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Ruffer LLP

PRI reporting framework 2019

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Basic information

OO 01. Signatory category and services

01.1. Select the services and funds you offer

Select the services and funds you offer
% of asset under management (AUM) in ranges
Fund management
Fund of funds, manager of managers, sub-advised products
Other
Total 100%

Further options (may be selected in addition to the above)

01.2. Additional information. [Optional]

Ruffer is a privately-owned investment management firm. We currently manage over £20.9 billion (as at 31 December 2018) for pension funds, charities, and private clients, and employ approximately 300 people.

Our goal is to deliver consistent positive returns, regardless of how the financial markets perform. We define this through two investment aims: not to lose money in any rolling twelve-month period to generate returns meaningfully ahead of the ‘risk-free’ alternative of placing money on deposit. Ruffer portfolios are predominantly invested in conventional assets, such as equities, bonds, commodities and currencies; we also will make use of derivatives.

At the heart of our investment approach is an asset allocation which always maintains a balance of growth and protective investments. Protective assets should perform well in a market downturn and defend the portfolio value; those in growth, principally equities, should deliver good returns in favourable market conditions. This blend of offsetting investments reflects the prevailing risks and opportunities that we see in financial markets, rather than any pre-determined allocation. We operate without the constraints of benchmarks that institutional investors have historically been tied to.

 

OO 02. Headquarters and operational countries

02.1. Select the location of your organisation’s headquarters.

United Kingdom

02.2. Indicate the number of countries in which you have offices (including your headquarters).

02.3. Indicate the approximate number of staff in your organisation in full-time equivalents (FTE).

301 FTE

02.4. Additional information. [Optional]

A distinctive investment approach, focused on delivering positive returns, regardless of how financial markets perform.

At Ruffer, our two investment objectives are

  • not to lose money in any rolling twelve–month period
  • to grow funds at a higher rate than would be achieved by depositing them in cash

To do this, we conduct our own research, actively manage investments, and operate freely, without the restrictions that come from following benchmarks.

We invest predominantly in conventional assets as part of an investment approach that is conservative, tried and tested.

Since we started in 1994, we have broadly achieved our objectives, shielding our clients from the market crashes and generating returns well ahead of cash.

Looking ahead, if we can continue to meet our objectives over the medium term, we will increase the real value of our clients’ assets. 

What’s more, our returns should come with lower volatility and risk than an investment strategy invested mostly in equities.  

OO 03. Subsidiaries that are separate PRI signatories

03.1. Indicate whether you have subsidiaries within your organisation that are also PRI signatories in their own right.

03.3. Additional information. [Optional]

OO 04. Reporting year and AUM

04.1. Indicate the year end date for your reporting year.

31/12/2018

04.2. Indicate your total AUM at the end of your reporting year.

Include the AUM of subsidiaries, but exclude advisory/execution only assets, and exclude the assets of your PRI signatory subsidiaries that you have chosen not to report on in OO 03.2
Total AUM
trillions billions millions thousands hundreds
Currency
Assets in USD
trillions billions millions thousands hundreds

04.4. Indicate the total assets at the end of your reporting year subject to an execution and/or advisory approach.

04.5. Additional information. [Optional]

OO 06. How would you like to disclose your asset class mix

06.1. Select how you would like to disclose your asset class mix.

Internally managed (%)
Externally managed (%)

 

Listed equity 10-50% 39.82 0 0
Fixed income 10-50% 42.69 0 0
Private equity 0 0 0 0
Property 0 0 0 0
Infrastructure 0 0 0 0
Commodities <10% 1.24 0 0
Hedge funds <10% 4.78 0 0
Fund of hedge funds 0 0 0 0
Forestry 0 0 0 0
Farmland 0 0 0 0
Inclusive finance 0 0 0 0
Cash <10% 6.78 0 0
Money market instruments <10% 0.13 0 0
Other (1), specify <10% 4.56 0 0
Other (2), specify 0 0 0 0

'Other (1)' specified 

          Illiquid strategies

06.2. Publish asset class mix as per attached image [Optional].

06.3. Indicate whether your organisation has any off-balance sheet assets [Optional].

06.5. Indicate whether your organisation uses fiduciary managers.

06.6. Provide contextual information on your AUM asset class split. [Optional]

OO 07. Fixed income AUM breakdown

07.1. Provide to the nearest 5% the percentage breakdown of your Fixed Income AUM at the end of your reporting year, using the following categories.

Internally managed
100 SSA
0 Corporate (financial)
0 Corporate (non-financial)
0 Securitised
Total 100%

OO 08. Segregated mandates or pooled funds (Not Applicable)

OO 09. Breakdown of AUM by market

09.1. Indicate the breakdown of your organisation’s AUM by market.

97.5 Developed Markets
2.2 Emerging Markets
0.3 Frontier Markets
0 Other Markets
Total 100% 100%

09.2. Additional information. [Optional]

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