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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St Jay and the inflation dragon
February 2024: With markets pricing in multiple rate cuts for 2024, investors appear content that inflation is yesterday’s problem. But if inflation proves stickier than forecast and central banks are unable to grant the market the rate cuts it’s expecting, risk assets could be vulnerable.
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A golden ticket?
January 2024: 2022 revealed the importance of asset correlations for investors trying to build resilient portfolios. When both equities and bonds fell together there were few places to hide. But as markets cheered falling inflation last year, that crucial lesson has become all too easily forgotten. This month’s Green Line looks at why inflation volatility matters most in this new investment regime and suggests investors may just have been offered a golden ticket out of trouble.
Responsible Investment Report
After a year dominated by talk of generative AI, it’s easy to forget the paramount importance of people when it comes to productivity. We engaged with Grifols, a Spanish bio-pharma company, about high staff turnover.
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Ruffer Radio: Survival at 5?
January 2024: Can the economy and markets survive interest rates at 5%? Not for long, suggests fund manager Matt Smith – either interest rates must come down or asset prices do.
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Back to the future
Last year, fortune favoured the brave investor, one who looked through inflation and policy uncertainty and loaded up on mega-cap tech stocks. We review Ruffer’s 2023 performance, and explain why markets may have to look further back than last year to see what might come next.
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Investment Review
January 2024: After a difficult year for portfolio performance, Jonathan Ruffer looks ahead to a world which is curiously unfit for investment purpose, given the current condition of the equity market and the end of the decades-long bull market in bonds.
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A paper tiger after all?
December 2023: Chairman of the Federal Reserve Jerome Powell is seeking to emulate his predecessor Paul Volcker in bringing runaway inflation back under control. So far, markets have cheered his progress. Volcker was able to tighten policy - and keep it tight – because the politics of the day allowed for it. But as Economist Jamie Dannhauser points out, this Fed may not have those same favourable political winds in its sails. The real challenge for the Federal Reserve, may still be to come.
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Rethinking portfolio construction
Fund Manager Alex Lennard and Lawrence Parker-Brown from The Inside Network discuss Ruffer’s outlook for markets and portfolio construction amid major regime change.
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So you want stock TIPS?
November 2023: After a bond market rout commensurate with the steepest and fastest rate hiking cycle in a generation, is there now a case for adding fixed income into portfolios? Perhaps - there might even be two. In this month’s green line, Fund Manager Duncan MacInnes looks at the cyclical and structural cases for inflation-linked bonds.
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It's a very, very mad world
October 2023: Some extraordinary dynamics have emerged in markets in 2023. None more startling than the breakdown of the typical relationship between bond yields and equity valuations – especially mega-cap tech stocks. So far, it’s been bond investors who have endured the pain of rising real yields. But is an equity market repricing – reflective of stickier inflation and ‘higher for longer’ rates – the shoe that’s yet to drop?
London
80 Victoria Street
London SW1E 5JL
Edinburgh
31 Charlotte Square
Edinburgh EH2 4ET
Paris
103 boulevard Haussmann
75008 Paris, France