RUFFER INVESTMENT COMPANY LIMITED
(a closed-ended investment company incorporated in Guernsey with registration number 41996)
(the “Company“)
Interim Financial Report
The Company has today, in accordance with DTR 6.3.5, released its Interim Financial Report for the six months ended 31 December 2025 and a copy is attached.
http://www.rns-pdf.londonstockexchange.com/rns/0385X_1-2026-3-17.pdf
The Interim Financial Report is also available via the Investment Manager’s website at www.ruffer.co.uk/2025-ric-interim-report.
A copy of the Interim Report has been submitted to the National Storage Mechanism and will shortly be available at https://data.fca.org.uk/#/nsm/nationalstoragemechanism.
Summary
NAV TR over the six months to 31 December 2025 was 4.9%.
The discount of the share price to NAV marginally widened to 3.6% at 31 December 2025 (from 3.4% at 30 June 2025), resulting in a slightly lower Share Price TR of 4.7% over the same period.
The NAV TR and Share Price TR for the twelve months to 31 December 2025 were 10.9% and 12.1% respectively.
The Company’s investment performance has therefore met the Company’s aim to generate consistent positive returns, however financial markets are performing. Additionally, returns over six and 12 months exceeded the Company’s objective of twice the Bank of England base rate.
The Company has declared an interim dividend of 2.85p for the six months to 31 December 2025 (2.85p in 2024/2025).
A key action was the continuation of the Company’s significant share buyback programme, which saw 2.2% of the shares outstanding at the end of the last financial year repurchased over the six-month period. Since the first share repurchase in August 2023, the Company has bought back 23.0% of its issued share capital, including 9.8% in the 2025 calendar year. The buyback is a continuing benefit for shareholders, enhancing NAV per share by 0.5% in 2025.
Financial Highlights
| 31 Dec 25 | 30 Jun 25 | |
| Share price | 294.00p | 284.00p |
| NAV as calculated on an IFRS basis1 | £900.61m | £888.20m |
| NAV as reported to the LSE | £900.29m | £891.59m |
| Market capitalisation | £868.50m | £858.18m |
| Number of shares in issue | 295,407,050 | 302,177,764 |
| NAV per share as calculated on an IFRS basis1 | 304.87p | 293.93p |
| NAV per share as reported to the LSE | 304.76p | 295.06p |
Key Performance Indicators
| 31 Dec 25 % | 31 Dec 24 % | |
| Share price total return over six months | 4.7 | 0.2 |
| NAV total return per share over six months1,2 | 4.9 | (0.4) |
| Discount of traded share price to NAV1 | (3.6) | (4.5) |
| Dividend per share over six months3 | 3.35p | 3.10p |
| Annualised dividend yield4 | 2.3 | 2.3 |
| Annualised NAV total return per share since launch2 | 6.9 | 6.7 |
| Ongoing charges ratio | 1.08 | 1.08 |
1 This is the NAV/NAV per share (on an IFRS basis) as per the Company’s Financial Statements for the six months ended 31 December 2025.
2 Assumes reinvestment of dividends.
3 Dividend declared during the period.
4 Annualised dividend yield is calculated using share price at the period end and dividends declared during the period.
Investment Performance and Outlook
RICL’s positive performance in the six months to 31 December 2025 exemplifies Ruffer’s ability to deliver positive returns in benign markets whilst maintaining protection to preserve capital in the event of volatility. The principal contributors to returns in the period were gold and precious metals exposure (+4.0%) and global equities (+3.5%), more than offsetting the continuing cost of protection strategies including credit and derivatives (-2.4%) and the yen (-0.9%).
The Investment Manager’s report (as of 31 December 2025, and as announced by the Company by way of RNS on 27 January 2026)) highlights that the structural shifts examined in the Company’s last full-year report have become realities shaping markets today. The disinflationary era underpinned by globalisation and geopolitical stability, alongside cheap labour, energy and capital, continues to unwind. Fragmentation has accelerated, with the US and China now openly competing to carve out spheres of influence and to control critical technologies and resources. Recent events are a timely reminder that this fragmentation is happening in front of investors’ eyes and can flare into real-world disruption at any time.
Against this backdrop, the portfolio is positioned to reflect a variety of potential market outcomes, in line with the Company’s all-weather approach. It maintains its 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, the Investment Manager has looked to reinforce the Company’s 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 Board carefully evaluates the performance of the Investment Manager over various time periods. Ruffer’s performance has now exceeded the Company’s objective over one year, 10 years and 20 years. Recent performance is therefore steadily clawing back the weaker three- and five-year figures. Over the entire 21 years since inception to 31 December 2025, the Company has delivered an annualised NAV TR per share of 6.9%, exceeding the objective of twice the Bank of England base rate, which was 4.0% for the period.
The Company owns diverse growth assets, predominantly outside the US, for a scenario of benign reflation or resurgent inflation. It also retains significant protection against a sell-off if there were to be a growth slowdown or deflation. Current geopolitical tension or their resolution could impact the fragile balance between these outcomes. Consequently, the Board remains confident that RICL has an important role to play in investors’ portfolios during these uncertain times.