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The use of this website is subject to the following terms, the terms and conditions set out in the disclaimer, together with any additional terms and conditions that apply to individual webpages, documents or other attachments contained within this website (the ‘Terms’).

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expressly acknowledge you have read and understood the Terms and agree to abide by them
represent and warrant the country you have selected reflects your country of residence for the purposes of any investment activities and that you are not resident in the United States of America and are not a US Person (defined below)
confirm you are accessing this website in compliance with the laws and regulations of the country you have selected, and all other applicable laws, rules and regulations, including those relating to data privacy, international communications and export of technical or personal data
i) acknowledge that all of the content on this website is protected by intellectual property rights which are owned by Ruffer; ii) agree that you will not download, reproduce, modify, translate, distribute or exploit the content of this website or otherwise infringe those intellectual property rights; iii) agree that you will not use any manual or automated means (such as software, devices, scripts, crawlers, robots, spiders, botnets, scrapers, and the like) to access, use, copy, collect, data mine or scrape data, content and information from this website; and iv) you will not use this website or any of its content to perform text and data mining or any computational analysis; or to develop any software program, model, algorithm, generative AI tools, machine learning models or related technology.

Access to this website

It may be unlawful to access or download the information contained on this website in certain countries and Ruffer and its affiliates disclaim all responsibility if you access or download any information from this website in breach of any law or regulation of the United Kingdom, the country in which you are residing or domiciled or the country from which you access the website.

If you are acting as a financial adviser or intermediary, you agree to access this website only for the purposes for which you are permitted to do so under applicable law.

Selling restrictions

The distribution of the information and documentation on this website may be restricted by law in certain countries. This website, and the information and documentation on it, are not addressed to any person resident in the territory of any country or jurisdiction where such distribution would be contrary to local law or regulation. All persons accessing this website should check their local regulations before considering investment.

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expressly acknowledge you have read and understood the Terms and agree to abide by them
represent and warrant the country you have selected reflects your country of residence for the purposes of any investment activities and that you are not resident in the United States of America and are not a US Person (defined below)
confirm you are accessing this website in compliance with the laws and regulations of the country you have selected, and all other applicable laws, rules and regulations, including those relating to data privacy, international communications and export of technical or personal data
i) acknowledge that all of the content on this website is protected by intellectual property rights which are owned by Ruffer; ii) agree that you will not download, reproduce, modify, translate, distribute or exploit the content of this website or otherwise infringe those intellectual property rights; iii) agree that you will not use any manual or automated means (such as software, devices, scripts, crawlers, robots, spiders, botnets, scrapers, and the like) to access, use, copy, collect, data mine or scrape data, content and information from this website; and iv) you will not use this website or any of its content to perform text and data mining or any computational analysis; or to develop any software program, model, algorithm, generative AI tools, machine learning models or related technology.

Access to this website

If you are acting as a financial adviser or intermediary, you agree to access this website only for the purposes for which you are permitted to do so under applicable law.

Selling restrictions

I have read and agreed to the terms above and wish to proceed.

By clicking ‘Agree’ you

expressly acknowledge you have read and understood the Terms and agree to abide by them
represent and warrant the country you have selected reflects your country of residence for the purposes of any investment activities and that you are not resident in the United States of America and are not a US Person (defined below)
confirm you are accessing this website in compliance with the laws and regulations of the country you have selected, and all other applicable laws, rules and regulations, including those relating to data privacy, international communications and export of technical or personal data
i) acknowledge that all of the content on this website is protected by intellectual property rights which are owned by Ruffer; ii) agree that you will not download, reproduce, modify, translate, distribute or exploit the content of this website or otherwise infringe those intellectual property rights; iii) agree that you will not use any manual or automated means (such as software, devices, scripts, crawlers, robots, spiders, botnets, scrapers, and the like) to access, use, copy, collect, data mine or scrape data, content and information from this website; and iv) you will not use this website or any of its content to perform text and data mining or any computational analysis; or to develop any software program, model, algorithm, generative AI tools, machine learning models or related technology.

