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Ruffer LLP
80 Victoria Street
London SW1E 5JL
Paris
Ruffer S.A.
103 boulevard Haussmann
75008 Paris, France
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Ruffer LLC
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New York NY 10022
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Ruffer Protection Strategies disclosures

SPECIFIC INVESTOR DISCLOSURES
This document sets out additional disclosures which Ruffer AIFM Limited (RAIFM), as the alternative investment fund manager (AIFM) of Ruffer Protection Strategies (RPS), is required to make to investors in RPS under those rules of the Financial Conduct Authority which implement The Alternative Investment Fund Managers Directive of the EU, or pursuant to the provisions of the issuing document of RPS from time to time (the Issuing Document).

What is the conflicts of interest policy of RPS?
RPS conflicts of interest policy

What is the best execution policy of RAIFM?

RAIFM order execution policy

Has there been any guarantee granted under any leveraging arrangement by RAIFM in relation to RPS?

No.

Have the maximum levels of leverage of RPS changed from the levels set out in the Issuing Document?
No.

Has there been any change to the right of re–use of collateral in relation to RPS?
No. There are no collateral and asset re–use arrangements currently in place in relation to RPS.

Have there been any changes to the liability of Pictet & Cie (Europe) S.A. as Depositary of RPS from those summarised in the Issuing Document?
No.

What percentage of RPS’s assets are subject to special arrangements arising from their illiquid nature (including, but not limited to, suspension of the issue, cancellation, sale and redemption of units and deferrals on redemptions)?
No assets of RPS are subject to such special arrangements.

What new arrangements are there for managing the liquidity of RPS including, but not limited to, any material changes to the liquidity management systems and procedures employed by RAIFM as AIFM of RPS beyond those set out in the Issuing Document?
None.

 

As at 31 December 2023


RPS risk profile

Risk management systems

 

What are the current maximum levels of leverage of RPS?

Gross method 95 times net asset value
Commitment method 70 times net asset value

 

Have the maximum levels of leverage of RPS changed from the levels set out in the Issuing Document?
No.

 

What is the current level of leverage employed by RPS?

Gross method 5.07 times net asset value
Commitment method 5.00 times net asset value
London
Ruffer LLP
80 Victoria Street
London SW1E 5JL
Paris
Ruffer S.A.
103 boulevard Haussmann
75008 Paris, France
New York
Ruffer LLC
300 Park Avenue
New York NY 10022
Edinburgh
Ruffer LLP
31 Charlotte Square
Edinburgh EH2 4ET