All-weather

investors seeking to

deliver consistent

positive returns

Annual Report for the

year ended 30 June 2026

Ruffer Investment

Company Limited

Ruffer Investment Company Limited | Annual Report 2026

Contents About us

Overview

About us IFC

Financial highlights 1

Key performance indicators 2

Long-term performance 3

Strategic report

Chair’s statement 6

Investment Manager’s Year End Review 12

Top ten holdings 39

Responsible investment at Ruffer 40

Business review 47

Section 172 and stakeholder engagement 55

Governance report

Board of Directors 58

Directors’ report 60

Corporate governance statement 64

Directors’ remuneration report 72

Audit and Risk Committee report 74

Management Engagement Committee report 78

Depositary report 79

Financial Statements

Independent Auditor’s report to

the members of the Company 81

Statement of financial position 88

Statement of comprehensive income 89

Statement of changes in equity 90

Statement of cash flows 91

Notes to the Financial Statements 92

Additional information (unaudited)

Portfolio statement 117

General information 128

Management and administration 129

Appendix – regulatory performance data 130

Appendix – alternative performance

measures used in the Annual Report 132

Visit us online

ruffer.co.uk/ric

We define this formally with the objective to achieve a positive

total annual return, after all expenses, of at least twice the

Bank of England base rate.

Through good markets and bad, our priority is protecting our

clients’ money.

By putting safety first, we seek to deliver solid performance that

can build the value of your investment over the long term.

To do this, we need the courage to stand apart from the crowd, to

challenge the consensus and invest in ways others can’t or won’t.

Ruffer Investment Company Limited has

a simple but unusual aim – to generate

consistent positive returns, however

financialmarkets are performing.

Keeping you invested,

whatever the weather

Financial highlights

as at 30 June 2026

Market capitalisation

Number of shares in issue

NAV at year end as

reported totheLSE

NAV per share as

calculated onanIFRS basis

Share price

NAV at year end as

calculated onanIFRS basis

NAV per share as

reported to the LSE

£865.72m 294.96m

£889.90m

301.42p

293.50p

301.70p

£889.09m

2025: £858.18m 2025: 302.18m

2025: £891.59m

2025: 293.93p

2025: 284.00p 2025: £888.20m

2025: 295.06p

1 These are the NAV and NAV per share

as per the Financial Statements. Refer to

note 16 on page 103 for a reconciliation

between this figure and the NAV/NAV per

share as reported to the LSE

2 See appendix for alternative performance

measures (APMs)

Ruffer Investment Company Limited

Annual Report 2026

Strategic report Governance report Financial Statements Additional information

Overview

Key performance indicators

as at 30 June 2026

Share price total return

over 12 months

1,2

NAV total return per share

over 12 months

1,2,3

Discount of share

price to NAV

1,3

Dividends per share

over 12 months

Annualised dividend yield

1,5

Annualised NAV total return

pershare from launch

Ongoing charges ratio

1,6

over 12 months

1 See appendix for alternative performance

measures (APMs)

2 Assumes reinvestment of dividends

3 Using NAV per share as calculated on an IFRS

basis. The NAV total return per share for the year

based on LSE NAVs was 4.3% (2025: 5.7%)

4 Dividends declared and paid during the year

5 Annual dividend yield is calculated using share

price at the year end and dividends declared

andpaid during the year

6 See note 9 on page 98

7.3% 5.3%

2.1%

-2.6%

6.7%

6.20p

1.086%

5.95p

1.074%

5.5%

4.6%

2.1%

-3.4%

6.8%

2025 2025

2025

20252025

2025

2026 2026

2026

20262026

2026

Ruffer Investment Company Limited

Annual Report 2026

NAV TR

2,4,5

NAV TR

2,4,5

NAV TR

4,5,6

NAV TR

2,4,5

NAV TR

2,4,5

price TR

3,4,5

price TR

3,4,5

price TR

3,4,5

price TR

3,4,5

price TR

3,4,5

Twice

Bank Rate

Twice

Bank Rate

Twice

Bank Rate

Twice

Bank Rate

Twice

Bank Rate

Long-term performance

as at 30 June 2026

Annualised NAV per share total return

and share price total return compared

to the Company’s objective

Performance over 12 months % Performance over three-year period %

Performance over five-year period % Performance over ten-year period % Performance since inception %

4.6

4.8

2.9

6.7

3.6

8.0

3.9

7.0

4.1

9.5

5.5

4.6

1.9

6.4

4.0

1 The Company’s objective is to achieve a positive return, after all expenses,

of at least twice the Bank of England base rate

2 NAV per share total return using NAV per share as published on the LSE

3 Share price total return

4 Assumes reinvestment of dividends

5 See appendix for alternative performance measures

6 NAV per share total return using NAV per share calculated on an IFRS basis

Ruffer Investment Company Limited

Annual Report 2026

Strategic report Governance report Financial Statements Additional information

Overview

Strategic

report

What’s in this section?

Chair’s statement 6

Investment Manager’s Year End Review 12

Top ten holdings 39

Responsible investment at Ruffer 40

Business review 47

Section 172 and stakeholder engagement 55

Ruffer Investment Company Limited

Annual Report 2026

What sets us apart

Keeping you

invested, whatever

the weather

Through good markets and bad, our

priority is protecting our clients’ money.

By prioritising protection, we seek to deliver solid performance

that can build the value of your investment over the long term.

To do this, we need the courage to stand apart from the crowd,

to challenge the consensus and invest in ways others can’t or won’t.

Find out more

ruffer.co.uk/ric

Ruffer Investment Company Limited

Annual Report 2026

Strategic report Governance report Financial Statements Additional informationOverview

Chair’s statement

Against an unusually broad range

of possible futures, the Board

continues to have confidence in

Ruffer’s ‘all-weather’ strategy

Nicholas Pink

Chair

Overview

Ruffer Investment Company Limited (RICL or the ‘Company’)

delivered resilient performance in the year ended 30 June 2026.

Net asset value total return (NAV TR) per share was 4.6%.

The discount of the share price to NAV narrowed from 3.4% as

at 30 June 2025 to 2.6% as at 30 June 2026, increasing share price

total return (share price TR) to 5.5%.

Throughout the financial year, the Board has continued to focus

on enhancing shareholder value.

A key action has been managing the discount and premium of the

share price to NAV via share buybacks/issuance and the enhanced

marketing strategy. Further progress was made during the year to

maintain credible discount control. The average discount of the share

price to NAV reduced from 4.6% in the 12 months to 30 June 2025

to 2.4% in the year to 30 June 2026. The proportion of the time that

RICL shares have traded at a discount to NAV of wider than 5% has

dramatically reduced over the past two years. The Board believes

that this focus on discount control is an important tenet for a

company which has the aim of capital preservation.

A second key action has been a review of the management fee

with Ruffer LLP (‘Ruffer’ or the ‘Investment Manager’). From

1 January 2027, Ruffer LLP will receive a management fee of 1%

of the lower of the Company’s market capitalisation and its net

assets, replacing the current annual management fee of 1% of net

assets. The revised structure creates greater alignment between

the Company and the Investment Manager.

Ruffer Investment Company Limited

Annual Report 2026

These initiatives are discussed in greater detail below.

Key performance indicators (KPIs)

The Company has seven KPIs, which are detailed on page 2 of

the Annual Report.

NAV TR over the 12 months to 30 June 2026 was 4.6%.

The discount of the share price to NAV narrowed marginally to

2.6% at 30 June 2026 (from 3.4% at 30 June 2025), resulting in

a slightly higher share price TR of 5.5% over the same period.

The Company’s performance therefore met the Company’s aim to

generate consistent positive returns, however financial markets are

performing. Nonetheless, returns over 12 months fell short of the

Company’s objective of twice the Bank of England base rate.

The Board carefully evaluates the performance of the Investment

Manager over various time periods. RICL’s performance has

exceeded its objective over ten and 20 years, but has fallen short

over one, three and five years.

Over the entire 22 years since inception to 30 June 2026,

the Company has delivered an annualised NAV TR of 6.7%,

exceeding the objective of twice the Bank of England base rate,

which averaged 4.1% for the same period. This has been achieved

with lower volatility than equities and bonds, as shown in the

chart above.

The Company’s annualised dividend yield for the period was

2.1% (2025: 2.1%), reflecting historical dividend payments.

This represents a material yield figure by RICL’s historical

standards, reflecting the high level of portfolio revenue in the

year, primarily due to a relatively high allocation to bonds and

prevailing bond yields.

The ongoing charges ratio was 1.086% (1.074% in the year to

30 June 2025).

Investment performance

The 12 months to 30 June 2026 was characterised by a tug of war

in markets. Geopolitical instability fanned the flames of too-hot

inflation and undermined bond markets, whilst the transformative

potential of AI drove the equity rally. A typical balanced portfolio

comprising 60% equities and 40% bonds would have enjoyed

returns of c 15% in the year to 30 June 2026, but this belied the fact

that global bonds marked time over the period; almost all the gains

were driven by global equities. In addition, within global equities,

performance was concentrated in a narrow group of US and Asian

AI winners. By some measures, global equity market breadth stood

at the narrowest in 20 years based on the proportion of stocks that

outperformed global indices.

NAV total returns versus volatility

July 2004 to June 2026

642 8

Twice Bank Rate

FTSE World Govt Bond

FTSE All-Share

Ruffer Investment Company

Volatility % (annualised)

NAV TR % (annualised)

12 14

Source: Morningstar, Ruffer, data from July 2004 to June 2026. Constituents Ruffer Investment Company, RIT Capital Partners, Capital Gearing, Personal Assets, BH Macro, Twice

Bank Rate, FTSE All-Share, FTSE World Government Bond Index. BH Macro data is from 2007. Volatility is not a complete measure of risk but provides a basis for comparison

Ruffer Investment Company Limited

Annual Report 2026

Strategic report Governance report Financial Statements Additional informationOverview

Against this challenging backdrop, the Company’s performance

in the year to 30 June 2026 was resilient – RICL’s NAV TR was

4.6%. However, the year was a game of two halves. In the six

months to 31 December 2025, RICL NAV TR was 4.9% due to the

positive contribution from equities, precious metals exposure,

cash and short-dated bonds more than offsetting the cost of

protective strategies and the weakness of the yen. In contrast,

over the six months to 30 June 2026, RICL’s NAV TR was -0.3%,

a rare six-month period of negative performance for Ruffer. This

was because the cost of holding protection and yen weakness

more than offset gains from equities, cash and short-dated bonds

and commodity exposure. Ruffer’s capital preservation mandate

explains the decision to eschew a small group of very highly valued

cyclical AI stocks and continue to own protection against the risk

of bonds and equities falling together. Overall, the 12 months

to 30 June 2026 therefore met RICL’s aim of delivering positive

returns, but fell short of the objective of twice the Bank of England

base rate. The Board shares the Investment Manager’s view that,

whilst the final quarter of the year to 30 June 2026 was particularly

frustrating, RICL’s performance over the broader 12-month period

demonstrated the value of the Company’s balanced approach.

