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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London
80 Victoria Street
London SW1E 5JL
Edinburgh
31 Charlotte Square
Edinburgh EH2 4ET
Paris
103 boulevard Haussmann
75008 Paris, France

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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.
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Ruffer Radio: From the Chairman
October 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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Investment Review
October 2023: With our cautious positioning proving costly so far this year, Jonathan Ruffer considers why some offsetting assets have not performed as expected. He also explains why we remain confident that our portfolio is well positioned for the current tricky market environment.
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A starter for yen
September 2023: The Bank of Japan has been marching to a different beat to other central banks. While the Federal Reserve, ECB and Bank of England hurried to ramp up rates in a battle against inflation, a deflationary mist lingered over Japan. Until now…
Happy, clever people
Advanced economies face low and falling productivity. To solve this problem, companies need to innovate, and many have turned to technological solutions. But the best companies understand that an engaged, creative and knowledgeable workforce is the key.
Book review – The outsiders
Most CEOs focus on managing operations and neglect capital allocation. This is a mistake, argues Will Thorndike, in a book featuring eight outsider CEOs whose unorthodox pursuit of quality capital allocation has driven strong long-term returns for shareholders.
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Inflation volatility demands investors think differently
The asset management industry has operated in a disinflationary world for 40 years – a world where capital takes the spoils. If labour is to become more dominant, what does that mean for asset allocation? Investment Manager Fiona Ker discusses inflation volatility with the Portfolio Construction Forum.
Task Force on Climate-related Financial Disclosures
Our third annual TCFD Report looks at Ruffer’s alignment with the TCFD recommendations, covering governance, strategy, risk and targets.
The disorder of the phoenix
Clarence Hatry was a company promoter whose bankruptcy rattled markets just before the Great Crash of 1929. His punishment was swift and severe, but Hatry was resilient and ultimately found redemption – as a bookseller with a royal warrant.
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Investment Review
July 2023: Our defensive positioning in anticipation of a liquidation event has hurt portfolio performance so far this year. In his latest quarterly review, Jonathan Ruffer recalls similar testing periods before past market crises and explains why we think the liquidation event has only been postponed, not cancelled.
London
80 Victoria Street
London SW1E 5JL
Edinburgh
31 Charlotte Square
Edinburgh EH2 4ET
Paris
103 boulevard Haussmann
75008 Paris, France