist
Joined Ruffer in 2017 after graduating from the University of Edinburgh with a first class honours degree in history and politics. He is a member of the Chartered Institute for Securities & Investment following completion of the CISI Masters in Wealth Management, receiving a merit in the Applied Wealth Management paper. He spent four years working on the private client investment team before moving into investment communications to focus on Ruffer’s thought leadership content, including as co-editor of the Ruffer Review.
Articles by Rory
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Ruffer round up – Q2 2022
July 2022: Investment Director Duncan MacInnes joins Rory McIvor for a review of the quarter, discussing the scale of wealth destruction across markets and how they see this rippling out into real world behaviour, and looking forward to what could be on the horizon and what that means for investors.
A grand plan for the land
After almost four decades working in financial markets, Harry Buscall retired from Ruffer in 2020 to embark on a new adventure with his son Dominic at his family farm, Ken Hill in Norfolk. Using a combination of rewilding, regenerative farming and traditional conservation practices, the team at Ken Hill have devised an innovative approach to sustainable land management. Rory McIvor caught up with Harry, to find out more about his approach to the UK’s land use conundrum.
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Ruffer Radio: Winning by not losing – protection strategies
June 2022: Avoiding major drawdowns in markets is key to outperforming over the long-term. It may sound obvious, but in a world of near universal asset vulnerability, it has seldom been more important to stand resolute against falling markets. In this episode, Lauren French and Andrew van Biljon discuss Ruffer's approach to protecting against tail risks in the market and they lift the lid on some of the more creative strategies in the portfolio today.
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Ruffer round up – Q1 2022
April 2022: We reflect on the events that have dominated markets over the past three months - including the major developments we’re all talking about. We also discuss one or two aspects which have received less attention, but may well be crucial for investors in the months ahead.
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Ruffer Radio: From reduction to removal
March 2022: Tim Kruger is the guest author in this year’s Ruffer Review. In this episode, we discuss his article which draws on his work in the field of carbon extraction and its role in the energy transition.
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Turbulence ahead
February 2022: Volatility (turbulence for the sake of this metaphor) will be the key challenge for investors in 2022. Loose financial conditions have added an extra hundred knots to markets over the past two years and autopilot has worked just fine. But not all turbulence is the same.
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Ruffer round up – Q4 2021
January 2022: Investment Director Matt Smith looks ahead to what investors can expect in 2022. We briefly review the investments which worked well in Ruffer portfolios last year (and those that didn’t) and assess the opportunities and challenges arising from the return of economic, market and inflation volatility.
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Re-imagining the art of portfolio construction
November 2021: They say it takes 66 days to make a habit, and just a minute to break it. Most investors have been constructing portfolios the same way for 10, 20 or 30 years – building the habit of a lifetime. But a new market regime demands a change to the art of portfolio construction.
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Ruffer round up – Q3 2021
October 2021: A brief round up where we look at how recent events impacted markets and Ruffer portfolios, and what investors have learned as we move into the fourth quarter.
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Ruffer Radio: Inflation – great expectations
July 2021: Inflation is back, but for how long? Bertie Dannatt joins Ruffer Radio to discuss how markets are digesting the return of inflation, and what rising prices mean for consumers and investors alike.