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LF Ruffer Total Return

LF Ruffer Total Return

A slice of Ruffer

The LF Ruffer Total Return Fund aims to preserve capital in all financial market conditions while delivering investment returns ahead of that from cash.

The fund holds an actively managed portfolio of different asset classes, including equities, bonds and currencies. 

Since its launch, the fund has followed Ruffer’s investment philosophy and process in its asset allocation and stock selection.

Fund Managers


At a glance – 20 February 2019

Launch date

29 September 2000

Launch price



O class

C class

Accumulation shares



Income shares



Latest monthly report

Select from the options below to view historic reports

Shareholder webinar

28 February 2019
10.30am – 12.00pm

The webinar will be hosted by the fund managers, David Ballance and Steve Russell and it will provide an opportunity to hear an update on the fund with an outlook for 2019. There will also be the opportunity to submit questions directly to the fund managers.

If you would like to register for the webinar please click here and you will be sent the details of how to join.

Buying into the fund

Step 1

Read the key investor information documents (KIIDs) and the full prospectus.

Step 2

If you would like to go ahead and make an investment, please call our partners at Link Fund Solutions on 0345 601 9610. Alternatively, if you would like further information or have any questions about the fund, please contact us.

Please note the LF Ruffer Total Return Fund is a UK domiciled fund and only registered for distribution in the UK.

Jonathan Ruffer


Steve Russell

Investment Director

Graduated from Oxford in Philosophy, Politics and Economics and started work as an equity analyst at Confederation Life in 1987, where he became Head of Equities in charge of £5 billion of equity funds. In 1999 he moved to HSBC Investment Bank as Head of UK and European Equity Strategy, before joining Ruffer in 2003. He became a non–executive director of JPMorgan Fleming Continental Investment Trust in 2005 and is co–manager of the LF Ruffer Total Return Fund and the Ruffer Investment Company.

David Ballance

Investment Director

Previously International Equities Head at Rothschild Private Management and European Equities Head at Rothschild Asset Management. He graduated from Oxford and was a Senior Investment Manager at Allied Dunbar, before moving to Threadneedle as Head of European Equities. He joined Ruffer in 2006, is co–manager of the LF Ruffer Total Return Fund and manages a number of segregated portfolios for institutional and private clients.

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