Access to this website

If you are acting as a financial adviser or intermediary, you agree to access this website only for the purposes for which you are permitted to do so under applicable law.

Selling restrictions

I have read and agreed to the terms above and wish to proceed.

By clicking ‘Agree’ you

expressly acknowledge you have read and understood the Terms and agree to abide by them
represent and warrant the country you have selected reflects your country of residence for the purposes of any investment activities and you are not resident in the United States of America and are not a US Person
confirm you are accessing this website in compliance with the laws and regulations of the country you have selected, and all other applicable laws, rules and regulations, including those relating to data privacy, international communications and export of technical or personal data
i) acknowledge that all of the content on this website is protected by intellectual property rights which are owned by Ruffer; ii) agree that you will not download, reproduce, modify, translate, distribute or exploit the content of this website or otherwise infringe those intellectual property rights; iii) agree that you will not use any manual or automated means (such as software, devices, scripts, crawlers, robots, spiders, botnets, scrapers, and the like) to access, use, copy, collect, data mine or scrape data, content and information from this website; and iv) you will not use this website or any of its content to perform text and data mining or any computational analysis; or to develop any software program, model, algorithm, generative AI tools, machine learning models or related technology.

Access to this website

If you are acting as a financial adviser or intermediary, you agree to access this website only for the purposes for which you are permitted to do so under applicable law.

Selling restrictions

Important information for investors

Part of the Ruffer website is directed exclusively at Eligible Charities, being –

charities registered with the Charity Commission for England and Wales
charities which are exempt from registration with the Charity Commission by virtue of the Charities Act 1993
appropriate bodies within the meaning of the Charities Act 2006 (this includes charities in Northern Ireland and Scotland)

This part of the website may also be accessed by an eligible counterparty or a professional client (as defined in the FCA Handbook).

If you are not such a person, please click ‘Disagree’ below.

Any investments to which this part of the website relates (Charity Assets Trust), are available only to the Eligible Charities mentioned above. If you do not belong to the categories of person mentioned above you should not act or rely on the contents of this part of the website. No persons other than those mentioned above should read or rely on any information provided in this part of the website.

I belong to one of the categories of person mentioned above, I have read the terms above, I understand and agree to them, and wish to proceed.

By clicking ‘Agree’ you

expressly acknowledge you have read and understood the Terms and agree to abide by them
represent and warrant the location you have selected reflects your country of residence for the purposes of any investment activities and you are not resident in the United States of America and are not a US Person (as defined below)
confirm you are accessing this website in compliance with the laws and regulations of the country in which you reside, and all other applicable laws, rules and regulations, including those relating to data privacy, international communications and export of technical or personal data
i) acknowledge that all of the content on this website is protected by intellectual property rights which are owned by Ruffer; ii) agree that you will not download, reproduce, modify, translate, distribute or exploit the content of this website or otherwise infringe those intellectual property rights; iii) agree that you will not use any manual or automated means (such as software, devices, scripts, crawlers, robots, spiders, botnets, scrapers, and the like) to access, use, copy, collect, data mine or scrape data, content and information from this website; and iv) you will not use this website or any of its content to perform text and data mining or any computational analysis; or to develop any software program, model, algorithm, generative AI tools, machine learning models or related technology.

Access to this website

If you are acting as a financial adviser or intermediary, you agree to access this website only for the purposes for which you are permitted to do so under applicable law.

Selling restrictions

I have read and agreed to the terms above and wish to proceed.

By clicking ‘Agree’ you

expressly acknowledge you have read and understood the Terms and agree to abide by them
represent and warrant the location you have selected reflects your country of residence for the purposes of any investment activities and you are not resident in the United States of America and are not a US Person (as defined below)
confirm you are accessing this website in compliance with the laws and regulations of the country in which you reside, and all other applicable laws, rules and regulations, including those relating to data privacy, international communications and export of technical or personal data
i) acknowledge that all of the content on this website is protected by intellectual property rights which are owned by Ruffer; ii) agree that you will not download, reproduce, modify, translate, distribute or exploit the content of this website or otherwise infringe those intellectual property rights; iii) agree that you will not use any manual or automated means (such as software, devices, scripts, crawlers, robots, spiders, botnets, scrapers, and the like) to access, use, copy, collect, data mine or scrape data, content and information from this website; and iv) you will not use this website or any of its content to perform text and data mining or any computational analysis; or to develop any software program, model, algorithm, generative AI tools, machine learning models or related technology.

