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Ruffer Investment Company

Ruffer Investment Company

Seeking to preserve capital, come what may

Ruffer Investment Company Limited 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.

Quick links

Holdings and allocation
Key documents
How to invest
Contact us


At a glance

Share price as at 21 January 2019


NAV as at 15 January 2019


Latest monthly report

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.

Who’s who?

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, Ruffer LLP) 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 MacInnes 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.

Fund managers

Investment review

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.

Read the latest investment review

If you would like to receive the investment review by email each quarter, please click here.

Holdings and allocations

Ruffer Investment Company holds an actively managed portfolio of different asset classes, including equities, bonds and currencies.

If you would like to receive the Ruffer Investment Company report by email each month, please click here.

Asset allocation as at 31 Dec 2018

Non–UK index–linked29.9
Long–dated index–linked gilts12.4
Gold and gold equities8.8
Illiquid strategies and options7.0
Index–linked gilts3.3
UK equities10.5
Japan equities10.4
North America equities9.3
Europe equities2.9
Asia ex–Japan equities1.5

Currency allocation as at 31 Dec 2018

US dollar7.2

Top 10 equity holdings as at 31 Dec 2018

Walt Disney Company2.2
iShares Physical Gold1.5
Mitsubishi UFJ Financial1.2
Sumitomo Mitsui Financial Group1.1
Bandai Namco1.1


Ruffer Investment Company Limited 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. Clicking the logo below will take you to the platform.

  • AJ Bell (RIC)AJ Bell (RIC)
  • Alliance Trust (RIC)Alliance Trust (RIC)
  • Hargreaves Lansdown (RIC)Hargreaves Lansdown (RIC)
  • Ascentric (RIC)Ascentric (RIC)
  • Fusion (RIC)Fusion (RIC)
  • James Hay (RIC)James Hay (RIC)
  • Novia (RIC)Novia (RIC)
  • Nucleus (RIC)Nucleus (RIC)
  • Raymond James (RIC)Raymond James (RIC)
  • Seven (RIC)Seven (RIC)
  • Transact (RIC)Transact (RIC)

If you would like to know more about the Ruffer Investment Company please contact

Alexander Bruce
+44 (0)20 7963 8104

Ruffer Investment Company Limited was launched in July 2004 and is a member of the Association of Investment Companies.

The Company was founded in 2004 and has its headquarters in Guernsey.

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.


Ruffer Investment Company Contacts

Jonathan Ruffer


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.

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.

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.

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