All-weather investing

Seeking good positive returns.

Come rain or shine.

Ruffer provides investment management services for institutions, pension funds, charities, financial planners and individual investors.
Ruffer LLP
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London
80 Victoria Street
London SW1E 5JL
Edinburgh
31 Charlotte Square
Edinburgh EH2 4ET
Paris
103 boulevard Haussmann
75008 Paris, France

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.

At a glance
1 Jul 2022
Launch date 8 Dec 2021
Launch price £100.00
  A class B class C class
Accumulation shares £100.14 £100.08 £99.96
Income shares £99.02 £98.97 £98.87
Monthly Reports
Select from the options below to view historic reports
Investing for inflation volatility is not the same as investing for inflation. Confusion in this respect will be costly to investors.
Henry Maxey, Chief Investment Officer
We’re moving from a world where profit trumped politics, to one where politics trump profit.
Alexander Chartres, Investment Director
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

The TM Ruffer Portfolio 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), Jonathan Ruffer (Chairman, Ruffer LLP) and Aled Smith (Deputy CIO), with input from senior portfolio managers and our in–house researchers. 

The fund is managed by Luka Gakic and Alexander Chartres – both Investment Directors at Ruffer.  

Fund Managers
Alexander Chartres
Investment Director
Joined Ruffer in 2010 after graduating from Newcastle University with a first class honours degree in history and politics. In 2012, he became a member of the Chartered Institute for Securities & Investment, achieving a merit in the Private Client Advice and Management paper. He specialises in geopolitics and its investment implications, with a particular focus on European politics and US-China relations. He is co-manager of two of Ruffer‘s flagship funds.
Luka Gakic
Luka Gakic
Head of UK Wealth
Before joining Ruffer in 2011, he spent four years at Lehman Brothers, and then Nomura, where he worked in equity financing and delta–one sales. He graduated from Oxford University in 2006 with a degree in Philosophy, Politics and Economics.
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 or Rory below.

WHO TO CONTACT
Annabel_Mackenzie
Annabel Mackenzie
Investment Director
Worked at F&C Asset Management after graduating from the University of Edinburgh in 2003, with an honours degree in economics. She joined Ruffer in 2006 and became a member of the Chartered Institute for Securities & Investment in 2007, following the completion of her CISI Diploma.
Rory Goodman
Rory Goodman
Investment Manager
Joined Ruffer in 2014 having graduated from Durham University with a first class honours degree in Economics. He is a member of the CISI and a Chartered Wealth Manager, having achieved a merit in both the Applied Wealth Management and Portfolio Construction Theory papers.
London
80 Victoria Street
London SW1E 5JL
Edinburgh
31 Charlotte Square
Edinburgh EH2 4ET
Paris
103 boulevard Haussmann
75008 Paris, France