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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Individual investors
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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
9 Aug 2022
Launch date 15 Sep 2021
Launch price 100.00p
  C class I class
Accumulation shares 102.19p 102.34p
Income shares 102.14p 102.19p
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?

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
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), Jonathan Ruffer (Chairman, Ruffer LLP) and Aled Smith (Deputy CIO) 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 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 manager and co-manager of two of Ruffer's flagship funds.
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 %
Cash 18.0
Index-linked gilts 14.9
Short-dated bonds 14.3
Non-UK index-linked 8.5
Gold exposure and gold equities 8.0
Long-dated index-linked gilts 7.4
Protection strategies and options 3.2
UK equities 8.2
North America equities 7.8
Japan equities 6.1
Europe equities 3.2
Asia ex-Japan equities 0.4
Currency %
Sterling 71.7
Yen 7.6
US dollar 6.0
Australian dollar 5.8
Euro 3.3
Other 5.6

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 2.2
Cigna 1.3
Mitsubishi UFJ Financial Group 1.0
GlaxoSmithKline 0.8
Berkshire Hathaway 0.7
ORIX 0.7
Fujitsu 0.7
Shell 0.7
Chesapeake Energy 0.7
Agnico Eagle Mines 0.6
Data as at 30 June 2022
 
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
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
80 Victoria Street
London SW1E 5JL
Edinburgh
31 Charlotte Square
Edinburgh EH2 4ET
Paris
103 boulevard Haussmann
75008 Paris, France