All-weather investing

Seeking good positive returns.

Come rain or shine.

Ruffer provides investment management services for institutions, pension funds, charities, financial planners and individual investors.
Ruffer LLP
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London
80 Victoria Street
London SW1E 5JL
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31 Charlotte Square
Edinburgh EH2 4ET
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103 boulevard Haussmann
75008 Paris, France

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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.
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
The return of inflation poses a critical threat to balanced portfolios – severing the relationship between bonds and equites which has held steady for nearly half a century. And yet investors, so far, have stuck to what they know – trusting a portfolio built for the world which we are leaving. We look at how the risk of inflation might be mispriced, and why it may pay to be prudent.
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.
Worried about inflation?
The return of inflation poses a critical threat to balanced portfolios – severing the relationship between bonds and equites which has held steady for nearly half a century. And yet investors, so far, have stuck to what they know – trusting a portfolio built for the world which we are leaving.
Engagement over exclusion
August 2021: Engaging with companies to improve their climate policies is not only beneficial to the environment, but also to investors. Hermione Davies explains how our engagement with ArcelorMittal has led to significant positive outcomes.
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Ruffer Radio: Inflation – great expectations
July 2021: Inflation is back, but for how long? Bertie Dannatt joins Ruffer Radio to discuss how markets are digesting the return of inflation, and what rising prices mean for consumers and investors alike.
Bitcoin – the future arrived early
July 2021: The best investments are often the least comfortable ones. This is certainly the case with our decision to add bitcoin exposure to our portfolios in November last year.
London
80 Victoria Street
London SW1E 5JL
Edinburgh
31 Charlotte Square
Edinburgh EH2 4ET
Paris
103 boulevard Haussmann
75008 Paris, France