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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UK
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US
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Individual investors
I invest on my own behalf, am a job seeker or want to learn more about Ruffer
Intermediary
I am a financial advisor or wealth manager
Institutional
I am a professional client or eligible counterparty
Charity
I am a charity trustee, or a consultant who advises charities
Individual investors
I invest on my own behalf, am a job seeker or want to learn more about Ruffer
Institutional
I am a professional client or eligible counterparty
Charity
I am a charity trustee, or a consultant who advises charities
Wholesale
I am a financial advisor, wealth manager or institutional investor
Institutional
I am a professional client or eligible counterparty
Institutional
I am a professional client or eligible counterparty
Institutional
I am a professional client or eligible counterparty
All investors
I invest on my own behalf, am a job seeker or want to learn more about Ruffer
All investors
I invest on my own behalf, am a job seeker or want to learn more about Ruffer
Remember my choice
London
Ruffer LLP
80 Victoria Street
London SW1E 5JL
Directions | Map +44 (0)20 7963 8100
Paris
Ruffer S.A.
103 boulevard Haussmann
75008 Paris, France
Directions | Map +33 (0)1 88 45 02 54
New York
Ruffer LLC
300 Park Avenue
New York NY 10022
Directions | Map +1 917 947 3003
Edinburgh
Ruffer LLP
31 Charlotte Square
Edinburgh EH2 4ET
Directions | Map +44 (0)131 202 1602

Frequently asked questions (FAQ)

Capital preservation, absolute return and global macro investing
EXPAND ALL QUESTIONS
What is Ruffer?

Ruffer is an independent asset management firm, founded in London in 1994. We provide discretionary investment management services and investment solutions through platforms, operating as Ruffer LLP. Our single firmwide investment approach aims to deliver positive returns in all market environments, with a strong emphasis on capital preservation.

Who does Ruffer manage assets for?
Ruffer manages assets for a wide range of clients, including sovereign wealth funds, insurance companies, pension funds, endowments and foundations, family offices, other institutions globally, as well as for financial planners, wealth managers and private clients and charities. Ruffer funds, including the Ruffer Investment Company and the WS Ruffer Diversified Return Fund, are available on UK retail and institutional  platforms. 
What role can Ruffer play in an investment portfolio?
At its core, Ruffer exists to deliver consistent positive returns regardless of market conditions, with a strong emphasis on capital preservation. Unlike many traditional asset managers, Ruffer prioritises avoiding losses over chasing short term gains, recognising that protecting capital is essential to compounding wealth over time. By seeking to preserve capital during major drawdowns, the Ruffer strategy tends to produce a steady stream of returns with a low correlation to traditional assets. While different investors use it in different ways, it can be a core holding for investors looking for diversification, providing protection and growth in a single liquid fund.
Is Ruffer regulated in the UK (and elsewhere)?
Yes. Ruffer LLP has been authorised and regulated in the UK by the Financial Conduct Authority (FCA) since 2 April 2004. Ruffer LLP is also registered with the SEC as a Registered Investment Advisor (SEC registration does not imply a certain level of skill or training).
What is Ruffer’s investment approach?

Ruffer pursues a global macro, unconstrained, unbenchmarked and uncorrelated absolute return strategy focused on capital preservation and steady growth. A defining feature of Ruffer is our aim to generate positive returns over time with low reliance on market direction and a low correlation to traditional assets like equities. This can also make Ruffer a complementary component within broader portfolios, helping investors diversify and manage risk.

Ruffer’s investment approach has remained consistent since its founding, underpinned by a disciplined focus on risk management, long term thinking and responsible stewardship, including the integration of environmental, social and governance (ESG) considerations.

