Title: Ruffer Investment Company Limited URL Source: https://is.gd/aEIOer Published Time: Thu, 08 May 2025 09:27:17 GMT Markdown Content: # Ruffer Investment Company Limited SHARE PRICE PERFORMANCE SINCE LAUNCH ON 7 JULY 2004 2004 2007 2010 2013 2016 2019 2022 90 140 190 240 290 340 390 440 490 Ruffer Investment Company Limited FTSE All-Share TR £ Twice Bank Rate If 2025 began on a calm note, with asset markets shifting leadership in an orderly fashion from the US to the rest of the world, the first quarter ended on a turbulent one, as global equities declined and defensive assets gained. In March, rising policy uncertainty began to unnerve investors, who had previously assumed President Trump’s bark would be worse than his bite. The board have also continued their buybacks. Over the first quarter, the board have purchased 22.8 million shares for a total of around £62.7m which equates to 7% of the shares outstanding at the start of the period. The fund’s protective assets helped to cushion losses incurred from its equity exposure. The largest contributions came from precious metals, primarily through gold mining companies and silver bullion, which appreciated as demand for safe haven assets grew. Notably, gold miners outperformed gold bullion – which we do not currently own – over the quarter, after largely tracking the gold price for much of 2024. Elsewhere, a sizable contribution came from derivatives, namely protective positions in the credit market which benefited as credit spreads widened. We have long viewed the compressed level of spreads as a clear sign of investor complacency, meaning even minor disruptions could push them wider. We still believe the market will struggle to rotate away from more than a decade of US exceptionalism and dollar dominance without touching a tripwire. The uncertainty and volatility injected by Trump strengthens this conviction. Although it has derated marginally in recent weeks, the US equity market continues to be both highly valued and concentrated, and we remain vigilant of the risks. We have taken some profits in the areas that have performed strongly so far this year, such as the European defensives and copper exposure. We maintain our defensive stance, with credit protection and yen exposure still the cornerstones of portfolio protection. Looking beyond the near-term risks, we have a growing conviction that we are witnessing a regime change in markets and that we may be passing the point of no return for US exceptionalism. Although the market could swing back to the US-centric narrative of 2023 and 2024, we doubt such a swing would last. Our view has been that covid marked a regime shift from monetary policy dominance to fiscal policy dominance, and that view has only been strengthened by recent events in the US and Europe. The flow of global government spending – which has supercharged US markets in recent years – is being diverted. Investors have a significant overweight in US assets and the dollar predicated on long-term US exceptionalism. It will take time for institutions to alter their strategic asset allocations, but we believe the investment supertanker has started to turn. MARCH 2025 Performance % Net Asset Value Share price March 0.1 0.8 Year to date 3.4 4.4 1 year 3.7 6.4 3 years pa -0.2 -1.7 5 years pa 6.0 6.6 10 years pa 3.9 3.4 Since inception pa 6.8 6.4 Share price RIC 277.00 Net Asset Value (NAV) per share 287.39 Yield 2.10 Net Gross Duration (years) 1.9 1.9 Equity exposure % 26.2 29.0 RIC GBP Volatility % Sharpe Sortino 3 years 5.2 -0.8 -1.0 5 years 6.2 0.6 1.0 10 years 6.0 0.4 0.7 Since inception 6.3 0.8 1.4 % Premium/discount to NAV -3.6 NAV total return since inception 1 289.4 including dividends of 55.9p Standard deviation 2 1.83 Maximum drawdown 2 -9.59 12 month performance to 31 March 2025 % 2021 2022 2023 2024 2025 RIC NAV total return 22.7 9.8 1.4 -5.3 3.7 FTSE All-Share TR £ 26.7 13.0 2.9 8.4 10.5 Twice Bank Rate 0.2 0.4 4.6 10.3 10.1 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 31 Mar 25 ENQUIRIES Inflation %Gold and precious metals exposure 10.1 Long-dated UK inflation-linked bonds 5.1 Protection Short-dated nominal bonds 39.9 Cash 2.5 Credit and derivative strategies 13.0 Growth Financials equities 4.4 Consumer discretionary equities 4.0 Materials equities 3.2 Industrials equities 2.8 Other equities 14.6 Commodity exposure 0.4 5 LARGEST EQUITY HOLDINGS Stock % of fund iShares MSCI China EUR H acc 2.6 BP 2.1 Prudential 1.5 Amazon 1.2 Alibaba Group ADR 1.2 Currency allocation %Sterling 76.6 Yen 16.7 Euro 6.0 Swiss franc 0.6 Other 0.1 Geographical equity allocation %UK equities 11.3 North America equities 5.8 Europe equities 5.5 Asia ex-Japan equities 3.9 Japan equities 1.9 Other equities 0.6 NAV £891.8M SHARES 310,297,764 MARKET CAPITALISATION £859.5M FUND INFORMATION Annual management charge % (no performance fee) 1.00 Ongoing Charges Ratio % (audited at 30 Jun 24) 1.06 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 28 February 2025, assets managed by the Ruffer Group exceeded £18.9bn. ## 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 2025 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) 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. More information ruffer.co.uk/ric Subscribe to the RIC newsletter ruffer.co.uk/ric-news