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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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  • TM Ruffer Portfolio

TM Ruffer Portfolio

Seeking positive returns in all market conditions
The TM Ruffer Portfolio is specifically for direct private clients of Ruffer.

It has a simple aim – consistent positive returns, regardless of how the financial markets perform.

We try not to lose money in any 12 month period, and to grow the value of our investors’ wealth over the long haul.

If we can do this, we should outpace inflation, protecting and increasing the real value of our investors’ income and capital.

At a glance
26 Apr 2024
Launch date 8 Dec 2021
Launch price £100.00
  A class B class C class
Accumulation shares £97.49 £99.20 £98.77
Income shares £92.31 £93.16 £92.76
FUND REPORTS
TM Ruffer Portfolio
Latest monthly report
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Year
2024
2023
2022
2021
Month
Mar Feb Jan Dec Nov Oct Sep Aug Jul Jun May Apr Mar Feb Jan Dec Nov Oct Sep Aug Jul Jun May Apr Mar Feb Jan Dec
Thinking
Our latest thoughts, comments and views.
Envy is one of the seven deadly sins. Bad for your spiritual profit and loss account, and bad for earthly decisions too.
Alexander Chartres , Fund Manager
Read article
People often think financial catastrophes occur because herds of humans panic when the emotional pendulum swings from greed to fear.
Henry Maxey, Co-CIO
READ
What to expect?

We focus on the absolute risk of losing money, not the relative risk of underperforming the stock market.

Consider a year when the market falls by 25%. A fund manager focused on relative returns could lose 20% of their investors’ money and still claim to have done well by ‘outperforming’ the index.

At Ruffer, we take on the responsibility for managing risk, and for the returns we deliver. If we ever lost 20% of our investors’ money, we would have failed.

While our track record is strong, it should definitely not be seen as evidence the fund is immune to shocks or unexpected events. During the next market panic, our protective investments may not protect us.

Our investment approach is tried and tested but sometimes can seem a bit dull. We don’t apologise for that.

For example, we never own shares just because they are currently popular. What’s more, when markets are rising strongly, investing with Ruffer can be like riding a tractor on the motorway, plodding in the slow lane. It’s only when the motorway sinks into boggy marshland that a tractor proves to be a wise way to travel.

Key people

The TM Ruffer Portfolio follows the core Ruffer philosophy and strategy. These are unchanged since the firm started in 1994. 

The investment strategy and asset allocation are set by set by Henry Maxey and Neil McLeish, Co-Chief Investment Officers, supported by a team of senior fund managers and research analysts.

The fund is managed by Luka Gakic and Alexander Chartres – both Investment Directors at Ruffer.  

Fund Managers
Alexander Chartres
Fund Manager
Joined Ruffer in 2010 after graduating from Newcastle University with a first class honours degree in history and politics, and is a Fellow of the Chartered Institute for Securities & Investment. He specialises in geopolitics and is co-manager of two of Ruffer‘s flagship funds.
Articles by Alexander
Luka Gakic
Luka Gakic
Head of Core Fund Management
Before joining Ruffer in 2011, he spent four years at Lehman Brothers, and then Nomura, where he worked in equity financing and delta–one sales. He graduated from Oxford University in 2006 with a degree in Philosophy, Politics and Economics.
Articles by Luka
How to invest

The TM Ruffer Portfolio is specifically for direct clients of Ruffer. If you are interested in becoming a direct client, please contact Annabel or Rory below.

WHO TO CONTACT
Annabel_Mackenzie
Annabel Mackenzie
Director – Private Wealth
T +44 (0)20 7963 8108
Joined Ruffer in 2006, having graduated from the University of Edinburgh with an MA (Hons) in economics. She became a member of the CISI following completion of the CISI Diploma. She manages portfolios for private clients and is a Director of Ruffer (Channel Islands) Limited.
Rory Goodman
Rory Goodman
Director – Private Wealth
T +44 (0)20 7963 8266
Joined Ruffer in 2014, having graduated from Durham University with a first class honours degree in economics. He manages portfolios for UK and international private clients. He is a Chartered Fellow of the CISI and a Chartered Wealth Manager.
Articles by Rory
London
Ruffer LLP
80 Victoria Street
London SW1E 5JL
Directions | Map +44 (0)20 7963 8100
Paris
Ruffer S.A.
103 boulevard Haussmann
75008 Paris, France
Directions | Map +33 (0)1 88 45 02 54
New York
Ruffer LLC
300 Park Avenue
New York NY 10022
Directions | Map +1 917 947 3003
Edinburgh
Ruffer LLP
31 Charlotte Square
Edinburgh EH2 4ET
Directions | Map +44 (0)131 202 1602