Title: Ruffer Investment Company Limited URL Source: https://documentscdn.financialexpress.net/Literature/783903AC007772FE26B9E9D1DF6311F4/241575187.pdf Number of Pages: 3 Markdown Content: # Ruffer Investment Company Limited SHARE PRICE PERFORMANCE SINCE LAUNCH ON 7 JULY 2004 > 2004 2007 2010 2013 2016 2019 2022 2025 90 190 290 390 490 590 Ruffer Investment Company Limited FTSE All-Share TR £ Twice Bank Rate Equity markets staged a blistering rally in early April on the hope that US and Iranian calls for an end to the war would curtail global economic disruption. The second half of the month was a tale of divergence: US exceptionalism reasserted itself, while more energy-exposed markets struggled to hold their ground. Commodity and bond markets indicate resolution is far from achieved. The fund’s performance was marginally negative over the month as the defensive positioning limited its participation in the rally. Comments from both the US and Iranian presidents on 30 March in favour of a diplomatic resolution suggested we had passed peak rhetorical uncertainty for financial markets. War-related volatility offered interesting opportunities. We increased the fund’s exposure to US bonds by rotating 5% from floating rate notes into ten year treasury inflation-protected securities (TIPS) with real (inflation-adjusted) yields still above 2%. Yields should fall if the war is resolved quickly, but also if it persists and market angst shifts from inflation and potential rate hikes to concerns around growth, which could revive the prospect of rate cuts. We also spent 20 basis points on call options on the S&P 500 before the ceasefire announcement, in effect renting exposure to the equity market in the event of a US-centric rally akin to spring 2025. By mid- April, the US index had eclipsed previous highs, so we exited the position. The persistent closure of the Strait of Hormuz means real-world damage is compounding, but markets are trying to look through the disruption. We rotated the proceeds from the calls into put options on the index, rebuilding equity downside alongside the credit protections. We took the opportunity to add exposure to domestic China equities and agricultural commodities. We believe China will be a beneficiary of the conflict because the US requires its cooperation to end the war. In return, President Xi will likely demand concessions from Trump – perhaps around trade or foreign policy – that should benefit the domestic market. Although one third of globally traded nitrogen fertiliser is stuck in the Persian Gulf, agricultural commodity prices have broadly remained anchored. We added 1% exposure across corn, wheat, soybean and sugar futures as an alternative hedge to oil if global trade remains disrupted. Despite profits from the call options, the derivatives were the largest drag on performance over the month. The gold mining equities, yen exposure and long-dated bonds also detracted. The fund’s equities recovered but lagged the US, given the focus on companies in Europe and Asia, which are more exposed to rising energy prices. The US recovery has been supported by fundamentals – the technology sector’s earnings are expected to rise 30% year on year – but the tail risks to the market are plain to see. Longer-dated oil prices have risen sharply as investors price in the likeliness of extended disruption. We believe investors will not be able to have their cake and eat it: either a true war resolution must be found or the hit to the real economy will undermine equity markets. With exposure to resolution-focused equities and potent downside protections, the fund is positioned for either outcome. APRIL 2026 Performance % Net Asset Value Share price April -0.9 1.5 Year to date 1.5 6.6 1 year 7.8 14.2 3 years pa 3.0 2.8 5 years pa 3.3 3.4 10 years pa 5.4 5.6 Since inception pa 6.8 6.8 Share price RIC 310.50 Net Asset Value (NAV) per share 306.36 Yield 2.0 Net Gross Duration (years) 2.2 2.2 Equity exposure % 33.1 34.8 RIC GBP Volatility % Sharpe Sortino 3 years 4.8 -0.3 -0.4 5 years 5.0 -0.0 -0.0 10 years 5.8 0.6 1.0 Since inception 6.2 0.8 1.4 % Premium/discount to NAV 1.4 NAV total return since inception 1 323.6 including dividends of 62.2p Standard deviation 1 1.8 Maximum drawdown 1 -9.59 12 month performance to 31 March 2026 % 2022 2023 2024 2025 2026 RIC NAV total return 9.8 1.4 -5.3 3.7 9.8 FTSE All-Share TR £ 13.0 2.9 8.4 10.5 21.5 Twice Bank Rate 0.4 4.6 10.3 10.1 8.2 1 Monthly data (total return NAV). All figures in the performance table are calculated on a total return basis (including reinvestment of income). If monthly performance is quoted in the commentary, it may be calculated on a price return basis and differ from the information in this table. One to twelve month performance figures are cumulative, all others are annualised. Source: Ruffer LLP, FTSE International. Ruffer 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. The value of the shares and the income from them can go down as well as up and you may not get back the full amount originally invested. The value of overseas investments will be influenced by the rate of exchange. INVESTMENT OBJECTIVE The principal objective of the Company is to achieve a positive total annual return, after all expenses, of at least twice the Bank of England base rate. The Company predominantly invests in internationally listed or quoted equities or equity-related securities (including convertibles) or bonds which are issued by corporate issuers, supra-nationals or government organisations. Where appropriate, collective investment schemes will also be used to gain exposure to these assets. Ruffer Investment Company Limited 30 Apr 26 ENQUIRIES Inflation %Long-dated non-UK inflation-linked bonds 5.0 Gold and precious metals exposure 3.6 Long-dated UK inflation-linked bonds 