More details about investment performance can be found in the

Investment Manager’s Year End Review on pages 12 to 38.

Benefits of closed-ended structure

The past two years have seen debate around the future of the

investment trust or closed-ended sector and whether it delivers

value to shareholders. Between 2022 and 2025, the number of

London-listed investment companies shrunk by 21%.

Meanwhile, studies show the benefit of the closed-ended structure

relative to open-ended for shareholders in its use of leverage,

ownership of illiquid assets and buyback/issuance of shares at a

discount/premium to NAV.

The Company utilises all the benefits of the closed-ended structure

for the benefit of shareholders.

First, leverage. RICL will not utilise gearing via debt, given its

capital preservation aim, but the Investment Manager does

opportunistically use derivatives, which are a form of leverage.

Second, ownership of illiquid assets. Currently, these include

specialist credit funds, designed to pay off in periods of market

stress. These assets are typically held via RICL’s holdings in the

specialist funds Ruffer Protection Strategies International (RPS)

and Ruffer Illiquid Multi Strategies Fund 2015 (RIMSF). RPS and

RIMSF represented 10% of the Company’s NAV as at 30 June 2026.

The Company may also opportunistically acquire less liquid growth

assets. For example, RICL currently has holdings in several UK

investment trusts.

Finally, the Company buys back and issues equity, enhancing

NAV per share. Since 2023, RICL has bought back 23.2% of its

issued share capital at an average discount of 4.8%, enhancing

NAV per share.

These features have helped RICL outperform similar peer

open-ended funds by an average of 1% per annum over the

past decade.

Looking forward, the revision to the management fee to calculate

the fee on the lower of market capitalisation and net assets, a

methodology which is becoming increasingly common in the

closed-ended fund universe, is a welcome development. The revised

fee structure provides protection for RICL shareholders, ensuring

a lower fee when the Company’s share price trades at a discount

to NAV per share, compared to the equivalent fee on net assets.

Since inception, RICL has traded at a discount for c.40% of the

time. Should that pattern continue, the new fee structure will

provide a benefit to shareholders whenever the shares trade at a

discount and, like any reduction in cost, that benefit is cumulative,

compounding over time.

The Board will continue to evaluate how it can utilise the benefits

of the closed-ended sector for the benefit of shareholders.

Investment management

Ruffer’s asset allocation is managed by its Co-Chief Investment

Officers (Co-CIOs). In June 2026, Ruffer LLP announced Jon

Dye’s appointment as Co-CIO effective 1 October 2026, working

alongside existing Co-CIO Henry Maxey. Jon has worked at

Ruffer for 16 years as Head of Research and then Head of Equities,

including managing an equity sleeve that has contributed to

RICL’s performance since 2021. Subsequently, Neil McLeish

resigned as Co-CIO in July for personal reasons. The existing

fund management arrangements for RICL are unchanged.

Management fee

In September 2026, the Company announced that, following a

review of the Company’s fee arrangements, it has agreed revised

terms with the Company’s Investment Manager. With effect from

1 January 2027, the Investment Manager will be entitled to an

annual management fee of 1% of the lower of the Company’s market

capitalisation and its net assets, calculated on a monthly basis.

This replaces the current annual management fee of 1% of net

assets. The revised structure creates greater alignment between

the Company and the Investment Manager, and reflects the Board’s

continued focus on delivering value for shareholders.

Ruffer Investment Company Limited

Annual Report 2026

What sets us apart

First, we protect,

then we grow

The fund has two goals: to protect

your money and to generate a

reliable return over the long term.

Avoiding big market falls is key. If your portfolio loses 50%

of its value, you need to gain 100% to get to back to where

you started. So, the fund can give you comfort at times when

other parts of your broader portfolio are suffering.

Find out more

ruffer.co.uk/ric

Ruffer Investment Company Limited

Annual Report 2026

Strategic report Governance report Financial Statements Additional informationOverview

Earnings and dividends

The Company’s earnings per share of 13.46p for the 12 months

to 30 June 2026 was split between 6.47p of revenue and 6.99p

of capital (compared to earnings of 12.61p for the 12 months

to 30 June 2025, split 5.78p of revenue and 6.83p of capital).

The Company continues to invest for total return, which

gives the Investment Manager the flexibility to own any asset

consistent with achieving the Company’s objective. Consequently,

revenue is not the primary goal but rather a by-product of the

investment portfolio.

The Board is committed to distributing at least 85% of revenue

earned in any given year to ensure that the Company’s shares are

not categorised by HMRC as non-mainstream pooled investments

(NMPI). Having paid an interim dividend of 2.85p in April 2026,

the Company has declared a second interim dividend of 3.32p on

30 September 2026 (3.35p in 2024/2025). The dividend will be

paid on 23 October 2026. The remaining balance of revenue earned

has been retained to add to the revenue reserve (£19.2 million or

6.5p per share at 30 June 2026), which may be used, where the

Board believes it appropriate, to cushion dividends against future

fluctuations in revenue per share.

Discount/premium management

The Board has a clear policy to manage any premium or discount

of the RICL share price to NAV per share.

The Board believes that, in the long run, the discount or premium

will be determined by investment performance, as evidenced by

NAV TR. In the short run, the Board will take action to enhance

shareholder value and manage the difference between the share

price and NAV per share. Over the past three years, the Board has

implemented progressively stronger measures to achieve this. The

intensity of the share buyback has increased significantly as and

when required and there has been a greater focus on marketing to

retail clients.

Together with improved investment performance, this all

resulted in greater demand for RICL shares from wealth and

retail shareholders over the past 12 months. As shareholder

demand increased, the Company buyback commensurately

reduced. During the year, RICL briefly traded at a premium to

NAV per share, allowing the first issue of RICL shares since 2023.

The discount of share price to NAV per share reduced from an

average of 4.6% in the 12 months to 30 June 2025 to 2.4% in the

12 months to 30 June 2026.

The Board’s discount policy is, around a mid-single-digit discount, to

assess with the Broker the market position in the shares: who are the

sellers and buyers and what are their reasons; what are the volumes

which are moving the share price significantly relative to the average

liquidity levels; and where are and what constitutes potential buyers

and at what price level. The Investment Manager is not apprised of

these discussions because of potential conflicts of interest.

The Board makes its own independent judgement on whether it

deems the discount to be a temporary aberration or a longer-term

signal for which action other than a share buyback may be required.

The Board’s policy to manage any premium of the share price to

NAV per share is to issue shares at a premium to NAV per share.

The objective of the buyback, issuance and other measures is to

make money for remaining shareholders by adding to the NAV per

share, to bring the share price closer to the NAV per share and to

help provide liquidity in the shares.

The Company’s policy has resulted in the buyback of 7.7 million

shares at a cost of £22.2 million in the 12 months to 30 June 2026,

representing 2.6% of the share capital at the beginning of the year.

These buybacks occurred at an average discount of 3.7%, which

has enhanced NAV per share by 0.3p or 0.1%. Since 30 June 2026,

the Company has bought back a further 8.8 million shares or 3.0%

of the Company’s shares in issue on 30 June 2026. In April 2026,

the Company issued 0.5 million shares at a small premium to

NAV per share.

The Board is committed to retaining the tools necessary to

implement this policy. The Board proposes to renew its powers

to buy back up to 14.99% of the Company’s shares in issue at

the 2026 Annual General Meeting (AGM). Additionally, the

Board can operate a tender mechanism at any time it chooses,

if deemed necessary.

Marketing

Following a review of the positive progress already made, the Board

and Ruffer agreed the continuation of the enhanced marketing

strategy for direct-to-consumer shareholders in 2026. This strategy

primarily targets retail shareholders, who own a significant

proportion of the Company directly or via investment platforms.

Ruffer Investment Company Limited

Annual Report 2026

1 Global Investment Returns Yearbook 2026 – Elroy Dimson, Paul Marsh, Mike Staunton; derived from evidence based on the full range of markets for which

thereiscomplete history 1900-2025

2 Warren Buffett 1993 refinement of Benjamin Graham/David Dodd concept from 1934 text ‘Security Analysis’. Buffet’s text has been widely popularised as

‘Intheshortrun, the market is a voting machine, but in the long run, the market is a weighing machine’

The results have included a revised website for RICL; meetings

between the Board, the fund managers and the financial press and

financial analysts; appearances by the fund managers on podcasts

aimed at retail investors; direct advertising in relevant finance

publications; a letter to shareholders on investment platforms

to establish a regular mailing list; the redesign of the Interim

and Annual Reports (nominated for Best Generalist Report and

Accounts in the Association of Investment Companies Shareholder

Communication Awards); and the organisation of an annual

shareholder event in London.

The Board and Ruffer use various metrics to track progress of the

initiatives; notably, the proportion of RICL owned by shareholders

on the largest investment platforms increased over the past year.

Board matters

The Board is committed to conducting an external review of Board

effectiveness and Directors’ fees triennially; during 2026, external

consultants were selected and the next reviews will be reported

in 2027.

In September 2026, the Board held its annual ‘kick-the-tyres’

session. This involved meetings with Ruffer senior management,

the Co-CIOs and fund managers to conduct due diligence on

investment strategy and asset allocation, investment risk, cyber

risk, protection strategies and responsible investment.

Company Secretary

Following a review of the Company’s service provider

arrangements, the Company appointed Aztec Financial Services

(Guernsey) Limited (‘Aztec’) as Company Secretary, effective

1 June 2026. Aztec will work alongside Apex Fund and Corporate

Services (Guernsey) Limited, who continue as Administrator.

The Company’s registered office has changed to PO Box 656,

East Wing, Trafalgar Court, Les Banques, St Peter Port, Guernsey,

GY1 3PP.

