WELCOME TO RUFFER

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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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

Jan 2026 portfolio update

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Alexander Chartres
Fund Manager
Fiona Ker
Fund Manager
Bertie Dannatt
Head of Wholesale

Our Q4 update provides an in-depth review of the Ruffer strategy within the context of the current market environment and outlook.

Fund Managers Fiona Ker and Alexander Chartres join Head of Private Wealth Bertie Dannatt to discuss the most pressing market themes as we begin the New Year, and how the Ruffer strategy is positioned to navigate them. 

They cover a range of topics, including our latest thinking on inflation, geopolitics, and equity market risks and opportunities. They also discuss our asset allocation, and why we remain defensively positioned. 

 
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Alexander Chartres
Fund Manager
Fiona Ker
Fund Manager
Bertie Dannatt
Head of Wholesale
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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.

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 article 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 article 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 are included for the purposes of illustration only and should not be construed as a recommendation to buy or sell these securities. This article does not take account of any potential investor’s investment objectives, particular needs or financial situation. This article 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, which is authorised and regulated by the Financial Conduct Authority in the UK. © Ruffer LLP 2025. Registered in England with partnership No OC305288. 80 Victoria Street, London SW1E 5JL. Read the disclaimer

In conversation with Jon Dye
Jon Dye joins Investment Specialist Gemma Cairns-Smith to discuss his career, his perspectives on markets, and what he will bring to the role of Co-CIO.
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Always a puzzle never a game
Tony Dye was CIO of one of the UK’s largest pension fund managers in the 1990s. Most people knew him for his value-driven investment approach and his warnings on the dot.com bubble. But I knew him as Dad. His experience taught me some key lessons which are every bit as valuable today – arguably more so.
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Grain expectations
June 2026: Relative to oil, agricultural commodities are underpricing geopolitical risk, and we think they offer an asymmetric hedge as fertiliser constraints could put upward pressure on crop prices.
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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