2.2 Protection Short-dated nominal bonds 23.6 Long-dated nominal bonds 16.7 Cash 1.6 Credit and derivative strategies 10.8 Growth Consumer discretionary equities 6.5 Industrials equities 4.1 Energy equities 3.7 Financials equities 3.6 Other equities 16.8 Commodity exposure 1.8 5 LARGEST EQUITY HOLDINGS Stock % of fund iShares MSCI China A UCITS ETF 3.1 BP 1.8 Alibaba Group 1.0 Coinbase 1.0 Amazon 0.8 Currency allocation %Sterling 74.8 Yen 10.1 US dollar 6.4 Euro 2.3 Other 6.5 Geographical equity allocation %UK equities 10.7 North America equities 8.6 Asia ex-Japan equities 6.2 Europe equities 5.0 Japan equities 3.6 Other equities 0.7 NAV £905.2M SHARES 295,463,050 MARKET CAPITALISATION £917.4M FUND INFORMATION Annual management charge % (no performance fee) 1.00 Ongoing Charges Ratio % (audited at 30 Jun 25) 1.07 Valuation point Weekly, every Tuesday and the last business day of the month Ex dividend dates March, October Administrator Apex Fund and Corporate Services (Guernsey) Limited Custodian Northern Trust (Guernsey) Limited Broker Investec Structure Guernsey domiciled limited company Discount management Share buyback Discretionary redemption facility Listing London Stock Exchange NMPI status Excluded security Stock ticker RICA LN Wrap ISA/SIPP qualifying Share class ISIN SEDOL RIC GB00B018CS46 B018CS4 RUFFER LLP The Ruffer Group manages investments on a discretionary basis for private clients, trusts, charities and pension funds. As at 31 March 2026, assets managed by the Ruffer Group exceeded £18.8bn. > CURRENCY ALLOCATION ASSET ALLOCATION Ruffer AIFM Ltd 80 Victoria Street London SW1E 5JL rif@ruffer.co.uk +44 (0)20 7963 8100 ruffer.co.uk/ric The credit and derivatives strategies allocation is calculated using market value. In some cases, this allocation might be negative due to the nature of how the instruments, in particular credit default swaps, are priced. Largest equity holdings exclude Ruffer funds | Source: Ruffer LLP | Totals may not equal 100 due to rounding DISCLAIMER This financial promotion is issued by Ruffer AIFM Limited (RAIFM), 80 Victoria Street, London SW1E 5JL. RAIFM is authorised and regulated by the Financial Conduct Authority. © RAIFM 2026 The views expressed in this report are not intended as an offer or solicitation for the purchase or sale of any investment or financial instrument. The views re fl ect the views of RAIFM at the date of this document and, whilst the opinions stated are honestly held, they are not guarantees and should not be relied upon and may be subject to change without notice. The information contained in this document does not constitute investment advice and should not be used as the basis of any investment decision. References to specific securities are included for the purposes of illustration only and should not be construed as a recommendation to buy or sell these securities. RAIFM has not considered the suitability of this investment against any specific investor’s needs and/or risk tolerance. If you are in any doubt, please speak to your financial adviser. The portfolio data displayed is designed only to provide summary information and the report does not explain the risks involved in investing in this product. Any decision to invest must be based solely on the information contained in the Prospectus and the latest report and accounts. The Key Information Document is provided in English and available on request or from ruffer.co.uk FTSE® is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under licence. All rights in the FTSE indices and/or FTSE ratings vest in FTSE and/or its licensors. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and/or FTSE ratings or underlying data and no party may rely on any FTSE indices, ratings and/or underlying data contained in this communication. No further distribution of FTSE Data is permitted without FTSE’s express written consent. FTSE does not promote, sponsor or endorse the content of this communication. FUND TEAM ## Jasmine Yeo > FUND MANAGER > Joined Ruffer in 2017, graduating with a degree from Warwick Business School. She is a member of the CISI, having completed the CISI Masters in Wealth Management. Jasmine was previously a manager on our private client team, becoming an investment specialist, then a fund manager in our investment team. ## Ian Rees > FUND MANAGER > Joined Ruffer in 2012, graduating from the University of Bath with an honours degree in economics. Ian managed portfolios for institutional investors and worked on equity research in our Hong Kong office, becoming a fund manager on our investment team. He is a CFA charterholder. ## Alexander Chartres > FUND MANAGER > Joined Ruffer in 2010, graduating from Newcastle University with a first class honours degree in history and politics. He was a manager on our private client team, becoming a long-standing fund manager in our investment team and a Partner in the firm. He is a Fellow of the CISI. GLOSSARY Volatility measures the extent to which returns vary over a given period. High volatility means returns have been more variable over time Duration measures the sensitivity of a bond or fixed income portfolio’s price to changes in interest rates. The higher the duration, the more sensitive the price or portfolio is to changes in interest rates UK Bank Rate the rate the Bank of England charges banks and financial institutions for loans with a maturity of one day Sharpe ratio measures the performance of an investment, adjusting for the amount of risk taken (compared to risk-free). The higher the ratio, the better the returns compared to the risk taken Sortino ratio measures the extra return an investment makes for each unit of bad risk (the chance of losing money below a certain target) More information ruffer.co.uk/ric Subscribe to the RIC newsletter ruffer.co.uk/ric-news