1st Oct 2025 10:31
(Alliance News) - Ruffer Investment Co Ltd on Wednesday reported an improved total return in 2025, as its founder, Jonathan Ruffer, prepares to retire after three decades at the helm.
Jonathon Ruffer founded Ruffer LLP, RICL's parent, and served as CEO from 1994 to 2012, alongside managing RICL until 2012.
He will step down as chair of the parent company at the end of the year. His successor is Henry Maxey, who takes over from January 1 whilst retaining his role as co-chief investment officer.
"Whilst Jonathan has not had day-to-day involvement in RICL for a decade, his wisdom and contrarian thinking are hallmarks of the firm he founded," the London-based investment management company said.
RICL shares were down 0.7% to 291.00p on Wednesday morning in London. They are up 4.9% over the past 12 month.
Alongside announcing the change at the top, RICL posted its annual results for the financial year that ended June 30. Net asset value total return improved to 5.3% from 1.4% in financial 2024.
On an IFRS basis, NAV per share was 292.93 pence per share at June 30, up 2.8% from 284.89p on-year. The firm noted that its NAV per share, as reported to the London Stock Exchange, was 295.06p at the end of June, up 3.6% from 284.81p a year earlier.
RICL has lifted its second interim dividend per share to 3.35p from 3.1p and pointed to its focus on "protective positions".
"With derivatives, yen, real duration and precious metals, we have assets that can act as powerful offsets in a variety of scenarios. That is key, given the high levels of uncertainty...volatile inflation and the fact that nominal bonds offer less reliable protection in portfolios," the company said.
Chair Nicolas Pink added: "The past year re-affirmed that RICL can combine owning shock-resistance with satisfactory returns in the meantime. The board continues to have confidence that RICL has an important role to play in investors’ portfolios during these uncertain times."
By Holly Munks, Alliance News reporter
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