Ruffer has a distinctive approach to investing which they believe is well suited to the needs and goals of charities and their trustees. Ruffer focuses on delivering ‘all weather’ investment returns and protecting and growing the value of their client’s assets throughout the market cycle. Instead of following benchmarks, Ruffer aims not to lose money in any single year and to deliver a return significantly greater than the risk free alternative of cash on deposit. By aiming to avoid the cyclical gyrations of the market, Ruffer aspires to provide a less volatile experience for charity clients.

Ruffer at ACF Annual Conference

Workshop – The end of the road for the traditional 60/40 portfolio?

We discuss whether the 60/40 equity/bond portfolio, the bedrock of charitable investment portfolios for the past four decades or so, is still fit for purpose as we enter into a potentially new regime for investment. We discuss potential challenges to the 60/40 – both now and in the future – and what alternatives trustees can consider to protect and grow their investment portfolio.

  • Ajay Johal, Investment Manager, Ruffer
  • Ed Donati, Investment Manager, Ruffer

Ruffer Resources

The team at Ruffer frequently share their insights into the investment market, through articles, blogs, and podcasts. They have covered topics such as responsible investment, diversity, and the impact of Covid-19. A full selection is available here.

Ruffer Radio


Charity finances through a pandemic

To help navigate these uncertain times, here is a quick guide for trustees, stewards and advisors in the third sector… read more.

Why diversity matters in investment

Robust diversity policies encourage the balanced representation of a variety of individuals who bring experience from contrasting backgrounds… read more.

Ruffer Review:

Ruffer Review (2020):

This is an annual publication with a collection of articles and insights from people across the firm.

Ruffer Review:

Ruffer Review (2019):

The debut of Ruffer’s annual review.

Contact the team

Ajay Johal
Investment Manager

Ajay graduated from the University of Warwick with a degree in history and sociology and worked at Barclays Wealth before joining Ruffer in 2014. In 2019, he worked as an equity analyst in Ruffer’s Hong Kong office, before returning to the charities team in London as an Investment Manager. He is a member of the Chartered Institute of Securities & Investment. Email Ajay.

Edward Donati
Investment Manager

Worked at the BBC after graduating from Oxford University in 2007. He joined Ruffer in 2009 and spent four years as an equity analyst in Ruffer’s research team, including a period in Ruffer’s Hong Kong office, before returning to London to manage investment portfolios. He is a Chartered Wealth Manager. Email Ed.