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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 LLP
80 Victoria Street
London SW1E 5JL
Directions | Map +44 (0)20 7963 8100
Paris
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103 boulevard Haussmann
75008 Paris, France
Directions | Map +33 (0)1 88 45 02 54
New York
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  • Home
  • Charity Assets Trust

Charity Assets Trust

A fund designed for the specific needs of eligible UK charities
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.

INVESTMENT APPROACH
FUND REPORTS
Latest fund report
Download the latest fund report
5 mins |
DOWNLOAD
Ruffer Review
Back to the future (but which one?)
Whilst the impact of AI is likely to be deflationary in the very long term, existing economic imbalances and political realities suggest we will first suffer an era of higher inflation and volatility.
18 mins | Jamie Dannhauser
Read
Green Line
Against the odds
Dec 2025: Prediction markets are entering the financial mainstream, offering crowd-sourced forecasts on real world events. But could they end up adding yet more risk to the system?
6 mins | Oliver Shale
Read
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.

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.

INVESTMENT APPROACH
Portfolio management team

The Charity Assets Trust 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 Jasmine Yeo and Ian Rees.

GET IN TOUCH
David_Benson
David Benson
Co-Head of UK Institutional
T +44 (0)20 7963 8204
After graduating from the University of Oxford, he worked at Phillips & Drew Fund Management (1991–1999), predominantly managing UK equity portfolios for pension funds. A consultant for McKinsey & Company from 1999, he joined Deutsche Asset Management in 2004. In 2005, worked as a fund manager at Société Générale, focusing on pooled UK equity and multi–asset portfolios for UK institutions and retail investors. He joined Ruffer in 2010.
Charles_Lynne
Charles Lynne
Director – Private Wealth
T +44 (0)20 7963 8222
Joined Ruffer in 2008 and manages investment portfolios for individuals and charities. Previously at Morgan Stanley Investment Management, including a placement in Asia. He holds a first class honours in natural sciences from Durham University and is a Chartered Fellow of the CISI.
Articles by Charles
At a glance
10 Dec 2025
Launch date 8 Mar 2012
Launch price 100.00p
  C class H class I class
Accumulation units 185.53p 112.82p 105.28p
Income units 141.55p 106.90p 98.27p
FUND REPORTS
Charity Assets Trust
Latest fund report
Select from the options below to view historic reports
Year
2025
2024
2023
Month
Nov Oct Sep Aug Jul Jun May Apr Mar Feb Jan Dec Nov Oct Sep Aug Jul Jun May Apr Mar Feb Jan Dec Nov Oct Sep Aug Jul Jun May Apr Mar Feb Jan
ASSET AND CURRENCY ALLOCATION
Asset %
Gold and precious metals exposure 4.1
Long-dated UK inflation-linked bonds 3.5
Short-dated nominal bonds 39.8
Long-dated nominal bonds 10.5
Cash 1.8
Credit and derivative strategies 10.4
Consumer discretionary equities 6.2
Financials equities 3.6
Industrials equities 3.5
Healthcare equities 3.3
Other equities 12.6
Commodity exposure 0.7
Currency %
Sterling 70.6
Yen 12.3
US dollar 11.4
Euro 2.3
Other 3.4
Data as at 30 November 2025. Totals may not equal 100 due to rounding
Largest equity holdings
Largest equity holdings (excludes holdings in Ruffer funds) %
BP 1.9
Barratt Developments 0.9
Prosus 0.9
Equinox Gold 0.8
Gresham House Energy Storage 0.8
Data as at 30 November 2025
 
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.

How to invest

To invest directly in the Charity Assets Trust, please request the application forms below, or please get in touch.

Key documents
Scheme
Scheme Particulars
KEY INFORMATION DOCUMENTS
Select unit class
Unit class
C accumulation
C income
H accumulation
H income
I accumulation
I income
RESPONSIBLE INVESTMENT REPORT
Annual report for the Charity Assets Trust
SELECT YEAR
2023 report
2022 report
2021 report
2020 report
2019 report
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
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