Annual General Meeting (AGM)

The Company’s AGM will be held at noon on 9 December 2026, at

the offices of Aztec. Shareholders are invited to attend. The Board

encourages all shareholders to exercise their votes by completing

and submitting the proxy election form in advance.

Any questions should be submitted via email to the Company

Secretary at ruffer@aztecgroup.co.uk

Recognising that some shareholders will be unable to attend the AGM

in person, a separate opportunity for shareholders to meet some of

the Board members and receive a presentation from the Investment

Manager will be provided on 11 November 2026 at Ruffer’s London

office. To receive an invitation, please sign up for shareholder updates

by using the QR code as provided in the Annual Report.

Outlook

There is a clear historical relationship between starting real

interest rates and subsequent real returns for equities and bonds.

At today’s level, that relationship points to a real return for a typical

60:40 portfolio of 3.7% per annum.

However, this is a central

case, not a forecast. The path to that return is unlikely to be plain

sailing. Volatility carries a cost – a sharp loss can take an outsized

gain to recover, interrupting the compounding process that drives

long-term returns.

The Bank for International Settlements’ (BIS) June 2026 annual

report is a guide to the shifting tides. It flags four risks to the

economic outlook: sticky post-shock inflation; an AI investment

boom that could reverse if payoffs disappoint; financial

vulnerabilities from stretched valuations and opaque AI-related

leverage; and mounting fiscal pressure amid slowing growth – set

against a market that seemingly is underpricing these dangers.

Arguably, narrow equity market leadership and signs of speculative

excess might point to equity markets behaving as Graham’s ‘voting

machine’

rather than weighing fundamentals. The BIS study of the

impact of AI on growth and interest rates underscores how wide the

uncertainty is stemming from just one factor, modelling outcomes

ranging from a transformative AI scenario that lifts growth

exponentially to a demand-bottleneck scenario where growth falls

below trend as automation stalls and lost jobs mean lost consumers.

This is a reminder, perhaps, to borrow Zhou Enlai’s famously

cautious verdict that it is ‘too early to tell’ what AI means for markets.

Against this unusually broad range of possible futures, the Board

continues to have confidence in Ruffer’s ‘all-weather’ strategy.

Ruffer’s current preference for less crowded, better-valued

exposures positions the portfolio to benefit if AI-led growth

broadens, whilst its resilience and valuation discipline provide

protection should leadership narrow or expectations unwind.

Nicholas Pink

29 September 2026

Ruffer Investment Company Limited

Annual Report 2026

Strategic report Governance report Financial Statements Additional informationOverview

Investment Manager’s

Year End Review

for the year ended 30 June 2026 (unaudited)

Philosophy and approach

Investment philosophy

Ruffer Investment Company Limited follows the

Ruffer philosophy and strategy, which have remained

unchanged since Ruffer started in 1994. Our aim is

simple but unusual – to generate consistent positive

returns, however financial markets are performing.

Through good markets and bad, our priority

is protecting our shareholders’ money.

Ruffer Investment Company Limited

Annual Report 2026

Formally, our objective is to achieve a positive total annual return,

after all expenses, of at least twice the Bank of England base rate.

In essence, our goals are two-fold. To protect your money and to

generate a reliable return over the long term.

Since its launch in 2004, the Company’s approach has successfully

delivered positive returns with a low correlation to equities and

other asset classes. Most notably, we preserved shareholder capital

during the global financial crisis, the covid-19 pandemic and the

2022 interest rate shock. More recently, the portfolio delivered

positive returns during the August 2024 yen carry trade unwind

and the 2025 tariff shock, demonstrating its ability to navigate

shorter-lived episodes of market stress.

These results reflect a philosophy focused on capital preservation

and a disciplined, differentiated investment approach.

Investment approach

At Ruffer, we think differently about risk. Our investment approach

starts with managing the risk of losing money, identifying assets

that can protect against major market risks and potential regime

changes, no matter where we are in the cycle. By putting protection

in place ahead of time, we’re able to remain opportunistic during

benign markets and well positioned to take on risk during or after

market downturns.

In an ideal world, one could rotate perfectly between ‘growth’

and ‘protection’ assets – selling at the top and buying at the

trough. But nobody can determine exactly when these points will

be. Market downturns often arrive unexpectedly, from seemingly

calm conditions rather than storm clouds.

To remove the need for market timing, the Company’s portfolio

always maintains a balance between protection and growth assets.

The balance shifts, depending on our views and conviction at any

given time.

We conduct our own independent research, actively manage the

underlying holdings and invest without the constraint of market

benchmarks. The portfolio typically includes equities, fixed income,

exposure to precious metals and other commodities, currencies,

derivatives and alternative assets – though the composition and

weighting of each will vary based on our outlook.

Rather than rely on historic correlations between asset classes,

we consider a broad range of future scenarios and position the

portfolio accordingly. Our forward-looking, qualitative assessments

of markets are supported by quantitative analysis and stress testing

to identify and address vulnerabilities in the portfolio.

When constructed correctly, the result is an all-weather portfolio

– one that aims to preserve capital during periods of market stress

as well as capturing opportunities in rising markets. For investors,

this means the Company can act as a source of stability and

reassurance when other parts of a broader portfolio may be under

pressure, helping to generate a reliable return over the long term.

We aim to protect

your money and to

generate a reliable

return over the

long term

Ruffer Investment Company Limited

Annual Report 2026

Strategic report Governance report Financial Statements Additional informationOverview

Long-term performance

Over 30 years, the Ruffer strategy has delivered an annualised return of 7.9%, after all fees and charges. Just as importantly, it has provided

meaningful protection and diversification during periods of market stress, as illustrated in the chart below.

Long-term performance

100

1995 1998 2001 2003 2006 2009 2012 2015 2018 2020 2023 2026

300

200

700

600

1,000

800

1,100

900

500

400

1,200

8.0% pa

7.7% pa

7.9% pa

6.0% pa

Ruffer FTSE All-Share Total Return Twice Bank RateRuffer Investment Company

dot.com bust Credit crisis Covid-19 crisis Rate rises

Source: Ruffer, FTSE International, Bloomberg. Cumulative performance 30 June 1995 to 30 June 2026, in pounds sterling. Performance data is included in the appendix.

Allfigures include reinvested income. All mentions of Ruffer performance refer to Ruffer’s representative portfolio, which is an unconstrained segregated portfolio

followingRuffer’s investment approach. Ruffer performance is shown after deduction of all fees and management charges. Ruffer Investment Company series and

annualisedperformance figure uses Ruffer performance prior to the launch of Ruffer Investment Company on 7 July 2004 and Ruffer Investment Company performance

thereafter. Calendar quarter data has been used up to the latest quarter end and monthly data thereafter. Performance prior to 1 July 2022 has been calculated using

monthlydata points, and thereafter using daily data points. More information: ruffer.co.uk/methodology

Ruffer’s successful track record stems from our ability to identify major inflection points in financial markets and protect portfolios

through them. During investment regime change, asset class correlations often shift. Equities and bonds may fall in tandem. In these

moments, investors need genuine diversification: assets that can behave differently and deliver a negative correlation to both equities

and bonds under stress.

The chart overleaf shows the rolling two-year correlation of the Ruffer portfolio versus the FTSE All-Share Index. Typically, the Ruffer

portfolio shows a positive correlation to equity markets in benign conditions. However, during periods of market stress, this correlation

tends to fall – often turning negative – providing the kind of diversification our investors rely on when it matters most.

Ruffer Investment Company Limited

Annual Report 2026

Correlation falls during market stress

dot.com bust Credit crisis Covid-19 crisis 2022 rate hikes

1997 2000 2003 2006 2009 2012 2015 2018 2021 2024 2026

600

400

200

1,200

1,000

FTSE All-Share TR

Ruffer versus FTSE All-Share TR, rolling two-year correlation

800

Ruffer versus FTSE All-Share TR, rolling two-year correlation, rhs

FTSE All-Share TR

Correlation to

UK equities 0.4

Global equities 0.4

Global bonds 0.1

-1.0

-0.8

-0.6

-0.4

-0.2

0.2

0.6

0.8

0.4

1.0

Source: FTSE Russell, Ruffer calculations, based on quarterly performance data from 30 June 1997 to 30 June 2026. UK equities refers to the FTSE All-Share, global

equitiesrefers to the FTSE All World, and global bonds refers to the Bloomberg Global Bond Aggregate. Correlation figures are since inception

Performance review

Performance in Net Asset Value (NAV) and price terms

100

140

120

160

200

240

280

340

220

260

180

300

320

2004 20082006 2010 2012 2014 2016 20202018 2022 20262024

NAV

Price

Source: Ruffer Investment Company data 7 July 2004 to 30 June 2026

Ruffer Investment Company Limited

Annual Report 2026

Strategic report Governance report Financial Statements Additional informationOverview

Premium and discount over time

-2%

-6%

-4%

-8%

DiscountPremium

2004 20082006 2010 2012 2014 2016 20202018 2022 20262024

+5%

-5%

Source: Ruffer Investment Company data 7 July 2004 to 30 June 2026

Premium/discount

The Board has continued to take a disciplined and proactive approach to discount management through share buybacks. Over the last

12 months, it has repurchased approximately 7.7 million shares at a total cost of around £22.2 million, equivalent to c2.6% of shares

outstanding as at 30 June 2025. These buybacks were accretive to NAV per share for continuing shareholders, whilst providing liquidity to

those wishing to exit their investment.

This activity, alongside strong investor demand, contributed to a significant narrowing of the discount over the period, with the shares

moving from a 3.4% discount at 30 June 2025 to a 1.4% premium by 30 April 2026. Reflecting this improved demand, the Company was

able to issue 0.5 million new shares at a premium of 1.5% in April 2026.

During May and June 2026, the shares returned to a narrow discount, at which point the Board recommenced buybacks. This recent activity

is a validation of the Board’s approach of monitoring the discount closely and using buybacks in a measured and flexible manner where it

believes this is in shareholders’ interests.

Ruffer Investment Company Limited

Annual Report 2026

Recent performance

Over the last 12 months, the Company delivered a positive

NAV total return of 4.6%, achieving its aim of preserving and

growing shareholder capital through a range of different market

environments, though failing to deliver on its explicit objective

of a return at least twice the Bank of England base rate (8.0%

over the period).