Access to this website

If you are acting as a financial adviser or intermediary, you agree to access this website only for the purposes for which you are permitted to do so under applicable law.

Selling restrictions

I have read and agreed to the terms above and wish to proceed.

By clicking ‘Agree’ you

expressly acknowledge you have read and understood the Terms and agree to abide by them
represent and warrant the location you have selected reflects your country of residence for the purposes of any investment activities and you are not resident in the United States of America and are not a US Person (as defined below)
confirm you are accessing this website in compliance with the laws and regulations of the country in which you reside, and all other applicable laws, rules and regulations, including those relating to data privacy, international communications and export of technical or personal data
i) acknowledge that all of the content on this website is protected by intellectual property rights which are owned by Ruffer; ii) agree that you will not download, reproduce, modify, translate, distribute or exploit the content of this website or otherwise infringe those intellectual property rights; iii) agree that you will not use any manual or automated means (such as software, devices, scripts, crawlers, robots, spiders, botnets, scrapers, and the like) to access, use, copy, collect, data mine or scrape data, content and information from this website; and iv) you will not use this website or any of its content to perform text and data mining or any computational analysis; or to develop any software program, model, algorithm, generative AI tools, machine learning models or related technology.

Access to this website

If you are acting as a financial adviser or intermediary, you agree to access this website only for the purposes for which you are permitted to do so under applicable law.

Selling restrictions

I have read and agreed to the terms above and wish to proceed.

By clicking ‘Agree’ you

expressly acknowledge you have read and understood the Terms and agree to abide by them
represent and warrant the location you have selected reflects your country of residence for the purposes of any investment activities and that you are not resident in the United States of America and are not a US Person
confirm you are accessing this website in compliance with the laws and regulations of the country in which you reside, and all other applicable laws, rules and regulations, including those relating to data privacy, international communications and export of technical or personal data
i) acknowledge that all of the content on this website is protected by intellectual property rights which are owned by Ruffer; ii) agree that you will not download, reproduce, modify, translate, distribute or exploit the content of this website or otherwise infringe those intellectual property rights; iii) agree that you will not use any manual or automated means (such as software, devices, scripts, crawlers, robots, spiders, botnets, scrapers, and the like) to access, use, copy, collect, data mine or scrape data, content and information from this website; and iv) you will not use this website or any of its content to perform text and data mining or any computational analysis; or to develop any software program, model, algorithm, generative AI tools, machine learning models or related technology.

Access to this website

If you are acting as a financial adviser or intermediary, you agree to access this website only for the purposes for which you are permitted to do so under applicable law.

Selling restrictions

Important information for investors based in Australia

By accessing or viewing this content, you are representing to Ruffer LLP (‘Ruffer’) that you are at all times a ‘wholesale client’ within the meaning of the Australian Corporations Act (‘Wholesale Client’), and undertake to provide any supporting information to demonstrate your status as a wholesale client. Before reviewing the information on this website, please confirm that you qualify as a Wholesale Client, and have read the notices below. Information is provided only for use by Wholesale Clients ordinarily resident or viewing this website in Australia. By proceeding to review any material on this website, you are representing to Ruffer you meet one or more of the Wholesale Client tests (summarised below) and you

have available investable funds and your potential portfolio with Ruffer LLP is at least $500,000 or
can or have provided a current signed Qualified Accountant’s Certificate declaring that you have net assets of at least $2,500,000 or a gross income for each of the last two financial years of at least $250,000 per year or
can certify you are a ‘professional investor’ (which is a permitted subcategory of Wholesale Client), which includes any person who

