We use necessary cookies to make our site work. We’d also like to set Google Analytics cookies to help us to improve our website by understanding how you use it. They do not collect any personal data. More information on cookies and our privacy policy.
All-weather investing
Seeking consistent positive returns.
Come rain or shine.
The use of this website is subject to the following terms, the terms and conditions set out in the disclaimer, together with any additional terms and conditions that apply to individual webpages, documents or other attachments contained within this website (the ‘Terms’).
By clicking ‘Agree’ you
Access to this website
It may be unlawful to access or download the information contained on this website in certain countries and Ruffer and its affiliates disclaim all responsibility if you access or download any information from this website in breach of any law or regulation of the United Kingdom, the country in which you are residing or domiciled or the country from which you access the website.
If you are acting as a financial adviser or intermediary, you agree to access this website only for the purposes for which you are permitted to do so under applicable law.
Selling restrictions
The distribution of the information and documentation on this website may be restricted by law in certain countries. This website, and the information and documentation on it, are not addressed to any person resident in the territory of any country or jurisdiction where such distribution would be contrary to local law or regulation. All persons accessing this website should check their local regulations before considering investment.
I have read the information above and wish to proceed.
The use of this website is subject to the following terms, the terms and conditions set out in the disclaimer, together with any additional terms and conditions that apply to individual webpages, documents or other attachments contained within this website (the ‘Terms’).
By clicking ‘Agree’ you
Access to this website
It may be unlawful to access or download the information contained on this website in certain countries and Ruffer and its affiliates disclaim all responsibility if you access or download any information from this website in breach of any law or regulation of the United Kingdom, the country in which you are residing or domiciled or the country from which you access the website.
If you are acting as a financial adviser or intermediary, you agree to access this website only for the purposes for which you are permitted to do so under applicable law.
Selling restrictions
The distribution of the information and documentation on this website may be restricted by law in certain countries. This website, and the information and documentation on it, are not addressed to any person resident in the territory of any country or jurisdiction where such distribution would be contrary to local law or regulation. All persons accessing this website should check their local regulations before considering investment.
I have read the information above and wish to proceed.
The use of this website is subject to the following terms, the terms and conditions set out in the disclaimer, together with any additional terms and conditions that apply to individual webpages, documents or other attachments contained within this website (the ‘Terms’).
By clicking ‘Agree’ you
Access to this website
It may be unlawful to access or download the information contained on this website in certain countries and Ruffer and its affiliates disclaim all responsibility if you access or download any information from this website in breach of any law or regulation of the United Kingdom, the country in which you are residing or domiciled or the country from which you access the website.
If you are acting as a financial adviser or intermediary, you agree to access this website only for the purposes for which you are permitted to do so under applicable law.
Selling restrictions
The distribution of the information and documentation on this website may be restricted by law in certain countries. This website, and the information and documentation on it, are not addressed to any person resident in the territory of any country or jurisdiction where such distribution would be contrary to local law or regulation. All persons accessing this website should check their local regulations before considering investment.
I have read the information above and wish to proceed.
The use of this website is subject to the following terms, the terms and conditions set out in the disclaimer, together with any additional terms and conditions that apply to individual webpages, documents or other attachments contained within this website (the ‘Terms’).
By clicking ‘Agree’ you
Access to this website
It may be unlawful to access or download the information contained on this website in certain countries and Ruffer and its affiliates disclaim all responsibility if you access or download any information from this website in breach of any law or regulation of the United Kingdom, the country in which you are residing or domiciled or the country from which you access the website.
If you are acting as a financial adviser or intermediary, you agree to access this website only for the purposes for which you are permitted to do so under applicable law.
Selling restrictions
The distribution of the information and documentation on this website may be restricted by law in certain countries. This website, and the information and documentation on it, are not addressed to any person resident in the territory of any country or jurisdiction where such distribution would be contrary to local law or regulation. All persons accessing this website should check their local regulations before considering investment.
Important information for investors
Part of the Ruffer website is directed exclusively at Eligible Charities, being –
This part of the website may also be accessed by an eligible counterparty or a professional client (as defined in the FCA Handbook).
If you are not such a person, please click ‘Disagree’ below.
Any investments to which this part of the website relates (Charity Assets Trust), are available only to the Eligible Charities mentioned above. If you do not belong to the categories of person mentioned above you should not act or rely on the contents of this part of the website. No persons other than those mentioned above should read or rely on any information provided in this part of the website.
