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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
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  • 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.

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
10 Apr 2024
Launch date 8 Mar 2012
Launch price 100.00p
  C class H class I class
Accumulation units 168.16p 102.09p 94.95p
Income units 135.04p na 93.27p
Envy is one of the seven deadly sins. Bad for your spiritual profit and loss account, and bad for earthly decisions too.
Alexander Chartres , Fund Manager
People often think financial catastrophes occur because herds of humans panic when the emotional pendulum swings from greed to fear.
Henry Maxey, Co-CIO
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 Jasmine Yeo, Ian Rees and Jos North.

Fund managers
Jasmine Yeo
Fund Manager
Joined Ruffer in 2017, having graduated with a degree from Warwick Business School. She is a member of the CISI, following completion of the CISI Masters in Wealth Management. She has managed private client portfolios and now works with wealth managers and advisors as part of Ruffer’s UK wholesale team. She is co-manager of two of Ruffer’s flagship funds and Ruffer’s investment trust.
Ian_Rees
Ian Rees
Fund Manager
Joined Ruffer in 2012, after graduating from the University of Bath with an honours degree in economics. He is a CFA charterholder and co-manager of three of Ruffer’s flagship funds.
Jos_North
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.
ASSET AND CURRENCY ALLOCATION
Asset %
Short-dated bonds 46.6
Credit and derivative strategies 12.4
Gold and precious metals exposure 7.6
Long-dated index-linked gilts 6.5
Cash 2.4
Index-linked gilts 2.0
Energy equities 4.3
Financials equities 3.4
Commodity exposure 3.4
Consumer discretionary equities 3.1
Healthcare equities 2.3
Other equities 6.0
Currency %
Sterling 82.3
Yen 10.0
US dollar 4.9
HK dollar 1.2
Other 1.6
Data as at 31 March 2024. Totals may not equal 100 due to rounding
Largest equity holdings
Largest equity holdings (excludes holdings in Ruffer funds) %
BP 2.8
Prosus 1.0
Alibaba Group ADR 0.8
Citigroup 0.8
Cigna 0.8
Data as at 31 March 2024
 
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
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.
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