The year unfolded in three distinct phases. From the end of

June 2025 to late February 2026, conditions were supportive

for the Company’s positioning. Market leadership broadened

beyond the US and expensive technology shares, with stronger

performance from Europe, China, Japan and other previously

overlooked areas. The Company’s equity book benefited from this

dynamic, with its exposure to attractively valued non-US equities

contributing meaningfully to performance.

The second phase began in late February, as investors became

more discerning about areas of the market where expectations

looked stretched. In AI, the concern was less about the long-term

potential of the technology and more about the scale and economics

of the investment required to support it, particularly among the

US hyperscalers. This more selective approach also weighed on

software companies, where high valuations and elevated growth

expectations came under pressure as investors worried what AI

might mean for their business models.

The weakness in these crowded areas of equity markets coincided

with growing concerns around private credit, prompting a broader

reassessment of risk. Credit spreads began to widen through

February and March as popular, highly valued areas of the market

came under pressure. The outbreak of conflict in the Middle East

at the end of the month added further to investor caution. Whilst

this weighed on risk assets, parts of the Company’s protection

book performed as intended. Credit protection was the standout

contributor, benefiting from wider spreads, greater dispersion,

and a more volatile market backdrop. Commodity exposure also

proved an important offset. The conflict pushed oil prices higher

and supported the Company’s exposure to energy and related

commodity assets.

That stress, however, proved short-lived and the final quarter of the

period proved a challenging backdrop for the Company. Through

April, May and June, credit spreads retraced, volatility fell back

and equity markets recovered – in many cases going on to make

new all-time highs.

Yet the apparent strength in headline indices masked a

much narrower market beneath the surface. Leadership was

concentrated in a small number of US and Asian hardware

names, where the Company had limited exposure. The Company

therefore faced a less favourable backdrop. Markets were not weak

enough for protections to contribute meaningfully, but neither

was participation broad enough for its growth assets to drive

performance decisively. Whilst the market rally in the closing

weeks of the period has shown tentative signs of broadening, it has

yet to extend meaningfully to other areas of the portfolio’s equity

exposure, including China tech, software and the UK.

Whilst the final quarter was frustrating, the 12-month period

demonstrated the value of the Company’s balanced approach.

It participated in the broadening of market leadership earlier

in the reporting period, whilst elements of the protection book

responded when markets experienced a notable pullback. Looking

forward, we are confident the portfolio is well placed for a range

of outcomes. It retains exposure to areas that should benefit if

economic growth broadens, whilst maintaining protection against

geopolitical shocks, inflation volatility and market fragility created

by unusual concentration.

Ruffer Investment Company Limited

Annual Report 2026

Strategic report Governance report Financial Statements Additional informationOverview

Attribution

Key drivers of performance (12 months)

Equity

upside

Gold and precious

metals exposure

Cash and

short-dated bonds

Commodity

exposure

Long-dated

inﬂation-linked

bonds

Long and medium-

dated nominal

bonds

US dollar Yen

exposure

Credit and

derivatives

strategies

4.6%

3.9%

1.3%

0.6%

0.2%

0.1% 0.1%

-2.0%

-3.5%

Source: Ruffer Investment Company 30 June 2025 to 30 June 2026. Returns in local currency and gross of fees so will not total actual performance

Factors that helped performance

Equity upside was the largest contributor. The Company’s equity exposure increased from c26% to c33%, helping it to participate in a strong

period for markets, with global equities up over 25% in sterling terms. Returns came from Japanese equities focused on corporate change,

where improving governance and better capital allocation continued to unlock value. Commodity-related equities, including Rio Tinto

(+76%) and BP (+30%), also supported performance as geopolitical tension, energy disruption and inflation volatility increased demand for

real assets.

Gold and precious metals exposure added 3.9% to performance. This benefited as the broader precious metals rally gathered momentum

and investor interest increased, including retail buying, particularly from Asia. The Company expressed its exposure through mining

equities rather than bullion. This reflects the attractive margins available to producers whilst gold prices remained elevated, and costs

relatively contained.

Commodity exposure contributed meaningfully to performance, especially in the second half of the period. Energy prices rose sharply

as the escalating conflict in the Middle East forced markets to reassess the risk of a meaningful supply shock. Brent oil rose by c85% at its

peak, benefiting the Company’s 1.2% direct oil exposure and c3.4% in commodity-related equities. We took profits in part of the direct oil

position as prices spiked. The chart overleaf shows how exposure was built when oil prices were weak and reduced after prices rose sharply.

The Company retains around 3% in commodity equities, which we expect to benefit from a more volatile geopolitical backdrop and a higher,

more variable inflation environment.

Ruffer Investment Company Limited

Annual Report 2026

Actively managing oil exposure

Brent crude futures

115

135

105

125

Mar 2025 Jul 2025May 2025 Sep 2025 Nov 2025 Jan 2026 Mar 2026 May 2026

Buy Sell

Source: Ruffer, Bloomberg. CO1 cmdty. 31 March 2025 to 30 June 2026

Factors that hurt performance

Yen exposure detracted from returns as the currency weakened following Sanae Takaichi’s appointment as LDP leader (with the snap

general election cementing her position) as markets priced a greater likelihood of expansionary fiscal policy. The yen came under further

pressure after Federal Reserve (Fed) Chair Kevin Warsh’s more hawkish tone at the June Federal Open Market Committee (FOMC) meeting

supported the dollar. We trimmed the yen cash exposure in recognition of these headwinds, instead increasing our exposure to the currency

contingently via call options. This should help mitigate the cost of the position whilst allowing the Company to retain meaningful exposure

(c10%). We continue to view the position as an asymmetric source of protection: official willingness to support the currency, as demonstrated

in February, should help limit further downside, whilst any broader market sell-off could prompt a sharp reversal as US interest rates are

likely cut and yen-funded carry trades are unwound.

Credit and derivatives strategies detracted from returns as risk assets advanced over the period. We see this as a necessary cost of

building resilience into the portfolio. With bonds and equities still positively correlated, traditional diversification is less reliable, making

unconventional protection a must-have rather than a nice-to-have. It is a cost to the portfolio in benign markets, but it is designed to preserve

and grow capital should market conditions deteriorate. Credit protection demonstrated this defensive value during the period as concerns

rose around private credit and geopolitical tensions escalated in February and March.

Ruffer Investment Company Limited

Annual Report 2026

Strategic report Governance report Financial Statements Additional informationOverview

What sets us apart

Steady hands for

unsettled markets

Markets can change quickly.

That’s why Ruffer’s approach is

deliberately different. First, we

focus on protecting capital. Then

we look for opportunities to grow it.

By staying disciplined when markets are unsettled, we’ve

helped investors navigate uncertainty with confidence for

more than 30 years.

Find out more

ruffer.co.uk/ric

Ruffer Investment Company Limited

Annual Report 2026

Portfolio changes

The chart below shows how the Company’s asset allocation changed over the period. The commentary focuses on moves of more than ±2%,

excluding cash and sterling, which largely reflect the net effect of other portfolio activity.

Current portfolio structure

Source: Ruffer Investment Company



Inflation

Jun 25

Jun 26

Change

Gold and precious metals exposure 7.8 3.3 -4.5

Long-dated non-UK inflation-linked bonds 0.2 9.3 +9.1

Long-dated UK inflation-linked bonds 4.7 1.2 -3.5

Short-dated UK inflation-linked bonds 0.9 — -0.9



Protection

Short‑dated nominal bonds 41.0 20.0 -21.0

Medium‑dated nominal bonds — 15.4 +15.4

Long-dated nominal bonds 1.7 2.2 +0.5

Cash 4.4 2.9 -1.5

Credit and derivative strategies 12.4 10.0 -2.4



Geographic equity allocation

UK equities 10.6 10.2 -0.4

North America equities 4.4 8.6 +4.2

Europe equities 5.5 5.6 +0.1

Asia ex-Japan equities 2.5 3.9 +1.4

Japan equities 2.1 3.6 +1. 5

Other equities 0.6 0.7 +0.1

Commodity exposure 1.2 3.1 +1.9

Currency allocation

Sterling 81.3 76.1 -5.2

US dollar 0.9 10.7 +9.8

Yen 14.8 5.0 -9.8

Euro 1.4 2.5 +1.1

Other 1.7 5.7 +4.0

Source: Ruffer Investment Company. Data in GBP as at 30 June 2026. Totals may not equal 100%, due to

rounding. Shading indicates significant portfolio changes, which are discussed in more detail overleaf

Ruffer Investment Company Limited

Annual Report 2026

Strategic report Governance report Financial Statements Additional informationOverview

Gold and precious metals exposure was significantly reduced over

the period. We took the opportunity to realise profits in gold mining

equities. With central bank buying slowing and retail participation

becoming more prominent, we grew concerned that gold was

vulnerable to a near-term pullback. We reduced exposure ahead of

gold’s decline in October and again ahead of the outbreak of conflict

in the Middle East.

Long-dated non-UK inflation-linked bonds were dynamically

managed over the year. We added when yields had risen and

reduced exposure after prices recovered. We added to ten-year

US TIPS, funding the position through a reduction in US floating

rate notes and UK index-linked bonds. US real yields had moved

above 2%, and we believed yields could fall if geopolitical tensions

eased, or if a prolonged conflict shifted market attention away from

inflation and rate rises towards weaker growth.

Overall, we take an active approach to managing our bond

exposure, increasing duration (interest rate sensitivity)

opportunistically when we see attractive risk-reward, but remain

cautious on bonds as portfolio protection in an environment where

inflation can undermine their traditional defensive role. Over the

course of the period, the portfolio’s duration exposure remained

low, ranging from 1.1 to 2.6 years. It currently stands at 2.3 years.

Long-dated UK inflation-linked bonds were reduced and rotated

into Treasury Inflation-Protected Securities (TIPS). This reduced

UK-specific risk whilst improving liquidity. We retain a small

position (c1.2%), given their potential to benefit materially if

long-term inflation expectations rise, causing real yields to fall. These

assets have historically been a cornerstone of our inflation protection

but we have grown more cautious on the risks at the long end of the

UK yield curve. Today’s portfolio builds inflation resilience through a

broader toolkit, including commodities, commodity-related equities,

precious metals and derivatives, alongside this smaller holding in

index-linked gilts.