I belong to one of the categories of person mentioned above, I have read the information above, I understand and agree to its contents, and wish to proceed.
The use of this website is subject to the following terms, the terms and conditions set out in the disclaimer, together with any additional terms and conditions that apply to individual webpages, documents or other attachments contained within this website (the ‘Terms’).
By clicking ‘Agree’ you
Access to this website
It may be unlawful to access or download the information contained on this website in certain countries and Ruffer and its affiliates disclaim all responsibility if you access or download any information from this website in breach of any law or regulation of the United Kingdom, the country in which you are residing or domiciled or the country from which you access the website.
If you are acting as a financial adviser or intermediary, you agree to access this website only for the purposes for which you are permitted to do so under applicable law.
Selling restrictions
The distribution of the information and documentation on this website may be restricted by law in certain countries. This website, and the information and documentation on it, are not addressed to any person resident in the territory of any country or jurisdiction where such distribution would be contrary to local law or regulation. All persons accessing this website should check their local regulations before considering investment.
I have read the information above and wish to proceed.
The use of this website is subject to the following terms, the terms and conditions set out in the disclaimer, together with any additional terms and conditions that apply to individual webpages, documents or other attachments contained within this website (the ‘Terms’).
By clicking ‘Agree’ you
Access to this website
It may be unlawful to access or download the information contained on this website in certain countries and Ruffer and its affiliates disclaim all responsibility if you access or download any information from this website in breach of any law or regulation of the United Kingdom, the country in which you are residing or domiciled or the country from which you access the website.
If you are acting as a financial adviser or intermediary, you agree to access this website only for the purposes for which you are permitted to do so under applicable law.
Selling restrictions
The distribution of the information and documentation on this website may be restricted by law in certain countries. This website, and the information and documentation on it, are not addressed to any person resident in the territory of any country or jurisdiction where such distribution would be contrary to local law or regulation. All persons accessing this website should check their local regulations before considering investment.
I have read the information above and wish to proceed.
The use of this website is subject to the following terms, the terms and conditions set out in the disclaimer, together with any additional terms and conditions that apply to individual webpages, documents or other attachments contained within this website (the ‘Terms’).
By clicking ‘Agree’ you
Access to this website
It may be unlawful to access or download the information contained on this website in certain countries and Ruffer and its affiliates disclaim all responsibility if you access or download any information from this website in breach of any law or regulation of the United Kingdom, the country in which you are residing or domiciled or the country from which you access the website.
If you are acting as a financial adviser or intermediary, you agree to access this website only for the purposes for which you are permitted to do so under applicable law.
Selling restrictions
The distribution of the information and documentation on this website may be restricted by law in certain countries. This website, and the information and documentation on it, are not addressed to any person resident in the territory of any country or jurisdiction where such distribution would be contrary to local law or regulation. All persons accessing this website should check their local regulations before considering investment.
I have read the information above and wish to proceed.
The use of this website is subject to the following terms, the terms and conditions set out in the disclaimer, together with any additional terms and conditions that apply to individual webpages, documents or other attachments contained within this website (the ‘Terms’).
By clicking ‘Agree’ you
Access to this website
It may be unlawful to access or download the information contained on this website in certain countries and Ruffer and its affiliates disclaim all responsibility if you access or download any information from this website in breach of any law or regulation of the United Kingdom, the country in which you are residing or domiciled or the country from which you access the website.
If you are acting as a financial adviser or intermediary, you agree to access this website only for the purposes for which you are permitted to do so under applicable law.
Selling restrictions
The distribution of the information and documentation on this website may be restricted by law in certain countries. This website, and the information and documentation on it, are not addressed to any person resident in the territory of any country or jurisdiction where such distribution would be contrary to local law or regulation. All persons accessing this website should check their local regulations before considering investment.
Important information for investors based in Australia
By accessing or viewing this content, you are representing to Ruffer LLP (Ruffer) you are at all times a ‘wholesale client’ within the meaning of the Australian Corporations Act (Wholesale Client), and undertake to provide any supporting information to demonstrate your status as a wholesale client. Before reviewing the information on this website, please confirm that you qualify as a Wholesale Client, and have read the notices below. Information is provided only for use by Wholesale Clients ordinarily resident or viewing this website in Australia. By proceeding to review any material on this website, you are representing to Ruffer you meet one or more of the Wholesale Client tests (summarised below) and you
The information accessible on this web page is issued by Ruffer. Ruffer holds Australian financial services licence number 526358 under the Corporations Act 2001 (Cth) authorising it to provide certain financial services to Wholesale Clients only. Ruffer is not licensed to provide financial services to retail clients in Australia.
