Ruffer LLP

 Key points
• Absolute return philosophy
• 15 year track record of consistent returns
• Segregated portfolios
• Dedicated fund manager
• £12 bn under management at 30 June 2011

Background
Ruffer was started in 1994 to provide a different approach to the provision of discretionary fund management: all-weather or 'absolute' investment returns. Charities represent an important and growing part of our funds under management.

Absolute return investment philosophy
Ruffer believes the majority of the investment industry continues to suffer from the heresy of benchmarking against market-weighted indices. This has the unintended consequence of moving market risk from the investment manager (where it belongs) to the client. Ruffer believes this is wrong and works to protect and grow the value of charities' assets even when markets fall.

Ruffer regards cash as the true benchmark as with cash there should be no hazarding of capital and there is no fee to be paid.

In view of this, Ruffer has two investment aims:

1. Not to lose money on a twelve month rolling basis
2. To generate a consistent, positive return sufficiently ahead of the return on cash

Segregated portfolios, dedicated fund managers
Ruffer prides itself on offering a service to its clients rather that a product. Clients usually have their own segregated portfolio with a designated investment manager. Portfolios are constructed by each client's manager, who tailors the portfolio to specific needs such as income or ethical restrictions. Segregated management also ensures that each portfolio is fully transparent.

Ownership
Ruffer LLP is an independent, privately-owned investment management firm. The Limited Liability Partnership aligns the interests of its members with those of its clients in seeking to achieve long term, sustainable investment returns.

Contact
For further information please contact Christopher Querée or Trevor Bradley.