Medium-dated bonds were traded over the period, with the

initiation of a position in five-year UK gilts. We added to the

position in September 2025, when yields looked attractive, reduced

exposure in January 2026 after prices had recovered, and rebuilt

the position in March as yields rose sharply again. The March move

was driven by higher energy prices after the outbreak of conflict

in the Middle East, a rapid repricing of UK rate expectations, and

political uncertainty around Prime Minister Sir Keir Starmer’s

position. We believed if there was resolution to the conflict in the

Middle East and greater certainty around the UK political situation,

there was the potential for yields to retrace.

Ruffer Investment Company Limited

Annual Report 2026

Trading five-year UK gilts

UK five-year yield

3.50

3.90

3.70

4.10

4.70

4.50

4.30

Apr 2025 Aug 2025Jun 2025

PurchasesSales

Oct 2025 Dec 2025 Feb 2026 Apr 2026 Jun 2026

Source: Ruffer, Bloomberg, data to 30 June 2026

Credit and derivative strategies declined in value as markets continued to trend upwards and spreads narrowed. We have not reduced our

exposure, and the Company retains potent protective positions that should enable it to preserve and grow capital in the event of a significant

market downturn.

North America equities were selectively increased through two diversified baskets of stocks: software and AI-at-risk; and US companies

with superior free cash flow (FCF) yields. In software, a sharp sell-off in early 2026 appeared indiscriminate, creating an opportunity to

add high-quality, cash-generative companies at more attractive valuations whilst avoiding reliance on a small number of winners. The US

FCF yield basket provides targeted exposure to a broader US equity rally. It is focused on high-quality, cash-generative businesses trading

on attractive valuations with superior FCF yields versus the market.

US dollar exposure increased. Whilst we see the dollar as a less reliable long-term safe haven and expect it to face structural headwinds,

we believe it can play a tactical role in the portfolio, particularly given the Company’s deliberately limited exposure to US equities. It could

support returns if US growth accelerates and may also benefit during a renewed oil shock as the US is a net energy exporter.

Yen exposure was reduced over the period, with the change concentrated in the Company’s cash yen position, which was cut from 15% to

c5%, mainly by reducing the portion held against sterling. We acknowledge the yen may remain under pressure in the near term, as higher

expected interest rates in the US make it harder for the currency to strengthen. Importantly though, the reduction does not signal a loss of

confidence in the yen’s protective role, and we retain meaningful exposure via yen call options. In a market shock, we would expect the yen

to benefit from the unwinding of yen-funded carry trades, and from the narrowing of interest-rate differentials as Western central banks

cut interest rates.

Ruffer Investment Company Limited

Annual Report 2026

Strategic report Governance report Financial Statements Additional informationOverview

Investment outlook

In last year’s full year report, we set out the two structural forces driving a regime change in investment markets: inflation volatility and

the potential waning of US exceptionalism. The low inflation, low interest rate and low volatility environment that investors have enjoyed

in recent decades is giving way to a new, more unstable regime. In short, 2% is now the floor for inflation, rather than the ceiling. The pillars

of US exceptionalism are being eroded, with the shift to a multi-polar world order raising the risk that a smaller proportion of global capital

finds its way into US assets. To read about the drivers of these structural views, the June 2025 Investment Manager’s Report is available

at ruffer.co.uk/ric

In the Interim Report published in January, we argued that these shifts in policy and geopolitics were no longer distant risks but increasingly

defining market conditions today – highlighting inflation volatility as a key risk in 2026.

The first six months of the calendar year reinforced these concerns, with the conflict in Iran and resulting energy shock swiftly taking

Fed cuts off the menu, followed by the appointment of Chair Warsh, whose hawkish rhetoric pushed markets to further re-price interest

rate expectations.

Gold, government bonds and equities all fell together in March, when there were few places for investors to hide. This was the third significant

episode since 2022 when bonds and equities have fallen together, as the failure of traditional safe havens becomes increasingly common.

Normalised conventional offsets

-3.5

-2.5

-1.5

-0.5

0.5

1.5

2.5

3.5

4.5

5.5

6.5

2007 2009 2011 2013 2015 2017 2019 2021 2023 2025

Dollar index Gold Treasuries

Treasuries and

dollar work

Treasuries and

gold work

Treasuries and

gold work

Only dollar

works

Nothing

works!

Only gold

works

Source: Ruffer, Bloomberg, data from 2007 to 26 June 2026

Ruffer Investment Company Limited

Annual Report 2026

In a world of higher, more volatile inflation – with increasingly indebted governments that are less able or willing to cut spending –

we do not believe conventional assets can be relied on to deliver a consistent offset to equity risk. As the chart below illustrates, the

negative correlation between equities and bonds that characterised much of the last two decades was largely a feature of the disinflationary

era. As inflation has re-emerged, bonds have increasingly moved alongside equities rather than offsetting their declines, reducing their

effectiveness as a diversifier.

Genuine protection is hard to find

US two-year bond-equity correlation, monthly data

-1.0

1935 1945 1955 1965 1975 1985 1995 20152005 2025

-0.4

-0.2

-0.6

-0.8

1.2

0.4

0.8

0.2

0.6

1.0

Source: Global Financial Data. Ruffer. Rolling two-year correlation. Data to June 2026

The recent conflict is reflective of this broader regime change and an uncomfortable reminder that the world has changed and inflationary

jolts can emerge quickly, with significant market consequences.

As a result, we have long argued for a fresh approach to asset allocation. As this regime change evolves, the need for genuine diversifiers

becomes more pressing. The years ahead will be defined by not just greater volatility but the increasing frequency with which traditional

relationships break down – a dynamic that reinforces the importance of building portfolios capable of withstanding a wide range of outcomes.

Driving investors

to look elsewhere for

uncorrelated returns

Presenting challenges for

traditional safe havens

The world

is changing

Ruffer Investment Company Limited

Annual Report 2026

Strategic report Governance report Financial Statements Additional informationOverview

Current market set-up

At the start of 2026, investors were expecting a strong growth environment supported by AI capex, fiscal expansion and a shift away from

quantitative tightening towards central bank balance sheet support. What is striking six months into the year – despite the disruption to

global oil supply and a tenuous ‘agreement to make an agreement’ – is how little those expectations have changed.

The latest Bank of America Global Fund Manager survey shows that global fund managers are now placing a higher probability on a soft

landing (47%) and a lower probability on a hard landing (4%) than they were in January (when it was 44% and 5%, respectively).

Consensus on growth remains bullish

BofA Global Fund Manager Survey

Most likely outcome for global economy (next 12 months)

May 23

Jun 23

Jul 23

Aug 23

Sep 23

Oct 23

Nov 23

Dec 23

Jan 24

Feb 24

Mar 24

Apr 24

May 24

Jun 24

Jul 24

Aug 24

Sep 24

Oct 24

Nov 24

Dec 24

Jan 25

Feb 25

Mar 25

Apr 25

May 25

Jun 25

Jul 25

Aug 25

Sep 25

Oct 25

Nov 25

Dec 25

Jan 26

Feb 26

Mar 26

Apr 26

May 26

Jun 26

No landing Soft landing Hard landing %

Percentages may not sum to 100% due to rounding and/or the exclusion of ‘Other’ or ‘No opinion’ responses in the original source data

Source: BofA Global Fund Manager Survey, Bloomberg. Data from May 2023 to June 2026

Ruffer Investment Company Limited

Annual Report 2026

The market system was able to absorb a significant shock, without adjusting expectations. How?

The explanation rests on three pillars.

1 Physical – the oil market entered the conflict with excess supply, including large volumes of sanctioned oil on water; the cushioning effect

of a lagged supply chain (the time between leaving the Strait and arriving at port); a rise in US exports; a sharp fall in Chinese import

demand; and greater than expected demand flexibility in Asia.

2 Financial – markets largely looked through the shock, supported by an established playbook (‘fade the geopolitics’), learned expectations

of a Trump pivot (TACO), defensive positioning ahead of the event and demand from both retail investors and systematic strategies on

ceasefire news.

3 Fundamental – underlying economic fundamentals remained strong in the first half of 2026, with corporate earnings expectations rising

and US macro data consistently surprising to the upside.

The Memorandum of Understanding struck between the US and Iran in June, which included an agreement to reopen the Strait of Hormuz,

triggered a sharp fall in the oil price and a corresponding rally in risk assets. However, the situation remains fluid. For markets to stay

relaxed, it will be important to see two-way traffic (both in and out of the Strait) normalise. For now, whilst outbound flows have picked up

sharply, inbound traffic remains subdued.

Tankers entering Strait of Hormuz, east to west

17 Jul 2025 15 Sep 2025 14 Nov 2025 13 Jan 2026 14 Mar 2026 13 May 2026 12 Jul 2026

Source: Bloomberg, data 17 July 2025 to 17 July 2026

Whilst lower crude prices have eased immediate concerns, near-term inflation risks from energy remain skewed to the upside. Refined

product prices have not retraced to the same extent, leaving crack spreads (the differential between crude oil and refined products) elevated.

As a result, both the direct and second round effects of higher energy prices have perhaps yet to feed through fully to inflation.

Ruffer Investment Company Limited

Annual Report 2026

Strategic report Governance report Financial Statements Additional informationOverview

Oil may have fallen but crack spreads haven’t

US 3:2:1 crack spread Brent oil

Dec 25 Jan 26 Feb 26 Mar 26 Apr 26 May 26 Jun 26

120

Dec 25 Jan 26 Feb 26 Mar 26 Apr 26 May 26 Jun 26

110

100

Source: Bloomberg. Data from December 2025 to June 2026

If sustained, this will erode real incomes and weigh on consumer

spending, particularly as the positive impulse from US tax cuts

earlier in the year begins to fade. However, assuming supply

normalises and we avoid any further disruption to oil markets,

these pressures should ease later in the year. Against this backdrop,

policy will play an important role in determining how sustainably

markets can absorb the recent shock, for example the decision to

rebuild strategic petroleum reserves (the timing of which could

keep prices elevated).

More broadly, any durable improvement in the geopolitical

backdrop could act as a catalyst for broader-based growth and

equity market performance. Progress towards a peace deal

between Russia and Ukraine, a conflict that has faded from market

attention, would provide an additional tailwind. On the other hand,

if the new Fed Chair retains his hawkish stance (particularly in the

face of any further fiscal giveaways as we approach the mid-term

elections), monetary tightness could cause equity and credit

markets to falter.

