WELCOME TO RUFFER

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.
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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
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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
24 Jul 2024
Launch date 8 Jul 2004
Launch price 100.00p
Share price 271.00
NAV as at 23 July 2024 286.58
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.

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.

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
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 two of Ruffer’s flagship funds and Ruffer’s investment trust.
ASSET AND CURRENCY ALLOCATION
Asset %
Non-UK inflation-linked bonds long-dated 11.9
Gold and precious metals exposure 7.4
UK inflation-linked bonds long-dated 4.6
UK inflation-linked bonds short-dated 2.7
Short-dated nominal bonds 32.5
Credit and derivative strategies 12.7
Cash 1.5
Financials equities 3.6
Consumer staples equities 3.1
Energy equities 3.1
Consumer discretionary equities 2.4
Other equities 12.1
Commodity exposure 2.5
Currency %
Sterling 87.4
Yen 9.7
Other 2.9

Data as at 30 June 2024. Totals may not equal 100 due to rounding

Largest equity holdings
Largest equity holdings (excludes holdings in Ruffer funds) %
iShares MSCI China A UCITS ETF 3.0
BP 2.2
Alibaba Group ADR 1.2
British American Tobacco 0.8
Reckitt Benckiser 0.6

Data as at 30 June 2024

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.

Buy back policy
The premium or discount of share price to net asset value (NAV) per share has been less than 5% for ninety percent of the time since the Company was launched in 2004. Close to that level the board determines whether the discount or premium is a temporary aberration, solved by buying back or issuing shares, or a signal for further action. The objective is to add value to the NAV, to bring the share price closer to NAV and to provide liquidity in the market for the shares.
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.
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