All-weather investing

Seeking good positive returns.

Come rain or shine.

Ruffer LLP
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
15 Oct 2021
Launch date 8 Jul 2004
Launch price 100.00p
Share price 298.00
NAV as at 12 October 2021 287.78
The markets remain our master – they will do what they do, when they do it: we must do our best in that context. And that context is about to change.
Jonathan Ruffer, Chairman
We're moving from a world where profit trumped politics, to one where politics trump profit.
Alexander Chartres, Investment Director
It will take bravery, imagination, and an uncomfortable portfolio journey to get through the drama.
Henry Maxey, Chief Investment Officer
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.

Read more about our integrated approach to responsible investment.

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 Henry Maxey (Chief Investment Officer) and Jonathan Ruffer (Chairman, Ruffer LLP), supported by a team of senior fund managers and our in–house researchers.

The Company is managed by Hamish Baillie and Duncan MacInnes – both Investment Directors at Ruffer. Hamish has been managing the Company since 2011;  Duncan joined as a co-manager in 2016.

Fund managers
Hamish Baillie
Investment Director
Joined Ruffer in 2002. He founded and manages the Edinburgh office of Ruffer LLP which opened in September 2009 and is a director of Ruffer (Channel Islands) Limited. He manages investment portfolios for individuals, trusts, charities and pension funds and is the lead manager of the Ruffer Investment Company, which is listed on the London Stock Exchange. He is a member of the Chartered Institute for Securities & Investment and a graduate of Trinity College Dublin.
Duncan MacInnes
Investment Director
Joined Ruffer in 2012. He graduated from Glasgow University School of Law in 2007 and spent four years working at Barclays in Glasgow, London and Singapore. He is a CFA charterholder and is co-manager of Ruffer Investment Company.
Asset %
Index-linked gilts 12.7
Long-dated index-linked gilts 11.0
Non-UK index-linked 8.3
Illiquid strategies and options 7.2
Gold and gold equities 6.9
Cash 6.1
Short-dated bonds 3.2
UK equities 22.4
Japan equities 8.2
Europe equities 6.1
North America equities 6.0
Asia ex-Japan equities 0.5
Other equities 1.2
Currency %
Sterling 83.4
Gold 7.1
Yen 6.3
US dollar 0.8
Euro 0.2
Other 2.2
Data as at 30 September 2021. Totals may not equal 100 due to rounding
Top 10 equity holdings
10 largest equity holdings (excludes holdings in pooled funds) %
Royal Dutch Shell 2.8
BP 2.8
Lloyds Banking Group 2.4
NatWest Group 1.6
iShares Physical Gold 1.4
Cigna 1.4
Mitsubishi UFJ Financial Group 1.3
GlaxoSmithKline 1.2
Equinor 1.1
Kinross Gold 1.1
Data as at 30 September 2021
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
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
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.
80 Victoria Street
London SW1E 5JL
31 Charlotte Square
Edinburgh EH2 4ET
103 boulevard Haussmann
75008 Paris, France