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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

All articles

The golden rule returns
Jul 2026: Gold’s rally has reversed as rising real yields, cooling retail demand and shifting investor sentiment have outweighed central bank buying. While retaining long-term value, gold currently behaves more like a risk asset than a hedge.
Q2 2026 report
It’s one thing for a company to tell a good story on ESG issues; it’s quite another to provide hard evidence of real achievement. This quarter’s report investigates company disclosures and transparency.
Task Force on Climate-related Financial Disclosures
Our sixth annual TCFD Report looks at Ruffer’s alignment with the TCFD recommendations, covering governance, strategy, risk and targets.
In conversation with Jon Dye
Jon Dye joins Investment Specialist Gemma Cairns-Smith to discuss his career, his perspectives on markets, and what he will bring to the role of Co-CIO.
Grain expectations
June 2026: Relative to oil, agricultural commodities are underpricing geopolitical risk, and we think they offer an asymmetric hedge as fertiliser constraints could put upward pressure on crop prices.
Podcast: The Personal Investor, Fidelity UK
Fund Manager Jasmine Yeo joins Ed Monk on Fidelity's Personal Investor podcast to talk about why traditional investing models are under pressure. They also discuss which alternatives could help grow your portfolio.
Fear over fundamentals
May 2026: Earnings growth contrasts with low valuations for the software sector as AI uncertainty rises. We see selective opportunities among established firms with strong balance sheets and recurring revenues.
Annual Stewardship Report
Our 2025 report outlines Ruffer's key stewardship activities and shows how our approach aligns with both the definition and the spirit of stewardship within the code.
Podcast: Merryn Talks Money
Fund Manager Alexander Chartres speaks to Bloomberg’s Merryn Somerset Webb about investing in a world marked by receding US dominance and a more inflation-prone, shock-driven global economy.
Strait lines, narrow choices
Apr 2026: With oil prices soaring, what will the impact on the global economy be? And how will policymakers react? We make the case for a stagflationary shock, but not all economies will be affected equally.
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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