WELCOME TO RUFFER

All-weather investing

Seeking consistent positive returns.

Come rain or shine.

Ruffer provides investment management services for institutions, pension funds, charities, financial planners and individual investors.
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Ruffer LLP
80 Victoria Street
London SW1E 5JL
Directions | Map +44 (0)20 7963 8100
Paris
Ruffer S.A.
103 boulevard Haussmann
75008 Paris, France
Directions | Map +33 (0)1 88 45 02 54
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Ruffer LLC
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  • Home
  • Diversified Return Fund

WS Ruffer Diversified Return Fund

Seeking positive returns in all market conditions
A different expression of the same Ruffer investment strategy.

It has a simple aim – consistent positive returns, regardless of how the financial markets perform.

We try to first protect, then grow the value of the fund – with a focus on capital preservation in all market conditions after all costs and charges have been taken, over any 12 month period. 

If we can do this, we should outpace inflation, protecting and increasing the real value of our investors’ income and capital.

At a glance
26 Apr 2024
Launch date 15 Sep 2021
Launch price 100.00p
  C class I class
Accumulation shares 100.65p 101.18p
Income shares 97.66p 97.72p
FUND REPORTS
WS Ruffer Diversified Return Fund
C class I class
Select from the options below to view historic reports
Class
C class
I class
Year
2024
2023
2022
2021
Month
Mar Feb Jan Dec Nov Oct Sep Aug Jul Jun May Apr Mar Feb Jan Dec Nov Oct Sep Aug Jul Jun May Apr Mar Feb Jan Dec Nov Oct Sep Mar Feb Jan Dec Nov Oct Sep Aug Jul Jun May Apr Mar Feb Jan Dec Nov Oct Sep Aug Jul Jun May Apr Mar Feb Jan Dec Nov Oct Sep
Latest fund prices and reports
A list of all our latest fund reports and prices.
Thinking
Our latest thoughts, comments and views.
Investment approach
We aim to deliver consistent positive returns – whatever happens in the financial markets.
Envy is one of the seven deadly sins. Bad for your spiritual profit and loss account, and bad for earthly decisions too.
Alexander Chartres , Fund Manager
Read article
People often think financial catastrophes occur because herds of humans panic when the emotional pendulum swings from greed to fear.
Henry Maxey, Co-CIO
READ
What to expect?

Our approach starts with managing the risk of losing money. It is built on a willingness to challenge market certainties.

Our approach enables us to identify assets which offer genuine protection against market stress. By protecting through market downturns, we are able to be outward looking when markets fall and capture opportunities that others cannot.

Our flexible asset allocation leads us to take advantage of growth opportunities throughout the market cycle.

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.

Key people

The WS Ruffer Diversified Return Fund 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 set by Henry Maxey and Neil McLeish, Co-Chief Investment Officers, supported by a team of senior fund managers and research analysts.

The fund is managed by Duncan MacInnes, Ian Rees and Jasmine Yeo.

Fund managers
Duncan_Macinnes
Duncan MacInnes
Fund Manager
T +44 (0)131 202 1605
Joined Ruffer in 2012. He graduated from the University of Glasgow School of Law in 2007 and spent four years working at Barclays in Glasgow, London and Singapore. He is a CFA charterholder and co-manager of two of Ruffer's flagship funds.
Articles by Duncan
Ian_Rees
Ian Rees
Fund Manager
Joined Ruffer in 2012, after graduating from the University of Bath with an honours degree in economics. He is a CFA charterholder and co-manager of three of Ruffer’s flagship funds.
Articles by Ian
Jasmine Yeo
Fund Manager
Joined Ruffer in 2017, having graduated with a degree from Warwick Business School. She is a member of the CISI, following completion of the CISI Masters in Wealth Management. She has managed private client portfolios and now works with wealth managers and advisors as part of Ruffer’s UK wholesale team. She is co-manager of two of Ruffer’s flagship funds and Ruffer’s investment trust.
Articles by Jasmine
ASSET AND CURRENCY ALLOCATION
Asset %
Short-dated bonds 56.5
Gold and precious metals exposure 7.7
Cash 7.2
Long-dated index-linked gilts 6.6
Index-linked gilts 2.4
Credit and derivative strategies -2.1
Commodity exposure 4.8
Financials equities 2.7
Energy equities 2.7
Consumer discretionary equities 2.6
Healthcare equities 2.1
Other equities 6.6
Currency %
Sterling 80.2
Yen 10.0
US dollar 8.4
Euro 0.8
Other 0.7

Data as at 31 March 2024. Totals may not equal 100 due to rounding

Largest equity holdings
Largest equity holdings (excludes holdings in Ruffer funds) %
iShares MSCI China A UCITS ETF 2.0
BP 1.7
Alibaba Group ADR 1.0
Cigna 0.9
TSMC ADR 0.8
Data as at 31 March 2024
 
KEY INVESTOR INFORMATION DOCUMENTS
Select a share class
SHARE CLASS
C accumulation
C income
F accumulation
F income
I accumulation
I income
S accumulation
S income
How to invest

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
Joshua Gunson
Director – UK Wholesale
T +44 (0)20 7963 8254
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.
Tim Gordon
Director – UK Wholesale
T +44 (0)20 7963 8161
Joined Ruffer in 2021 to develop UK wholesale distribution. He previously spent five years at Robeco developing their UK business and five years at SKAGEN as Head of UK Wholesale.
London
Ruffer LLP
80 Victoria Street
London SW1E 5JL
Directions | Map +44 (0)20 7963 8100
Paris
Ruffer S.A.
103 boulevard Haussmann
75008 Paris, France
Directions | Map +33 (0)1 88 45 02 54
New York
Ruffer LLC
300 Park Avenue
New York NY 10022
Directions | Map +1 917 947 3003
Edinburgh
Ruffer LLP
31 Charlotte Square
Edinburgh EH2 4ET
Directions | Map +44 (0)131 202 1602