WELCOME TO RUFFER

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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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
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  • Diversified Return Fund

WS 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
17 May 2024
Launch date 15 Sep 2021
Launch price 100.00p
  C class I class
Accumulation shares 101.93p 102.48p
Income shares 98.90p 98.97p
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?

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.

Key people

The WS Ruffer Diversified 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 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 Duncan MacInnes, Ian Rees and Jasmine Yeo.

Fund managers
Duncan_Macinnes
Duncan MacInnes
Fund Manager
Joined Ruffer in 2012. He graduated from the University of Glasgow School of Law in 2007 and spent four years working at Barclays in Glasgow, London and Singapore. He is a CFA charterholder and co-manager of two of Ruffer's flagship funds.
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.
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.
ASSET AND CURRENCY ALLOCATION
Asset %
Short-dated bonds 53.7
Cash 8.9
Gold and precious metals exposure 8.1
Index-linked gilts 6.1
Long-dated index-linked gilts 5.3
Non-UK index-linked 2.3
Credit and derivative strategies -2.1
Energy equities 2.9
Financials equities 2.8
Consumer discretionary equities 2.6
Commodity exposure 2.3
Healthcare equities 1.9
Other equities 5.3
Currency %
Sterling 79.5
Yen 9.9
US dollar 5.9
Euro 0.8
Other 3.9

Data as at 30 April 2024. Totals may not equal 100 due to rounding

Largest equity holdings
Largest equity holdings (excludes holdings in Ruffer funds) %
BP 1.9
iShares MSCI China A UCITS ETF 1.3
Alibaba Group ADR 1.1
Cigna 0.9
Citigroup 0.7
Data as at 30 April 2024
 
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
Joshua Gunson
Director – UK Wholesale
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
Joined Ruffer in 2021 to develop UK wholesale distribution. He previously spent five years at Robeco developing their UK business and five years at SKAGEN as Head of UK Wholesale.
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