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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Are we there yet?

 
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Alex Lennard
Fund Manager
Duncan MacInnes
Fund Manager
Markets suffered in 2022 as the era of low inflation and low interest rates came to an abrupt ending.

Many investors are hoping that this repricing of assets may provide once-in-a-generation buying opportunities for investors – but are we there yet? 

Investment Directors Alex Lennard and Duncan MacInnes join Rory McIvor to tell the market story today in three acts - revealing shock, hope and, potentially, a tragic ending for investors’ capital. They discuss how Ruffer managed to protect capital last year and what may be required in portfolios in the months to come.

 

DOWNLOAD SLIDES

Investment Review
January 2023: To get a sense of where we’re going in the inflationary journey, it helps to understand where we came from. Jonathan Ruffer’s quarterly review explores the root causes of this new economic landscape. He discusses why, in a regime of inflation volatility, no one investment allocation will be enough to steer portfolios through treacherous market waters.
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Ruffer Radio: Led by the Fed
January 2023: Of the many storylines to unfold in 2022, only one really mattered to investors – rising interest rates and falling asset prices. The chief protagonist in this tale – the Federal Reserve - conducted one of the fastest and steepest rate hiking cycles in financial history. But how much further do they need to go? Investment Manager, Fiona Ker discusses the unenviable choices facing central bankers and explains why monetary policy will continue to dominate the narrative in the next chapter in markets.
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The bull market in belief
December 2022: With equity valuations having fallen from their highs, investors are eyeing up stocks once again. Here, Duncan MacInnes discusses why another market rally will rely more on fantasy and belief than on healthy corporate earnings.
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This video is issued by Ruffer LLP (Ruffer) and is intended for circulation in the UK or EEA, residents of the United States, Hong Kong, Singapore, Israel, UAE and Kuwait, Wholesale Clients in Australia and their UK based advisers and should not be shared with any other person. The views expressed in this webinar do not constitute an offer or invitation to provide separate account, discretionary management or other fund management services and Ruffer is not licensed to provide such services in the United States, Hong Kong, Singapore or Kuwait and relies on an exemption from the licensing requirement in Australia. Neither are the views expressed intended as an offer or solicitation for the purchase or sale of any investment or financial instrument, and no such offer or solicitation will be made until the time a qualified offeree receives a prospectus containing important information, and only in those states or jurisdictions where permitted by law. The information contained in this webinar does not constitute investment advice and should not be used as the basis of any investment decision. References to specific securities are included for the purposes of illustration only and should not be construed as a recommendation to buy or sell these securities. 
our thinking
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.
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?
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.
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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OUR THINKING
London
80 Victoria Street
London SW1E 5JL
Edinburgh
31 Charlotte Square
Edinburgh EH2 4ET
Paris
103 boulevard Haussmann
75008 Paris, France