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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 Review 2023
The 2023 Ruffer Review explores why liquidity concerns may spoil the market’s hopes for a Goldilocks scenario, why the monetary cavalry may arrive too late to save Wall Street and why understanding our divided brains may be the key to navigating this new regime of inflation volatility and geopolitical conflict. And much, much more.
The Net Zero Asset Managers initiative
The core goal of the Net Zero Asset Managers initiative (NZAM) is reducing emissions in the sectors its signatories invest in. This report looks at what NZAM is and how Ruffer is working towards meeting that goal.
The inflation mirage
At some point this year, inflation will probably fall. But it is likely to be a temporary dip as we enter an era of higher and more volatile inflation. We believe this calls for an active investment approach with a focus on liquidity.
Having your cake and eating it?
February 2023: Markets have rallied in expectation of a soft landing for the US economy and interest rate cuts from the Fed. As Steve Russell explains, markets can have one or the other, but both seems implausible. And any disappointment could leave investors feeling distinctly nauseous.  
Re-enter the dragon
January 2023: Jamie Dannhauser looks at the effects of China’s reopening on the global economy. If chaos does emerge in China’s labour market, it’s unlikely to be good news for asset markets. Optimists look forward to a powerful rebound in growth, but could it relight the inflationary flames?
The new inflation regime
The return of inflation has changed the investment environment for LGPS funds. This challenges the ability of LGPS to diversify, meet their obligations and actively manage risk or capture opportunities. In this piece, we ask three LGPS professionals the key question for this new regime: what is your plan?
Responsible Investment Report
In this quarter’s report, we delve into our engagement with one of the leading European airlines to gain a fuller understanding of its efforts to reduce carbon emissions. We also engaged with a Japanese precision machinery company on recruitment of women to senior roles, and with a multinational beauty business on a range of issues from independent directors to raw materials sourcing.
Are we there yet?
Twelve months ago, we warned there would be turbulence ahead. Since then we have seen double-digit inflation, one of the fastest rate-hiking cycles in modern history and ‘defensive’ portfolios lose 20% of their value. Battle worn investors are hoping for respite, but is the worst behind us? In this webinar we discuss the challenges and opportunities still to come in the journey through a much-changed market landscape.
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?
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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