Engagements in focus

ARCELORMITTAL

ArcelorMittal is a long-term holding for Ruffer. We have engaged with the company – both individually and collaboratively via the Climate Action 100+ initiative as a co-lead investor – focusing mainly on the company’s decarbonisation strategy. This quarter, one of the other co-leads of the Climate Action 100+ working group sought interest from investors to engage on health and safety.

GRIFOLS

We initiated a position in Grifols, a bio-pharmaceutical company focused on plasma-based therapeutics, in the first half of 2023. As well as gaining some understanding of the company’s production costs and balance sheet figures, we wanted to discuss Grifols’ approach to human capital.

RYANAIR

Our investment in Ryanair hinges on the company’s role as a leader in the aviation industry. In our opinion, it is well placed to use its size and influence – not to mention its superior financial flexibility – to deliver on the industry’s objectives to transition to a low-carbon economy.