All-weather investing

Seeking good positive returns.

Come rain or shine.

Ruffer provides investment management services for institutions, pension funds, charities, financial planners and individual investors.
Ruffer LLP
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London
80 Victoria Street
London SW1E 5JL
Edinburgh
31 Charlotte Square
Edinburgh EH2 4ET
Paris
103 boulevard Haussmann
75008 Paris, France

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.

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
3 Aug 2022
Launch date 8 Mar 2012
Launch price 100.00p
Accumulations units 171.56p
Income units 142.33p
Investing for inflation volatility is not the same as investing for inflation. Confusion in this respect will be costly to investors.
Henry Maxey, Chief Investment Officer
We’re moving from a world where profit trumped politics, to one where politics trump profit.
Alexander Chartres, Investment Director
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.

Read more
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 Henry Maxey (Chief Investment Officer), Jonathan Ruffer (Chairman, Ruffer LLP) and Aled Smith (Deputy CIO), supported by a team of senior fund managers and our in–house researchers.

The fund is managed by Jos North and Jenny Renton – both Investment Directors at Ruffer.

Fund managers
Jos_North
Jos North
Investment Director
Joined Ruffer in 2012, having graduated from Edinburgh University with an MA Honours in French and Spanish. He became a member of the Chartered Institute of Securities & Investment following completion of the CISI Diploma, receiving the highest mark in that year. He manages portfolios predominantly for institutional clients and is co-manager of two of Ruffer's flagship funds.
Jenny_Renton
Jenny Renton
Investment Director
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.
Ajay Johal
Investment Manager
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 the Charity Assets Trust.
ASSET AND CURRENCY ALLOCATION
Asset %
Illiquid strategies and options 17.4
Non-UK index-linked 11.0
Short-dated bonds 10.4
Gold exposure and gold equities 10.3
Index-linked gilts 9.5
Long-dated index-linked gilts 8.2
Cash 6.5
UK equities 9.4
North America equities 6.4
Japan equities 5.3
Europe equities 4.2
Other equities 1.4
Currency %
Sterling 66.1
Yen 10.6
US dollar 5.9
Australian dollar 5.3
Euro 4.2
Other 7.9
Data as at 30 June 2022. Totals may not equal 100 due to rounding
Top 10 equity holdings
10 largest equity holdings (excludes holdings in pooled funds) %
BP 2.4
Cigna 1.2
Vodafone Group 1.0
Aena SME SA 1.0
ORIX 0.9
NEC 0.8
American Express 0.8
Sumitomo Mitsui Financial Group 0.7
Charles Schwab 0.7
Hertz 0.7
Data as at 30 June 2022
 
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
Investment Manager
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 the Charity Assets Trust.
London
80 Victoria Street
London SW1E 5JL
Edinburgh
31 Charlotte Square
Edinburgh EH2 4ET
Paris
103 boulevard Haussmann
75008 Paris, France