All-weather investing

Seeking good positive returns.

Come rain or shine.

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

LF Ruffer Diversified Return Fund

Seeking positive returns in all market conditions
A different expression of the same Ruffer investment strategy.

It has a simple aim – consistent positive returns, regardless of how the financial markets perform.

We try to first protect, then grow the value of the fund – with a focus on capital preservation in all market conditions after all costs and charges have been taken, over any 12 month period. 

If we can do this, we should outpace inflation, protecting and increasing the real value of our investors’ income and capital.

At a glance
15 Oct 2021
Launch date 15 Sep 2021
Launch price 100.00p
  C class I class
Accumulation shares 102.94p 102.97p
Income shares 103.08p 102.96p
Monthly Reports
Fund reports
C class I class
Select from the options below to view historic reports
Year
The markets remain our master – they will do what they do, when they do it: we must do our best in that context. And that context is about to change.
Jonathan Ruffer, Chairman
We're moving from a world where profit trumped politics, to one where politics trump profit.
Alexander Chartres, Investment Director
It will take bravery, imagination, and an uncomfortable portfolio journey to get through the drama.
Henry Maxey, Chief Investment Officer
What to expect?

Our approach starts with managing the risk of losing money. It is built on a willingness to challenge market certainties.

Our approach enables us to identify assets which offer genuine protection against market stress. By protecting through market downturns, we are able to be outward looking when markets fall and capture opportunities that others cannot.

Our flexible asset allocation leads us to take advantage of growth opportunities throughout the market cycle.

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 about how we invest or our integrated approach to responsible investment.

Key people

The LF Ruffer Diversifed Return Fund 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) and Jonathan Ruffer (Chairman, Ruffer LLP) with input from senior portfolio managers and our in–house researchers.

The fund is managed by Duncan MacInnes and Ian Rees – both Investment Directors at Ruffer.

Fund managers
Duncan_Macinnes
Duncan MacInnes
Investment Director
Joined Ruffer in 2012. He graduated from Glasgow University School of Law in 2007 and spent four years working at Barclays in Glasgow, London and Singapore. He is a CFA charterholder and is co-manager of Ruffer Investment Company.
Ian_Rees
Ian Rees
Investment Director
Joined Ruffer in 2012, after graduating from the University of Bath with an honours degree in economics. He spent 2017 in Ruffer’s Hong Kong office working as an equity analyst covering emerging markets, and is a CFA charterholder.
ASSET AND CURRENCY ALLOCATION
Asset %
Index-linked gilts 15.7
Long-dated index-linked gilts 11.3
Cash 10.0
Non-UK index-linked 9.6
Gold and gold equities 7.4
Options 2.9
UK equities 16.4
Japan equities 9.5
Europe equities 8.4
North America equities 7.4
Other equities 1.3
Currency %
Sterling 84.8
Gold 7.6
Yen 3.5
US dollar 0.9
Euro 0.2
Other 3.0

Data as at 30 September 2021. Totals may not equal 100 due to rounding

Top 10 equity holdings
10 largest equity holdings (excludes holdings in pooled funds) %
BP 2.7
Royal Dutch Shell 2.7
iShares Physical Gold 2.6
NatWest Group 2.3
Barclays 2.0
Cigna 1.4
Kinross Gold 1.3
GlaxoSmithKline 1.3
Bristol-Myers Squibb 1.1
American Express 1.0
Data as at 30 September 2021
 
How to invest

The fund is available to buy on the following platforms, among others. Click a logo to be directed to the platform.

Alternatively, if you would like to invest directly with us please get in touch with one of the contacts listed below.

WHO TO CONTACT
Toby_Barklem
Toby Barklem
Business Development Director
Joined Ruffer in 2017, having spent five years at Standard Life Aberdeen in a variety of business development roles focused on financial advisers. He studied history, initially graduating from Exeter University in 2003 and then latterly Imperial College London. Following this he spent seven years as an officer in the British Army.
Joshua_Gunson
Joshua Gunson
Business Development Manager
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 Cass Business School, and focuses on building relationships with financial planners and wealth managers throughout the UK.
Tim Gordon
Director - UK Wholesale
London
80 Victoria Street
London SW1E 5JL
Edinburgh
31 Charlotte Square
Edinburgh EH2 4ET
Paris
103 boulevard Haussmann
75008 Paris, France