controls at least $10 million (including any amount held by an associate or under a trust the person manages) for the purpose of investment in securities
is an Australian financial services licensee whose Australian licence covers the provision of financial services that are not limited to claims handling and settling services
is a trustee of a superannuation fund, an approved deposit fund, a pooled superannuation trust, or a public sector superannuation scheme within the meaning of the Superannuation Industry (Supervision) Act 1993 if the fund, trust or scheme has net assets of at least $10 million or
is a person who is regulated by the Australian Prudential Regulation Authority (APRA) (other than a trustee of a superannuation fund, an approved deposit fund, a pooled superannuation trust or a public sector superannuation scheme) or
is a person who is a body registered under the Financial Corporations Act 1974 or
is a listed entity or a related body corporate of a listed entity or
is an exempt public authority or
is a person who is a body corporate or an unincorporated body that carries on a business of investment in financial products, interests in land or other investments, and for those purposes invests funds received following an offer or invitation to the public where the terms of the offer provided for the funds subscribed to be invested for those purposes or
is a foreign entity that, if established or incorporated in Australia, would be covered by one of the preceding paragraphs.

The information accessible on this web page is issued by Ruffer. Ruffer holds Australian financial services licence number 526358 under the Corporations Act 2001 (Cth) authorising it to provide certain financial services to Wholesale Clients only. Ruffer is not licensed to provide financial services to retail clients in Australia.

I have read and understood the above information and agreed to the Terms. I confirm that I am a Wholesale Client, and not a retail client, based in Australia, and wish to proceed.

The information on this website does not constitute an offer to sell any securities to or for the benefit of any US Person (being any person who is in either of the following two categories: (a) a person included in the definition of ‘US person’ under Rule 902 of Regulation S under the US Securities Act of 1933, as amended, or (b) a person excluded from the definition of a ‘Non-United States person’ as used in the US Commodity Futures Trading Commission Rule 4.7)), or the solicitation of any offer to buy securities on the part of or for the benefit of any US Person. The shares or units in any of the Ruffer Funds have not been, and will not be, registered or available for public distribution in the United States of America.

By clicking ‘Agree’ you

expressly acknowledge you have read and understood the Terms and agree to abide by them
represent and warrant the jurisdiction you have selected is the applicable jurisdiction for the intended investment activities
confirm you are accessing this website in compliance with the laws and regulations of the jurisdiction you have selected, and all other applicable laws, rules and regulations, including those relating to data privacy, international communications and export of technical or personal data
i) acknowledge that all of the content on this website is protected by intellectual property rights which are owned by Ruffer; ii) agree that you will not download, reproduce, modify, translate, distribute or exploit the content of this website or otherwise infringe those intellectual property rights; iii) agree that you will not use any manual or automated means (such as software, devices, scripts, crawlers, robots, spiders, botnets, scrapers, and the like) to access, use, copy, collect, data mine or scrape data, content and information from this website; and iv) you will not use this website or any of its content to perform text and data mining or any computational analysis; or to develop any software program, model, algorithm, generative AI tools, machine learning models or related technology.

Access to this website

It may be unlawful to access or download the information contained on this website in certain countries and Ruffer and its affiliates disclaim all responsibility if you access or download any information from this Website in breach of any law or regulation of the United Kingdom, the country in which you are residing or domiciled or the country from which you access the website.

If you are acting as a financial adviser or intermediary, you agree to access this website only for the purposes for which you are permitted to do so under applicable law.

Selling restrictions

Important information about the Ruffer Funds

In particular, interests in any Ruffer funds have not been, and will not be, registered under either the US Securities Act of 1933, as amended (the ‘1933 Act’), the US Investment Company Act of 1940, as amended, or qualified under any applicable US state securities statutes, and such interests may not be offered, sold or transferred in the United States of America (including its territories and possessions) or to or for the direct or indirect benefit of any US Person (as defined above).

Such interests will be subject to restrictions on transferability and resale and may not be transferred or resold in the United States or to any US Person except as permitted under the 1933 Act and applicable state securities laws, pursuant to registration or exemption therefrom. If you are unsure as to whether you satisfy the foregoing conditions, please seek legal advice before proceeding.

