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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Middle East
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Type of investor
Individual investors
Family office
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Individual investors
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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
17 May 2022
Launch date 14 Jul 2011
Launch price 100.00
  C class O class I class
CHF capitalisation shares 162.29 156.76 165.63
EUR capitalisation shares 169.64 163.84 173.13
EUR distribution shares 166.92 173.13 na
GBP capitalisation shares 185.14 178.79 na
GBP distribution shares 180.43 na 183.46
GBP income shares 170.39 na na
USD capitalisation shares 192.16 185.60 196.12
USD distribution shares 189.25 na 191.51
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 a boggy field that a tractor proves to be a wise way to travel.

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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 Henry Maxey (Chief Investment Officer), Jonathan Ruffer (Chairman, Ruffer LLP) and Aled Smith (Deputy CIO), supported by a team of senior fund managers and our in–house researchers.

The fund is managed by Jacques Hirsch and Alex Lennard – both Investment Directors at Ruffer. They have been managing the fund since it launched in 2011.

Fund Managers
Jacques Hirsch
Research Director
Prior to joining Ruffer in 2011, he spent over ten years in fund management and macro research at firms including Goldman Sachs, GLG Partners and Fulcrum Asset Management. He graduated from École Centrale Paris in 1999, and holds an MSc in Mathematics from Oxford University. He is co–manager of Ruffer Total Return International.
Alex Lennard
Investment Director
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 two of Ruffer’s flagship funds. He is also a Non-Executive Director of the JPMorgan European Investment Trust.
Asset %
Index-linked gilts 14.0
Short-dated bonds 10.2
Gold exposure and gold equities 10.1
Long-dated index-linked gilts 9.9
Non-UK index-linked 7.8
Cash 6.6
Illiquid strategies and options 6.5
UK/Europe equities 20.9
North America equities 5.8
Japan equities 5.4
Asia ex-Japan equities 1.1
Other equities 1.7
Data as at 30 April 2022. Totals may not equal 100 due to rounding
Top 10 EQUITY holdings
10 largest equity holdings (excludes holdings in pooled funds) %
BP 3.3
Shell 2.4
Bayer 1.6
Ambev SA 1.2
Banco Santander 1.2
Alibaba Group Holding 1.1
Cigna 1.1
Vodafone Group 1.1
Mitsubishi UFJ Financial Group 1.0
GlaxoSmithKline 1.0
Data as at 30 April 2022

The investment objective of Ruffer Total Return International (‘the fund’) is to achieve positive returns with low volatility 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). Pervading this objective is a fundamental philosophy of capital preservation.

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
Investment Director
Graduated from ESCP Europe in 1999 and joined the Private Wealth Management group of Goldman Sachs in London after completing his National Service with Renault Financial Services. In 2004, he participated in the launch of Fulcrum Asset Management where he was a Director until 2010, when he joined Ruffer.
David Moos
Investment Director, Paris
Joined Ruffer in 2019 from Finalpha, where he was the co-founder. He has 18 years of experience acting as the liaison between portfolio managers and French and Italian investors. His previous roles include IT Asset Management, Crédit Agricole and Banque de l’Union Européenne.
Omar Kodmani
Head of International and Institutional
Joined Ruffer in 2019 from EnTrust Permal, a specialist in alternative investments. He originally joined what was the Permal Group in 2000 and held a number of roles there including Chief Executive, and Head of International. He holds a BA in economics from Columbia University, an MBA Finance from NYU-Stern, and is a CFA charterholder.
80 Victoria Street
London SW1E 5JL
31 Charlotte Square
Edinburgh EH2 4ET
103 boulevard Haussmann
75008 Paris, France