Ruffer Total Return International – Australia | Ruffer

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.

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

Ruffer Total Return International – Australia Fund is a managed investment scheme registered with ASIC.

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.

The fund invests in Australian dollar denominated shares of the Ruffer Total Return International, a sub fund of Ruffer SICAV (Underlying Fund), and in cash. Ruffer SICAV is a Luxembourg open-ended investment company.

The fund has been assigned a rating of Recommended by Zenith Investment Partners¹ and Lonsec.²

Where does Ruffer fit?

We believe the distinctive Ruffer approach to investing fits well in two different parts of an investor’s portfolio – either in the ‘alternatives’ part, or as a component of a more beta-heavy core portfolio.

Ruffer has been running its single investment approach since the firm launched in 1994; this approach is aligned to the investment objectives of the fund. Ruffer’s track record of protecting investors’ capital through times of crisis (such as the dot.com bust, the global financial crisis and covid-19) means it provides a useful offset to more conventional equities and bonds, delivering a return that is uncorrelated during normal markets but negatively correlated during market sell-offs.^*

Our willingness and ability to look beyond conventional assets whilst still focusing on delivering overall positive returns makes for a more effective portfolio allocation than pure tail risk strategies (strategies that require low likelihood events to occur). This means Ruffer is well placed to deliver on inflation-plus or cash-plus return objectives in a low risk manner.^*

* Past performance is not a guide to future performance

How we invest

At a glance

18 Apr 2024

Launch date	24 Dec 2020
Launch price (AUD)	1.00

Unit price (AUD)	1.08

FUND REPORTS

Ruffer Total Return International – Australia Fund

LATEST FUND REPORT

Select from the options below to view historic reports

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

Key people

The Ruffer Total Return International – Australia 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 Alex Lennard, who has been managing the fund since it launched in 2020, and Fiona Ker, who became co-manager in 2023.

Fund Managers

Alex Lennard

Fund Manager

T +44 (0)20 7963 8103

Joined Ruffer in 2006 after graduating from Exeter University with an honours degree in economics and finance. He is a member of the Chartered Institute for Securities & Investment. He initially worked as associate for Jonathan Ruffer and now manages institutional investment portfolios. He sits on the senior asset allocation committee and is co–manager of three of Ruffer’s flagship funds. He is also a Non-Executive Director of the JPMorgan European Investment Trust.

Articles by Alex

Fiona Ker

Fund Manager

Joined Ruffer in 2017 from Ernst & Young. She holds an honours degree in singing performance from the Royal Conservatoire of Scotland. Fiona manages portfolios for institutions with a focus on international clients, and is a member of the CISI and the Institute of Chartered Accountants for England & Wales. She is co-manager of two of Ruffer’s flagship funds.

Articles by Fiona

ASSET ALLOCATION

Asset	%
Short-dated bonds	46.6
Gold and precious metals exposure	8.7
Long-dated index-linked gilts	8.3
Cash	4.7
Non-UK index-linked	3.6
Index-linked gilts	2.0
Credit and derivative strategies	0.3
Commodity exposure	5.3
Financials equities	3.7
Consumer discretionary equities	3.0
Energy equities	2.5
Consumer staples equities	1.7
Other equities	9.6

Currency	%
Sterling	78.7
Yen	10.4
US dollar	6.3
Euro	1.5
Other	3.0

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

Largest equity holdings

Largest equity holdings (excludes holdings in Ruffer funds)	%
iShares MSCI China A UCITS ETF	2.9
BP	1.8
Alibaba Group	0.9
Citigroup	0.9
Prosus	0.7

Data as at 31 March 2024

IMPORTANT INFORMATION

This product is likely to be appropriate for a consumer seeking capital growth to be used as a major, core, minor or satellite component within a portfolio where the consumer has a minimum five year investment timeframe, medium to high risk/return profile and needs monthly access to capital. Investors should refer to the TMD for further information.

All investments carry risk. Before making an investment decision it is important to assess the risks and your own financial position to determine whether an investment in the fund is suitable for you. The significant risks associated with investing in the fund are explained in the Product Disclosure Statement.

KEY DOCUMENTS

Product Disclosure Statement

DEALING CYCLE

INITIAL APPLICATION FORM

via Apex Group

ADDITIONAL APPLICATION FORM

Target Market Determination

TMD

RG240 annual disclosure

ENQUIRIES AND COMPLAINTS

How to invest

The fund is available to buy on the following platforms, among others, click a logo to be directed to your preferred platform.

Alternatively if you are a wholesale client and would like to invest directly with us, please download the application form.

Who to contact

Alex Lennard

Fund Manager

T +44 (0)20 7963 8103

Articles by Alex

Melissa Kampner

Investor Relations Manager

T +44 (0)20 7963 8041

Joined Ruffer in 2021, focusing on international institutional client relationships. Prior to Ruffer, she spent 13 years at JPMorgan in both institutional asset management and the private bank, in New York and London. She graduated from Brandeis University in 2007 with a BA in Economics and Spanish.

1 The Zenith Investment Partners (ABN 27 103 132 672, AFS Licence 226872) (‘Zenith’) rating (PIM1038AU assigned 26 September 2023) referred to in this piece is limited to ‘General Advice’ (s766B Corporations Act 2001) for Wholesale clients only. This advice has been prepared without taking into account the objectives, financial situation or needs of any individual, including target markets of financial products, where applicable, and is subject to change at any time without prior notice. It is not a specific recommendation to purchase, sell or hold the relevant product(s). Investors should seek independent financial advice before making an investment decision and should consider the appropriateness of this advice in light of their own objectives, financial situation and needs. Investors should obtain a copy of, and consider the PDS or offer document before making any decision and refer to the full Zenith Product Assessment available on the Zenith website. Past performance is not an indication of future performance. Zenith usually charges the product issuer, fund manager or related party to conduct Product Assessments. Full details regarding Zenith’s methodology, ratings definitions and regulatory compliance are available on our Product Assessments and at Fund Research Regulatory Guidelines

2 The rating issued 26 April 2023 is published by Lonsec Research Pty Ltd ABN 11 151 658 561 AFSL 421 445 (Lonsec). Ratings are general advice only, and have been prepared without taking account of your objectives, ﬁnancial situation or needs. Consider your personal circumstances, read the product disclosure statement and seek independent ﬁnancial advice before investing. The rating is not a recommendation to purchase, sell or hold any product. Past performance information is not indicative of future performance. Ratings are subject to change without notice and Lonsec assumes no obligation to update. Lonsec uses objective criteria and receives a fee from the Fund Manager. Visit lonsec.com.au for ratings information and to access the full report. © 2023 Lonsec. All rights reserved.

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

Your privacy matters

Total Return International – Australia Fund