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
UK
Europe
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Type of Investor
Individual investors
Institutional
Charity
Family office
Financial planner
Individual investors
Institutional
Charity
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Institutional
Institutional
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All investors
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
28 Feb 2024
Launch date 8 Dec 2021
Launch price £100.00
  A class B class C class
Accumulation shares £97.49 £96.65 £96.23
Income shares £92.31 £91.40 £91.05
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.

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

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

Fund Managers
Alexander Chartres
Fund Manager
Joined Ruffer in 2010 after graduating from Newcastle University with a first class honours degree in history and politics, and is a Fellow of the Chartered Institute for Securities & Investment. He specialises in geopolitics and is co-manager of two of Ruffer‘s flagship funds.
Luka Gakic
Luka Gakic
Head of Core Fund Management
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
Director – Private Wealth
Joined Ruffer in 2006, having graduated from the University of Edinburgh with an MA (Hons) in economics. She became a member of the CISI following completion of the CISI Diploma. She manages portfolios for private clients and is 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.
London
80 Victoria Street
London SW1E 5JL
Edinburgh
31 Charlotte Square
Edinburgh EH2 4ET
Paris
103 boulevard Haussmann
75008 Paris, France