WELCOME TO RUFFER

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

Jul 2025 portfolio update
Fund Manager Fiona Ker and Investment Specialist Gemma Cairns-Smith share Ruffer’s latest views on global markets, explain how we are positioning portfolios to navigate these dynamics, and outline where we see the greatest risks and opportunities ahead.
A wobbly tariff fence?
Jul 2025: US tariffs cut Chinese exports to America by a third, but a large proportion seems to have been rerouted through Southeast Asia, suggesting China's economy may prove stronger than expected.
Investment Review
July 2025: Markets hit record highs despite wars, tariffs, and towering debt. Jonathan Ruffer explores why today’s ‘Looney Tune’ valuations persist, examines generational investment divides, and explains how Ruffer’s all-weather approach is well placed to navigate this new era.
Q2 2025 Report
In our latest report, we focus on FMC, an agricultural science company specialising in crop protection technologies, and our long-running engagement with ArcelorMittal. We also include the usual round up of our stewardship activities this quarter.
Task Force on Climate-related Financial Disclosures
Our fifth annual TCFD Report looks at Ruffer’s alignment with the TCFD recommendations, covering governance, strategy, risk and targets.
Dollar disparities
Jun 2025: The Taiwan dollar’s surge in early May highlighted the risk for global investors from an unwinding of the massive unhedged exposures to US assets built up over recent years in many countries.
Podcast: Investors’ Chronicle
Fund Manager Jasmine Yeo talks to Investors’ Chronicle about bonds, commodities and the end of US exceptionalism.
Trump’s not orange – he’s gold!
May 2025: Gold miners are enjoying record profit margins as prices soar. Could they outshine bullion in portfolios as Trump’s policies continue to drive gold higher?
Annual Stewardship Report
Our 2024 report outlines Ruffer’s key stewardship activities, enhancements to our fossil fuel policy and our sustainability performance ranking model.
Apr 2025 portfolio update
Political and technological upheaval is injecting significant volatility into global markets. We believe this is set to continue as the pervasive faith in US exceptionalism is undermined.
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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