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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
80 Victoria Street
London SW1E 5JL
Paris
Ruffer S.A.
103 boulevard Haussmann
75008 Paris, France
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Ruffer LLC
300 Park Avenue
New York NY 10022
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Ruffer LLP
31 Charlotte Square
Edinburgh EH2 4ET
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Diversified Return International

The Ruffer approach, in a range of different currencies
The Ruffer Diversified Return International fund delivers our approach to European and international investors while complying with SFDR Article 8 rules.

The Ruffer Diversified Return International fund is a UCITS fund designed to cater for the specific needs and requirements for investors looking for daily liquidity and a fund which promotes, among other characteristics, environmental or social characteristics, or a combination of those characteristics, provided that the companies in which the investments are made follow good governance practices. Specifically, the fund promotes environment/social characteristics, but will not make any sustainable investments. 

It has a simple investment 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.

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THE DETAIL

The fund is a UCITS fund registered for sale in a number of European countries and specific tax reporting figures are published for several jurisdictions. Share classes are available in pound sterling, US dollar, euro and Swiss franc.

The fund itself is managed in pounds sterling; the other share classes offer the return in pounds sterling, hedged back to the base currency. Broadly, the return should correspond to the sterling portfolio return, plus the differential between interest rates in their base currency and sterling (or minus, if sterling rates are higher).

Custody and administration for the fund are conducted in Luxembourg. 

Full details of environmental and social characteristics promoted by the fund are available in the prospectus.

For the purposes of UK regulation, this fund is based overseas and is not subject to UK sustainable investment labelling and disclosure requirements.

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. 

Key people

Ruffer Diversified Return International 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 Fiona Ker.

GET IN TOUCH
Chiara Ruta
Chiara Ruta
Director – Europe
Joined Ruffer in 2021, to expand the institutional clients business across continental Europe. Previously at Morgan Stanley and EBRD (the European Bank for Reconstruction and Development), she holds a master’s degree in economics from Bocconi University, Milan, and is fluent in Italian, English, French and Spanish.
At a glance
16 Apr 2026
Launch date 29 Nov 2023
Launch price 100.00
  C class I class
CHF capitalisation shares 1.0000 1.0000
EUR capitalisation shares 1.0772 1.0000
GBP capitalisation shares 1.1175 1.0863
USD capitalisation shares 1.0000 1.0767
IMPORTANT INFORMATION

The investment objective of Ruffer Diversified Return International (RDRI) is to achieve positive returns in all market conditions over any 12 month period from an actively managed diversified portfolio. RDRI may have exposure to the following asset classes: cash, debt, securities of any type (including government and corporate debt), equities and equity related securities and commodities (including precious metals). Overriding this objective is a fundamental philosophy of capital preservation. Investors should note that there can be no assurance that the investment objective will be achieved.

The fund data displayed is designed only to provide summary information. This marketing communication does not explain the risks involved in investing in the fund. Any decision to invest must be based solely on the information contained in the Prospectus, Key Information Documents and the latest report and accounts. This investment concerns the acquisition of units in a fund, and not in a given underlying asset such as shares of a company, as these are only the underlying assets owned by the fund. Future performance is subject to taxation which depends on each investor’s personal situation, and may be subject to change in the future. A Summary of Investor Rights is available in English. RDRI is not a tracker fund and is actively managed. RDRI is managed in reference to a benchmark as its performance is measured against the MSCI ACWI, Bloomberg Global-Aggregate Total Return and HFRI Fund of Funds Composite. This marketing communication is not targeting a specific investor type. The fund is open to both retail and professional investors depending on jurisdiction.

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