Ruffer looks after investments for private clients, financial planners, charities, pension plans and other institutions, in the UK and internationally.
Our aim is to deliver positive returns, whatever happens in financial markets.
Our preoccupation is with not losing money, rather than charging headlong for growth. By putting safety first, we have made excellent returns for our clients through boom and bust for over 30 years. If we keep doing our job well, we will protect our clients’ capital – and increase its real value substantially over time.
Investment Philosophy
The Ruffer approach is unchanged from when the firm started in 1994.
Our twin aims are:
• Not to lose money in any twelve-month period
• To grow the value of our clients’ assets over the long term, outpacing the alternative of placing cash on deposit
Since we started in 1994, we have broadly achieved our aims, delivering returns comparable with the UK equity market, but with lower volatility and a low correlation with equities, making our strategy a valuable diversifier within broader portfolios. That said, there will be times when we do not achieve our objectives.
So how do we do it? We actively manage investments, mainly in conventional assets, without being restricted by any benchmarks. That allows us to operate freely, protecting against risks whilst being able to take advantage of opportunities wherever we see them globally.
In all we do, we seek to be responsible investors, integrating environmental, social and corporate governance (ESG) issues into our investment process.
Ruffer LLP is authorised and regulated by the Financial Conduct Authority.
Brief History
Ruffer Management Limited was started in 1994 by Jonathan Ruffer to offer a discretionary fund management service to investors seeking an absolute return approach. The business was transferred to a limited liability partnership in April 2004 and is owned by current and former directors and staff.
Since 1994, the business has grown. At 30 June 2025, it employs over 260 people, looking after over £18.4 billion of assets. Jonathan Ruffer remains Chairman and Henry Maxey and Neil McLeish are Co-Chief Investment Officers, responsible for leading our investment strategy.
Fund Multi Asset Absolute Return
Funded solution aiming to achieve low volatility, positive returns from an actively managed portfolio, with a fundamental philosophy of capital preservation. Segregated solution may also be available on request.
Balanced • medium
Fund Multi Asset Absolute Return
Funded solution aiming to achieve low volatility, positive returns from an actively managed portfolio, with a fundamental philosophy of capital preservation. Segregated solution may also be available on request.
Balanced • medium
Fund Multi Asset Absolute Return
Funded solution aiming to achieve low volatility, positive returns from an actively managed portfolio, with a fundamental philosophy of capital preservation. Segregated solution may also be available on request.
Balanced • medium