Ruffer Investment Company
Seeking to preserve capital, come what may
Ruffer Investment Company has a simple aim – consistent positive returns, regardless of how the financial markets perform.
We try not to lose money in any 12 month period, and to grow the value of our investors’ wealth over the long haul.
If we can do this, we should outpace inflation, protecting and increasing the real value of our investors’ income and capital.
At a glance
Share price as at 22 October 2018
NAV as at 28 September 2018
Select from the options below to view historic reports
What to expect?
We focus on the absolute risk of losing money, not the relative risk of underperforming the stock market.
Consider a year when the market falls by 25%. A fund manager focused on relative returns could lose 20% of their investors’ money and still claim to have done well by ‘outperforming’ the index.
At Ruffer, we take on the responsibility for managing risk, and for the returns we deliver. If we ever lost 20% of our investors’ money, we would have failed.
While our track record is strong, it should definitely not be seen as evidence the Company is immune to shocks or unexpected events. During the next market panic, our protective investments may not protect us.
Our investment approach is conservative, tried and tested and sometimes can seem a bit dull. We don’t apologise for that.
For example, we never own shares just because they are currently popular. What’s more, when markets are rising strongly, investing with Ruffer can be like riding a tractor on the motorway, plodding in the slow lane. It’s only when the motorway sinks into boggy marshland that a tractor proves to be a wise way to travel.
Read more about how we do it.
Ruffer Investment Company follows the core Ruffer philosophy and strategy. These are unchanged since the firm started in 1994.
The investment strategy and asset allocation are set by Henry Maxey (Chief Investment Officer), Jonathan Ruffer (Chairman) and Jon Dye (Head of Research), with input from senior portfolio managers and our in–house researchers.
The Company’s investment portfolio is managed by Hamish Baillie, Duncan MacInness and Steve Russell – all three are Investment Directors at Ruffer.
The Company also has an independent Board of Directors, chaired by Ashe Windham. The Board is responsible for overall stewardship and for ensuring the Company is well governed.
Each quarter we publish an investment review written by Jonathan Ruffer.
This sets our current thinking and (more often than not) the risks and opportunities we see over the horizon.
Ruffer Investment Company holds an actively managed portfolio of different asset classes, including equities, bonds and currencies.
Asset allocation as at 30 Sep 2018
|Long–dated index–linked gilts||11.4|
|Gold and gold equities||7.1|
|Illiquid strategies and options||5.7|
|North America equities||11.0|
|Asia ex–Japan equities||2.5|
Currency allocation as at 30 Sep 2018
Top 10 equity holdings as at 30 Sep 2018
|Sumitomo Mitsui Financial||2.1|
|Mitsubishi UFJ Financial||1.7|
You can view the latest announcements here.
For more on the strategy and performance of the Company, read the Chairman’s review in the latest annual report.
The Company is a convenient and effective way of investing with Ruffer.
Its shares are traded on the London Stock Exchange, so you can place an order with any stockbroker, or ask a professional adviser to buy shares on your behalf.
The shares are available to buy on the following platforms, among others.
If you would like to know more about the Ruffer Investment Company please contact
+44 (0)20 7963 8104
Ruffer Investment Company Limited was launched in July 2004 and is a member of the Association of Investment Companies.
Ruffer Investment Company Limited is managed by Ruffer AIFM Limited, which is authorised and regulated by the Financial Conduct Authority. Ruffer AIFM Limited is a wholly owned subsidiary of Ruffer LLP.