Updated:
Ruffer AIFM Limited
Ruffer AIFM Limited is the UK-authorised fund manager for the Ruffer group, running multi-asset portfolios with a capital preservation mandate.
Ruffer AIFM Limited
Ruffer AIFM Limited is the regulated fund management entity within the broader Ruffer group, founded in 1994 by Jonathan Ruffer as an investment management firm. The group manages client capital through a multi-asset mandate that emphasizes downside protection, with a flagship vehicle being the London-listed Ruffer Investment Company Limited (RIC). The strategy combines allocations to global equities, government bonds, inflation-linked securities, and derivative overlays, with a tactical tilt toward cash and gold during periods of market stress. Ruffer AIFM vehicles tend to hold concentrated positions in defensive equities and long-dated inflation-protected bonds, adjusting the portfolio in response to macroeconomic signals. The firm does not disclose specific portfolio holdings but the Ruffer Investment Company publishes monthly fact sheets detailing asset allocation and top positions. Ruffer AIFM Limited operates out of London with an additional office in Zurich. The firm's team includes portfolio managers and analysts focused on macro analysis and risk management. In November 2024, the Ruffer Investment Company Limited reported a net asset value per share of 291.7 pence, with a portfolio weighted toward UK gilts, gold, and cash equivalents (per the company's monthly fact sheet, November 2024). The firm's structural differentiator is its emphasis on capital preservation combined with absolute return objectives, managed through a centralized risk-budgeting system that allocates risk across asset classes rather than notional capital. This architecture allows the portfolio to hold large cash and gold positions during bear markets while maintaining exposure to equities in favorable environments, reducing drawdowns relative to pure equity funds.
General information
Firm type
Asset Manager
Year founded
—
AUM
Undisclosed
Location
Region
Europe
Country
United Kingdom
City
London
Corporate office
London, United Kingdom
Frequently asked questions
Who runs investment decisions at 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.
What investment strategy does Ruffer AIFM Limited employ?
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.
Is Ruffer AIFM Limited publicly traded or a private fund?
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.
How does Ruffer AIFM Limited manage risk?
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.
Does Ruffer AIFM Limited disclose its portfolio holdings?
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.
What sectors or asset classes does Ruffer AIFM Limited avoid?
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.
Where does Ruffer AIFM Limited operate?
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.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
Need institutional-grade insight on family offices?
Altss delivers:
Prefer a guided tour?
We’ll walk you through: