Morningstar Fund Report  | 05/04/2025Print

WS Ruffer Absolute Return Fund I Accumulation

Performance History31/03/2025
Growth of 1,000 (GBP) Advanced Graph
WS Ruffer Absolute Return Fund I Accumulation
Fund10.06.8-6.3-1.73.8
+/-Cat1.316.8-12.4-7.93.9
+/-B’mrk2.016.1-15.6-10.33.9
 
Category: GBP Flexible Allocation
Category Benchmark: Morningstar UK Mod Tgt Allo...
Key Stats
NAV
02/04/2025		 GBX 278.13
Day Change -0.02%
Morningstar Category™ GBP Flexible Allocation
IA (formerly IMA) Sector Unclassified Sector
ISIN GB00B81SXL02
Fund Size (Mil)
28/02/2025		 GBP 2624.77
Share Class Size (Mil)
02/04/2025		 GBP 291.64
Max Initial Charge 7.50%
Ongoing Charge
18/02/2025		  1.02%
Investment Objective: WS Ruffer Absolute Return Fund I Accumulation
To seek to achieve positive returns in all market conditions over any 12 month period, after all costs and charges have been taken. To invest both directly and indirectly in the following asset classes: equities (including equity related securities), debt instruments (including government and public securities, corporate bonds, distressed debt and private debt), alternative investments (such as property and commodities such as precious metals), money market instruments, deposits and cash.
Returns
Trailing Returns (GBP)02/04/2025
YTD3.82
3 Years Annualised-0.75
5 Years Annualised4.99
10 Years Annualised3.30
12 Month Yield 1.22
Management
Manager Name
Start Date
David Ballance
31/01/2006
Steven Russell
31/01/2006
Click here to see others
Inception Date
08/08/2012

Category Benchmark
Fund BenchmarkMorningstar Benchmark
UK Bank Base RateMorningstar UK Mod Tgt Alloc NR GBP
Portfolio Profile for  WS Ruffer Absolute Return Fund I Accumulation31/03/2025
Morningstar Style Box®
Equity Style
Morningstar Style Box®
Fixed Income Style
Asset Allocation
  % Long% Short% Net Assets
Stock35.680.0035.68
Bond54.814.2450.57
Property0.000.000.00
Cash50.1842.867.31
Other6.440.006.44
Fixed Income
Effective Maturity-
Effective Duration-
Top 5 Regions%
United Kingdom28.22
United States23.08
Eurozone15.09
Canada11.52
Asia - Emerging9.46
Top 5 Sectors%
Basic Materials28.59
Financial Services14.03
Consumer Cyclical13.53
Consumer Defensive10.41
Energy10.04
Top 5 HoldingsSector%
United States Treasury Notes6.38
United Kingdom of Great Britain ... 6.28
United States Treasury Notes6.23
United Kingdom of Great Britain ... 6.02
United States Treasury Notes5.23
Increase Decrease New since last portfolio
WS Ruffer Absolute Return Fund I Accumulation
Growth Of 1000 (GBP) 31/03/2025
Fund:  WS Ruffer Absolute Return Fund I Accumulation
Category:  GBP Flexible Allocation
Category Index:  Morningstar UK Mod Tgt Alloc NR GBP
Growth of 1,000 GBP
Annual Returns (GBP)31/03/2025
 201820192020202120222023202431/03
Price Return-6.278.699.7410.046.82-6.34-1.723.84
+/- Category0.95-3.555.131.3116.76-12.36-7.923.93
+/- Category Index--4.452.0516.07-15.60-10.283.95
% Rank in Category6991924298967
Trailing Returns (GBP)02/04/2025
   Total Returns   +/- Category   +/- Category Index
1 Day-0.02   0.891.69
1 Week0.15   1.641.90
1 Month0.50   3.374.00
3 Months3.82   5.075.84
6 Months-0.61   0.67-0.08
YTD3.82   4.695.24
1 Year3.00   0.06-0.86
3 Years Annualised-0.75   -2.06-3.84
5 Years Annualised4.99   -0.71-1.21
10 Years Annualised3.30   0.42-1.41
 
Category: GBP Flexible Allocation
Category Index: Morningstar UK Mod Tgt Alloc NR GBP
Quarterly Returns (GBP)31/03/2025
 Quarter 1Quarter 2Quarter 3Quarter 4
20253.84---
2024-0.940.612.37-3.67
2023-1.11-6.59-0.702.12
20224.42-4.221.774.95
20217.340.630.521.35
2020-2.256.331.094.45
 
 
 
Morningstar Rating™(Relative to Category)28/02/2025
 Morningstar ReturnMorningstar RiskMorningstar Rating™
3-YearBelow AverageBelow Average2 star
5-YearAverageBelow Average4 star
10-YearAverageBelow Average3 star
OverallAverageBelow Average3 star
 
Category :  GBP Flexible AllocationClick here to see our Methodology
Volatility Measurements31/03/2025
 
3-Yr Std Dev5.48 %
3-Yr Mean Return-0.60 %
 
3-Yr Sharpe Ratio-0.84
 
Modern Portfolio Statistics31/03/202531/03/2025
 Standard IndexBest Fit Index
 Morningstar UK Mod Tgt Alloc NR GBP  Morningstar Global Bas Mat TME NR USD
3-Yr Beta0.310.27
3-Yr Alpha-4.54-3.22
 
