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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
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103 boulevard Haussmann
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Ruffer LLC
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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.

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.

At a glance
20 Jun 2024
Launch date 29 Nov 2023
Launch price 100.00
  C class
CHF capitalisation shares 1.0000
EUR capitalisation shares 1.0215
GBP capitalisation shares 1.0219
USD capitalisation shares 1.0000
FUND REPORTS
Latest reports
Latest report
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Year
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
We expect the rise of systematic investing to produce more short-term dislocations from the long-term fundamentals. A patient discretionary investor can exploit these dislocations.
Teun Draaisma, Head of Investment Strategy
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

The Ruffer Diversified Return International fund follows the core Ruffer philosophy and strategy. These have remained 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 Ian Rees, Alex Lennard and Fiona Ker.

 
Fund Managers
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.
Alex_Lennard
Alex Lennard
Fund Manager
Joined Ruffer in 2006 after graduating from Exeter University with an honours degree in economics and finance. He is a member of the Chartered Institute for Securities & Investment. He initially worked as associate for Jonathan Ruffer and now manages institutional investment portfolios. He sits on the senior asset allocation committee and is co–manager of three of Ruffer’s flagship funds. He is also a Non-Executive Director of the JPMorgan European Investment Trust.
Fiona Ker
Fund Manager
Joined Ruffer in 2017 from Ernst & Young. She holds an honours degree in singing performance from the Royal Conservatoire of Scotland. Fiona manages portfolios for institutions with a focus on international clients, and is a member of the CISI and the Institute of Chartered Accountants for England & Wales. She is co-manager of two of Ruffer’s flagship funds.
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 from group.pictet. 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.

who to contact
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.
Julien_Galichet
Julien Galichet
Manager – Europe
Previously at Finalpha, he joined Ruffer in 2019. Other roles include co-founding DG Patrimoine, a real-estate asset management company where he managed investments for high net worth individuals. Prior to that he held various positions at IT Asset Management, Deutsche Bank and IFS (Dublin).
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