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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.
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London
Ruffer LLP
80 Victoria Street
London SW1E 5JL
Paris
Ruffer S.A.
103 boulevard Haussmann
75008 Paris, France
New York
Ruffer LLC
300 Park Avenue
New York NY 10022
Edinburgh
Ruffer LLP
31 Charlotte Square
Edinburgh EH2 4ET
  • Rory McIvor

Rory McIvor

Director – Markets & Communications
Articles by Rory
Election 2024
September 2024: As the US presidential race enters its final straight, Dr Tim Smith and Alexander Chartres join Rory McIvor to discuss how investors are weighing up the prospects of a new administration.
Sep 2024 portfolio update
How did August’s market whipsaw impact the Ruffer portfolio? What can we learn from investors’ reaction? Have recent events changed our thinking?
Leaving the pack
July 2024: Investors are herding into a narrow market and propelling stocks to new highs. Fund Manager Jasmine Yeo joins Rory McIvor to explain why this is a market well worth insuring against.
The Adventures of a Capitalist
Mark Twain’s literary career was brilliant and lucrative. Whilst similar success eluded him in business, his literary public admired his ambition, a reflection of the age.
Ugly ducklings
April 2024: Duncan MacInnes joins Rory McIvor to reflect on Q1 performance and discuss some of the portfolio’s key positions including gold and silver, derivative protections and the yen.
Apr 2024 portfolio update
Fund Managers Steve Russell and Matt Smith cover recent market developments, portfolio positioning and our current outlook.
Survival at 5?
January 2024: Can the economy and markets survive interest rates at 5%? Not for long, suggests fund manager Matt Smith – either interest rates must come down or asset prices do.
Jan 2024: Back to the future
Last year, fortune favoured the brave investor, one who looked through inflation and policy uncertainty and loaded up on mega-cap tech stocks. We review Ruffer’s 2023 performance, and explain why markets may have to look further back than last year to see what might come next.
From the Chairman
October 2023: In this quarter’s episode of Ruffer Radio, Chairman Jonathan Ruffer shares his perspectives on the evolution of Ruffer’s all-weather investment approach since founding the firm in 1994.
Early and ready
July 2023: Investment Director Steve Russell reviews the downtrend in performance this year in the context of a global equity market rally.
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