Ruffer Investment Company

An accessible slice of Ruffer, trading on the London Stock Exchange
Ruffer Investment Company Limited is an investment company with shares listed on the London Stock Exchange.

It 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
22 Sep 2020
Launch date 8 Jul 2004
Launch price 100.00p
Share price 240.00
NAV as at 22 September 2020 247.90
Latest fund prices and reports
A list of all our latest fund reports and prices.
How we invest
Our approach to investing.
Responsible investing
How we approach environmental, social and governance issues.
Our latest thoughts, comments and views.
Falling profits, a re-energised workforce calling for its rights, a shortage of prosperity to start paying down debts – it all adds up, in our view, to a re-run of Britain and much of Europe in the 1970s.
Jonathan Ruffer, Chairman
Unbeknownst to many shareholders, corporate management have been engaged in a previously implicit, but now very explicit, trade-off between optimisation and resilience.
Duncan MacInnes, Investment Director
The markets have wired themselves to the wrong inevitabilities.
Henry Maxey, Chief Investment Officer, ON THE DEFLATION MACHINE
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 fund is immune to shocks or unexpected events. During the next market panic, our protective investments may not protect us.

Our investment approach is tried and tested but 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 our integrated approach to responsible investment.

Key people

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) and Jonathan Ruffer (Chairman, Ruffer LLP), supported by a team of senior fund managers and our in–house researchers.

The Company is managed by Hamish Baillie and Duncan MacInnes – both Investment Directors at Ruffer. Hamish has been managing the Company since 2011;  Duncan joined as a co-manager in 2016.

Fund managers
Hamish Baillie
Investment Director
Joined Ruffer in 2002. He founded and manages the Edinburgh office of Ruffer LLP which opened in September 2009 and is a director of Ruffer (Channel Islands) Limited. He manages investment portfolios for individuals, trusts, charities and pension funds and is the lead manager of the Ruffer Investment Company, which is listed on the London Stock Exchange. He is a member of the Chartered Institute for Securities & Investment and a graduate of Trinity College Dublin.
Duncan MacInnes
Investment Director
Joined Ruffer in 2012. He graduated from Glasgow University School of Law in 2007 and spent four years working at Barclays Wealth and Barclays Capital in Glasgow, London and Singapore. Duncan is a CFA charterholder. He is co–manager of Ruffer Investment Company.
Asset %
Non-UK index-linked 19.7
Cash 14.4
Illiquid strategies and options 11.0
Gold and gold equities 9.9
Long-dated index-linked gilts 9.1
Index-linked gilts 4.9
UK equities 13.6
Japan equities 6.8
North America equities 6.1
Europe equities 3.8
Asia ex-Japan equities 0.6
Currency %
Sterling 78.2
Gold 9.9
US dollar 7.4
Yen 3.3
Euro 0.9
Other 0.3
Data as at 31 August 2020. Pie chart totals may not equal 100 due to rounding.
Top 10 equity holdings
10 largest equity holdings (excludes holdings in pooled funds) %
Lloyds Banking Group 2.0
Tesco 1.5
Walt Disney 1.4
ArcelorMittal 1.3
Kinross Gold 1.2
IamGold 1.1
General Motors 1.0
American Express 0.9
NatWest Group 0.9
Fujitsu 0.9
Data as at 31 August 2020.
How to invest

The Ruffer Investment Company's 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 fund is available to buy on the following platforms, among others. Click a logo to be directed to the platform.

Alternatively, if you would like to invest directly with us please get in touch with one of the contacts listed below.

who to contact
Toby Barklem
Business Development Director
Joined Ruffer in 2017, having spent five years at Standard Life Aberdeen in a variety of business development roles focused on financial advisers. He studied history, initially graduating from Exeter University in 2003 and then latterly Imperial College London. Following this he spent seven years as an officer in the British Army.
Joshua Gunson
Business Development Manager
Joined Ruffer in 2010, working in the Product and Fund Relations teams. He holds a degree in philosophy from the University of Nottingham and an MBA with distinction from Cass Business School, and focuses on building relationships with financial planners and wealth managers throughout the UK.
80 Victoria Street
London SW1E 5JL
31 Charlotte Square
Edinburgh EH2 4ET
103 boulevard Haussman
75008 Paris, France