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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
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
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New York NY 10022
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Ruffer LLP
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Edinburgh EH2 4ET
Directions | Map +44 (0)131 202 1602
  • Home
  • Ruffer Charity Trust

WS Ruffer Charity Trust

A fund designed for the specific needs of eligible UK charities
The WS Ruffer Charity Trust has a simple 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.

If we can do this, we should outpace inflation, protecting and increasing the real value of our investors’ income and capital.
FUND REPORTS
Latest fund report
Download the latest fund report
5 mins |
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A responsible policy

Ruffer’s responsible investment policy reflects our investment philosophy and supports our approach to investment analysis, stewardship and portfolio construction.

The fund is subject to a range of exposure to ethical investment restrictions, including but not limited to investments in alcohol, armaments, gambling, pornography, tobacco, oil sands and thermal coal.

The fund aligns with Ruffer’s approach to responsible investing, as set out in our responsible investment policy.

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.

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

The WS Ruffer Charity Trust follows the Ruffer philosophy and strategy. These are unchanged since the firm started in 1994.

The investment strategy and asset allocation is set by our 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 Jasmine Yeo and Ian Rees.

At a glance
14 Oct 2026
Launch date 10 Sep 2026
Launch price 100.00p
  C class H class I class
Accumulation units 185.53p 112.93p 105.55p
Income units 137.97p 104.31p 96.03p
FUND REPORTS
WS Ruffer Charity Trust
Latest fund report
Select from the options below to view historic reports
Year
2026
Month
Sep
ASSET AND CURRENCY ALLOCATION
Asset %
Long-dated non-UK inflation-linked bonds 17.1
Short-dated non-UK inflation-linked bonds 5.3
Gold and precious metals exposure 3.4
Long-dated nominal bonds 21.6
Credit and derivative strategies 10.2
Short-dated nominal bonds 3.9
Cash 1.9
Consumer discretionary equities 7.0
Energy equities 5.4
Industrials equities 4.5
Financials equities 4.5
Other equities 11.9
Commodity exposure 3.3
Currency %
Sterling 66.2
US dollar 16.5
Yen 11.1
Euro 2.7
Other 3.5
Data as at 30 September 2026. Totals may not equal 100 due to rounding
Largest equity holdings
Largest equity holdings (excludes holdings in Ruffer funds) %
BP 1.3
Prosus 0.9
Amazon 0.8
Microsoft 0.8
RS Group 0.7
Data as at 30 September 2026
 
GET IN TOUCH
David_Benson
David Benson
Director – Institutional
T +44 (0)20 7963 8204
After graduating from the University of Oxford, he worked at Phillips & Drew Fund Management (1991–1999), predominantly managing UK equity portfolios for pension funds. A consultant for McKinsey & Company from 1999, he joined Deutsche Asset Management in 2004. In 2005, worked as a fund manager at Société Générale, focusing on pooled UK equity and multi–asset portfolios for UK institutions and retail investors. He joined Ruffer in 2010.
Charles_Lynne
Charles Lynne
Director – Private Wealth and Charities
T +44 (0)20 7963 8222
Joined Ruffer in 2008 and manages investment portfolios for individuals and charities. Previously at Morgan Stanley Investment Management, including a placement in Asia. He holds a first class honours in natural sciences from Durham University and is a Chartered Fellow of the CISI.
Articles by Charles
How to invest
Step 1 Read the key investor information (KII) and the full prospectus below
Step 2 If you would like to go ahead and make an investment, please call our partners at Waystone Management (UK) Limited on 0345 601 9610
Key documents
FULL PROSPECTUS
KEY INVESTOR INFORMATION
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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