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Seeking good positive returns.

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Ruffer provides investment management services for institutions, pension funds, charities, financial planners and individual investors.
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What tightening? You’ve never had it so easy
January 2021: Money has never been so easy. As central banks step up their efforts to tame inflation, conditions could be about to get significantly trickier for investors and their portfolios.
Responsible Investment Report
In our latest quarterly report, Research Associate Alexander Jones explores the framework we have designed to help us achieve a holistic understanding of fixed income risk. Elsewhere we present Ruffer's participation in the CDP Non-Disclosure Campaign, as well as stewardship activities from the fourth quarter of 2021.
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Ruffer round up - Q4 2021
January 2022: Investment Director Matt Smith looks ahead to what investors can expect in 2022. We briefly review the investments which worked well in Ruffer portfolios last year (and those that didn’t) and assess the opportunities and challenges arising from the return of economic, market and inflation volatility.
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Investment Review
January 2022: In his latest Investment Review, Jonathan Ruffer warns of the tide coming in for inflation, “brought about in a series of waves of increasing severity”. It is important to remember what happens on the shoreline as the tide comes in – hour on hour it advances along the coastline, but there are moments, between the waves, when the sea appears to retreat. So it will be with inflation: not a straight line, but plenty of volatility headed our way.
A Ruffer Christmas Scrooge?
December 2021: At Ruffer we’re used to being accused of seeing the glass ‘half empty’ rather than ‘half full’. It’s not that we’re inherently pessimistic, but our job is to protect our investors’ capital against whatever might go wrong in markets. So naturally we tend to focus more on the risks than the opportunities. Or as Jonathan Ruffer might put it – to see the mousetrap clearer than the cheese.
Book review – Into Thin Air
Thinking beyond the summit. There are plenty of excellent books about investing. But sometimes the best advice can be found in unlikely places.
Not all inflationistas wear flares
November 2021: Investors have divided into two camps. Those who believe inflation will subside and the rise in prices will prove temporary. And others who fear we are entering a period of high sustained inflation reminiscent of the 1970s. We consider both scenarios unlikely.
Demise of the deflation machine
The global economy has been inherently disinflationary since at least the early 1990s. The result: a generation of investors who have never had to take inflation risk seriously.
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.
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Ruffer round up - Q3 2021
October 2021: A brief round up where we look at how recent events impacted markets and Ruffer portfolios, and what investors have learned as we move into the fourth quarter.
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London
80 Victoria Street
London SW1E 5JL
Edinburgh
31 Charlotte Square
Edinburgh EH2 4ET
Paris
103 boulevard Haussmann
75008 Paris, France