Geopolitics is, however, not the market’s only preoccupation this

year. The other dominant force, which has been driving this US

economic strength, is AI capital expenditure.

AI capex: real cycle, real risks

After a long period of subdued investment, US capital expenditure

has accelerated sharply over the past year. This has been led by

the US hyperscalers and concentrated in IT equipment, software

and data-centre infrastructure. The scale and concentration of

this spending have been sufficient to revive the US exceptionalism

narrative, with investors increasingly extrapolating the idea that

AI will drive a new US-led productivity boom.

Given the healthy margins, internal financing and explicit intentions

of firms to continue investing in AI, it is reasonable to expect that

(at least for now) the capex narrative powers on. However, it is not a

one-sided story. Key vulnerabilities include competition for capital

and associated inflationary pressure, potential deterioration in

corporate balance sheets, the increasing concentration of US growth

in a narrow set of AI-driven activities, and the timing gap between

investment today and returns tomorrow.

Ruffer Investment Company Limited

Annual Report 2026

AI capex has dominated

US capex percentage change year on year

-25%

2008 2010 2012 2014 2017 2019 2021 2023 2026

-10%

-15%

-20%

20%

-5%

15%

10%

All other investmentIT and software

Source: Datastream. Data quarterly from March 2007 to March 2026

The AI capex cycle is clearly a very powerful driver of the US

economy and markets, and the near-term fundamentals remain

strong. Profit margins across many AI-linked businesses continue

to expand, returns on capital are high, in aggregate the investment

is still being funded from cash flows rather than excessive

borrowing, and firms are signalling strong spending intentions.

Little in the current data suggests an imminent turning point.

However, the uncomfortable fact is that two things can be true

at once: the AI capex boom can be economically significant and

durable in the near term, whilst also becoming increasingly

extended in market expectation and asset terms and unlikely

to persist indefinitely. Strong fundamentals do not necessarily

translate into good investment opportunities.

This dynamic has clear historical precedent. Previous capex

booms, most notably during the late 1990s, began with strong

earnings growth but ultimately gave way to overinvestment, increasing

competition and falling returns. Whilst today’s starting point is

stronger – particularly given current levels of profitability – the

underlying dynamic of self-reinforcing investment and the potential

for misallocation of capital are unchanged. High levels of spending

support near-term earnings, which in turn encourage further

investment, creating the conditions for an eventual overshoot.

It is therefore useful to distinguish between the build phase

and the return phase of the AI cycle. What we are seeing today

is predominantly the former: a period when capital is deployed

at scale, driving activity, earnings and sentiment. The critical

question for markets over the coming months and years is whether

these investments ultimately generate sufficient returns. The risk

is that the focus shifts from the benefits of capex to the returns on

that capex.

There are already signs of this tension. Whilst spending remains

robust, visibility on the ultimate profitability is limited, and the

business models required to justify the scale of investment are

not yet fully established. The US Census Bureau’s Business Trends

and Outlook survey, which includes AI adoption data, suggests

corporate uptake is gradual rather than explosive, creating a gap

between what markets are pricing and what the real economy

is delivering. For example, according to the survey, more than

two-thirds of US firms said they did not use AI across any business

functions, and more than half of firms said they did not plan

to use AI over the next six months. The technology may prove

transformative, but the timing mismatch is key – markets already

discount benefits that may take longer to materialise than investors

are willing to wait.

Ruffer Investment Company Limited

Annual Report 2026

Strategic report Governance report Financial Statements Additional informationOverview

Hyperscaler free cash flow

-10

2012 2013 2014 2015 2016 2018 2020 2022 20242017 2019 2021 2023 2025 2026

140

290

240

190

1,000

2,000

3,000

4,000

6,000

5,000

7,000

8,000

S&P 500, rhsTotal FCFOracle Meta Amazon Microsoft Google

Source: Bloomberg. Data quarterly from 1 January 2022 to 30 June 2026

This cycle is also more capital-intensive than previous waves of

technological innovation, with large-scale infrastructure replacing

the asset-light models of the past. This raises the risk of increased

competition for capital (both between corporates and across the

broader economy) and introduces the risk that balance sheets

deteriorate if returns fail to materialise.

This matters for inflation. Whilst much of the AI debate is framed

around whether the technology will ultimately be disinflationary,

the near-term impact may well be the opposite. A large-scale

build-out drives demand for capital, energy, labour, equipment

and financing and with it brings the risk that further inflationary

pressure could come first, with productivity-driven disinflation

arriving later. The effects are already becoming visible. Demand

from AI data centres has pushed up memory and storage

component costs, leading companies including Apple and Microsoft

to increase prices for consumer products.

At a macro level, whilst this wave of investment should

support stronger global growth, the effects are likely to be most

pronounced in the US and in Asian export economies such as

South Korea and Taiwan, with spillovers into Japan and beyond.

Stronger activity, higher employment and rising wages are all

plausible near-term outcomes.

However, these dynamics also sow the seeds of their own reversal.

Stronger labour markets will put upward pressure on wages,

whilst competition and supply chain constraints lead to higher

input costs, which would compress margins. Over time, rising

costs and tightening financial conditions are likely to constrain

further investment, leaving the cycle to eventually collapse under

its own weight.

Our view is that AI will continue to support earnings and growth

in the near term, but that the anticipated productivity boom may

not materialise quickly enough to sustain the current cycle. The

risk is that a repricing in earnings expectations and asset values

occurs before those gains are realised. To that end, evidence of the

transition from building infrastructure to generating sustainable

returns will be a key focus of markets in the months ahead.

Ruffer Investment Company Limited

Annual Report 2026

How the AI capex cycle could end

Returns questioned – firms and investors begin to

reassesswhether incremental investment is generating

sufficient returns.

Financing costs – companies increasingly rely on

externalfunding, credit conditions tighten, and the cost

ofcapital rises.

Margin pressure – competing investment drives up the cost

oflabour, energy and inputs, eroding profitability.

What to watch

Capital and accounting discipline – rising depreciation

charges and evidence of aggressive or front-loaded profit

recognition.

Global trade data – a turn in Asian export momentum,

whichprovides timely insight into the hardware and

infrastructure cycle.

Investor behaviour – signs of increasingly speculative

positioning or ‘bubble-like’ dynamics.

Financing and cash flow discipline – evidence of increasing

leverage or circular financing, where capital raised within the

ecosystem is recycled to support revenues and investment

elsewhere in the value chain. Companies investing more than

they generate in cash flow, requiring increased borrowing,

typically coincides with tightening credit conditions,

narrowing margins and declining returns on capital.

Potential catalysts

Closer scrutiny of the AI business models that comes with

the arrival of their planned IPOs.

Competition from cheaper or more efficient Asian

alternatives – a DeepSeek style challenger.

Falling return expectations as a result of increased

optimisation in AI usage – a shift from ‘token-maxxing’

to tokeneconomics, leading to downward revisions to

corporatecapex plans.

The challenge

Most indicators are backward-looking, with markets

typically moving ahead of the data.

Historically, profitability has appeared to peak around two

years before the end of a cycle. However, unrevised data

shows there is often little clear warning as the deterioration

appears to happen in real time.

This pattern was evident in both the late 1990s technology

cycle and 2007, when the inflection points became obvious

only in hindsight.

Ruffer Investment Company Limited

Annual Report 2026

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Where this leaves us

Today’s challenge for investors is that the most important source of market strength may also be its greatest vulnerability. The AI investment

cycle continues to support growth, earnings and asset prices, yet both economic and market performance are becoming increasingly

dependent on this single theme continuing to deliver.

The most significant risk facing markets therefore is a reassessment of the returns AI-related investment can generate. This matters because

recent equity market performance has been unusually concentrated in a small number of AI-linked companies. The ten largest companies now

make up around 40% of the S&P 500 by market capitalisation, more than double their share a decade ago and well above the dot-com peak of

c27%. As a result, both market leadership and broader investor confidence have become increasingly dependent on the continuation of the AI

investment cycle.

Markets are rewarding a specific part of tech

The MAG 7 has underperformed relative to the S&P 500

Dec 2025

Jan 2026 Feb 2026 Mar 2026 Apr 2026 May 2026 June 2026

120

100

220

160

140

180

200

Mag 7SemiconductorsS&P 500

Source: Bloomberg data 31 December 2025 to June 2026

Given the importance of this spending to both US growth and market leadership, any meaningful scaling back of capex plans would represent

a significant demand shock. In a highly financialised economy, the consequences would be far-reaching, with weaker growth, lower asset

prices and a disinflationary impulse as investment slows. We view this as a genuine risk, but one with highly uncertain timing.

However, a reversal is not the only risk. The cycle may instead continue and broaden beyond AI-related capex and today’s narrow group of

beneficiaries. In the near term, this would support stronger growth, rising employment, and firmer household incomes. Yet the success of

this cycle may create its own challenges. Sustained investment in AI infrastructure, energy systems and associated industries would increase

demand for labour, capital and raw materials, placing upward pressure on wages, inflation and interest rates.

This would lead to a more conventional end to the cycle. Rather than a collapse in spending, overheating eventually forces a tougher policy

response. Higher real rates and tighter financial conditions eventually squeeze margins, slowing investment. Higher borrowing costs would also

compound the pressures facing already indebted governments, limiting their ability to cushion any eventual downturn and leaving economies

more vulnerable to shocks. In such an environment, the geopolitical risks discussed remain firmly in the wings, with the potential to amplify

already fragile conditions.

Whether the cycle ultimately ends through disappointing returns, or overheating and tighter financial conditions, investors will eventually

shift their focus from the scale of investment to the returns generated by that investment. The productivity benefits of AI may ultimately prove

transformative, but there is a meaningful risk that earnings expectations, asset prices and government finances come under pressure before

those benefits are fully realised.

Ruffer Investment Company Limited

Annual Report 2026

Current portfolio positioning

The environment we have described argues for maintaining meaningful levels of protection whilst remaining selective in how we participate

in growth assets.

