All-weather investing

Seeking good positive returns.

Come rain or shine.

Ruffer provides investment management services for institutions, pension funds, charities, financial planners and individual investors.
Ruffer LLP
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UK
Europe
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Type of Investor
Individual investors
Institutional
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Individual investors
Institutional
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Institutional
Institutional
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All investors
London
80 Victoria Street
London SW1E 5JL
Edinburgh
31 Charlotte Square
Edinburgh EH2 4ET
Paris
103 boulevard Haussmann
75008 Paris, France

Market views

What if?
Our approach to building portfolios favours being roughly right, as opposed to precisely wrong. The portfolio is designed to preserve capital across a range of economic and market outcomes. But naturally, we consider some outcomes more likely than others. At this critical juncture in markets, Duncan MacInnes offers an exercise in imagination - what if we are wrong? Fast forward a year from now, what would need to happen in the world to prove our concerns or hopes, misguided or misplaced?
Turbulence warning
The return of inflation has jolted markets. But investing for higher inflation is not the same as investing for inflation volatility – this presents and unique and complex problem for investors.
Equities: a false sense of security
For the current generation of investors, equity markets have been remarkably happy hunting grounds. There have been crashes, bangs and wallops in recent years but, so far, central banks have ensured any pain was short-lived. As interest rates have fallen, investors have chased stocks up the page and global equity markets are now more highly valued than ever.
Many options, little choice
Investors have been wrestling with how best to defend their portfolios against financial repression (higher levels of inflation relative to lower interest rates) ever since the Financial Crisis in 2008. And now with inflation numbers hitting multi-decade highs, this search has become increasingly urgent. Here, we assess the options available to investors and look at what we’ve chosen in our inflation protection toolkit.
Worried about inflation?
The return of inflation poses a critical threat to balanced portfolios – severing the relationship between bonds and equites which has held steady for nearly half a century. And yet investors, so far, have stuck to what they know – trusting a portfolio built for the world which we are leaving.
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