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
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

Total Return International

The Ruffer approach, in a range of different currencies
The Ruffer Total Return International Fund is a UCITS fund designed to cater for the specific needs and requirements for investors outside the UK.

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.


The fund is a UCITS fund registered for sale in a number of European countries and specific tax reporting figures are published for several jurisdictions. Share classes are available in pound sterling, US dollar, euro, Swiss franc, Singapore dollar, Australian dollar, Canadian dollar, Swedish krona.

The fund itself is managed in pounds sterling; the other share classes offer the return in pounds sterling, hedged back to the base currency.

We have an Australian unit trust available for investors in Australia.

Custody and administration for the fund are conducted in Luxembourg. Broadly, the return should correspond to the sterling portfolio return plus the differential between interest rates in their base currency and sterling (or minus, if sterling rates are higher).

At a glance
29 Nov 2023
Launch date 13 Jul 2011
Launch price 1.0000
  C class O class OI class I class
CHF capitalisation shares 1.4213 1.3658 na 1.4549
EUR capitalisation shares 1.5145 1.4554 1.4570 1.5503
EUR distribution shares 1.4887 1.5503 na na
GBP capitalisation shares 1.6954 1.6291 na na
GBP distribution shares 1.6512 na na 1.6827
GBP income shares 1.5140 na na na
USD capitalisation shares 1.7774 1.7081 1.7096 1.8195
USD distribution shares 1.7496 na na 1.7710
Ruffer Total Return International
C class I class O class
Select from the options below to view historic reports
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.

Read more
Key people

The Ruffer Total Return International Fund 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 Investment Director Alex Lennard, who has been managing the fund since it launched in 2011, and Investment Manager Fiona Ker, who became co-manager in 2023.

Fund Managers
Ian Rees
Fund Manager
Joined Ruffer in 2012, after graduating from the University of Bath with an honours degree in economics. He spent 2017 in Ruffer’s Hong Kong office working as an equity analyst covering emerging markets, and is a CFA charterholder.
Alex Lennard
Fund Manager
Joined Ruffer in 2006 after graduating from Exeter University with an honours degree in economics and finance. He is a member of the Chartered Institute for Securities & Investment. He initially worked as associate for Jonathan Ruffer and now manages institutional investment portfolios. He sits on the senior asset allocation committee and is co–manager of three of Ruffer’s flagship funds. He is also a Non-Executive Director of the JPMorgan European Investment Trust.
Fiona Ker
Fund Manager
Joined Ruffer in 2017 from Ernst & Young. She holds an honours degree in singing performance from the Royal Conservatoire of Scotland. Fiona manages portfolios for institutions with a focus on international clients, and is a member of the CISI and the Institute of Chartered Accountants for England & Wales. She is co-manager of two of Ruffer’s flagship funds.
Asset %
Short-dated bonds 23.3
Non-UK index-linked 18.8
Cash 8.3
Long-dated bonds 7.6
Long-dated index-linked gilts 7.5
Gold exposure and gold equities 5.1
Index-linked gilts 3.4
Credit and derivative strategies 3.0
Commodity exposure 6.6
Consumer discretionary equities 3.1
Financials equities 2.0
Consumer staples equities 1.7
Healthcare equities 1.6
Other equities 8.1
Currency %
Sterling 72.4
Yen 20.2
US dollar 4.4
Euro 0.6
Other 2.4
Data as at 31 October 2023. 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 2.0
Alibaba Group Holding 0.9
BP 0.9
Ryanair ADR 0.7
Amazon 0.5
Data as at 31 October 2023

The investment objective of Ruffer Total Return International (‘the fund’) is to achieve low volatility, positive returns from an actively managed portfolio. The fund may have exposure to the following asset classes: cash, debt, securities of any type (including government and corporate debt), equities and equity related securities and commodities (including precious metals). Overriding this objective is a fundamental philosophy of capital preservation. Investors should note that there can be no assurance that the investment objective will be achieved.

The fund data displayed is designed only to provide summary information. This marketing communication does not explain the risks involved in investing in the fund. Any decision to invest must be based solely on the information contained in the Prospectus, Key Investor Information Document and the latest report and accounts. This investment concerns the acquisition of units in a fund, and not in a given underlying asset such as shares of a company, as these are only the underlying assets owned by the fund. Future performance is subject to taxation which depends on each investor’s personal situation, and may be subject to change in the future. A Summary of Investor Rights is available in English from

who to contact
Benjamin Boucher–Ferté
Head of Europe
Graduated from ESCP Business School and joined the investment management division of Goldman Sachs, before participating in the launch of Fulcrum Asset Management where he was a Director until 2010, when he joined Ruffer. He leads the delivery of Ruffer’s investment strategy and service in Europe.
Chiara Ruta
Chiara Ruta
Director – Europe
Joined Ruffer in 2021, to expand the institutional clients business across continental Europe. Previously at Morgan Stanley and EBRD (the European Bank for Reconstruction and Development), she holds a master’s degree in economics from Bocconi University, Milan, and is fluent in Italian, English, French and Spanish.
Julien Galichet
Manager – Europe
Previously at Finalpha, he joined Ruffer in 2019. Other roles include co-founding DG Patrimoine, a real-estate asset management company where he managed investments for high net worth individuals. Prior to that he held various positions at IT Asset Management, Deutsche Bank and IFS (Dublin).
80 Victoria Street
London SW1E 5JL
31 Charlotte Square
Edinburgh EH2 4ET
103 boulevard Haussmann
75008 Paris, France