Why this might happen

A meaningful correction

Markets pushhigher whilst inﬂation

is contained

Markets fall as the economy overheats

and rates rise

No shortage of risks, including geopolitics,

AI, and policy uncertainty

Likely driven by an enduring capex cycle

and stable resolution to the conﬂict in

the Middle East

Ongoing capex strength and energy

supply shock results in overheating

Derivative protection

Yen

Duration

Short-dated government bonds

Equities

Duration

Precious metals exposure

Derivative protection

Commodity exposure

Precious metals exposure

Inﬂation-linked bonds

Risks to growth

Goldilocks

Inﬂation

How we are positioned

Protection

We continue to believe that both conventional and unconventional

forms of protection are required. If the AI investment cycle

were to disappoint, the resulting growth shock would likely be

disinflationary, creating a more favourable backdrop for duration.

To this end, we maintain exposure to duration via a mixture of UK

and US inflation-linked bonds, as well as the five-year gilts bought in

April’s dislocation and 30-year Japanese government bonds bought

at the start of the year when yields approached 4%. The yen also

remains an important holding, offering protection should capital

flow out of US risk assets and expectations for US growth weaken.

However, if growth continues to broaden and inflationary pressures

build, conventional bonds may struggle to provide effective

diversification. In that environment, protection cannot rely

solely on duration, and derivative strategies remain an important

component of investor toolkits. To that end, this part of the

portfolio remains focused on exposure to equity downside and

widening credit spreads.

Growth

Importantly, we do not believe investors should feel compelled to

own the most expensive and crowded beneficiaries of the AI theme

simply because the cycle remains intact. Instead, we seek exposure

where the risk-reward is most attractive and avoid positioning

the portfolio to be dependent on a narrow group of companies

and outcomes.

As a result, we continue to favour highly asymmetric and

idiosyncratic opportunities, particularly in areas which are

overlooked as capital and investor attention remain concentrated

elsewhere, including domestic UK opportunities and catchup trades

such as Chinese technology. Other themes include sectors disrupted

by the current investment cycle such as software businesses,

real asset and commodity-related equities, as well as Japanese

companies benefiting from corporate restructuring. We also

own selective US businesses generating attractive free cash flow

alongside beneficiaries of consumer wealth effects.

In addition, the Company has material exposure to the AI theme,

but in areas we think offer a favourable margin of safety versus

frothier corners of the market.

Our exposure here is focused on three areas: underappreciated AI

resilience, through out-of-favour hyperscalers and select software

companies; AI diffusion, through a basket of Chinese technology

companies that stand to benefit as cheaper AI models challenge

frontier incumbents; and the AI wealth effect, through luxury

businesses and financials that should benefit from corporate profits

generated by the investment boom.

We also retain exposure to the energy requirements underpinning

AI infrastructure, via selected energy equities and uranium

exposure. This reflects the substantial increase in energy demand

required to support the build-out and running of data centres and

power-intensive computing capacity.

Ruffer Investment Company Limited

Annual Report 2026

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The common thread across these positions is that they provide

exposure to the economic effects of the current cycle without

requiring us to pay the valuations associated with its most crowded

beneficiaries. More broadly, whilst US exceptionalism has been

reinforced by the AI investment boom, this has also left investors

paying dramatically different valuations around the world.

As the chart below shows, the US continues to trade at a substantial

premium to other major equity markets, with a cyclically adjusted

price-to-earnings (CAPE) ratio of around 40x, compared with 18x

in both the UK and China.

Multiples point away from the US

Cyclical adjusted PE ratio

China UK Germany France Japan US

Expensive

Cheap

18 18

Source: Ruffer, GFD CAPE data, adjusted for subsequent daily price changes data

30 June 2026

In our view, this creates an opportunity to look beyond the

narrow group of companies and regions currently attracting most

investor attention. We continue to find opportunities in markets

where valuations remain undemanding, sentiment is subdued,

and expectations leave room for positive surprises.

The UK and Chinese technology holdings provide good examples

of this approach in practice.

Inflation assets

The possibility of a more persistent inflationary environment

remains one of the core themes underpinning the Company’s

portfolio. Whilst much of the debate today centres on the growth

implications of AI investment and geopolitics, we remain mindful

that the immediate consequence of both are volatile energy

prices as well as increased demand (via both infrastructure

build-out and defence spending) for raw materials, labour and

capital. In that sense, inflation pressure may arrive before any

productivity dividend.

Alongside our derivative protection, the portfolio therefore

maintains exposure to a range of assets that should benefit from

stronger nominal growth, supply-side shocks or a re-acceleration

in inflation.

This exposure is deliberately diversified. We own selected

energy and mining equities, which provide participation in both

commodity markets and improving capital discipline across the

sector. We also own positions in agricultural commodities, which

provide additional diversification given weather is a key driver.

We recently added to infrastructure assets, where revenues are

typically linked directly or indirectly to inflation, and hold a basket

of ‘heavy asset’ businesses, companies owning scarce real assets

whose replacement cost and earnings power tend to rise alongside

inflationary environments.

Finally, although exposure was reduced, the portfolio retains an

allocation of approximately 4% to gold equities. Given the backdrop

of fiscal largesse, persistent geopolitical uncertainty and the

potential for renewed inflation volatility, we continue to believe

precious metals play an important structural role in the portfolio.

These positions serve a dual purpose. They provide resilience

should inflation prove more persistent than currently expected

in the near term, whilst offering exposure to parts of the market

that stand to benefit directly from the vast physical investment

requirements associated with AI infrastructure, energy security

and reindustrialisation over the longer term.

Importantly, these assets are not solely dependent on an

inflationary outcome. In many cases, they are supported by strong

underlying fundamentals, attractive starting valuations and years

of underinvestment. In our view, this creates a more favourable

risk-reward profile than many of the growth assets that have

dominated market performance in recent years.

Ruffer Investment Company Limited

Annual Report 2026

CASE STUDY

UK equities – attractive assets,

low expectations

Thesis: we believe investors remain too pessimistic on the

UK, creating opportunities to buy high-quality businesses at

attractive valuations.

– UK equities trade on a CAPE ratio of 18x, compared with

over 40x in the US

– investor positioning remains low, with global fund

managers significantly underweight in both absolute terms

as well as relative to history

– the macro backdrop is gradually improving. Underlying

inflation pressures appear to be easing and private sector

balance sheets remain in good health

– even modest improvements in growth, confidence

or political certainty could have an outsized impact,

given today’s depressed starting point

Our exposure combines top-down and bottom-up

opportunities. We own interest-rate-sensitive businesses such

as housebuilders, which stand to benefit from lower rates

and planning reform, alongside companies such as Howdens,

Marks & Spencer and Barclays, where we see scope for

earnings and returns to improve. We also retain exposure to

UK smaller companies, an area that has underperformed for

more than a decade but continues to see recognition of this

value reflected in takeover activity at substantial premiums

to prevailing market prices.

Ruffer Investment Company Limited

Annual Report 2026

Strategic report Governance report Financial Statements Additional informationOverview

CASE STUDY

China technology

– AI diffusion

at undemanding

valuations

Thesis: markets remain focused on US AI infrastructure,

whilst potentially underestimating the extent to which the

benefits of AI may diffuse across the broader technology

ecosystem.

– Chinese equities trade on a CAPE ratio of 18x, less than

half the valuation of the US market

– our Chinese technology holdings trade on low double-digit

multiples, with high single-digit revenue growth, c5% free

cash flow yields and average net cash balances of more

than a third of market capitalisation

– the businesses are predominantly founder-led and highly

cash generative and benefit from strong network effects

We see this as both an AI and a valuation opportunity.

The emergence of cheaper, more efficient models challenges

the assumption that value creation will remain concentrated

amongst a handful of US frontier providers. As AI adoption

broadens, we believe Chinese technology companies are

well placed to benefit through application, distribution

and commercialisation.

Ruffer Investment Company Limited

Annual Report 2026

CASE STUDY

Gold – waiting for the next phase

We remain structurally constructive on gold. The forces that

drove the rally in recent years remain largely intact: ongoing

fiscal deficits, geopolitical fragmentation and continued

diversification away from the US dollar by central banks.

However, we are tactically cautious for several reasons.

– the Iran conflict exposed the limits of gold as a geopolitical

hedge. The Turkish central bank sold part of its gold reserves

to defend its currency, reminding investors that central banks

can be sellers as well as buyers

– retail demand has also softened, particularly in India, where

tariffs on gold imports were more than doubled in response to

the energy shock

– most importantly, institutional investors have become sellers.

As oil prices rose, markets shifted from pricing rate cuts to

pricing rate hikes, pushing real yields higher and triggering

outflows from gold-backed investments

– whilst oil prices have since fallen, strong US economic data

and a hawkish stance from Fed Chair Warsh have kept

real rates elevated. Speculative positioning has unwound,

amplifying the correction

The result is that gold has increasingly reconnected with

real yields. Investors who were previously buying gold as a

debasement trade (protection against fiscal excess and currency

dilution) are now selling it as a rebasement trade, as faith in

monetary discipline has temporarily improved.

This matters from a portfolio perspective. Gold’s sensitivity to US

yields is near its highest level in several years, and gold has recently

behaved more like a risk asset than a traditional safe haven, in that

it has remained positively correlated to equities and bonds. Rather

than diversifying portfolio risk, it has often compounded it.

Positioning has moderated meaningfully from the extremes in

2025, but it has not yet reached the sort of capitulation typically

associated with compelling entry points. If history is any guide,

the current consolidation may still have further to run.

For that reason, we have consistently reduced gold exposure

since the second quarter of 2025. We continue to believe in gold’s

long-term role as a real asset outside the fiat monetary system,

particularly in a world of fiscal deterioration, inflation uncertainty

and geopolitical fragmentation. However, it is equally important

to judge gold on its current portfolio characteristics. Today, it is

not offering the diversification benefits investors typically seek

from it, making a lower allocation prudent.

Our exposure remains focused on gold mining equities, where

margins remain strong, free cash flow generation is robust, and

profitability remains attractive even at a bullion price well below

today’s level. Please see our recent Green Line for further details.

Ruffer Investment Company Limited

Annual Report 2026

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Summary

The broadening in market leadership beyond a narrow group of

AI beneficiaries towards the end of the period was encouraging and

consistent with our preference for areas where expectations remain

low, valuations are supportive and the asymmetry is attractive.

The key question for investors is whether today’s AI-led investment

boom ultimately proves to be a catalyst for broader growth, or

whether it merely concentrates economic activity and market returns

in an increasingly narrow set of assets. We are optimistic about the

opportunities created by this cycle but remain mindful that periods

of intense investment often create both winners and vulnerabilities.