Eligible investors in Ruffer Funds

US investors in Ruffer LLP managed funds must be Qualified Purchasers, as defined in Section 2(a)(51) of the Investment Company Act of 1940, as amended. Notably, investors must be –

i) any natural person who owns not less than $5,000,000 in investments

ii) any company that owns not less than $5,000,000 in investments and that is owned directly or indirectly by or for 2 or more natural persons who are related as siblings or spouse (including former spouses), or direct lineal descendants by birth or adoption, spouses of such persons, the estates of such persons, or foundations, charitable organizations, or trusts established by or for the benefit of such persons

iii) any trust that is not covered by clause (ii) and that was not formed for the specific purpose of acquiring the securities offered, as to which the trustee or other person authorized to make decisions with respect to the trust, and each settlor or other person who has contributed assets to the trust, is a person described in clause (i), (ii), or (iv) or

iv) any person, acting for its own account or the accounts of other qualified purchasers, who in the aggregate owns and invests on a discretionary basis, not less than $25,000,000 in investments.

Capacity of Ruffer LLP

Ruffer LLP is organized under the law of the United Kingdom, and registered with the US Securities and Exchange Commission as an investment adviser. It manages its affiliated investment funds that are eligible for investment by US Qualified Purchasers. More information about Ruffer LLP, including the Form ADV for Ruffer LLP. This material explains important information about, for example the services, fees and conflicts of interest.

Capacity of Ruffer LLC

Ruffer LLC, Member FINRA, is organized under the laws of the United States, and is a broker/dealer registered with the US Securities and Exchange Commission. Its role is to serve as a distributor to market and introduce Institutional Accounts, as defined under FINRA rules, to Ruffer LLP as potential investors in their affiliated investment funds. Ruffer LLC does not open accounts or serve as a broker to effect transactions for investors. Ruffer LLC is doing business as Ruffer North America LLC in New York. More information on Ruffer LLC is available at BrokerCheck by FINRA.

I have read and agreed to the terms above and wish to proceed.

By clicking ‘Agree’ you

expressly acknowledge you have read and understood the Terms and agree to abide by them
represent and warrant the location you have selected reflects your country of residence for the purposes of any investment activities and you are not resident in the United States of America and are not a US Person
confirm you are accessing this website in compliance with the laws and regulations of the country in which you reside, and all other applicable laws, rules and regulations, including those relating to data privacy, international communications and export of technical or personal data
i) acknowledge that all of the content on this website is protected by intellectual property rights which are owned by Ruffer; ii) agree that you will not download, reproduce, modify, translate, distribute or exploit the content of this website or otherwise infringe those intellectual property rights; iii) agree that you will not use any manual or automated means (such as software, devices, scripts, crawlers, robots, spiders, botnets, scrapers, and the like) to access, use, copy, collect, data mine or scrape data, content and information from this website; and iv) you will not use this website or any of its content to perform text and data mining or any computational analysis; or to develop any software program, model, algorithm, generative AI tools, machine learning models or related technology.

Access to this website

If you are acting as a financial adviser or intermediary, you agree to access this website only for the purposes for which you are permitted to do so under applicable law.

Selling restrictions

I have read and agreed to the terms above and wish to proceed.

By clicking ‘Agree’ you

expressly acknowledge you have read and understood the Terms and agree to abide by them
represent and warrant the location you have selected reflects your country of residence for the purposes of any investment activities and you are not resident in the United States of America and are not a US Person
confirm you are accessing this website in compliance with the laws and regulations of the country in which you reside, and all other applicable laws, rules and regulations, including those relating to data privacy, international communications and export of technical or personal data
i) acknowledge that all of the content on this website is protected by intellectual property rights which are owned by Ruffer; ii) agree that you will not download, reproduce, modify, translate, distribute or exploit the content of this website or otherwise infringe those intellectual property rights; iii) agree that you will not use any manual or automated means (such as software, devices, scripts, crawlers, robots, spiders, botnets, scrapers, and the like) to access, use, copy, collect, data mine or scrape data, content and information from this website; and iv) you will not use this website or any of its content to perform text and data mining or any computational analysis; or to develop any software program, model, algorithm, generative AI tools, machine learning models or related technology.

