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Come rain or shine.

Ruffer LLP
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London
80 Victoria Street
London SW1E 5JL
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31 Charlotte Square
Edinburgh EH2 4ET
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103 boulevard Haussmann
75008 Paris, France

Total Return International – Australia Fund

The Ruffer approach, for the Australian market
Ruffer Total Return International – Australia Fund is a managed investment scheme registered with ASIC.

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 intends to invest in Australian dollar denominated shares of the Ruffer Total Return International, a sub fund of Ruffer SICAV (Underlying Fund), and in cash or cash equivalents. Ruffer SICAV is a Luxembourg open-ended investment company (SICAV).

The fund has been assigned a rating of Recommended by Zenith Investment Partners.

Where does Ruffer fit?

It is our belief that the distinctive Ruffer approach to investing fits well in two different parts of an investor portfolio.

The first is in the ‘growth alternatives’ part of a portfolio. Ruffer has been running its single investment approach since the firm launched in 1994; this approach is aligned to the investment objectives of the fund. Over the 20 years the returns of the Ruffer strategy, as represented by its funds, have been in excess of the Australian CPI +5%, combined with an annualised volatility1 of 7%2. This is the same strategy followed by the Australia fund. This means that Ruffer is well-placed to deliver on inflation-plus or cash-plus return objectives in a low-risk manner. These returns have been delivered with a correlation to global equities, adding a genuinely uncorrelated return stream to client portfolios.

We believe the Ruffer approach also sits well as a component of a more beta-heavy core portfolio. Ruffer’s track record of protecting investors’ capital through times of crisis (such as the dot.com bust and the global financial crisis) means that it provides a useful offset to more conventional equities and bonds, delivering a return that is uncorrelated during normal markets but negatively correlated during market sell-offs. Our willingness and ability to look beyond conventional assets whilst still focusing on delivering overall positive returns makes them a more effective portfolio allocation than pure tail-risk strategies (strategies that require low likelihood events to occur).


1 Volatility refers to the amount of uncertainty or risk related to the size of changes in a security's value. A higher volatility means that a security's value can potentially be spread out over a larger range of values. This means that the price of the security can change dramatically over a short time period in either direction. A lower volatility means that a security's value does not fluctuate dramatically, and tends to be more steady.

2 As at 30 September 2021. Past performance is not a reliable indicator of future performance of the fund. The performance of the fund could be significantly different to past performance. As the fund is newly formed, this is aggregated past performance information of LF Ruffer Total Return Fund, an open-ended investment company in the United Kingdom whose returns are 90%+ correlated (monthly returns) to those of the underlying fund, for the period 29 September 2000 to when the underlying fund received its first investment on July 2011 and past performance information of the underlying fund after that. The rate is shown (a) net of fees and costs that would be payable in relation to the underlying fund, (b) based on the reinvestment of distributions back into the relevant funds and (c) before tax.

At a glance
7 Oct 2021
Launch date 24 Dec 2020
Launch price (AUD) 1.00
Unit price (AUD) 1.10
Monthly Reports
Select from the options below to view historic reports
The markets remain our master – they will do what they do, when they do it: we must do our best in that context. And that context is about to change.
Jonathan Ruffer, Chairman
We're moving from a world where profit trumped politics, to one where politics trump profit.
Alexander Chartres, Investment Director
It will take bravery, imagination, and an uncomfortable portfolio journey to get through the drama.
Henry Maxey, Chief Investment Officer
Key people

The Ruffer Total Return International Fund (in which the Australia Fund invests) 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) and Jonathan Ruffer (Chairman, Ruffer LLP), 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
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
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 ALLOCATION
Asset %
Index-linked gilts 15.6
Long-dated index-linked gilts 10.3
Short-dated bonds 9.3
Non-UK index-linked 8.5
Illiquid strategies and options 6.1
Gold and gold equities 5.4
Cash 2.6
UK/Europe equities 27.0
Japan equities 6.8
North America equities 5.8
Asia ex-Japan equities 0.4
Other equities 2.3
Data as at 30 September 2021. Total may not equal 100 due to rounding
Top 10 EQUITY holdings
10 largest equity holdings (excludes holdings in pooled funds) %
BP 3.0
Royal Dutch Shell 2.8
Lloyds Banking Group 2.0
NatWest Group 2.0
GlaxoSmithKline 1.6
Ambev SA 1.5
iShares Physical Gold 1.5
Equinor 1.3
Barclays 1.2
ORIX Corporation 1.2
Data as at 30 September 2021
 

The Target Market Determination (TMD) is available on request, please email australiafund@ruffer.co.uk

who to contact
Alex_Lennard
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.
Matt_Smith
Matt Smith
Investment Director
Joined Ruffer in 2011 after graduating from Edinburgh University with a first class honours degree in history and German. He spent 2015 seconded to Ruffer’s Hong Kong office as an equity analyst, and is a fellow of the Chartered Institute for Securities & Investment, having received a distinction in the financial derivatives paper. He sits on the senior asset allocation committee and co-manages two of Ruffer’s flagship funds.
Alice_Brader
Alice Brader-Ellis
Investment Director
Graduated in 2002 from Durham University with a BA (Hons) in Chinese and Management, and began her career with Bloomberg in London and Hong Kong. In 2007, while still in Hong Kong, she joined JPMorgan Asset Management, and in 2014 transferred back to London with JPMorgan Private Bank as part of the International Manager Selection team. She joined Ruffer in 2017.
London
80 Victoria Street
London SW1E 5JL
Edinburgh
31 Charlotte Square
Edinburgh EH2 4ET
Paris
103 boulevard Haussmann
75008 Paris, France