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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

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Investment Review
January 2023: To get a sense of where we’re going in the inflationary journey, it helps to understand where we came from. Jonathan Ruffer’s quarterly review explores the root causes of this new economic landscape. He discusses why, in a regime of inflation volatility, no one investment allocation will be enough to steer portfolios through treacherous market waters.
Led by the Fed
January 2023: Of the many storylines to unfold in 2022, only one really mattered to investors – rising interest rates and falling asset prices. The chief protagonist in this tale – the Federal Reserve - conducted one of the fastest and steepest rate hiking cycles in financial history. But how much further do they need to go?
The DC correlation conundrum
DC pension schemes are beginning to allocate more to illiquid assets – looking beyond conventional asset classes to achieve real capital growth over the long-term. Here we look at how DC schemes should best complement illiquid assets with an uncorrelated, liquid, and diversified strategy.
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.
Task Force on Climate-related Financial Disclosures 2022
Our second annual TCFD Report gives an update on how Ruffer considers climate change risks (both physical and transition) and opportunities in our clients’ portfolios. It also discusses some of our recent engagements with companies to help deliver better climate outcomes and with data providers to generate more useful metrics.
An opportunity at our fingerTIPS
November 2022: Investors are facing a pernicious combination of volatile inflation and an impending recession. After the widespread sell-off across asset classes this year, Jasmine Yeo asks if there may now be an opportunity to take a calculated risk.
The case for cash
Holding cash is not usually considered a courageous move by active investors. But here, Duncan MacInnes suggests that at times, a high cash allocation is in fact an act of bravery. And now, more than ever, breaking convention may be crucial for investors.
Cash is trash, or is it?
In the October edition of Duncan MacInnes' Citywire column, he explains why Ruffer is sitting on the highest cash weighting in its history.
Naming and taming the bear
What can history teach us about investing in bear markets? Jos North and Jasmine Yeo examine the strategies which have prevailed in previous drawdowns and ask what might work this time around. They discuss how the portfolio is positioned for a shift in the landscape of financial market risk.
Lessons for DC schemes from the LDI crisis
DC schemes and their investors can take some crucial lessons from recent whipsaws in the UK government bond market.
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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