Who Is Ruffer Investment Company?
Ruffer Investment Company Limited (LSE: RICA) is a UK-listed investment trust focused on capital preservation and steady positive returns, regardless of market conditions.
Established in 2004 and managed by Ruffer LLP, it applies a defensive, macro-driven, valuation-sensitive approach that avoids benchmarking against conventional indices. Instead, the trust targets absolute returns through a diverse portfolio of global equities, bonds, inflation-linked securities, derivatives, and alternative assets such as precious metals.
Ruffer is especially attractive to cautious investors, institutions, charities, and individuals seeking long-term wealth preservation over speculation.
A member of the FTSE 250 Index, it trades under the ticker RICA on the London Stock Exchange. Guided by its motto, “Keeping you invested, whatever the weather,” Ruffer has demonstrated resilience during crises like the 2008 financial crash and the COVID-19 pandemic.
Who Leads Ruffer Investment Company?
The leadership and governance structure of Ruffer Investment Company comprises highly experienced professionals with a focus on independence, compliance, and fiduciary responsibility.
The board is distinct from the investment management team at Ruffer LLP but works closely to oversee the Company’s performance and adherence to strategic goals.
Key Directors
| Name | Role | Notes |
| Nicholas Pink | Chairman (Independent Non-Executive) | Provides strategic oversight |
| Colleen McHugh | Independent Non-Executive Director | Expert in governance and regulation |
| Sally-Ann Farnon | Independent Non-Executive Director | Also known as Susie Farnon |
| Solomon Soquar | Senior Independent Director | Brings financial and operational insight |
Investment Management Team (Ruffer LLP)
| Name | Role |
| Henry Maxey | Co-Chief Investment Officer (2025) |
| Neil McLeish | Co-Chief Investment Officer |
| Jasmine Yeo | Lead Portfolio Manager |
| Ian Rees | Lead Portfolio Manager |
| Alexander Chartres | Lead Portfolio Manager |
In addition, Joshua Gunson serves as Director, UK Wholesale, acting as a key contact for wholesale investment opportunities and client engagement.
What Are the Company Details of Ruffer Investment Company?
Ruffer Investment Company is structured as a public limited investment trust, with operational oversight based in the UK. The fund is advised by Ruffer LLP and adheres to stringent UK investment regulations.
Ruffer Investment Company
| Field | Details |
| Company Name | Ruffer Investment Company Limited |
| Ticker Symbol | LSE: RICA |
| Registered Office | 80 Victoria Street, London, SW1E 5JL |
| Investment Manager | Ruffer LLP |
| Company Structure | Public Investment Trust |
| Date of Launch | 8 July 2004 |
| Launch Price | 100.00p |
| Share Price (Sep 2025) | 288.00p |
| Net Asset Value (NAV) | 299.79p (as of 16 September 2025) |
| FTSE Inclusion | FTSE 250 Index |
The fund is accessible via the London Stock Exchange and multiple investment platforms such as Hargreaves Lansdown, AJ Bell, interactive investor, and more.
What Services and Features Does Ruffer Investment Company Offer?
Ruffer Investment Company provides UK investors access to a multi-asset strategy designed to protect capital while generating steady long-term returns. This is not a traditional equity fund; instead, Ruffer uses a tactical asset allocation approach to identify undervalued opportunities and hedge against market downturns.
Investment Objective
To deliver a positive total return, net of fees, that is at least twice the Bank of England base rate.
Key Features:
- Capital Preservation First: Avoiding major losses is a primary objective.
- Positive Returns Over Time: Aims to outperform cash and inflation over the long term.
- Diversified Assets: Including government bonds, credit strategies, inflation-linked securities, equities, and commodities.
- No Benchmark Constraints: The team invests without strict adherence to index-based allocations.
- Downside Protection: Strong use of hedging, options, and alternatives to reduce volatility.
Asset Allocation (as of August 2025)
| Asset Class | Allocation (%) |
| Short-dated nominal bonds | 42.6 |
| Other equities | 12.6 |
| Credit and derivative strategies | 11.2 |
| Gold and precious metals | 6.6 |
| Long-dated nominal bonds | 5.9 |
| Long-dated UK inflation-linked | 4.2 |
| Cash | 3.4 |
| Other | Remaining |
Currency Exposure
| Currency | Exposure (%) |
| Sterling | 80.5 |
| Yen | 13.1 |
| US Dollar | 2.8 |
| Euro | 1.7 |
| Other | 1.8 |
Largest Equity Holdings
| Company | Allocation (%) |
| BP | 1.8 |
| Prudential | 0.8 |
| Newmont Goldcorp | 0.8 |
| Amazon | 0.7 |
| Barrick Mining | 0.7 |
This combination of defensive positioning, diversified assets, and selective equity exposure highlights Ruffer Investment Company’s commitment to protecting investor capital while delivering steady returns through changing market conditions.
What Do Customers and Market Reviews Say About Ruffer?
Investor sentiment toward Ruffer Investment Company is mixed but nuanced, reflecting its defensive stance and capital-first philosophy.
Strengths Highlighted:
- Strong capital preservation during market crashes
- Reliable during crises such as 2008 and COVID-19
- Diversified strategy with flexibility to respond to macro conditions
Concerns Raised:
- Underperformance in recent bull markets (e.g., missed opportunities in rising yen or tech)
- Returns close to the risk-free rate during 2023–2025
- Overly conservative investment stance in growth cycles
Investment Philosophy:
Ruffer has earned a reputation for its “perma-bear” posture, prioritising safety and downside protection over aggressive risk-taking. This results in steadier, if occasionally modest, returns.
In volatile and uncertain times, however, Ruffer often outperforms growth-driven funds by protecting against loss, allowing investors to remain invested and avoid panic-driven selloffs.
How Can You Contact Ruffer Investment Company?
Ruffer provides dedicated support for retail, institutional, and wholesale investors. You can contact their London-based team directly or invest via a broker or platform.
General Contact Information:
| Department | Contact |
| Registered Address | 80 Victoria Street, London, SW1E 5JL |
| Phone (Head Office) | +44 (0)20 7963 8100 |
| UK Wholesale Contact | Joshua Gunson – Director |
| Phone (Direct) | +44 (0)20 7963 8254 |
| [Use contact form on website] | |
| Website | www.ruffer.co.uk |
Investors can also subscribe to receive fund updates, newsletters, and invitations to exclusive events via the website.
Why Should You Choose Ruffer Investment Company?
Choosing Ruffer Investment Company means opting for a fund that prioritises capital preservation and steady returns, even when markets are turbulent.
Their investment approach is unconstrained by benchmarks, allowing flexibility to avoid overvalued assets and focus on undervalued, high-conviction opportunities.
The Company’s track record through multiple market downturns, such as the 2008 financial crisis and COVID-19 pandemic, demonstrates its effectiveness in protecting investor capital when it matters most.
With a globally diversified, multi-asset portfolio and a disciplined, macroeconomic-driven strategy, Ruffer helps investors stay invested with confidence.
Their consistent focus on risk management, combined with a long-term growth objective, makes Ruffer a compelling choice for institutions and individuals seeking resilience, diversification, and peace of mind in unpredictable markets. For those valuing safety first, Ruffer stands out as a proven and dependable option.
