Matt Smith has been a Fund Manager at Ruffer LLP since December 2014, serving as Portfolio Manager for equities. He was seconded in 2015 to Ruffer's Hong Kong office as an Equity Analyst, providing valuable international market experience. Mr. Smith holds a first-class honors degree in history and German from the University of Edinburgh and is the lead manager on two of Ruffer's flagship multi-asset funds. Alexander Chartres joined Ruffer in 2010 after graduating from Newcastle University with a first class honours degree in history and politics. He is a Fellow of the Chartered Institute for Securities & Investment (CISI) with extensive knowledge of macro economics and geopolitics. Chartres is a Partner at Ruffer and has been co-managing the WS Ruffer Total Return Fund since October 2019, also co-managing Ruffer Investment Company Ltd since February 2025. From October 2019 to January 2026, his cumulative performance was 34.8% compared to the peer group composite's 31.9%, outperforming his peer group composite 4 out of 6 years overall. Both managers bring complementary skills combining equity analysis, international markets experience, and macroeconomic expertise to the fund management approach.

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Ruffer's core philosophy focuses on capital preservation and delivering positive returns regardless of market conditions, prioritizing not losing money over aggressive growth. Their twin aims are to avoid losses in any twelve-month period and to grow client assets long-term, outperforming cash deposits. The firm's mission centers on delivering superior, client-centered investment management that preserves and grows wealth long-term, emphasizing risk management and capital safety. The fund operates without benchmark constraints, enabling flexible risk management and global opportunities. Ruffer always holds investments in growth and protection assets - growth assets are typically equities, while protective assets are usually conventional and index-linked bonds, currencies, derivatives and commodity exposure. The portfolio remains defensive with around a third invested in equities and gold mining shares, protected by equity derivatives and credit default strategies. Since 1994, they have broadly achieved their aims, delivering returns comparable with the UK equity market but with lower volatility and low correlation with equities. The firm integrates environmental, social, and corporate governance (ESG) factors into its investment process. The fund's investment strategy focuses on navigating market uncertainties and finding opportunities beyond crowded trades, particularly in less fashionable growth assets like UK equities, while managing risks with portfolio protections.

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