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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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Ruffer round up Q3 21
October 2021: A brief round up where we look at how recent events impacted markets and Ruffer portfolios, and what investors have learned as we move into the fourth quarter.
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.
Many options, little choice
Investors have been wrestling with how best to defend their portfolios against financial repression (higher levels of inflation relative to lower interest rates) ever since the Financial Crisis in 2008. And now with inflation numbers hitting multi-decade highs, this search has become increasingly urgent. Here, we assess the options available to investors and look at what we’ve chosen in our inflation protection toolkit.
Worried about inflation?
The return of inflation poses a critical threat to balanced portfolios – severing the relationship between bonds and equites which has held steady for nearly half a century. And yet investors, so far, have stuck to what they know – trusting a portfolio built for the world which we are leaving.
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.
A view from the bridge
January 2021: 2020 will loom large on financial markets for many years to come. As we cautiously make our way out of the crisis, Duncan MacInnes and Fiona Ker review the more startling developments of the last year.
The K is not OK
December 2020: The consensus is we are in a K shaped recovery - that means winners and losers. What impact will this have on the economy and will the vaccine change its course?
A vaccine: to v or not to v? That is the question
September 2020: The superforecasters of the Good Judgement Project believe there is a 93% probability we will have an FDA-approved vaccine in a year, and enough of it to inoculate 25m people in the US. This is up from just 20% in the dark days of April.
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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