What does ‘capital preservation’ mean at Ruffer?
Ruffer has two investment objectives: not to lose money in any 12 month rolling period, and to generate returns meaningfully ahead of cash. The emphasis is on avoiding permanent or hard-to-recover losses by building portfolios designed to withstand market stress through disciplined risk management and diversification.
What does ‘absolute return’ mean and how is it different from benchmark investing?
Ruffer’s absolute return approach is about not losing money in any 12 month period and growing it steadily over time. It is not built around beating or tracking any particular index. Instead, it is unconstrained, with no control ranges and no ‘set and forget’ strategic asset allocation. In practice, that means the portfolio can change materially as risks and opportunities change, rather than staying close to benchmark weights.
What does ‘global macro’ mean in practice?
Global macro means starting with the big picture – economic fundamentals, market conditions, inflation and interest rates and other macro risks – and positioning the portfolio accordingly. For us, top down asset allocation decisions are the key drivers of returns, supported by bottom up security selection to choose the best instruments to express our macro views.
Why is Ruffer different from other asset managers?
There are several key differentiators: a capital preservation philosophy; an unbenchmarked and unconstrained portfolio constructed from offsetting ‘protection’ and ‘growth’ assets; and a partner owned structure which aligns the interests of the business with those of our clients and investors. 
What can the strategy invest in?
Ruffer has a broad investment toolkit, including equities, fixed income, commodities, precious metals exposure, currencies and derivatives. Because the mandate is unconstrained, the mix can change significantly over time. We can avoid investments we view as carrying excessive risk, not just underweight them.
How does Ruffer build downside protection?
The process starts by identifying the main ways a portfolio could lose money, then putting protection in place. Protection can include long only defensive assets and derivatives designed to hedge specific risks or provide asymmetric payoffs if the risk materialises. The goal is to hold protection ahead of market stress, rather than responding once markets have begun falling. Only once we have protections in place do we look for upside potential from growth assets. 
How does Ruffer avoid relying on market timing?
We believe market timing is fraught with risk, so we always maintain a balance between protection and growth investments. The balance shifts as our views change, but the portfolio is never positioned 100% for a single outcome. This is designed to provide staying power through volatility and reduce dependence on perfectly timed decisions.
What are ‘offsetting’ investments and ‘convexity’?
Ruffer builds portfolios using offsetting investments – positions chosen so that, if conditions turn out to be damaging to one part of the portfolio, another should perform strongly. We seek asymmetric payoff profiles (convexity), where outcomes are skewed to the upside. The goal is a resilient portfolio that works in different market scenarios.
Who makes the key investment decisions?
Ruffer’s strategy and asset allocation are set by the Co-Chief Investment Officers, Henry Maxey and Neil McLeish, supported by fund managers and an asset allocation team which provides challenge, debate and idea generation. The broader research capability includes specialists across macro, equities, credit, commodities and derivatives, feeding into both asset allocation and security selection.
How liquid is the strategy?
Yes. Ruffer uses derivatives to manage foreign exchange risk, provide protection against falling asset prices and sometimes gain convex upside exposure. Many derivative holdings are limited liability instruments, where the maximum loss is known at purchase, used to protect against downside risks. We monitor derivative liquidity and counterparty exposure as part of our risk framework.
Does Ruffer use derivatives and why?
Yes. Ruffer uses derivatives to manage foreign exchange risk, provide protection against falling asset prices and sometimes gain convex upside exposure. Many derivative holdings are limited liability instruments, where the maximum loss is known at purchase, used to protect against downside risks. We monitor derivative liquidity and counterparty exposure as part of our risk framework.
How do I invest in Ruffer?
For private investors, our funds and investment trust can be accessed easily through all the UK’s leading investment platforms. If you are looking to invest more than £1m, you may prefer to explore working directly with Ruffer, to do this please contact Ruffer.

The views expressed in this document are not intended as an offer or solicitation for the purchase or sale of any investment or financial instrument, including interests in any of Ruffer’s funds. The information contained in the document is fact based and does not constitute investment research, investment advice or a personal recommendation, and should not be used as the basis for any investment decision. References to specific securities are included for the purposes of illustration only and should not be construed as a recommendation to buy or sell these securities. This document does not take account of any potential investor’s investment objectives, particular needs or financial situation. This document reflects Ruffer’s opinions at the date of publication only, the opinions are subject to change without notice and Ruffer shall bear no responsibility for the opinions offered.

This financial communication is issued by Ruffer LLP which is authorised and regulated by the Financial Conduct Authority in the UK and is registered as an investment adviser with the US Securities and Exchange Commission (SEC). Registration with the SEC does not imply a certain level of skill or training. © Ruffer LLP 2026. Registered in England with partnership No OC305288. 80 Victoria Street, London SW1E 5JL. For US institutional investors: securities offered through Ruffer LLC, Member FINRA. Ruffer LLC is doing business as Ruffer North America LLC in New York. Read the full disclaimer

London
Ruffer LLP
80 Victoria Street
London SW1E 5JL
Directions | Map +44 (0)20 7963 8100
Paris
Ruffer S.A.
103 boulevard Haussmann
75008 Paris, France
Directions | Map +33 (0)1 88 45 02 54
New York
Ruffer LLC
300 Park Avenue
New York NY 10022
Directions | Map +1 917 947 3003
Edinburgh
Ruffer LLP
31 Charlotte Square
Edinburgh EH2 4ET
Directions | Map +44 (0)131 202 1602