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Seeking good 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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Re-imagining the art of portfolio construction
November 2021: They say it takes 66 days to make a habit, and just a minute to break it. Most investors have been constructing portfolios the same way for 10, 20 or 30 years – building the habit of a lifetime. But a new market regime demands a change to the art of portfolio construction.
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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Investment Review
October 2021: Ruffer clients have become used to a particular pattern of returns from their portfolios. The pattern hinges on pivotal moments in financial markets, and we are approaching another. In his latest Investment Review, Jonathan Ruffer considers a world trapped by indebtedness and how events have conspired to close off the escape routes for investors.
Responsible Investment Report
In our latest quarterly report, Investment Associate Sophie Jamieson looks at one part of the energy transition story which is often overlooked – batteries. Specifically, we look at the merits of shifting from lithium-ion to sodium-ion technology. Elsewhere, we share details of our stewardship and engagement activities during the third quarter of 2021.
How a pinch of salt can help the energy transition
They are fundamental in powering our lives: lithium-ion batteries. Lightweight and durable, we use them in our phones, laptops and increasingly in our cars. Already, they seem embedded in our society, but the electric revolution is only just beginning.
Investing in big oil
October 2021: The energy sector has fallen from 16% of the S&P 500 just 13 years ago, to below 3% as of today. And yet the integrated oil majors make up more than 6% of Ruffer portfolios. We often receive questions from clients about the rationale and justification for these investments.
Many options, little choice
Investors have been wrestling with how best to defend their portfolios against financial repression (higher levels of inflation relative to lower interest rates) ever since the Financial Crisis in 2008. And now with inflation numbers hitting multi-decade highs, this search has become increasingly urgent. Here, we assess the options available to investors and look at what we’ve chosen in our inflation protection toolkit.
Going, going, gone!
September 2021: What can they see that we can’t? Private equity bids for UK companies are soaring, while at the same time the UK stock market languishes at valuations well below US peers.
Climate Change Framework 2021
Our inaugural TCFD Report introduces Ruffer’s Climate Change Framework and provides a response to the recommendations of the Taskforce for Climate-related Financial Disclosure. The report exhibits our climate-related activities over the past few years and provides an insight into how our understanding of the risks facing our investee companies has evolved.
London
80 Victoria Street
London SW1E 5JL
Edinburgh
31 Charlotte Square
Edinburgh EH2 4ET
Paris
103 boulevard Haussmann
75008 Paris, France