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Ruffer LLP
Henry Maxey · Asset Manager · Macro
Ruffer LLP is an independent investment management firm founded in 1994 by Jonathan Ruffer, Robert Shirley, and Jane Tufnell. Headquartered in London, the firm is renowned for its absolute return-focused investment philosophy, which prioritizes capital preservation and the avoidance of large losses over chasing market benchmarks. Ruffer manages assets for a diverse range of clients, including private individuals, charities, and institutional investors like pension funds. The firm’s "all-weather" strategy employs a global, multi-asset approach that combines conventional holdings with protective hedges, such as derivatives and inflation-linked bonds. By maintaining a benchmark-agnostic stance, Ruffer aims to deliver positive returns in all market conditions, seeking to protect and grow the real value of its clients’ capital over the long term.
Simulated Performance
| Metric | Value |
|---|---|
| Total return | +17.1% |
| YTD return | +8.8% |
| Sharpe ratio | 3.69 |
| Win rate | 50% |
| AUM | $2.3B |
| Inception | Oct 1, 2025 |
| Updated | Sep 3, 2026 |
Institution Status
| Field | Value |
|---|---|
| AUM | $2.3B |
| Turnover | Low (<15%) |
| Avg holding | 18 Months |
| Inception | Oct 1, 2025 |
| Website | https://www.ruffer.co.uk |
Current Holdings
Updated on Sep 3, 2026.
| Ticker | Name | Portfolio % | Return |
|---|---|---|---|
| BP | BP PLC ADR | 14.2% | +23.4% |
| BABA | Alibaba Group Holding Ltd | 10.6% | -22.5% |
| MSFT | Microsoft Corporation | 10.4% | +14.2% |
| AMZN | Amazon.com Inc | 9.8% | +5.7% |
| MT | ArcelorMittal SA ADR | 5.3% | +62.3% |
| SW | Smurfit WestRock plc | 5.2% | +10.1% |
| PUK | Prudential PLC ADR | 4.6% | +0.9% |
| BAYRY | Bayer AG PK | 4.4% | 0.0% |
| COIN | Coinbase Global Inc | 4.0% | +3.6% |
| BAC | Bank of America Corp | 3.6% | +23.4% |
| SAN | Banco Santander SA ADR | 3.4% | +33.9% |
| SLB | Schlumberger NV | 3.3% | +13.3% |
| MAKSY | Marks & Spencer Group Plc | 3.2% | -0.0% |
| SOLV | Solventum Corp. | 3.1% | +34.1% |
| PROSY | Prosus NV ADR | 3.0% | -0.0% |
| FND | Floor & Decor Holdings Inc | 2.9% | -2.1% |
| BF-B | Brown-Forman Corporation | 2.3% | +5.2% |
| LAMR | Lamar Advertising Company | 2.3% | -1.0% |
| BCS | Barclays PLC ADR | 2.3% | +27.2% |
| YMM | Full Truck Alliance Co Ltd ADR | 2.2% | -2.6% |
Recent activity
| Date | Action | Ticker | Weight |
|---|---|---|---|
| Aug 31, 2026 | BUY | PUK | 4.4% → 4.6% |
| Aug 31, 2026 | SELL | LAMR | 2.4% → 2.3% |
| Aug 31, 2026 | BUY | BAYRY | 4.3% → 4.4% |
| Aug 31, 2026 | SELL | XOM | 2.2% → 0.0% |
| Aug 31, 2026 | BUY | AMZN | 9.7% → 9.8% |
Investment Style Analysis
Ruffer LLP is widely recognized for employing a Macro strategy. As of Sep 3, 2026, the firm oversees approximately $2.3B in assets under management (AUM). The portfolio demonstrates a clear preference for the Internet Retail and Oil & Gas Integrated sectors, reflecting a high-conviction approach to capital allocation.
Recent Market Moves
During the latest rebalancing period ending Aug 31, Ruffer LLP made a significant move by increasing exposure to PUK. This adjustment aligns with the fund's dynamic approach to risk management and capital deployment in current market conditions.
Investment Philosophy
Ruffer’s investment philosophy is centered on two primary objectives: to avoid losing money in any twelve-month period and to grow the value of client assets over the long term ahead of cash returns. The firm follows a "safety-first" mindset, emphasizing the power of compounding and the importance of avoiding significant drawdowns. It operates an unconstrained, macro-driven, multi-asset strategy that is not tied to any specific index or benchmark. This allows the investment team to shift allocations across global equities, bonds, currencies, and alternative assets—including unconventional hedges—to navigate various market environments and protect capital from systemic risks.
Disclaimer
The content provided on this page, including the simulated portfolio performance, holdings analysis, and AI-generated insights, is for informational and educational purposes only. It does not constitute financial advice, investment recommendations, or an offer to buy or sell any securities. All data is derived from historical SEC 13F filings and other public disclosures, which have a reporting lag. The "Simulated Performance" is a hypothetical reconstruction based on past disclosures and does not represent the actual returns of the institution. Past performance is not indicative of future results. Tritonix.ai is not affiliated with Ruffer LLP.
Similar Investment Style
Based on Macro.
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Frequently asked questions
How is the simulated portfolio for Ruffer LLP constructed?
This simulation is powered by Tritonix AI using official SEC filings. We focus on the "Best Ideas" by filtering for only the Top 20 largest holdings and rebalancing them to 100%. The simulation tracks performance starting from Oct 1, 2025. Our AI monitors for updates every Monday to capture major shifts. This concentrated approach highlights the manager's true stock-picking skill and mirrors their actual investment returns.
What is Ruffer LLP's largest holding?
As of the latest filing, Ruffer LLP's top position is BP PLC ADR (BP), representing 14.2% of the portfolio. This reflects a high-conviction bet by the institution.
What is Ruffer LLP's historical performance and risk profile?
Our simulation indicates a total return of +17.1% with a win rate of 50%. Notably, the portfolio maintains a Sharpe Ratio of 3.69, suggesting an exceptional level of risk-adjusted returns compared to the broader market.
What sectors does Ruffer LLP primarily invest in?
Ruffer LLP has a strong preference for the Internet Retail sector, which makes up 23.3% of their disclosed assets. The portfolio also has exposure to Oil & Gas Integrated, indicating a specific thematic focus.
Is Ruffer LLP's portfolio concentrated or diversified?
Ruffer LLP runs a moderately concentrated portfolio with 20 disclosed positions. The top 3 holdings alone account for 35.2% of the total portfolio weight, suggesting a strategy that favors broader market exposure.
How has Ruffer LLP performed in 2026?
Our AI-simulated model portfolio for Ruffer LLP tracks a Year-to-Date (YTD) return of +8.8%. This metric helps investors gauge the institution's effectiveness in the current market environment.
Does Henry Maxey manage Ruffer LLP directly?
Yes, Henry Maxey serves as the key portfolio manager for Ruffer LLP, overseeing the investment strategy and final capital allocation decisions.