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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

All articles

Blowing hot and hotter?
March 2025: Even before any impact from Trump’s tariffs, US CPI inflation surged in January, taking it further away from the 2% target it hasn’t hit for four years.
The stock market barometer
February 2025: Strong gains in equity markets are bolstering US consumer optimism. Yet, with asset valuations close to historical highs and return expectations looking unrealistic, this virtuous cycle could rapidly turn vicious.
Could 2025 challenge market optimism?
January 2025: Fund Manager, Steve Russell discusses the investment risks we see in 2025 – overvalued US markets, Trumps return to office, rising bond yields.
The Year of the Snake
January 2025: After US equities’ strong gains over the past two years, we think the best opportunities for 2025 may lie in overlooked assets elsewhere in the world.
R-Star Wars
Could today’s market optimism about inflation be misplaced? Oliver Shale warns we may be facing an ‘Empire Strikes Back’ moment, with a second wave of price rises on the horizon.
Q4 2024 Report
Our latest report discusses engagement with the agriculture supply chain, and includes a round up of our stewardship activities during the quarter.
Jan 2025 portfolio update
Fund Manager Jasmine Yeo and Private Wealth Director Charles Lynne cover the most pressing and important questions from our clients and investors – on markets, the economic outlook and the Ruffer strategy.
Investment Review
January 2025: In his latest Investment Review, Jonathan Ruffer sees parallels between today’s Magnificent Seven and the Nifty Fifty stocks of 1970s America. Pay too much for quality, and you’ve made a bad investment.
MAGA versus the vigilantes
December 2024: Trump’s new administration faces a high-stakes showdown with bond vigilantes, threatening to shake global financial markets, raise borrowing costs and potentially trigger the first US fiscal crisis since the Civil War.
As easy as ABC
November 2024: China’s stocks have massively underperformed the US for decades, but rock-bottom valuations, government stimulus and depressed investor sentiment are creating an opportunity. Sometimes the best investments are when things go from awful to bad.
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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