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
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  • Absolute Return Fund

WS Ruffer Absolute Return Fund

Offers investors a ‘slice of Ruffer’
It has a simple aim – consistent positive returns, regardless of how the financial markets perform.

We try not to lose money in any 12 month period, and to grow the value of our investors’ wealth over the long haul. If we can do this, we should outpace inflation, protecting and increasing the real value of our investors’ income and capital.

Please note the WS Ruffer Absolute Return Fund is a UK domiciled fund and only registered for distribution in the UK.

Latest fund report
Download the latest fund report
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Let them have cake – and circuses!
President Trump faces an affordability paradox, and his attempts to solve it before the mid-terms are likely to cause severe political, economic, market and inflation volatility.
Read
Strait lines, narrow choices
Apr 2026: With oil prices soaring, what will the impact on the global economy be? And how will policymakers react? We make the case for a stagflationary shock, but not all economies will be affected equally.
Read
Portfolio management team

The WS Ruffer Absolute Return Fund follows the Ruffer philosophy and strategy. These are unchanged since the firm started in 1994.

The investment strategy and asset allocation is set by Henry Maxey and Neil McLeish, Co-Chief Investment Officers. A team of portfolio managers are collectively responsible for implementing this strategy across all our core funds.

The lead portfolio managers for the fund are Steve Russell, Matt Smith and Alexander Chartres.

GET IN TOUCH
Joshua Gunson
Director – UK Wholesale
Joined Ruffer in 2010, working in the Product and Fund Relations teams. He holds a degree in philosophy from the University of Nottingham and an MBA with distinction from Bayes Business School, and focuses on building relationships with financial planners and wealth managers throughout the UK.
At a glance
15 Apr 2026
Launch date 31 Jan 2006
Launch price 100.00p
  C class
Accumulation shares 292.05p
Income shares 198.99p
ASSET AND CURRENCY ALLOCATION
Asset %
Gold and precious metals exposure 3.5
Long-dated UK inflation-linked bonds 2.5
Short-dated nominal bonds 42.9
Long-dated nominal bonds 16.7
Cash 5.6
Credit and derivative strategies -0.3
Consumer discretionary equities 5.4
Industrials equities 4.2
Energy equities 3.6
Financials equities 3.4
Other equities 12.0
Commodity exposure 0.5
Currency %
Sterling 73.9
Yen 15.3
US dollar 3.0
Euro 2.4
Other 5.4

Data as at 31 March 2026. Totals may not equal 100 due to rounding

Largest equity holdings
Largest equity holdings (excludes holdings in Ruffer funds) %
BP 1.9
Coinbase 1.0
Alibaba Group 0.7
Alibaba Group ADR 0.7
Nestle 0.5

Data as at 31 March 2026

 
HOW TO INVEST
Step 1  Read the key investor information documents (KIIDs) above and the full prospectus
Step 2 If you would like to go ahead and make an investment, please call our partners at Waystone Management (UK) Limited on 0345 601 9610
KEY DOCUMENTS
SUSTAINABILITY DISCLOSURE REQUIREMENTS

Sustainable investment labels help investors find products that have a specific sustainability goal. The fund does not have a UK sustainable investment label because, whilst it considers sustainability factors, it does not have a specific sustainability objective. 

CONSUMER FACING DISCLOSURE (CFD)

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