Ruffer Investment Company

WELCOME TO RUFFER

All-weather investing

Seeking consistent positive returns.

Come rain or shine.

Ruffer provides investment management services for institutions, pension funds, charities, financial planners and individual investors.

London

Ruffer LLP
80 Victoria Street
London SW1E 5JL

Directions | Map +44 (0)20 7963 8100

Paris

Ruffer S.A.
103 boulevard Haussmann
75008 Paris, France

Directions | Map +33 (0)1 88 45 02 54

New York

Ruffer LLC
300 Park Avenue
New York NY 10022

Directions | Map +1 917 947 3003

Edinburgh

Ruffer LLP
31 Charlotte Square
Edinburgh EH2 4ET

Directions | Map +44 (0)131 202 1602

OVERVIEW

Performance

How to invest

DOCUMENTS AND ANNOUNCEMENTS

Ruffer Investment Company Limited has a simple but unusual aim – to generate consistent positive returns, however financial markets are performing.

Through good markets and bad, our priority is protecting our clients’ money.

By putting safety first, we seek to deliver solid performance that can build the value of your investment over the long term.

To do this, we need the courage to stand apart from the crowd, to challenge the consensus and invest in ways others can't or won't. This means we can deliver on our goals when more conventional investment funds are dropping.

INVESTMENT APPROACH

FUND REPORTS

Interim report

31 December 2025 (unaudited)

30 mins |

Read

FUND REPORTS

Latest fund report

Download the latest fund report

5 mins |

DOWNLOAD

Green Line

Strait lines, narrow choices

Apr 2026: With oil prices soaring, what will the impact on the global economy be? And how will policymakers react? We make the case for a stagflationary shock, but not all economies will be affected equally.

6 mins | Giorgio Curti

Read

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First, we protect, then we grow

The fund has two goals: to protect your money; and to generate a reliable return over the long term.

Avoiding big market falls is key. If your portfolio loses 50% of its value, you need to gain 100% to get back where you started.

So the fund can give you comfort at times when other parts of your broader portfolio are suffering.

Investing across global assets and markets

Unlike many funds, we don’t measure our performance against a market index.

That means we are free to invest wherever we see opportunities for good returns. Crucially, we can also avoid overpriced assets liable to large falls in value.

This can give you the confidence to stay invested even when markets hit turbulence.

Built differently, to help you outperform

The fund has an unusual mix of investments – some to protect against falls, others to capture growth opportunities.

The aim is to deliver positive returns when more conventional investment strategies typically can’t.

This makes it a valuable way to help navigate unpredictable markets – and keep your investment plans on track.

Market views

Podcast: Money Makers Investment Trusts

Editor Jonathan Davis speaks to Fund Manager Jasmine Yeo and Charlie Morris, founder of Bytetree Research.

62 mins | Jasmine Yeo

LISTEN

Market views

Podcast: Interactive Investor

Fund Manager Ian Rees speaks to Interactive Investor about AI development, index funds versus ETFs and how Ruffer’s portfolio fared earlier this year when stock market volatility picked up.

14 mins | Ian Rees

WATCH

Market views

Webinar: Interactive Investor

Fund Manager Jasmine Yeo joins Victoria Scholar and James Harries of STS Global Income & Growth Trust to assess the outlook for the FTSE 100 and FTSE 250 and whether UK markets could deliver another resilient year.

42 mins | Jasmine Yeo

WATCH

INVESTMENT OBJECTIVE

The principal objective of the Company is to achieve a positive total annual return, after all expenses, of at least twice the Bank of England base rate.

The Company predominantly invests in internationally listed or quoted equities or equity-related securities (including convertibles) or bonds which are issued by corporate issuers, supra-nationals or government organisations. Where appropriate, collective investment schemes will also be used to gain exposure to these assets.

Portfolio management team

The Ruffer Investment Company follows the Ruffer philosophy and strategy. These are unchanged since the firm started in 1994.

The investment strategy and asset allocation is set by Henry Maxey and Neil McLeish, Co-Chief Investment Officers. A team of portfolio managers are collectively responsible for implementing this strategy across all our core funds.

The lead portfolio managers for the Company are Jasmine Yeo, Ian Rees and Alexander Chartres.

Jasmine Yeo

Fund Manager

Joined Ruffer in 2017, graduating with a degree from Warwick Business School. She is a member of the CISI, having completed the CISI Masters in Wealth Management. Jasmine was a manager on our private client team, becoming an investment specialist and then a fund manager in our investment team. She is a macro-generalist with an interest in investment trusts.

Articles by Jasmine

Ian Rees

Fund Manager

Joined Ruffer in 2012, graduating from the University of Bath with an honours degree in economics. Ian managed portfolios for a range of institutional investors and worked on equity research in our Hong Kong office, becoming a fund manager on our investment team. He is a CFA charterholder and has a keen interest in bottom-up equity research.

Articles by Ian

Alexander Chartres

Fund Manager

Joined Ruffer in 2010, graduating from Newcastle University with a first class honours degree in history and politics. He was a manager on Ruffer’s private client team, becoming a long-standing fund manager in our investment team and a Partner in the firm. He is a Fellow of the CISI and has an extensive knowledge of macro economics and geopolitics.