All website content in respect of the fund is issued by The Trust Company (Re Services) Limited ABN 45 003 278 831 AFSL 235150 (Responsible Entity as responsible entity of, and issuer of units in the fund) and prepared by Ruffer LLP (Ruffer) as investment manager for the fund.
This is provided for general information purposes only and is not to be construed as a solicitation of an offer to buy or sell any financial product. Accordingly, reliance should not be placed on this information as the basis for making an investment, financial or other decision. This information does not take into account your investment objectives, particular needs or financial situation. Whilst every effort is taken to ensure the information on this website is accurate, its accuracy, reliability or completeness is not guaranteed.
Please read the Product Disclosure Statement (PDS) and Target Market Determination (TMD). You should consider the PDS before deciding whether to acquire, or continue to hold, an interest in the fund. Initial applications for units in the fund can only be made pursuant to the application form attached to the PDS.
Past performance is not a reliable indicator of future performance.
Neither the Responsible Entity nor Ruffer guarantee repayment of capital or any particular rate of return from the fund. Statements of fact have been obtained from and are based upon sources that the Responsible Entity and Ruffer believe to be reliable. Neither the Responsible Entity nor Ruffer give any representation or warranty as to the reliability or accuracy of the information contained in the PDS or this website. All opinions and estimates included in the PDS constitute judgements of the Responsible Entity and Ruffer and are subject to change without notice.
I have read and understood the above information, the Terms, and confirm that I am a Wholesale Client, and not a retail client, based in Australia, and wish to proceed.
Ruffer is not authorised to provide financial product advice to retail clients in Australia.
The use of this website is subject to the following terms, the terms and conditions set out in the disclaimer, together with any additional terms and conditions that apply to individual webpages, documents or other attachments contained within this website (the ‘Terms’).
By clicking ‘Agree’ you
Access to this website
It may be unlawful to access or download the information contained on this website in certain countries and Ruffer and its affiliates disclaim all responsibility if you access or download any information from this website in breach of any law or regulation of the United Kingdom, the country in which you are residing or domiciled or the country from which you access the website.
If you are acting as a financial adviser or intermediary, you agree to access this website only for the purposes for which you are permitted to do so under applicable law.
Selling restrictions
The distribution of the information and documentation on this website may be restricted by law in certain countries. This website, and the information and documentation on it, are not addressed to any person resident in the territory of any country or jurisdiction where such distribution would be contrary to local law or regulation. All persons accessing this website should check their local regulations before considering investment.
Important information for investors based in Australia
All website content in respect of the fund is issued by The Trust Company (Re Services) Limited ABN 45 003 278 831 AFSL 235150 (Responsible Entity as responsible entity of, and issuer of units in the fund) and prepared by Ruffer LLP (Ruffer) as investment manager for the fund.
This is provided for general information purposes only and is not to be construed as a solicitation of an offer to buy or sell any financial product. Accordingly, reliance should not be placed on this information as the basis for making an investment, financial or other decision. This information does not take into account your investment objectives, particular needs or financial situation. Whilst every effort is taken to ensure the information on this website is accurate, its accuracy, reliability or completeness is not guaranteed.
Please read the Product Disclosure Statement (PDS) and Target Market Determination (TMD). You should consider the PDS before deciding whether to acquire, or continue to hold, an interest in the fund. Initial applications for units in the fund can only be made pursuant to the application form attached to the PDS.
Past performance is not a reliable indicator of future performance.
Neither the Responsible Entity nor Ruffer guarantee repayment of capital or any particular rate of return from the fund. Statements of fact have been obtained from and are based upon sources that the Responsible Entity and Ruffer believe to be reliable. Neither the Responsible Entity nor Ruffer give any representation or warranty as to the reliability or accuracy of the information contained in the PDS or this website. All opinions and estimates included in the PDS constitute judgements of the Responsible Entity and Ruffer and are subject to change without notice.
I have read and understood the above information and the Terms, confirm I am based in Australia and wish to proceed.
