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.

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Holdings and allocation
Key documents
How to invest
Contact us

At a glance – 15 Jan 2020

Share price


NAV as at 7 Jan 2020


Latest fund 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 and Duncan MacInnes, who are both 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.

Striving to be a responsible investor

At Ruffer, we actively integrate environmental, social and corporate governance (ESG) issues into our investment process.

For example, when assessing a company’s management team, we see the handling of ESG issues as an indicator of management quality.

Over the long term, we believe good practice is likely to support good corporate performance. In turn, this should support good returns for our clients.

To find out more about this please click here.

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 or listen to 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 December 2019

Non-UK index-linked 20.4
Cash 10.0
Long-dated index-linked gilts 8.3
Illiquid strategies and options 7.9
Gold and gold equities 7.5
Short-dated bonds 3.6
Index-linked gilts 0.6
UK equities 16.7
North America equities 11.6
Japan equities 9.4
Europe equities 3.1
Asia ex-Japan equities 1.0

Currency allocation as at 31 December 2019

Sterling 80.8
Yen 7.5
Gold 7.5
Euro 2.7
US dollar 0.1
Other 1.4

Top 10 equity holdings as at 31 December 2019

Stock %
Walt Disney Company 2.5
Lloyds Banking Group 2.3
Tesco 2.2
Sony 1.5
Royal Bank of Scotland 1.5
General Motors 1.5
Ocado 1.2
International Consolidated Airlines 1.2
ArcelorMittal 1.2
ExxonMobil 1.1


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.



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Benjamin Boucher–Ferté

Investment Director

Graduated from ESCP Europe in 1999 and joined the Private Wealth Management group of Goldman Sachs in London after completing his National Service with Renault Financial Services. In 2004, he participated in the launch of Fulcrum Asset Management where he was a Director until 2010, when he joined Ruffer.