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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

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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.
Inflation volatility demands investors think differently
The asset management industry has operated in a disinflationary world for 40 years – a world where capital takes the spoils. If labour is to become more dominant, what does that mean for asset allocation? Investment Manager Fiona Ker discusses inflation volatility with the Portfolio Construction Forum.
Task Force on Climate-related Financial Disclosures
Our third annual TCFD Report looks at Ruffer’s alignment with the TCFD recommendations, covering governance, strategy, risk and targets.
The disorder of the phoenix
Clarence Hatry was a company promoter whose bankruptcy rattled markets just before the Great Crash of 1929. His punishment was swift and severe, but Hatry was resilient and ultimately found redemption – as a bookseller with a royal warrant.
Investment Review
July 2023: Our defensive positioning in anticipation of a liquidation event has hurt portfolio performance so far this year. In his latest quarterly review, Jonathan Ruffer recalls similar testing periods before past market crises and explains why we think the liquidation event has only been postponed, not cancelled.
Early and ready
July 2023: Investment Director Steve Russell reviews the downtrend in performance this year in the context of a global equity market rally.
Responsible Investment Report
Whilst we engage with companies year-round, voting season is generally concentrated in the second quarter of the year. We take a closer look at how we used our votes in Q2 to reinforce and complement our engagements with four companies across a broad range of sectors.
Is discretion the better part of valour?
June 2023: Whilst it’s been a tough start to the year for cautious investors, equity valuations – particularly in the US – suggest the rally could run out of steam, and cash now offers a tempting alternative. Moreover, with inflation stubbornly high, central bankers will be reluctant to intervene if markets encounter turbulence. Against this backdrop, we think caution is still justified.
Always a puzzle never a game
Tony Dye was CIO of one of the UK’s largest pension fund managers in the 1990s. Most people knew him for his value-driven investment approach and his warnings on the dot.com bubble. But I knew him as Dad. His experience taught me some key lessons which are every bit as valuable today – arguably more so.
Reality cheques
We explore the intersection of natural risk with geopolitics and financial markets. Natural risk comes in many guises, from pandemic at the acute end of the spectrum to long-term challenges from a changing climate at the other. All matter for 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