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.
All-weather investing
Select Location
Middle East
Channel Islands
Rest of world
Type of Investor
Individual investors
Family office
Financial planner
Individual investors
All investors
All investors
80 Victoria Street
London SW1E 5JL
31 Charlotte Square
Edinburgh EH2 4ET
103 boulevard Haussmann
75008 Paris, France

Ruffer Investment Company

An accessible slice of Ruffer, trading on the London Stock Exchange
Ruffer Investment Company Limited is an investment company with shares listed on the London Stock Exchange.

It 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.

At a glance
29 Nov 2023
Launch date 7 Jul 2004
Launch price 100.00p
Share price 268.50
NAV as at 28 November 2023 280.33
Markets have a knack of exposing over-leveraged positions.
Henry Maxey, Chief Investment Officer
Fragilities can persist for long periods, hidden from view, without the system breaking.
Jamie Dannhauser, Economist
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.

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Key people

Ruffer Investment Company 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 set by Henry Maxey and Neil McLeish, Co-Chief Investment Officers, supported by a team of senior fund managers and research analysts.

The Company is managed by Duncan MacInnes and Jasmine Yeo.

Fund managers
Duncan MacInnes
Fund Manager
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 co-manager of two of Ruffer's flagship funds.
Jasmine Yeo
Fund Manager
Joined Ruffer in 2017, having graduated with a degree from Warwick Business School. She is a member of the CISI, following completion of the CISI Masters in Wealth Management. She has managed private client portfolios and now works with wealth managers and advisors as part of Ruffer’s UK wholesale team. She is co-manager of Ruffer’s investment trust.
Asset %
Short-dated bonds 25.9
Non-UK index-linked 16.5
Credit and derivative strategies 15.5
Long-dated bonds 8.8
Long-dated index-linked gilts 6.2
Gold exposure and gold equities 4.5
Commodity exposure 7.4
Financials equities 2.6
Consumer discretionary equities 2.5
Consumer staples equities 1.8
Energy equities 1.3
Other equities 7.1
Currency %
Sterling 74.4
Yen 20.3
US dollar 2.5
Euro 1.0
Other 1.8

Data as at 31 October 2023. Totals may not equal 100 due to rounding

Largest equity holdings
Largest equity holdings (excludes holdings in Ruffer funds) %
Alibaba Group ADR 1.0
TSMC 0.5
Ambev SA 0.5
BP 0.4
Bayer AG 0.4

Data as at 31 October 2023

How to invest

The Ruffer Investment Company's shares are traded on the London Stock Exchange, so you can place an order with any stockbroker, or ask a professional adviser to buy shares on your behalf.

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
Joshua Gunson
Director – UK Wholesale
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.
80 Victoria Street
London SW1E 5JL
31 Charlotte Square
Edinburgh EH2 4ET
103 boulevard Haussmann
75008 Paris, France