Ruffer is not a hedge fund—not least because the performance fees hedge funds charge guarantee they are more interested in the upside than the downside, which is the exact opposite of our preoccupation.

What does Ruffer do?

Ruffer aims to deliver consistent positive returns – whatever happens in financial markets. A single strategy, tried and tested since 1994.

Who owns kynren?

Jonathan Ruffer bought Auckland Castle in Bishop Auckland, County Durham, in 2012 and saved a collection of 17th Century Spanish paintings in the process. He is turning the castle into an international arts, faith and heritage centre.