The information on this website does not constitute an offer to sell any securities to or for the benefit of any US Person (being any person who is in either of the following two categories: (a) a person included in the definition of ‘US person’ under Rule 902 of Regulation S under the US Securities Act of 1933, as amended, or (b) a person excluded from the definition of a ‘Non-United States person’ as used in the US Commodity Futures Trading Commission Rule 4.7)), or the solicitation of any offer to buy securities on the part of or for the benefit of any US Person. The shares or units in any of the Ruffer Funds have not been, and will not be, registered or available for public distribution in the United States of America.
The use of this website is subject to the following terms, the terms and conditions set out in the disclaimer, together with any additional terms and conditions that apply to individual webpages, documents or other attachments contained within this website (the ‘Terms’).
By clicking ‘Agree’ you
Access to this website
It may be unlawful to access or download the information contained on this website in certain countries and Ruffer and its affiliates disclaim all responsibility if you access or download any information from this Website in breach of any law or regulation of the United Kingdom, the country in which you are residing or domiciled or the country from which you access the website.
If you are acting as a financial adviser or intermediary, you agree to access this website only for the purposes for which you are permitted to do so under applicable law.
Selling restrictions
The distribution of the information and documentation on this website may be restricted by law in certain countries. This website, and the information and documentation on it, are not addressed to any person resident in the territory of any country or jurisdiction where such distribution would be contrary to local law or regulation. All persons accessing this website should check their local regulations before considering investment.
Important information about the Ruffer Funds
In particular, interests in any Ruffer funds have not been, and will not be, registered under either the US Securities Act of 1933, as amended (the ‘1933 Act’), the US Investment Company Act of 1940, as amended, or qualified under any applicable US state securities statutes, and such interests may not be offered, sold or transferred in the United States of America (including its territories and possessions) or to or for the direct or indirect benefit of any US Person (as defined above).
Such interests will be subject to restrictions on transferability and resale and may not be transferred or resold in the United States or to any US Person except as permitted under the 1933 Act and applicable state securities laws, pursuant to registration or exemption therefrom. If you are unsure as to whether you satisfy the foregoing conditions, please seek legal advice before proceeding.
Eligible investors in Ruffer Funds
US investors in Ruffer LLP managed funds must be Qualified Purchasers, as defined in Section 2(a)(51) of the Investment Company Act of 1940, as amended. Notably, investors must be –
i) any natural person who owns not less than $5,000,000 in investments
ii) any company that owns not less than $5,000,000 in investments and that is owned directly or indirectly by or for 2 or more natural persons who are related as siblings or spouse (including former spouses), or direct lineal descendants by birth or adoption, spouses of such persons, the estates of such persons, or foundations, charitable organizations, or trusts established by or for the benefit of such persons
iii) any trust that is not covered by clause (ii) and that was not formed for the specific purpose of acquiring the securities offered, as to which the trustee or other person authorized to make decisions with respect to the trust, and each settlor or other person who has contributed assets to the trust, is a person described in clause (i), (ii), or (iv) or
iv) any person, acting for its own account or the accounts of other qualified purchasers, who in the aggregate owns and invests on a discretionary basis, not less than $25,000,000 in investments.
Capacity of Ruffer LLP
Ruffer LLP is organized under the law of the United Kingdom, and registered with the US Securities and Exchange Commission as an investment adviser. It manages its affiliated investment funds that are eligible for investment by US Qualified Purchasers. More information about Ruffer LLP, including the Form ADV for Ruffer LLP. This material explains important information about, for example the services, fees and conflicts of interest.
Capacity of Ruffer LLC
Ruffer LLC, Member FINRA, is organized under the laws of the United States, and is a broker/dealer registered with the US Securities and Exchange Commission. Its role is to serve as a distributor to market and introduce Qualified Purchasers to Ruffer LLP as potential investors in their affiliated investment funds. Ruffer LLC does not open accounts or serve as a broker to effect transactions for investors. Ruffer LLC is doing business as Ruffer North America LLC in New York. More information on Ruffer LLC is available at BrokerCheck by FINRA.
I have read the above information and wish to proceed.
The use of this website is subject to the following terms, the terms and conditions set out in the disclaimer, together with any additional terms and conditions that apply to individual webpages, documents or other attachments contained within this website (the ‘Terms’).
By clicking ‘Agree’ you
Access to this website
It may be unlawful to access or download the information contained on this website in certain countries and Ruffer and its affiliates disclaim all responsibility if you access or download any information from this website in breach of any law or regulation of the United Kingdom, the country in which you are residing or domiciled or the country from which you access the website.
