Item 5: Additional compensation 16 Item 6: Supervision 16 FIRM INFORMATION This Disclosure Brochure (‘Form ADV Part 2’) provides information regarding the qualifications, business practices, and the advisory services provided by Ruffer LLP (‘the Firm’, ‘we’, ‘us’, ‘ours’). We are a federally Registered Investment Adviser with the US Securities and Exchange Commission (SEC) and regulated by the UK’s Financial Conduct Authority. Ruffer is an independent Investment Manager, founded in 1994 by Jonathan Ruffer (Chairman), to provide a different approach to discretionary fund management. We are owned and operated by the existing and former partners of the Firm. Members of the partnership contribute capital to and share in the profitability of the Firm. We believe this arrangement aligns the interests of the partnership with those of our clients, in seeking to achieve long term, sustainable investment returns and client relationships.
TYPES OF ADVISORY SERVICES We provide discretionary investment management services to high-net-worth individuals, banks or thrift institutions, investment companies, wealth management platforms, pension and profit-sharing plans, ERISA plans, trusts, estates and charitable organizations, corporations and other business entities. In addition, the Firm also manages a number of investment vehicles; including a London listed, Guernsey registered investment company, a number of UK and Luxembourg domiciled UCITS collective investment schemes and a Cayman Limited Company master feeder fund (with Cayman Limited Company and Delaware Limited Partnership feeder funds).
Our compensation is solely from fees paid directly by clients. We do not receive commissions based on our clients’ purchase(s) of any financial product, including insurance. No commissions in any form are accepted. INVESTMENT MANAGEMENT SERVICES We will manage investment accounts on a discretionary basis only. This service typically includes the selection, monitoring and review of portfolio assets, and follows a single investment philosophy and process.
Prior to investment, we will gather information about a client’s financial situation, including investment objectives, risk capacity and constraints, to ensure that our approach is appropriate. The client will enter into an Investment Management Agreement (IMA) with us prior to the management of the portfolio beginning. The IMA sets out the terms of the engagement.
We manage all client portfolios in line with our single investment approach, which is described as a global, macro-driven,

absolute return strategy. We have two simple investment objectives 1 not to lose money in any rolling 12-month period 2 to grow funds at a higher rate than would be achieved by depositing them in cash The portfolios we create for our clients have no con- straints on their asset allocation. This means they will typically consist of some or all of the following assets: equities, bonds, Ruffer-managed funds, third party managed funds, commodities, foreign currencies and derivatives. The portfolio’s multi-asset allocation will be built to reflect our stated investment objective to preserve capital as well as any investment constraints imposed by the client.
TAILORED RELATIONSHIPS Whilst keeping to the dual investment aims described above, we tailor investment advisory services to the individual needs of the client. Our clients are allowed to impose restrictions on the investments in their account. All limitations and restrictions placed on accounts must be presented to us in writing. WRAP FEE PROGRAMS A ‘wrap-fee’ program is one that provides the client with advisory and brokerage execution services for an all-inclusive fee. The client is not charged separate fees for the respective components of the total ser- vice. We do not sponsor, manage or participate in a wrap-fee program.
FIDUCIARY STATEMENT Both we and our employees are fiduciaries who must take into consideration the best interests of the Firm’s clients. We will act with competence, dignity, integrity, and in an ethical manner, when dealing with clients. We will use reasonable care and exercise independent professional judgement when conducting investment analysis, making investment recommendations, trading, promoting our services, and engaging in other professional activities.
As a fiduciary, we have the obligation to deal fairly with our clients. We have the following responsibilities when working with a client – –to render impartial advice –to make appropriate recommendations based on the client’s needs, financial circumstances and investment objectives –to exercise a high degree of care and diligence to ensure that information is presented in an accurate manner and not in a way to mislead –to have reasonable basis, information, and under- standing of the facts in order to provide appropriate recommendations and representations –disclose any material conflict of interest which can’t be mitigated/managed in writing and –treat clients fairly and equitably.
ASSETS UNDER MANAGEMENT As of 31 March 2023, our assets under management are $31,345,000,000. This number represents all the assets the Firm manages for its discretionary clients. Currently, the asset under management for US clients is $178,484,000.