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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

All articles

A paper tiger after all?
December 2023: Chairman of the Federal Reserve Jerome Powell is seeking to emulate his predecessor Paul Volcker in bringing runaway inflation back under control. So far, markets have cheered his progress. Volcker was able to tighten policy - and keep it tight – because the politics of the day allowed for it. But as Economist Jamie Dannhauser points out, this Fed may not have those same favourable political winds in its sails. The real challenge for the Federal Reserve, may still be to come.
Rethinking portfolio construction
Fund Manager Alex Lennard and Lawrence Parker-Brown from The Inside Network discuss Ruffer’s outlook for markets and portfolio construction amid major regime change.
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.
It's a very, very mad world
October 2023: Some extraordinary dynamics have emerged in markets in 2023. None more startling than the breakdown of the typical relationship between bond yields and equity valuations – especially mega-cap tech stocks. So far, it’s been bond investors who have endured the pain of rising real yields. But is an equity market repricing – reflective of stickier inflation and ‘higher for longer’ rates – the shoe that’s yet to drop?
Q3 2023 Report
We outline some of the difficulties of engaging when it comes to commodity investments and explain our efforts to find ways around them. This quarter's engagements in focus are with BAT, ArcelorMittal and Perseus Mining.
From the Chairman
October 2023: In this quarter’s episode of Ruffer Radio, Chairman Jonathan Ruffer shares his perspectives on the evolution of Ruffer’s all-weather investment approach since founding the firm in 1994.
Investment Review
October 2023: With our cautious positioning proving costly so far this year, Jonathan Ruffer considers why some offsetting assets have not performed as expected. He also explains why we remain confident that our portfolio is well positioned for the current tricky market environment.
A starter for yen
September 2023: The Bank of Japan has been marching to a different beat to other central banks. While the Federal Reserve, ECB and Bank of England hurried to ramp up rates in a battle against inflation, a deflationary mist lingered over Japan. Until now…
Happy, clever people
Advanced economies face low and falling productivity. To solve this problem, companies need to innovate, and many have turned to technological solutions. But the best companies understand that an engaged, creative and knowledgeable workforce is the key.
The outsiders
Most CEOs focus on managing operations and neglect capital allocation. This is a mistake, argues Will Thorndike, in a book featuring eight outsider CEOs whose unorthodox pursuit of quality capital allocation has driven strong returns.
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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