Ruffer has been providing investment management services for charities, institutions, pension funds, financial planners and private clients, in the UK and internationally since 1994.

Our preoccupation is with not losing money, rather than charging headlong for growth. It’s by putting safety first that we have made good money for our clients. Through boom and bust. Successfully navigating three major market corrections – the bust, global financial crisis and Covid-19.

In all we do, we seek to be responsible investors, fully integrating environmental, social and corporate governance (ESG) issues into our investment process.

Ruffer resources

The team at Ruffer frequently share their insights into the investment market through articles, blogs and podcasts:


The Ruffer Review

  Every year, Ruffer shares investment insights in their review. Explore the Ruffer reviews here


 Front cover image of The Ruffer Review 2023The Ruffer Review 2023 View details


  Investment Review

   Jonathan Ruffer, the company founder, writes a newsletter quarterly — read them here

Ruffer radio

   Ruffer has a series of podcasts where they share they take on investment news — listen here

The Green Line

   Every month Ruffer presents a chart with a short commentary. You can subscribe and explore all issues here.  


   Ruffer has a series of webinars on topics such as market volatility and portfolio construction —explore here.


A full selection is available on their website

Ruffer and ACF


Covid-19 - One year on
Impact of the pandemic and outlook for foundation investments

Hear from Ruffer economist Jamie Dannhauser on the impact of the pandemic and the economic outlook for foundation endowments. Jamie will then be joined by Matt Cox, Investment Director at Esmée Fairbairn Foundation and Ajay Johal, Investment Manager at Ruffer, for a panel discussion with questions from attendees, reflecting on the past year and highlighting key areas foundation trustees and staff ought to be considering in relation to their foundation's investment portfolio (April 2021).

Video recording is available for members when logged in.

ACF Conference 2020 Workshop - The end of the road for the traditional 60/40 portfolio?

We discussed whether the 60/40 equity/bond portfolio, the bedrock of charitable investment portfolios for the past four decades or so, is still fit for purpose as we enter into a potentially new regime for investment. We discussed potential challenges to the 60/40 — both now and in the future — and what alternatives trustees can consider to protect and grow their investment portfolio.

Video recording is available for members when logged in.

Contact Ruffer

Ajay Johal, investment manager
Graduated from the University of Warwick with a degree in history and sociology and worked at Barclays Wealth before joining Ruffer in 2014. In 2019, he worked as an equity analyst in Ruffer’s Hong Kong office, before returning to the charities team in London as an Investment Manager. He is a member of the Chartered Institute of Securities & Investment and is co-manager of the Charity Assets Trust. Email or contact Ajay at +44 (0)20 7963 8100.