Ruffer Total Return International update: Reflections and confidence after negative 2023

The Ruffer Total Return International Fund has an ambitious goal: not to lose money on a 12-month rolling basis. And the truth is that the strategy has achieved this fairly consistently since its launch in 2011. With a single exception in 2018. This is what led the boutique’s flagship fund, represented in Spain by AMCHOR, to become a blockbuster product in the Spanish market and a favourite among selectors, which will once again earn it the FundsPeople Rating in 2024. Until 2023. Last year it suffered a fall in euros of 8.04%.  It was the first since 2018 that the fund closed negative and the fund manager is not hiding its head in the face of the poor performance. “We are unhappy with our performance in 2023,” admits Ian Rees, manager.