Charity Assets Trust

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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ruffer@ruffer.co.uk

London

80 Victoria Street
London SW1E 5JL

Directions | Map +44 (0)20 7963 8100

Edinburgh

31 Charlotte Square
Edinburgh EH2 4ET

Directions | Map +44 (0)131 202 1602

Paris

103 boulevard Haussmann
75008 Paris, France

Directions | Map +33 (0)1 88 45 02 54

The Charity Assets Trust 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.

A responsible policy

The fund's responsible investment policy has been shaped by the concerns of many charities.

It imposes strict restrictions on investment in alcohol, armaments, gambling, pornography, tobacco, oil sands and thermal coal.

It also follows a proactive voting and engagement approach with companies held within the fund. The fund is monitored against UN Global Compact principles, MSCI’s ESG Metrics and the managers also monitor the fund’s carbon metrics.

The nuts and bolts

The Charity Assets Trust is regulated by the Charity Commission and is exclusively for the use of eligible UK charities.

The Trust is managed by Ruffer AIFM Limited, which is authorised and regulated by the Financial Conduct Authority. Ruffer AIFM Limited is a wholly owned subsidiary of Ruffer LLP.

At a glance

29 Nov 2023

Launch date	8 Mar 2012
Launch price	100.00p

	C class	H class	I class
Accumulation units	166.08p	100.78p	93.68p
Income units	134.52p	na	92.80p

FUND REPORTS

Charity Assets Trust

Latest fund report

Select from the options below to view historic reports

Markets have a knack of exposing over-leveraged positions.

Henry Maxey, Chief Investment Officer

Read the article

Fragilities can persist for long periods, hidden from view, without the system breaking.

Jamie Dannhauser, Economist

READ THE ARTICLE

What to expect?

We focus on the absolute risk of losing money, not the relative risk of underperforming the stock market.

Consider a year when the market falls by 25%. A fund manager focused on relative returns could lose 20% of their investors’ money and still claim to have done well by ‘outperforming’ the index.

At Ruffer, we take on the responsibility for managing risk, and for the returns we deliver. If we ever lost 20% of our investors’ money, we would have failed.

While our track record is strong, it should definitely not be seen as evidence the fund is immune to shocks or unexpected events. During the next market panic, our protective investments may not protect us.

Our investment approach is tried and tested but sometimes can seem a bit dull. We don’t apologise for that.

For example, we never own shares just because they are currently popular. What’s more, when markets are rising strongly, investing with Ruffer can be like riding a tractor on the motorway, plodding in the slow lane. It’s only when the motorway sinks into boggy marshland that a tractor proves to be a wise way to travel.

Key people

The Charity Assets Trust follows the core Ruffer philosophy and strategy. These are unchanged since the firm started in 1994.

The investment strategy and asset allocation are set by set by Henry Maxey and Neil McLeish, Co-Chief Investment Officers, supported by a team of senior fund managers and research analysts.

The fund is managed by Jos North, Jenny Renton and Ajay Johal.

Fund managers

Jos North

Head of UK Institutional & Wholesale

Joined Ruffer in 2012 and now leads Ruffer’s UK institutional business, including UK defined benefit, defined contribution and local government pension schemes, and UK charities. He is a member of the CISI following completion of the CISI diploma and co-manages two of Ruffer’s flagship funds.

Articles by Jos

Jenny Renton

Head of Global Institutional

T +44 (0)20 7963 8287

Joined Ruffer in 2013 and leads Ruffer’s US team and co-manages two of Ruffer’s flagship funds, alongside managing a number of separately managed accounts for endowments and foundations. Prior to joining Ruffer, she worked with oil and gas companies on their corporate and financial strategies, before joining the fund team at Ingenious Investments, an alternatives investment house. She is a CFA charterholder.

Articles by Jenny

Ajay Johal

Director – UK Institutional

T +44 (0)20 7963 8040

Graduated from the University of Warwick with a degree in history and sociology and worked at Barclays Wealth before joining Ruffer in 2014. In 2019, he worked as an equity analyst in Ruffer’s Hong Kong office, before returning to the charities team in London as an Investment Manager. He is a member of the Chartered Institute of Securities & Investment and is co-manager of Ruffer’s charity fund.

Articles by Ajay

ASSET AND CURRENCY ALLOCATION

Asset	%
Short-dated bonds	25.1
Non-UK index-linked	15.8
Credit and derivative strategies	13.9
Index-linked gilts	7.5
Long-dated index-linked gilts	7.1
Long-dated bonds	6.0
Gold exposure and gold equities	4.5
Cash	2.9
Energy equities	3.1
Financials equities	2.9
Commodity exposure	2.7
Consumer discretionary equities	2.5
Consumer staples equities	1.4
Other equities	4.4

Currency	%
Sterling	65.3
Yen	20.5
US dollar	11.0
Euro	0.3
Other	2.9

Data as at 31 October 2023. Totals may not equal 100 due to rounding

Largest equity holdings

Largest equity holdings (excludes holdings in Ruffer funds)	%
BP	3.0
Alibaba Group Holding	0.7
TSMC	0.7
Alibaba Group ADR	0.5
Swire Pacific	0.5

Data as at 31 October 2023

Key documents

Scheme

Scheme Particulars

KEY INFORMATION DOCUMENTS

Select unit class

RESPONSIBLE INVESTMENT REPORT

Annual report for the Charity Assets Trust

How to invest

To invest directly in the Charity Assets Trust, please request the application forms below. Alternatively please get in touch with Ajay using the details provided below.

who to contact

Ajay Johal

Director – UK Institutional

T +44 (0)20 7963 8040

Articles by Ajay

In This section

contact

ruffer@ruffer.co.uk

London

80 Victoria Street
London SW1E 5JL

Directions | Map +44 (0)20 7963 8100

Edinburgh

31 Charlotte Square
Edinburgh EH2 4ET

Directions | Map +44 (0)131 202 1602

Paris

103 boulevard Haussmann
75008 Paris, France

Directions | Map +33 (0)1 88 45 02 54

Your privacy matters

All-weather investing

Charity Assets Trust