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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

Ruffer Review 2024

The sixth edition of our annual review
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Piers Wheeler
Director – Institutional
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.
Annabel Paterson
Annabel Paterson
Senior Associate – Institutional
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 and completing her IMC and CFA Level I qualifications, she now supports Ruffer’s global business development and client servicing efforts.

The views expressed in this document are not intended as an offer or solicitation for the purchase or sale of any investment or financial instrument. The information contained in the document 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. References to specific securities should not be construed as a recommendation to buy or sell these securities. This document reflects Ruffer’s opinions at the date of publication only, and the opinions are subject to change without notice. Information contained in this document has been compiled from sources believed to be reliable but it has not been independently verified; no representation is made as to its accuracy or completeness, no reliance should be placed on it and no liability is accepted for any loss arising from reliance on it. Nothing herein excludes or restricts any duty or liability to a customer, which Ruffer has under the Financial Services and Markets Act 2000 or under the rules of the Financial Conduct Authority. Read the full disclaimer

Ruffer LLP is a limited liability partnership, registered in England with registration number OC305288. The firm’s principal place of business and registered office is 80 Victoria Street, London SW1E 5JL. 

This financial promotion is issued by Ruffer LLP which is authorised and regulated by the Financial Conduct Authority in the UK and is registered as an investment adviser with the US Securities and Exchange Commission (SEC). Registration with the SEC does not imply a certain level of skill or training. © Ruffer LLP 2024 ruffer.co.uk

For US institutional investors: securities offered through Ruffer LLC, Member FINRA. Ruffer LLC is doing business as Ruffer North America LLC in New York. Ruffer LLC is the distributor for Ruffer LLP, serving as the marketing affiliate to introduce eligible investors to Ruffer LLP .

You may find more information about Ruffer LLC by visiting brokercheck.com. Any statements or material contained herein is for institutional investor use only and is not intended to be, nor shall it be construed as legal, tax or investment advice or as an offer, or the solicitation of any offer, to buy or sell any securities. This material is provided for informational purposes only as of the date hereof and is subject to change without notice. Any Information contained herein, has been supplied by Ruffer LLP and, although believed to be reliable, has not been independently verified and cannot be guaranteed. Ruffer LLC makes no representations or warranties as to the accuracy, validity, or completeness of such information. Ruffer LLC is generally compensated by Ruffer LLP for finding investors for the respective Ruffer LLP funds it represents. Ruffer LLP is a registered investment adviser advising the respective Ruffer LLP funds, and is responsible for handling investor acceptance. 

 
The Ruffer Review 2026
At a time of increasing political, economic and market disequilibrium, the Ruffer Review 2026 assesses a broad range of risks – and unearths some underappreciated opportunities.
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Iliads and Odysseys
We have entered a new era, where hard power rules. Safely navigating this New World Disorder will require the agile intelligence of Odysseus.
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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