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CF Ruffer Total Return

Ranked 15 out of 57 in - Absolute Return GBP over 12 months
All calculations are in GBP unless stated

Managed by

David Ballance

David Ballance graduated from Oxford University and started his career with Allied Dunbar, where he was a senior investment manager before he left to join Threadneedle Investment Managers as head of European equities. David moved to Rothschild Asset Management in the same position, and later joined Rothschild Private Management where he was head of International equities. Since 2006, David has been an investment director at Ruffer and co-manages the CF Ruffer Total Return Fund alongside Steven Russell.

Steve Russell

Steve Russell started his career in 1987 as a research analyst at SLC Asset Management where he eventually became the head of equities. In 1999 he moved to HSBC Investment Bank where he was the head of UK and European equity strategy. Steve joined Ruffer in 2003 where he co-manages of CF Ruffer Total Return Fund alongside David Ballance. He has also been a non-executive director of JP Morgan Fleming Continental Investment Trust since 2005.


To achieve low volatility, positive returns from an actively managed portfolio of different asset classes, including equities, bonds and currencies. Capital invested is at risk and there is no guarantee that a positive return will be delivered over any one or a number of 12 periods. The fund may also invest in collective investment schemes, cash, money market instruments, other transferable securities and derivatives and forward transactions. Pervading this objective is a fundamental philosophy of capital preservation.

Showing fund performance in United Kingdom View performance globally


Absolute Return GBP over : 31/03/2016 - 31/03/2017
  • Rank 15/57 Total Return
  • Rank 45/57 Standard Deviation
  • Rank 14/57 Max Drawdown
Fund Name Currency Return
13 Scottish Widows Diversified Portfolio GBP


14 FP Brunswick Diversified Portfolio B Acc GBP GBP


15 CF Ruffer Total Return O Acc GBP


16 UBS Targeted Return B Acc

Currency exposure is hedged

Currency exposure is hedged



17 CF Ruffer Absolute Return O Acc GBP


Total Return

Quarterly Performance

to 31/03/2017 Annual Q1 Q2 Q3 Q4
2017 -0.4%
2016 13.8% 0.5% 3.8% 7.2% 1.8%
2015 -0.5% 4.7% -0.5% -5.5% 1.1%
2014 6.0% -0.9% 0.4% 2.4% 4.1%
2013 9.6% 10.1% -1.3% -0.1% 1.0%
2012 2.7% 2.1% -3.2% 1.2% 2.6%
2011 1.2% 0.0% 1.0% -2.0% 2.3%
2010 13.9% 5.6% -0.7% 3.1% 5.4%
2009 11.1% -5.0% 6.2% 7.7% 2.2%
2008 21.2% 4.6% -1.6% -0.1% 17.8%
2007 5.9% 1.7% -0.7% 3.1% 1.7%
2006 -2.5% 2.2% -3.6% -1.0% -0.1%
2005 18.7% 2.4% 2.4% 10.7% 2.3%
2004 8.0% 0.2% 0.4% 4.1% 3.1%
2003 24.1% 2.6% 8.2% 7.0% 4.4%
2002 6.4% 1.8% 2.7% 0.7% 1.2%
2001 14.8% 6.2% 3.9% -0.9% 5.1%
2000 8.3%

Month by Month Performance

Returns Vs Risk

Asset Allocation



Top 10 Holdings

Stock Size
US Treasury 0.125% 15-Jan-2022 4.78
United Kingdom 0.000% 03-Jan-2017 3.99
United Kingdom 1.875% 22-Nov-2022 3.94
United Kingdom 1.250% 22-Nov-2055 3.85
United Kingdom 0.375% 22-Mar-2062 3.68
US Treasury 1.250% 15-Jul-2020 3.54
United Kingdom 0.125% 22-Mar-2024 3.42
CF Ruffer Gold Inst Acc 3.13
GBP Cash 2.91

Registered For Sale In

  1. United Kingdom

Fund Info

  • Launch date29/09/2000
  • Share Class size3,096Mn
  • Base currencyGBP
  • ISIN GB0009684100

Purchase Info

  • Min. initial investment1,000
  • Min. regular additional investment100


  • Annual management1.50%
  • Initial investment5

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Ruffer Investment Company


Performance is for the period shown (month end to month end, bid/bid, gross income reinvested, calculated in the currency and currencies indicated).