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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
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Ruffer LLC
300 Park Avenue
New York NY 10022
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Ruffer LLP
31 Charlotte Square
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TM Ruffer Portfolio

Seeking positive returns in all market conditions
The TM Ruffer Portfolio is specifically for direct private clients of Ruffer.

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.

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Let them have cake – and circuses!
President Trump faces an affordability paradox, and his attempts to solve it before the mid-terms are likely to cause severe political, economic, market and inflation volatility.
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Strait lines, narrow choices
Apr 2026: With oil prices soaring, what will the impact on the global economy be? And how will policymakers react? We make the case for a stagflationary shock, but not all economies will be affected equally.
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At a glance
17 Apr 2026
Launch date 8 Dec 2021
Launch price £1.00
  A class B class C class
Accumulation shares £1.0317 £1.1106 £1.1025
Income shares £0.9231 £0.9901 £0.9820
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Jan 2026 portfolio update
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Oct 2025 portfolio update
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Jul 2025 portfolio update
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Apr 2025 portfolio update
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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 TM Ruffer Portfolio Fund follows the Ruffer philosophy and strategy. These are unchanged since the firm started in 1994.

The investment strategy and asset allocation is set by Henry Maxey and Neil McLeish, Co-Chief Investment Officers. A team of portfolio managers are collectively responsible for implementing this strategy across all our core funds.

The lead portfolio manager for the TM Ruffer Portfolio Fund is Alexander Chartres.

 

How to invest

The TM Ruffer Portfolio is specifically for direct clients of Ruffer. If you are interested in becoming a direct client, please contact Annabel Mackenzie or Rory Goodman.

GET IN TOUCH
Annabel_Mackenzie
Annabel Mackenzie
Director – Private Wealth
Joined Ruffer in 2006, graduating from the University of Edinburgh with an MA (Hons) in economics, and is a member of CISI. She manages portfolios for private clients and a Director of Ruffer (Channel Islands) Limited.
Rory Goodman
Rory Goodman
Director – Private Wealth
Joined Ruffer in 2014, having graduated from Durham University with a first class honours degree in economics. He manages portfolios for UK and international private clients. He is a Chartered Fellow of the CISI and a Chartered Wealth Manager.
PRODUCT-LEVEL TCFD METRICS REPORT
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SUSTAINABILITY DISCLOSURE REQUIREMENTS

Sustainable investment labels help investors find products that have a specific sustainability goal. The fund does not have a UK sustainable investment label because, whilst it considers sustainability factors, it does not have a specific sustainability objective. 

CONSUMER FACING DISCLOSURE (CFD)

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