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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Iliads and Odysseys
We have entered a new era, where hard power rules. Safely navigating this New World Disorder will require the agile intelligence of Odysseus.
Read
Grain expectations
June 2026: Relative to oil, agricultural commodities are underpricing geopolitical risk, and we think they offer an asymmetric hedge as fertiliser constraints could put upward pressure on crop prices.
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
17 Jun 2026
Launch date 31 Jan 2006
Launch price 100.00p
  C class
Accumulation shares 288.10p
Income shares 196.30p
ASSET AND CURRENCY ALLOCATION
Asset %
Long-dated non-UK inflation-linked bonds 6.3
Gold and precious metals exposure 3.6
Long-dated UK inflation-linked bonds 2.2
Short-dated nominal bonds 31.8
Long-dated nominal bonds 17.9
Cash 3.2
Credit and derivative strategies 0.3
Consumer discretionary equities 6.7
Industrials equities 4.4
Financials equities 3.7
Energy equities 3.3
Other equities 14.6
Commodity exposure 2.2
Currency %
Sterling 70.0
US dollar 11.4
Yen 10.2
Euro 2.4
Other 6.0

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

Largest equity holdings
Largest equity holdings (excludes holdings in Ruffer funds) %
BP 1.7
iShares MSCI China A UCITS ETF 1.5
Amazon 1.0
Microsoft 0.7
Coinbase 0.7

Data as at 31 May 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