WS Ruffer Diversified Return Fund

Ruffer is a well-established, single strategy firm currently managing c. £25bn across multiple vehicles (different structures, liquidity profiles, etc), with the LF Ruffer Diversified Return fund the latest addition to their suite. All portfolios are managed according to the same investment philosophy which has largely remained unchanged since the firm's inception in 1994. At the heart of the strategy is a dual objective to not lose money on a rolling 12-month basis and to generate returns greater than cash. The portfolio is designed to be ‘all-weather’ with a mix between protective and growth assets, designed to ensure that the portfolio is relatively agnostic of market direction, in a purposeful attempt to remove market timing. The fund has struggled this year amidst cautious positioning, and whilst the team has made minor changes to the portfolio, their view has not changed, with the portfolio currently positioned for the reassertion of gravity in financial markets, while trades are structured predominantly through the use of derivatives, a core capability that was recently brought in-house.