Ruffer AIFM Limited

Ruffer AIFM Limited is part of the Ruffer group, founded and chaired by Jonathan Ruffer. The firm's investment committee and portfolio managers oversee multi-asset allocations, with a focus on macro-driven risk budgeting. The Ruffer Investment Company Limited's day-to-day management is handled by a team of analysts and fund managers based in London.

The firm uses a multi-asset strategy targeting absolute returns with low drawdowns. Allocations span global equities, government bonds, inflation-linked bonds, gold, and cash, supplemented by derivative overlays. The portfolio is adjusted based on macroeconomic signals, with an emphasis on capital preservation in bear markets.

Ruffer AIFM Limited is the regulated entity that manages the Ruffer Investment Company Limited, a London Stock Exchange-listed closed-end investment company. It also manages other institutional and retail funds within the Ruffer group. The firm itself is privately held.

The firm uses a centralized risk-budgeting framework that allocates risk across asset classes rather than allocating by notional capital. This allows holdings of cash and gold during market stress while maintaining equity exposure in favorable conditions. The strategy aims to limit drawdowns and preserve capital over full market cycles.

The Ruffer Investment Company Limited publishes monthly fact sheets that detail asset allocation, top holdings, and net asset value per share. These are publicly available on the Ruffer website. Full quarterly portfolio disclosures are also filed with regulatory bodies.

Ruffer AIFM Limited generally avoids high-volatility sectors and speculative growth assets, favoring defensive equities, gilts, gold, and cash. The firm has historically reduced exposure to corporate bonds and high-yield credit during periods of economic distress, preferring government debt and liquid assets.

The firm is headquartered in London, United Kingdom, with an additional office in Zurich, Switzerland. It serves institutional and retail clients, primarily through funds listed on the London Stock Exchange and distributed through financial advisers and wealth managers.