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

All articles

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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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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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Ruffer Radio: Early and ready
July 2023: Investment Director Steve Russell reviews the downtrend in performance this year in the context of a global equity market rally. Steve explains why we retain high conviction in a strongly defensive position in portfolios despite investor sentiment having turned more positive. He also discusses the assets we expect to generate returns in worsening financial conditions.
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Ruffer Radio: Something always breaks
April 2023: After a strong start to the year, markets were destabilised by a shift in liquidity dynamics in March. Central banks now face a reckoning. Their choice is simple – inflation stability or financial stability – but it isn’t easy. Investment Director Jos North joins Rory McIvor to discuss how recent developments fit into Ruffer’s investment thinking and what is needed to protect investors’ capital at this critical juncture in markets.
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Ruffer Radio: Led by the Fed
January 2023: Of the many storylines to unfold in 2022, only one really mattered to investors – rising interest rates and falling asset prices. The chief protagonist in this tale – the Federal Reserve - conducted one of the fastest and steepest rate hiking cycles in financial history. But how much further do they need to go? Investment Manager, Fiona Ker discusses the unenviable choices facing central bankers and explains why monetary policy will continue to dominate the narrative in the next chapter in markets.
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Ruffer round up – Q3 2022
October 2022: Investment Manager Jasmine Yeo joins Rory McIvor to review a quarter of dizzying market activity. They discuss the volatility of UK gilts over recent weeks, consider the potential for a liquidation event in asset markets and provide an update on how the portfolio is positioned.
The Barber Boom
The story of an economic gear shift which sent post-war Britain careering around country lanes, before skidding on an oil slick and being sent ditchward. There it was left, engine smoking, entangled in the brambles of inflation. It wasn’t until 1980 that road-side recovery eventually arrived in the shape of Paul Volcker and his inflation curbing toolkit.
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Ruffer round up – Q2 2022
July 2022: Investment Director Duncan MacInnes joins Rory McIvor for a review of the quarter, discussing the scale of wealth destruction across markets and how they see this rippling out into real world behaviour, and looking forward to what could be on the horizon and what that means for investors.
A grand plan for the land
After almost four decades working in financial markets, Harry Buscall retired from Ruffer in 2020 to embark on a new adventure with his son Dominic at his family farm, Ken Hill in Norfolk. Using a combination of rewilding, regenerative farming and traditional conservation practices, the team at Ken Hill have devised an innovative approach to sustainable land management. Rory McIvor caught up with Harry, to find out more about his approach to the UK’s land use conundrum.
London
80 Victoria Street
London SW1E 5JL
Edinburgh
31 Charlotte Square
Edinburgh EH2 4ET
Paris
103 boulevard Haussmann
75008 Paris, France