All-weather investing

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Ruffer provides investment management services for institutions, pension funds, charities, financial planners and individual investors.
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A case study in LGPS diversification
A case study written with the London Borough of Hammersmith & Fulham Pension Fund exploring the benefits of genuine diversification. Particularly in a new and volatile investment regime where it may be harder to achieve through traditional LGPS building blocks.
American Pie
The ancien régime of low inflation and free money is over. The painful adjustment process has further to run, with scope for mishaps as liquidity drains from the system. The market dreams of a Goldilocks scenario, just right for risky assets. But will the bears be kept at bay?
A Hemingway moment for markets?
March 2023: As the sun now sets on 2023’s first earnings season, we fear equity markets are heading for a Hemingway moment. Jasmine Yeo explores why in our latest Green Line.
The dangers of dancing
In the March edition of Duncan MacInnes' Citywire column, he discusses how Investors are being lured back onto the dance floor by the siren song of Fomo, just when the music could be about to stop.
Ruffer Review 2023
The 2023 Ruffer Review explores why liquidity concerns may spoil the market’s hopes for a Goldilocks scenario, why the monetary cavalry may arrive too late to save Wall Street and why understanding our divided brains may be the key to navigating this new regime of inflation volatility and geopolitical conflict. And much, much more.
The Net Zero Asset Managers initiative
The core goal of the Net Zero Asset Managers initiative (NZAM) is reducing emissions in the sectors its signatories invest in. This report looks at what NZAM is and how Ruffer is working towards meeting that goal.
The inflation mirage
At some point this year, inflation will probably fall. But it is likely to be a temporary dip as we enter an era of higher and more volatile inflation. We believe this calls for an active investment approach with a focus on liquidity.
Having your cake and eating it?
February 2023: Markets have rallied in expectation of a soft landing for the US economy and interest rate cuts from the Fed. As Steve Russell explains, markets can have one or the other, but both seems implausible. And any disappointment could leave investors feeling distinctly nauseous.  
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Re-enter the dragon
January 2023: Jamie Dannhauser looks at the effects of China’s reopening on the global economy. If chaos does emerge in China’s labour market, it’s unlikely to be good news for asset markets. Optimists look forward to a powerful rebound in growth, but could it relight the inflationary flames?
The new inflation regime
The return of inflation has changed the investment environment for LGPS funds. This challenges the ability of LGPS to diversify, meet their obligations and actively manage risk or capture opportunities. In this piece, we ask three LGPS professionals the key question for this new regime: what is your plan?
London
80 Victoria Street
London SW1E 5JL
Edinburgh
31 Charlotte Square
Edinburgh EH2 4ET
Paris
103 boulevard Haussmann
75008 Paris, France