Ruffer is an asset manager based in London with £20bn AUM. It has a distinctive investment approach, focused on producing consistent returns and not losing money. Its aim is to strike the right balance between risk and reward while avoiding the ups and downs of the market cycle. To do this, it conducts its own independent research, actively manages investments and operates freely, without the straitjacket of relative returns or market benchmarks. It tries to provide a service that combines good investment returns with first class administration and clear reporting.