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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London
Ruffer LLP
80 Victoria Street
London SW1E 5JL
Paris
Ruffer S.A.
103 boulevard Haussmann
75008 Paris, France
New York
Ruffer LLC
300 Park Avenue
New York NY 10022
Edinburgh
Ruffer LLP
31 Charlotte Square
Edinburgh EH2 4ET

The Green Line

A monthly chart, plus a short commentary
Digital gold or physical bitcoin?
March 2024: With bitcoin and equity markets breaking through all-time highs, there can be no mistaking investors bullishness so far this year. But it isn’t only typical ‘risk assets’ climbing higher.
So you want stock TIPS?
November 2023: After a bond market rout commensurate with the steepest and fastest rate hiking cycle in a generation, is there now a case for adding fixed income into portfolios? Perhaps - there might even be two. In this month’s green line, Fund Manager Duncan MacInnes looks at the cyclical and structural cases for inflation-linked bonds.
Blood on the tracks
April 2023: Today's policymakers face an impossible but unavoidable choice – they must send the train down one track or the other. Either they let inflation gather steam or they pull the proverbial lever and risk a financial system calamity. There is no third way.
The bull market in belief
December 2022: With equity valuations having fallen from their highs, investors are eyeing up stocks once again. Here, Duncan MacInnes discusses why another market rally will rely more on fantasy and belief than on healthy corporate earnings.
Nowhere to hide?
May 2022: So far this year, the prices of almost all conventional assets are down. Supposedly diversified portfolios have turned out to be anything but. To preserve their capital, investors will require a new approach to constructing portfolios - flexible, adaptable, robust, and responsive.
What tightening? You’ve never had it so easy
January 2022: Money has never been so easy. As central banks step up their efforts to tame inflation, conditions could be about to get significantly trickier for investors and their portfolios.
Investing in big oil
October 2021: The energy sector has fallen from 16% of the S&P 500 just 13 years ago, to below 3% as of today. And yet the integrated oil majors make up more than 6% of Ruffer portfolios. We often receive questions from clients about the rationale and justification for these investments.
Bitcoin – the future arrived early
July 2021: The best investments are often the least comfortable ones. This is certainly the case with our decision to add bitcoin exposure to our portfolios in November last year.
Inflation – are we there yet?
June 2021: We have been positioned for a vaccine-led rally and recovery since summer last year. That recovery is here, economies are opening up and animal spirits are being unleashed. But the pickup is so fast, messy and distorted that traditional measures are not giving the full picture.
Schrodinger’s bonds
March 2021: Corporate bonds had a near death experience in 2020. After a decade where credit markets grew to $10 trillion, borrowing costs spiked as we stared into the abyss of a global economic shutdown. We had been warning of this for several years and were positioned accordingly. But since the US Federal Reserve drenched the market with its money hosepipe, credit is alive again.
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London
Ruffer LLP
80 Victoria Street
London SW1E 5JL
Paris
Ruffer S.A.
103 boulevard Haussmann
75008 Paris, France
New York
Ruffer LLC
300 Park Avenue
New York NY 10022
Edinburgh
Ruffer LLP
31 Charlotte Square
Edinburgh EH2 4ET