Investment Manager's Half Year Review

Ruffer Investment Company Limited

(a closed-ended investment company incorporated in Guernsey with registration number 41996)

LEI 21380068AHZKY7MKNO47

27 January 2026

Investment Manager's Half Year Review

For the period ended 31 December 2025

Performance

In 2025 - a year of varied investment weathers - the portfolio achieved double-digit returns after fees, combining resilience in April's tariff-led sell-off with meaningful participation in the equity market rebound that followed.

Over six months, the Company had a share price total return of +4.7% and a NAV total return of +4.9%. Over 12 months, the share price total return was +12.1%, with a NAV total return of +10.9%.

Key drivers of performance (six months)

Gold and precious metals exposure +4.0%

Equity exposure +3.5%

Cash and short-dated bonds +0.7%

Long-dated inflation-linked bonds +0.2%

Commodity exposure +0.1%

US dollar +0.1%

Yen -0.9%

Credit and derivative strategies -2.4%

Investment outlook

The structural shifts we examined in our full-year report have become realities shaping markets today. Inflation's next move, the limits of fiscal generosity and the durability of US market leadership are no longer long-term hypotheses - they are the drivers of the coming year. The consensus is constructive, but it rests on a delicate balance. The same mix of easier financial conditions and fiscal generosity that has underpinned the recent recovery could just as easily destabilise it. Inflation remains above levels of comfort, policy space is narrow and optimism is pervasive. As a result, the possibility of renewed volatility cannot be dismissed.

Portfolio positioning

Against this backdrop, the portfolio is positioned to reflect a variety of potential market outcomes, in line with the Company's all-weather approach. We maintain our defensive spine, made up of credit and derivative strategies, the yen and dry powder in the form of short-dated bonds and cash. At the same time, we have looked to reinforce our exposure to attractively priced growth opportunities should risk appetite be sustained. In combination, this should allow the portfolio to prosper regardless of whether 2026 brings another year of steady ascent, a moment of overheating or renewed weakness.

The attached link to the Half Year Review http://www.rns-pdf.londonstockexchange.com/rns/3784Q_1-2026-1-26.pdf from the Investment Manager of Ruffer Investment Company Limited (the "Company") covers the six-month period to 31 December 2025. This review is intended to give shareholders unaudited key performance indicators and a portfolio review in a timely fashion. The unaudited Interim Financial Statements for the period ended 31 December 2025 will be released in the usual manner prior to the end of March 2026.

The Half Year Review is also available at the Company's Investment Manager's website http://www.ruffer.co.uk/2025-ric-period-end-review 

Enquiries

Investec Bank plc

Broker

David Yovichic

+44(0)20 7597 4952

[email protected]

Apex Fund and Corporate Services (Guernsey) Limited

Company Secretary

James Taylor

+44(0)20 3530 3600

[email protected]