Performance Update & Manager Comment

RUFFER INVESTMENT COMPANY LIMITED

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

LEI 21380068AHZKY7MKNO47

Performance Update & Manager Comment

We wanted to give shareholders a short update on performance this year and to let you know about a new allocation to the digital currency bitcoin.

The portfolio has made strong progress amid the turmoil of 2020. To the 8th December NAV point the NAV total return is 12.2%. During the panic back in March, the protective assets did all we hoped they would. In the spring and early summer, gold and the inflation-linked bonds performed well. More recently, the economically sensitive equities have reacted very positively to the success of the covid-19 vaccines, leading the portfolio higher.

One recent addition, via one of the specialist managers appointed within the Ruffer Multi-Strategies Fund, has been bitcoin. This is primarily a defensive move, one made in November after reducing the company's exposure to gold.

The exposure to bitcoin is currently equivalent to around 2.5% of the portfolio. We see this as a small but potent insurance policy against the continuing devaluation of the world's major currencies. Bitcoin diversifies the company's (much larger) investments in gold and inflation-linked bonds, and acts as a hedge to some of the monetary and market risks that we see.

Performance data

Source: Ruffer LLP

"Past 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"

Enquiries:

Praxis Fund Services Limited

Gail Adams

DDI: +44(0)1481 755584

Email: [email protected]