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.
Location
Select your Location
UK
Europe
Australia
US
Asia
Middle East
Channel Islands
Rest of world
Visitor Type
Select investor type
Select investor type
Individual investors
I invest on my own behalf, am a job seeker or want to learn more about Ruffer
Intermediary
I am a financial advisor or wealth manager
Institutional
I am a professional client or eligible counterparty
Charity
I am a charity trustee, or a consultant who advises charities
Individual investors
I invest on my own behalf, am a job seeker or want to learn more about Ruffer
Institutional
I am a professional client or eligible counterparty
Charity
I am a charity trustee, or a consultant who advises charities
Wholesale
I am a financial advisor, wealth manager or institutional investor
Institutional
I am a professional client or eligible counterparty
Institutional
I am a professional client or eligible counterparty
Institutional
I am a professional client or eligible counterparty
All investors
I invest on my own behalf, am a job seeker or want to learn more about Ruffer
All investors
I invest on my own behalf, am a job seeker or want to learn more about Ruffer
Remember my choice
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
  • Home
  • 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.

INVESTMENT APPROACH
FUND REPORTS
Latest fund report
Download the latest fund report
5 mins |
DOWNLOAD
Ruffer Review
Let them have cake – and circuses!
President Trump faces an affordability paradox, and his attempts to solve it before the mid-terms are likely to cause severe political, economic, market and inflation volatility.
29 mins | Henry Maxey
Read
Green Line
Strait lines, narrow choices
Apr 2026: With oil prices soaring, what will the impact on the global economy be? And how will policymakers react? We make the case for a stagflationary shock, but not all economies will be affected equally.
6 mins | Giorgio Curti
Read
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.

INVESTMENT APPROACH
Portfolio management team

WS Ruffer Diversified Return Fund 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 Ian Rees and Jasmine Yeo, with Fund Specialist Gemma Cairns-Smith.

GET IN TOUCH
Joshua Gunson
Director – UK Wholesale
T +44 (0)20 7963 8254
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 Bayes Business School, and focuses on building relationships with financial planners and wealth managers throughout the UK.
Tim Gordon
Director – UK Wholesale
T +44 (0)20 7963 8161
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.
Pause icon
0.00
0:00
Volume icon
CC
Fullscreen icon
Play icon
At a glance
17 Apr 2026
Launch date 15 Sep 2021
Launch price 100.00p
  C class I class
Accumulation shares 112.21p 113.24p
Income shares 107.38p 107.49p
FUND REPORTS
WS Ruffer Diversified Return Fund
C class I class
Select from the options below to view historic reports
Class
C class
I class
Year
2026
2025
2024
2023
Month
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 Dec 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 Dec Nov Oct Sep Aug Jul Jun May Apr
ASSET AND CURRENCY ALLOCATION
Asset %
Gold and precious metals exposure 2.9
Long-dated UK inflation-linked bonds 2.5
Short-dated nominal bonds 44.4
Long-dated nominal bonds 16.4
Cash 5.9
Credit and derivative strategies -0.8
Consumer discretionary equities 6.2
Industrials equities 4.0
Energy equities 3.9
Financials equities 3.7
Other equities 10.5
Commodity exposure 0.5
Currency %
Sterling 78.7
Yen 14.7
US dollar 2.3
Euro 1.8
Other 2.5

Data as at 31 March 2026. Totals may not equal 100 due to rounding

Largest equity holdings
Largest equity holdings (excludes holdings in Ruffer funds) %
BP 1.7
Coinbase 0.9
Prosus 0.7
Prudential 0.7
SLB LTD 0.7
Data as at 31 March 2026
 
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 above.

KEY DOCUMENTS
Full Prospectus
FAQ
Frequently asked questions
KEY INVESTOR INFORMATION DOCUMENTS
Select a share class
SHARE CLASS
C accumulation
C income
F accumulation
F income
I accumulation
I income
S accumulation
S income
PRODUCT-LEVEL TCFD METRICS REPORT
Download reports
Select year
2025
2024
SHAREHOLDER RIGHTS DIRECTIVE
Institutional Investor Disclosures
SELECT REPORT
2024 report
2023 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