If you are acting as a financial adviser or intermediary, you agree to access this website only for the purposes for which you are permitted to do so under applicable law.
Selling restrictions
The distribution of the information and documentation on this website may be restricted by law in certain countries. This website, and the information and documentation on it, are not addressed to any person resident in the territory of any country or jurisdiction where such distribution would be contrary to local law or regulation. All persons accessing this website should check their local regulations before considering investment.
I have read the above information and wish to proceed.
The use of this website is subject to the following terms, the terms and conditions set out in the disclaimer, together with any additional terms and conditions that apply to individual webpages, documents or other attachments contained within this website (the ‘Terms’).
By clicking ‘Agree’ you
Access to this website
It may be unlawful to access or download the information contained on this website in certain countries and Ruffer and its affiliates disclaim all responsibility if you access or download any information from this website in breach of any law or regulation of the United Kingdom, the country in which you are residing or domiciled or the country from which you access the website.
If you are acting as a financial adviser or intermediary, you agree to access this website only for the purposes for which you are permitted to do so under applicable law.
Selling restrictions
The information provided on this website does not constitute and should not be construed as an offer of, invitation or proposal to make an offer for, recommendation to apply for or an opinion or guidance on a financial product, service and/or strategy in any jurisdiction. Whilst great care has been taken to ensure that the information contained in this website is accurate, no responsibility can be accepted for any errors, mistakes or omissions or for any action taken or not taken in reliance thereon.
The information provided on this website is given for information purposes only to sophisticated and qualified persons. It is not intended for and should not be distributed to members of the public.
If you do not understand the contents of this website you should consult an authorised financial advisor.
This website is for the exclusive use of sophisticated and qualified investors, defined as per the laws and regulations of the country you reside in. If you are an individual investor, please contact your financial advisor.
I have read the above information and wish to proceed.
The use of this website is subject to the following terms, the terms and conditions set out in the disclaimer, together with any additional terms and conditions that apply to individual webpages, documents or other attachments contained within this website (the ‘Terms’).
By clicking ‘Agree’ you
Access to this website
It may be unlawful to access or download the information contained on this website in certain countries and Ruffer and its affiliates disclaim all responsibility if you access or download any information from this website in breach of any law or regulation of the United Kingdom, the country in which you are residing or domiciled or the country from which you access the website.
If you are acting as a financial adviser or intermediary, you agree to access this website only for the purposes for which you are permitted to do so under applicable law.
Selling restrictions
The distribution of the information and documentation on this website may be restricted by law in certain countries. This website, and the information and documentation on it, are not addressed to any person resident in the territory of any country or jurisdiction where such distribution would be contrary to local law or regulation. All persons accessing this website should check their local regulations before considering investment.
I have read the above information and wish to proceed.
The use of this website is subject to the following terms, the terms and conditions set out in the disclaimer, together with any additional terms and conditions that apply to individual webpages, documents or other attachments contained within this website (the ‘Terms’).
By clicking ‘Agree' you
Access to this website
It may be unlawful to access or download the information contained on this website in certain countries and Ruffer and its affiliates disclaim all responsibility if you access or download any information from this website in breach of any law or regulation of the United Kingdom, the country in which you are residing or domiciled or the country from which you access the website.
If you are acting as a financial adviser or intermediary, you agree to access this website only for the purposes for which you are permitted to do so under applicable law.
Selling restrictions
The distribution of the information and documentation on this website may be restricted by law in certain countries. This website, and the information and documentation on it, are not addressed to any person resident in the territory of any country or jurisdiction where such distribution would be contrary to local law or regulation. All persons accessing this website should check their local regulations before considering investment.
I have read the above information and wish to proceed.
The Ruffer approach is unchanged from when the firm started in 1994.
Our investment process is different to most. It is designed to protect and grow the value of our clients’ portfolios – avoiding large losses and harnessing the power of compounding over time.
Put simply, we take on the responsibility for managing risk on behalf of our clients.
Ruffer’s single investment strategy is defined by two simple investment objectives
We aim to deliver positive returns come rain or shine.
If we are to be good all-weather investors, we cannot be dependent on the direction of markets.
To avoid that dependency, we always hold investments in what we call growth and protection. We hold these alongside each other, changing the allocation to each over time.
When the market sun shines, we expect our growth assets to prosper. When a market storm hits, our protective assets should provide shelter, defending the portfolio from a downturn.