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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Directions | Map +44 (0)20 7963 8100
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Ruffer Radio: Early and ready

Episode 18

15 mins | Ruffer Radio
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Articles by Steve
Steve Russell
Fund Manager
Articles by Rory
Rory McIvor
Investment Communications Specialist
6 July 2023

Investment Director Steve Russell reviews the downtrend in performance this year in the context of a global equity market rally.

Steve explains why we retain high conviction in a strongly defensive position in portfolios despite investor sentiment having turned more positive. He also discusses the assets we expect to generate returns in worsening financial conditions.

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#inflation, #liquidity
Anyone for tennis?
July 2023: Tennis champions share a lot of the same traits: resilience, determination, faith in their technique and style. And successful investing requires some of these traits too. In this month’s Green Line, we look at what we can learn from the tennis court, especially when it comes to investing at critical points of the market cycle.
Read
Whatever it breaks
Central bankers once again face their old foe – inflation. Investors expect inflation to drop sharply in 2023 and the monetary cavalry to arrive by the second half of the year. But might those hopes be misguided?
Read

Ruffer performance to 30 Jun %
2019 -2.0 | 2020 12.9 | 2021 15.2 | 2022 2.1 | 2023 -3.8

Sources: Factset, Bloomberg

All mentions of Ruffer performance refer to Ruffer’s representative portfolio, which shows the performance of an unconstrained, segregated portfolio of £1 million set up in 1995, and follows Ruffer’s investment approach.

Past performance is not a guide to future performance. The value of investments and the income derived therefrom can decrease as well as increase and you may not get back the full amount originally invested. Ruffer performance is shown after deduction of all fees and management charges, and on the basis of income being reinvested. The value of overseas investments will be influenced by the rate of exchange.

The views expressed in this podcast are not intended as an offer or solicitation for the purchase or sale of any investment or financial instrument, including interests in any of Ruffer’s funds. The information contained in the podcast is fact based and does not constitute investment research, investment advice or a personal recommendation, and should not be used as the basis for any investment decision. This podcast does not take account of any potential investor’s investment objectives, particular needs or financial situation. This podcast reflects Ruffer’s opinions at the date of publication only, the opinions are subject to change without notice and Ruffer shall bear no responsibility for the opinions offered. This financial promotion is issued by Ruffer LLP. Read the full disclaimer.

our thinking
16 November 2023
So you want stock TIPS?
November 2023: After a bond market rout commensurate with the steepest and fastest rate hiking cycle in a generation, is there now a case for adding fixed income into portfolios? Perhaps - there might even be two. In this month’s green line, Fund Manager Duncan MacInnes looks at the cyclical and structural cases for inflation-linked bonds.
Duncan MacInnes
3 mins | Green Line
18 October 2023
It's a very, very mad world
October 2023: Some extraordinary dynamics have emerged in markets in 2023. None more startling than the breakdown of the typical relationship between bond yields and equity valuations – especially mega-cap tech stocks. So far, it’s been bond investors who have endured the pain of rising real yields. But is an equity market repricing – reflective of stickier inflation and ‘higher for longer’ rates – the shoe that’s yet to drop?
Steve Russell
3 mins | Green Line
11 October 2023
Responsible Investment Report
We outline some of the difficulties of engaging when it comes to commodity investments and explain our efforts to find ways around them. This quarter's engagements in focus are with BAT, ArcelorMittal and Perseus Mining.
28 mins | Responsible investment
9 October 2023
Ruffer Radio: From the Chairman
July 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. Jonathan reflects on the genesis of the firm, making mistakes, the character traits that shape his investment style, and the challenges and opportunities facing investors today. And crucially, how these are reflected in the Ruffer portfolio.
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Jonathan Ruffer, Rory McIvor
30mins | Ruffer Radio
OUR THINKING
contact

ruffer@ruffer.co.uk

Ruffer LinkedIn
London
80 Victoria Street
London SW1E 5JL
Directions | Map +44 (0)20 7963 8100
Edinburgh
31 Charlotte Square
Edinburgh EH2 4ET
Directions | Map +44 (0)131 202 1602
Paris
103 boulevard Haussmann
75008 Paris, France
Directions | Map +33 (0)1 88 45 02 54