Access to this website

If you are acting as a financial adviser or intermediary, you agree to access this website only for the purposes for which you are permitted to do so under applicable law.

Selling restrictions

The information provided on this website does not constitute and should not be construed as an offer of, invitation or proposal to make an offer for, recommendation to apply for or an opinion or guidance on a financial product, service and/or strategy in any jurisdiction. Whilst great care has been taken to ensure that the information contained in this website is accurate, no responsibility can be accepted for any errors, mistakes or omissions or for any action taken or not taken in reliance thereon.

The information provided on this website is given for information purposes only to sophisticated and qualified persons. It is not intended for and should not be distributed to members of the public.

If you do not understand the contents of this website you should consult an authorised financial advisor.

This website is for the exclusive use of sophisticated and qualified investors, defined as per the laws and regulations of the country you reside in. If you are an individual investor, please contact your financial advisor.

I have read and agreed to the terms above and wish to proceed.

By clicking ‘Agree’ you

expressly acknowledge you have read and understood the Terms and agree to abide by them
represent and warrant the location you have selected reflects your country of residence for the purposes of any investment activities and you are not resident in the United States of America and are not a US Person
confirm you are accessing this website in compliance with the laws and regulations of the country in which you reside, and all other applicable laws, rules and regulations, including those relating to data privacy, international communications and export of technical or personal data
i) acknowledge that all of the content on this website is protected by intellectual property rights which are owned by Ruffer; ii) agree that you will not download, reproduce, modify, translate, distribute or exploit the content of this website or otherwise infringe those intellectual property rights; iii) agree that you will not use any manual or automated means (such as software, devices, scripts, crawlers, robots, spiders, botnets, scrapers, and the like) to access, use, copy, collect, data mine or scrape data, content and information from this website; and iv) you will not use this website or any of its content to perform text and data mining or any computational analysis; or to develop any software program, model, algorithm, generative AI tools, machine learning models or related technology.

Access to this website

If you are acting as a financial adviser or intermediary, you agree to access this website only for the purposes for which you are permitted to do so under applicable law.

Selling restrictions

I have read and agreed to the terms above and wish to proceed.

By clicking ‘Agree' you

expressly acknowledge you have read and understood the Terms and agree to abide by them
represent and warrant the location you have selected reflects your country of residence for the purposes of any investment activities and you are not resident in the United States of America and are not a US Person
confirm you are accessing this website in compliance with the laws and regulations of the country in which you reside, and all other applicable laws, rules and regulations, including those relating to data privacy, international communications and export of technical or personal data
i) acknowledge that all of the content on this website is protected by intellectual property rights which are owned by Ruffer; ii) agree that you will not download, reproduce, modify, translate, distribute or exploit the content of this website or otherwise infringe those intellectual property rights; iii) agree that you will not use any manual or automated means (such as software, devices, scripts, crawlers, robots, spiders, botnets, scrapers, and the like) to access, use, copy, collect, data mine or scrape data, content and information from this website; and iv) you will not use this website or any of its content to perform text and data mining or any computational analysis; or to develop any software program, model, algorithm, generative AI tools, machine learning models or related technology.

Access to this website

If you are acting as a financial adviser or intermediary, you agree to access this website only for the purposes for which you are permitted to do so under applicable law.

Selling restrictions

I have read and agreed to the terms above and wish to proceed.

Remember my choice

18 March 2026

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GET IN TOUCH

Piers Wheeler

Director – Institutional

T +44 (0)20 7963 8258

Developing and executing asset management strategy for capital raising and strategic relationship management. Coverage includes EMEA, Asia and Australia. Piers joined Ruffer in 2021, having previously worked with asset management firms including Eastspring, AMP Capital and LEK as a strategic consultant. He holds a MA from the Bayes Business School and a BA (Hons) from the University of Oxford.

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Annabel Paterson

Senior Associate – Institutional

T +44 (0)20 7963 8123

Joined Ruffer in 2021, having graduated with a first class honours degree in land economics from the University of Cambridge. After two years working with the UK Private Wealth team, she now supports Ruffer’s global business development and client servicing efforts. She is a CFA charterholder.

Articles by Annabel

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