Articles by Alexander

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At a glance

15 Apr 2026

Launch date	8 Jul 2004
Launch price	100.00p

Share price	310.00
NAV as at 14 Apr 2026	308.16

FUND REPORTS

Ruffer Investment Company

Latest fund report

Select from the options below to view historic reports

LONG-TERM PERFORMANCE 2004-2026

All figures are calculated on a total return basis (including reinvestment of income). If monthly performance is quoted in the fund report commentary, it may be calculated on a price return basis and differ from the information in this table. One to twelve month performance figures are cumulative, all others are annualised. Source: Ruffer LLP, FTSE International, data to 31 March 2026. Ruffer performance is shown after deduction of all fees and management charges, and on the basis of income being reinvested.

Past performance is not a guide to future performance. The value of the shares and the income from them can go down as well as up and you may not get back the full amount originally invested. The value of overseas investments will be influenced by the rate of exchange. The views expressed on this page are not intended as an offer or solicitation for the purchase or sale of any investment or financial instrument. The information contained on this page is fact based and does not constitute investment advice, research or a personal recommendation, and should not be used as the basis for any investment decision.

FTSE International Limited © FTSE 2026. FTSE® is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under licence. All rights in the FTSE indices and/or FTSE ratings vest in FTSE and/or its licensors. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and/or FTSE ratings or underlying data and no party may rely on any FTSE indices, ratings and/or underlying data contained in this communication. No further distribution of FTSE Data is permitted without FTSE’s express written consent. FTSE does not promote, sponsor or endorse the content of this communication.

ASSET AND CURRENCY ALLOCATION

Asset	%
Gold and precious metals exposure	3.6
Long-dated UK inflation-linked bonds	2.3
Long-dated non-UK inflation-linked bonds	1.0
Short-dated nominal bonds	33.8
Long-dated nominal bonds	16.7
Cash	-0.1
Credit and derivative strategies	12.5
Consumer discretionary equities	5.5
Industrials equities	4.1
Energy equities	3.5
Financials equities	3.1
Other equities	13.0
Commodity exposure	0.9

Currency	%
Sterling	72.0
Yen	15.6
US dollar	4.5
Euro	2.1
Other	5.7

Data as at 31 March 2026. Totals may not equal 100 due to rounding

Largest equity holdings

Largest equity holdings (excludes holdings in Ruffer funds)	%
BP	1.8
Coinbase	1.1
Alibaba Group	0.9
Prosus	0.6
Amazon	0.6

Data as at 31 March 2026

How to invest

The Ruffer Investment Company's shares are traded on the London Stock Exchange, so you can place an order with any stockbroker, or ask a professional adviser to buy shares on your behalf.

The fund is available to buy on the following platforms, among others. Click a logo to be directed to the platform.

Alternatively, if you would like to invest directly with us, please get in touch with Joshua Gunson.

GET IN TOUCH

Joshua Gunson

Director – UK Wholesale

T +44 (0)20 7963 8254

Joined Ruffer in 2010, working in the Product and Fund Relations teams. He holds a degree in philosophy from the University of Nottingham and an MBA with distinction from Bayes Business School, and focuses on building relationships with financial planners and wealth managers throughout the UK.

DOCUMENTS AND ANNOUNCEMENTS

Key Information Document (KID)

INTERIM REPORT

31 December 2025 (unaudited)

INVESTMENT MANAGER’S HALF YEAR REVIEW

31 December 2025

ANNUAL REPORT

30 June 2025 (full version) audited

INVESTMENT MANAGER’S YEAR END REVIEW

30 June 2025

Kepler Snapshot

Ruffer Investment Company

Directors

Ruffer Investment Company

FAQ

Frequently asked questions

ANNOUNCEMENTS

ANNUAL AND INTERIM REPORTS

ADDITIONAL INFORMATION

LATEST PROSPECTUS

15 December 2022

LATEST PROSPECTUS SUMMARY

Audit and Risk Committee

TERMS OF REFERENCE

Management Engagement Committee

Schedule of matters

Reserved for the Board

Non-Audit Services Policy

MEMORANDUM AND ARTICLES OF INCORPORATION

Buy back policy

The Board’s discount policy is, around a mid-single digit discount, to assess with the broker the market position in the shares: who are the sellers and buyers and what are their reasons; what are volumes which are moving the share price significantly relative to the average liquidity levels; where are and what constitutes potential buyers and at what price level. The Investment Manager is not apprised of this discussion because of potential conflict of interest. The Board makes its own independent judgement on whether it deems the discount to be a temporary aberration or a longer-term signal for which action other than a share buyback may be required. The objective of the buyback and other measures is to make money for remaining shareholders by adding to the NAV per share, to bring the share price closer to the NAV per share and to help provide liquidity in the shares.

SUSTAINABILITY DISCLOSURE REQUIREMENTS

For the purposes of UK regulation, this fund is based overseas and is not subject to UK sustainable investment labelling and disclosure requirements.

London

Ruffer LLP
80 Victoria Street
London SW1E 5JL

Directions | Map +44 (0)20 7963 8100

Paris

Ruffer S.A.
103 boulevard Haussmann
75008 Paris, France

Directions | Map +33 (0)1 88 45 02 54

New York

Ruffer LLC
300 Park Avenue
New York NY 10022

Directions | Map +1 917 947 3003

Edinburgh

Ruffer LLP
31 Charlotte Square
Edinburgh EH2 4ET

Directions | Map +44 (0)131 202 1602

Your privacy matters

Ruffer Investment Company