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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

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As easy as ABC
November 2024: China’s stocks have massively underperformed the US for decades, but rock-bottom valuations, government stimulus and depressed investor sentiment are creating an opportunity. Sometimes the best investments are when things go from awful to bad.
Permanence and change
Whilst technology has transformed stock markets over the centuries, they are underpinned by human traits like fear and greed, which remain unaltered. But one key recent change has been to markets’ purpose, and this risks severe instability.
The Ugly Duckling portfolio
The Ruffer portfolio is filled with ugly ducklings. Unloved and out-of-favour assets, spurned by most investors. We believe these assets can transform and prove their worth just when they are needed most.
Ugly ducklings
April 2024: Duncan MacInnes joins Rory McIvor to reflect on Q1 performance and discuss some of the portfolio’s key positions including gold and silver, derivative protections and the yen.
Digital gold or physical bitcoin?
March 2024: With bitcoin and equity markets breaking through all-time highs, there can be no mistaking investors bullishness so far this year. But it isn’t only typical ‘risk assets’ climbing higher.
Jan 2024: Back to the future
Last year, fortune favoured the brave investor, one who looked through inflation and policy uncertainty and loaded up on mega-cap tech stocks. We review Ruffer’s 2023 performance, and explain why markets may have to look further back than last year to see what might come next.
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.
Blood on the tracks
April 2023: Today's policymakers face an impossible but unavoidable choice – they must send the train down one track or the other. Either they let inflation gather steam or they pull the proverbial lever and risk a financial system calamity. There is no third way.
The dangers of dancing
In the March edition of Duncan MacInnes' Citywire column, he discusses how Investors are being lured back onto the dance floor by the siren song of Fomo, just when the music could be about to stop.
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?
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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