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Alex Lennard

Investment Director & Partner

Ruffer LLP

London, UK

Alex Lennard
Jeffrey Leiden
Vertex Pharmaceuticals
Dominic Lester
Jefferies

Alex’s Biography

Alex Lennard is an Investment Director at Ruffer, an investment management company. He co-manages one of Ruffer’s flagship funds, the Total Return International Fund (RTRI), a UCITS fund with multiple currency share classes, created to meet the demands and requirements of investors outside of the United Kingdom. Alex also sits on the firm's Senior Asset Allocation Committee.

Ruffer has managed investments for private clients, pension funds, charities, institutions and financial advisors for close to three decades. The independent private partnership has £26.6 billion under management and has 340-plus employees in offices in Edinburgh, London, Paris and Guernsey. Rather than taking undue risks in a push towards growth, Ruffer is focused on not losing money. It has successfully navigated the economy's many ups and downs, including the dot.com boom and bust, the Global Financial Crisis, and most recently Covid-19.

After joining the investment firm in 2006, Alex reported directly to Jonathan Ruffer as an Associate. He made partner five years later, when he was also appointed to manage...
Alex Lennard is an Investment Director at Ruffer, an investment management company. He co-manages one of Ruffer’s flagship funds, the Total Return International Fund (RTRI), a UCITS fund with multiple currency share classes, created to meet the demands and requirements of investors outside of the United Kingdom. Alex also sits on the firm's Senior Asset Allocation Committee.

Ruffer has managed investments for private clients, pension funds, charities, institutions and financial advisors for close to three decades. The independent private partnership has £26.6 billion under management and has 340-plus employees in offices in Edinburgh, London, Paris and Guernsey. Rather than taking undue risks in a push towards growth, Ruffer is focused on not losing money. It has successfully navigated the economy's many ups and downs, including the dot.com boom and bust, the Global Financial Crisis, and most recently Covid-19.

After joining the investment firm in 2006, Alex reported directly to Jonathan Ruffer as an Associate. He made partner five years later, when he was also appointed to manage RTRI at launch and has successfully navigated growth as one of the firm’s investment directors. In his role, Alex is frequently called upon to offer his investment insight into asset allocation, inflation, volatility, fund adjustments and stock trends. His focus as Co-Manager of Ruffer’s Total Return International Fund is on institutional investors. Through an actively managed portfolio, the fund's main investment objective is to produce positive returns with lower volatility.

Alex is a member of the Chartered Institute for Securities & Investment and a Non-Executive Director of the JPMorgan European Investment Trust. He holds an honours degree from Exeter University in Economics and Finance.
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Alex’s Newsfeed

Portfolio Adviser
How the Faangs lost their bite

Ruffer Investment Director Alex Lennard offers his opinion on the recent market volatility of tech stocks and their attractiveness to current investors.

Bloomberg
Traders Are Questioning the Fed’s Path, Derailing the Only Sure Bet in Bonds

Ruffer's Investment Director, Alex Lennard, cautions that uncertainty surrounding inflation equals a bigger term premium and increased volatility. This comes as recent lows, and the gap between short- and long-term yields, has widened.

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Alex’s Background

Ruffer LLP
Investment Director & Partner
Mar 2011 - Present
Edinburgh, UK
Ruffer LLP is a global investment firm with offices in the United Kingdom. Its goal is to provide clients with safe and secure investments, regardless of market volatility.
Ruffer Total Return International Fund
Co-Manager
2011 - Present
Edinburgh, UK
Ruffer Total Return International is managed by Alex Lennard and Jacques Hirsch. The fund's primary investing goal is to generate positive returns with less volatility through an actively managed portfolio.
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Alex’s Gallery

Board Positions

J.P. Morgan Asset Management
Non-Executive Director of the JPMorgan European Investment Trust
London, UK
The JPMorgan European Investment Trust plc permits investors to move between income shares and growth shares once a year on the annual conversion date.

Media

Inflation volatility is the biggest challenge investors face
Podcast
Mar 2022
Edinburgh, UK
Alex joins the Portfolio Construction Forum podcast to discuss the return of inflation volatility and how that requires a change in the creation of portfolios.
A Ruffer webinar: Turbulence ahead - Investing for inflation volatility
Webinar
Feb 2022
London, UK
In this Ruffer webinar, Alex and Kate Forsyth discuss the key challenges investors will face in the coming year.
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Interviews

INDepth with Alex Lennard from Ruffer on Defensive with Performance
Interviewed
Mar 2022
Edinburgh, UK
In this in-depth interview with The Inside Network, Alex talks about his role at Ruffer and the investment firm's protective investment strategy.
IN60 with Alex Lennard from Ruffer
Interviewed
Mar 2022
Edinburgh, UK
Alex answers as many quickfire questions as he can in under a minute, posed to him by The Inside Network's Peter White.
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Features

‘Genuine heretics’: how ‘safety first’ pays off for Ruffer
Interviewed
May 2022
London, UK
Alex is profiled by Investment Strategy News on his career path at Ruffer, the success of the firm's unorthodox investment strategy, and who he is in his downtime.
In This Part of the U.S. Bond Market, 0% Is High and Alarming
Quoted
Apr 2022
London, UK
Alex offers his insight into the projected inflation increase, sharing that to regain control of inflation, the Fed must tighten its monetary policy by raising real rates.
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Accreditation

Chartered Institute for Securities & Investments (CISI)
CISI Diploma
2006
London, UK
The Chartered Institute for Securities and Investment is a global organisation of finance professionals. While operating in the securities and investment industries, the organisation ensures that all members follow the organisation's code of conduct and ethical norms.

Publications

The risk addiction: In the depths of addiction nothing else matters
Author
Apr 2022
London, UK
In this piece written for the Ruffer Review, Alex recounts the skill needed to tread the line as it concerns investment.
Book review – Dignity
Author
Oct 2020
Edinburgh, UK
In this review of Chris Arnade's book, Dignity, Alex explores the conflicts that exist at the core of America.
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Alex’s Education

University of Exeter
Bachelor's Degree (Hon.) - Economics and Finance
2003 - 2006