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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

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Sep 2024 portfolio update
How did August’s market whipsaw impact the Ruffer portfolio? What can we learn from investors’ reaction? Have recent events changed our thinking?
Permanence and change
Whilst technology has transformed stock markets over the centuries, they are underpinned by human traits like fear and greed, which remain unaltered. But one key recent change has been to markets’ purpose, and this risks severe instability.
CBAM
The EU’s Carbon Border Adjustment Mechanism (CBAM) is set to revolutionise carbon pricing both within the bloc and beyond, contributing to cleaner, more equitable and more transparent global value chains.
The Ugly Duckling portfolio
The Ruffer portfolio is filled with ugly ducklings. Unloved and out-of-favour assets, spurned by most investors. We believe these assets can transform and prove their worth just when they are needed most.
Leaving the pack
July 2024: Investors are herding into a narrow market and propelling stocks to new highs. Fund Manager Jasmine Yeo joins Rory McIvor to explain why this is a market well worth insuring against.
Investment Review
July 2024: Recent portfolio performance has, understandably, provoked questions from our clients and investors. These are broadly the same questions we have been asking ourselves, chief among which is: why are we comfortable owning a portfolio that feels so uncomfortable to hold? Jonathan Ruffer’s quarterly investment review seeks to answer that question, laying out the reasons for our conviction in a portfolio which can protect and grow capital as the market turns.
‘Washington, we have a problem’
July 2024: The cost of servicing US national debt is set to swallow an ever-greater share of the public purse over the coming years. To tackle the debt burden, governments are faced with an array of unpalatable choices – with higher inflation an increasingly likely side effect.
Q2 2024 Report
This quarter’s report highlights the start of engagements with two gold mining companies and our co-signing of a letter to airlines about their non-CO2 emissions, as well as summarising our activity in a busy voting season.
Task Force on Climate-related Financial Disclosures
Our fourth annual TCFD Report looks at Ruffer’s alignment with the TCFD recommendations, covering governance, strategy, risk and targets.
Modern slavery: confronting the Lernaean Hydra
The impact of modern slavery on businesses and investors is complex and multi-dimensional. Here, we discuss some recent examples of Ruffer’s engagement with this important aspect of responsible investing.
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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