Investment Style Details31/03/2025
Morningstar Style Box®
Equity Style
SizeRel to Cat
Average Mkt Cap (Mil)GBP 22416-
Market Capitalisation% of Equity
Giant30.67
Large32.96
Medium23.24
Small8.80
Micro4.34
Valuations and Growth RatesEquity PortfolioRelative to Category
Price/Prospective Earnings11.080.71
Price/Book1.470.64
Price/Sales1.080.63
Price/Cash Flow6.820.68
Dividend-Yield Factor2.981.32
 
Long-Term Projected Earnings Growth10.230.99
Historical Earnings Growth-4.804.51
Sales Growth2.000.45
Cash-Flow Growth0.280.06
Book-Value Growth5.811.06
 
Category: GBP Flexible Allocation
Fixed Income Style-
Morningstar Style Box®
Fixed Income Style
SizeRel to Cat
Total Market Value (Mil)GBP 2361
Maturity Distribution %
1 to 338.45
3 to 50.18
5 to 70.00
7 to 100.00
10 to 150.00
15 to 200.00
20 to 300.80
Over 308.55
Effective Maturity-
Effective Duration-
Credit Quality Breakdown %     %
AAA -   BB-
AA-   B-
A-   Below B-
BBB-   Not Rated-
 
Category: GBP Flexible Allocation
Asset Allocation31/03/2025
Asset Allocation
 % Long% Short% Net Assets
Stock35.680.0035.68
Bond54.814.2450.57
Property0.000.000.00
Cash50.1842.867.31
Other6.440.006.44
World Regions31/03/2025
 % of EquityRelative to Category
United States23.080.51
Canada11.522.95
Latin America0.380.73
United Kingdom28.221.34
Eurozone15.091.28
Europe - ex Euro2.260.45
Europe - Emerging0.000.00
Africa0.873.21
Middle East0.000.00
Japan2.920.83
Australasia3.863.90
Asia - Developed2.341.13
Asia - Emerging9.461.74
 
Category: GBP Flexible Allocation
Sector Weightings31/03/2025
 % of EquityRelative to Category
Basic MaterialsBasic Materials28.593.53
Consumer CyclicalConsumer Cyclical13.531.59
Financial ServicesFinancial Services14.030.82
Real EstateReal Estate0.660.22
Consumer DefensiveConsumer Defensive10.410.76
HealthcareHealthcare5.470.67
UtilitiesUtilities0.300.08
Communication ServicesCommunication Services3.770.52
EnergyEnergy10.042.57
IndustrialsIndustrials9.820.88
TechnologyTechnology3.390.22
 
Category: GBP Flexible Allocation
Top 10 Holdings31/03/2025
 Portfolio NEW
Total Number of Equity Holdings161
Total Number of Bond Holdings22
Assets in Top 10 Holdings49.85
NameSectorCountry% of Assets
United States Treasury NotesUnited States6.38
United Kingdom of Great Britain and N... United Kingdom6.28
United States Treasury NotesUnited States6.23
United Kingdom of Great Britain and N... United Kingdom6.02
United States Treasury NotesUnited States5.23
Japan (Government Of) 0.005%Japan5.13
WS Ruffer Gold I AccUnited Kingdom5.05
United States Treasury NotesUnited States3.28
United States Treasury NotesUnited States3.27
Japan (Government Of) 0.005%Japan2.99
 
Increase Decrease New since last portfolio
Category: GBP Flexible Allocation
 
Management
Name of CompanyRuffer LLP (Link)
Phone+44 8706072555
Websitewww.capitafinancial.co.uk/
AddressIbex House
 London   EC3N 1DX
 United Kingdom
DomicileUnited Kingdom
Legal StructureOpen Ended Investment Company
UCITSYes
Inception Date08/08/2012
Fund Advisor(s)
Ruffer LLP
Fund ManagerDavid Ballance
Manager Start Date31/01/2006
Career Start Year2006
 
Biography
David Ballance was previously International Equities Head at Rothschild Private Management and European Equities Head at Rothschild Asset Management. He graduated from Oxford and was a Senior Investment Manager at Allied Dunbar, before moving to Threadneedle as Head of European Equities. He joined Ruffer in 2006 and manages a number of segregated portfolios for institutional and private clients.
Fund ManagerSteven Russell
Manager Start Date31/01/2006
 
Biography
Started as a research analyst at SLC Asset Management in 1987, where he became Head of Equities in charge of £5bn of equity funds. In 1999 moved to HSBC Investment Bank as Head of UK and European Equity Strategy, before joining Ruffer in September 2003. Became a non -executive director of JPMorgan European Investment Trust in 2005 and is co-manager of the CF Ruffer Total Return Fund.
Fund ManagerJos North
Manager Start Date01/10/2019
Career Start Year2012
Education
Edinburgh University, M.A.
 
Biography
Jos North joined Ruffer in 2012, having graduated from Edinburgh University with an MA Honours in French and Spanish. He became a member of the Chartered Institute of Securities & Investment following completion of the CISI Diploma, receiving the highest mark in that year. He manages portfolios predominantly for institutional clients and is co-manager of the LF Ruffer Absolute Return Fund.
Fees and Expenses
Sales Charges (Maximum) 
Max Initial Charge7.50%
Max Exit Charge*n/a
Annual Charges
Max Annual Management Charge1.00%
Ongoing Charge1.02%
Purchase Details
Minimum Investments
Initial30000000  GBP
Additional-
Savings-
Tax Free Savings Schemes
ISAsYes