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.
All-weather investing
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Individual investors
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London
80 Victoria Street
London SW1E 5JL
Edinburgh
31 Charlotte Square
Edinburgh EH2 4ET
Paris
103 boulevard Haussmann
75008 Paris, France

Market views

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Rethinking portfolio construction
Fund Manager Alex Lennard and Lawrence Parker-Brown from The Inside Network discuss Ruffer’s outlook for markets and portfolio construction amid major regime change.
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Inflation volatility demands investors think differently
The asset management industry has operated in a disinflationary world for 40 years – a world where capital takes the spoils. If labour is to become more dominant, what does that mean for asset allocation? Investment Manager Fiona Ker discusses inflation volatility with the Portfolio Construction Forum.
The Hemingway recession
In every market cycle comes a moment when investors, en masse, face a shocking revelation – when the improbable becomes unwelcome reality. Our fear is that we are fast approaching such a moment. Here, Economist Jamie Dannhauser discusses the fragility of today’s financial system, the likelihood of recession and the inability of central banks to remedy the inflation problem without significant cost for investors.
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Winning by not losing
Investment Manager Fiona Ker and James Dunn from The Inside Network discuss Ruffer’s outlook for markets in 2023 and beyond.
Career-ing into liquidation
The rapid demise of Silicon Valley Bank – the second-largest US bank failure in history – has caught markets by surprise. While we don’t expect a repeat of the 2008 global financial crisis, dismissing the broader risks to the financial system would be a mistake. Higher interest rates are stressing the system. But it is career risk that could drive us towards a liquidation crisis. 
The dangers of dancing
In the March edition of Duncan MacInnes' Citywire column, he discusses how Investors are being lured back onto the dance floor by the siren song of Fomo, just when the music could be about to stop.
The inflation mirage
At some point this year, inflation will probably fall. But it is likely to be a temporary dip as we enter an era of higher and more volatile inflation. We believe this calls for an active investment approach with a focus on liquidity.
The DC correlation conundrum
DC pension schemes are beginning to allocate more to illiquid assets – looking beyond conventional asset classes to achieve real capital growth over the long-term. Here we look at how DC schemes should best complement illiquid assets with an uncorrelated, liquid, and diversified strategy.
The case for cash
Holding cash is not usually considered a courageous move by active investors. But here, Duncan MacInnes suggests that at times, a high cash allocation is in fact an act of bravery. And now, more than ever, breaking convention may be crucial for investors.
Cash is trash, or is it?
In the October edition of Duncan MacInnes' Citywire column, he explains why Ruffer is sitting on the highest cash weighting in its history.