We continue to find compelling opportunities in areas such as

China, the UK and Japan, alongside selective exposure to businesses

benefiting from AI resilience, diffusion and wealth effects and the

growing demand for energy and power infrastructure.

At the same time, we remain focused on resilience. The first half

of 2026 demonstrated how quickly market assumptions can

change when confronted by geopolitical shocks, shifts in inflation

expectations or changing policy signals. In our view, the range of

potential outcomes remains wider than markets currently imply.

Our objective is not to predict precisely how the current cycle

evolves, but to build a portfolio capable of benefiting from a

broadening of growth whilst remaining protected should market

leadership narrow further or expectations begin to unwind.

In a world increasingly shaped by inflation volatility, geopolitical

uncertainty and concentrated sources of growth, we believe

resilience and valuation discipline remain key drivers of

long-term portfolio returns.

Ruffer Investment Company Limited

Annual Report 2026

Top ten holdings

Investments Currency

Holding at

30 June 2026

Fair value

% of total

net assets

US Treasury inflation indexed bond 1.875% 15/01/2036 USD 111,114,800 83,242,439 9.36

Ruffer Illiquid Multi Strategies Fund 2015

GBP 154,283,588 65,755,666 7.39

UK gilt 4.125% 07/03/2031 GBP 46,360,000 46,012,300 5.18

UK gilt 4.0% 22/10/2031 GBP 46,080,000 45,349,632 5.10

UK gilt 4.125% 29/01/2027 GBP 35,772,000 35,791,674 4.03

US Treasury floating rate bond 30/04/2028 USD 41,070,000 30,983,354 3.48

Japan 0.4% 01/08/2026 JPY 6,017,000,000 27,899,827 3.14

WS Ruffer Gold Fund

GBP 3,119,349 27,165,475 3.05

Japan 0.4% 01/07/2026 JPY 5,305,450,000 24,610,086 2.77

Ruffer Protection Strategies

GBP 7,617,44 6 23,519,094 2.65

1 Ruffer Illiquid Multi Strategies Fund 2015 Ltd and Ruffer Protection Strategies International are classed as related parties as they share the same Investment Manager

(Ruffer AIFM Limited) as the Company. WS Ruffer Gold Fund is also classed as a related party as its Investment Manager (Ruffer LLP) is the parent of the Company’s

Investment Manager

Ruffer Investment Company Limited

Annual Report 2026

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Responsible investment at Ruffer

At Ruffer, we believe responsible

investment and stewardship

contribute to the delivery of

long-term value for shareholders

We incorporate environmental, social and governance

(ESG) considerations into our investment analysis

and stewardship activities, including engagement and

proxy voting, where they are relevant to assessing risk,

opportunity and long-term business quality.

Ruffer Investment Company Limited

Annual Report 2026

We continued to operate in a challenging environment for

responsible investment during the year, shaped by political

developments, regulatory change and evolving investor sentiment.

As scrutiny of sustainability claims intensified, we remained

focused on issues we believe are financially material and relevant

to long-term outcomes. We further enhanced our stewardship

framework to improve consistency and usefulness. Our engagement

and voting activity reflected the uncertainty many companies faced,

with discussions centred on strategic clarity, capital discipline and

the management of sustainability-related risks and opportunities.

We believe the most important ESG considerations are,

ultimately, investment considerations. Questions of governance,

environmental risk and social licence to operate can have a

profound impact on a company’s ability to create long-term value.

Rather than viewing ESG as a separate exercise, we incorporate

these factors into our fundamental analysis, alongside the

financial, strategic and operational considerations that drive

investment outcomes.

From climate-related risks to executive pay structures and

workforce safety, our aim is to understand the issues that could

shape future cash flows, resilience and shareholder returns.

By absorbing ESG into the investment process, we believe we make

better-informed investment decisions and become better stewards

of capital.

This section sets out how Ruffer approaches responsible

investment in practice. It covers the two pillars of our approach:

integration, being how we incorporate potentially material ESG

factors into investment analysis; and stewardship, being how we

use engagement and voting to better understand companies and,

where appropriate, encourage progress. This year’s report includes

updates on our integration and stewardship work, including the

continued development of our due diligence tools, our approach

to engagement and proxy voting, and our response to the evolving

Net Zero Asset Managers (NZAM) initiative. We have also included

case studies to show how these activities are applied in practice

and reflect honestly on the strengths, limitations and next steps in

our approach.

Integration: from macro to micro

Our investment process starts with the macro environment.

We seek to understand regime shifts, market cycles and risks that

may threaten shareholders’ capital. Climate change and the energy

transition are examples of complex, non-linear forces that may

influence inflation, regulation, energy systems, supply chains,

sovereign competitiveness and company capital allocation. But

the link between observable ESG issues and financial risk is rarely

simple. A high-emitting company is not automatically a poor

investment; a low-emitting company is not automatically a good one.

The question is whether the risk is understood, priced and managed,

and whether there is scope for shareholder value creation.

At the security level, ESG analysis is integrated into both

fundamental and factor-based equity research. In our

fundamental process, analysts consider ESG risks and

opportunities as part of their investment framing, supported by

the Responsible Investment team. In late 2025, we introduced 3x3

risk and opportunity grids for all bottom-up equity positions. This

process brings together inputs from multiple sources, covering

issues with varying degrees of materiality, salience and time

horizons. By synthesising and challenging these perspectives,

we develop a broader understanding of the issues most relevant

to our portfolio. This in turn supports more focused discussions

that help shape our investment decisions and stewardship policies.

These are dynamic tools, updated as new information emerges from

news flow, company meetings, earnings calls and further research.

Our factor-based equity work has also evolved. The resource

usage and productivity indicator (RUPI) is our proprietary model

designed to identify whether companies are improving economic

profit while using fewer resources and reducing environmental

impact. It incorporates indicators such as waste, energy, water,

greenhouse gas emissions and employee footprint. RUPI helps us

identify gaps in disclosure and areas of underperformance, which

can inform both security selection and engagement priorities.

More information on RUPI is available in our 2025 Annual Report.

Ruffer Investment Company Limited

Annual Report 2026

Strategic report Governance report Financial Statements Additional informationOverview

Climate analysis and NZAM

Climate analysis is an important part of integration, but it is

not the whole of responsible investment. We analyse companies

through the lenses of ambition, credibility and scope for value

creation. Our five-point transition framework considers whether

a company has a robust emissions footprint, credible targets,

incentives linked to delivery, an internal carbon price and a

clear inventory of decarbonisation projects, ideally supported

by a marginal abatement cost curve, which gives a rationale

for prioritising certain projects over other options. This helps

us distinguish between companies with a transition narrative

and those with a transition plan. We apply this framework to a

range of companies (and in a range of different forms). The framing

above refers specifically to a lens for positions with high financed

emissions, which we assess on a monthly basis to capture changes

in the portfolio.

Ruffer joined NZAM in 2022 and published targets in 2023.

NZAM changed materially during 2025, after withdrawals

by several asset managers and a review of the initiative. We

participated in the consultation process and, when NZAM

returned with a revised framing, chose in January 2026 to

remain a signatory. We did so because climate risk remains

a material systemic and idiosyncratic risk for investors,

regardless of the fortunes of any single industry initiative.

Our approach is focused on real-world emissions reduction

rather than portfolio emissions optimisation. It can be relatively

easy to lower a portfolio’s reported carbon footprint by selling

high-emitting companies and buying lower-emitting ones. That

may improve the optics of a portfolio, but it does not necessarily

reduce emissions in the real economy, nor does it necessarily

protect shareholders’ capital from climate-related shocks. This

is why we do not operate a blanket fossil fuel exclusion. We may

invest in companies involved in fossil fuels where they meet our

risk and return criteria, but we scrutinise transition plans, capital

allocation, financial resilience, emissions targets and the credibility

of management.

Progress against our key targets is shown below. Our NZAM targets

are set at a firm level rather than at a portfolio level.

Target

Progress as at

30 June 2025

Progress as at

30 June 2026

80% of assets in scope

considered Net Zero,

aligned or aligning

by2030

27% of assets

NetZero, aligned or

aligning

35% of assets Net

Zero, aligned or

aligning

By 2025, at least 70%

of financed emissions

in material sectors will

be either Net Zero

aligned or the subject of

engagement, increasing

to at least 90% by 2030

77% of financed

emissions in material

sectors either aligned

or under engagement

61% of financed

emissions in material

sectors either aligned

or under engagement

50% reduction in

emissions intensity by

2030, adjusting the

baseline to reflect shifts

in asset allocation (from

a baseline year of 2021)

26% reduction 55% reduction

The proportion of financed emissions in material sectors either

aligned or under engagement fell below the 70% ambition at

30 June 2026, largely reflecting portfolio changes during the

period. In particular, we diversified our oil exposure through

the purchase of several new holdings which, while subject to

our stewardship framework, had not yet progressed through

our engagement programme by the snapshot date. We have

since scheduled engagements with these companies and expect

coverage to improve as these discussions commence. As this metric

represents a point-in-time assessment, levels can fluctuate from

year to year following portfolio changes, with new investments

initially creating additional engagement opportunities before they

are reflected in the measure.

We publish a Task Force on Climate-related Financial Disclosures

(TCFD) report, disclosing climate-related risks and opportunities.

It explains our climate-related activities and provides insight into

how our understanding of the risks and opportunities faced by

investee companies has evolved and how our research process

has adapted to new or updated analytics and information.

Ruffer Investment Company Limited

Annual Report 2026

Stewardship: engagement and voting

Stewardship is the practical expression of responsible ownership.

At Ruffer, engagement is used both to gather information and

to encourage change. Sometimes, the objective is to improve

our understanding of a company’s strategy, risks or governance.

At other times, it is to push for better disclosure, stronger oversight,

improved capital allocation or more credible transition planning.

Both can be investment-relevant: better information can support

a buy, hold, reduce or sell decision; better practice can help protect

or enhance long-term value.

We use three broad forms of engagement. Idiosyncratic

engagements focus on individual companies, particularly large

holdings, high-emitting companies, longer-term investments or

cases where a bottom-up perspective is most useful. Systematic

engagements use structured data and models, including RUPI, to

identify disclosure gaps and resource productivity issues across

a wider universe. Systemic engagements address market-wide

risks, for example through investor letters, regulatory consultation

responses or collaboration with industry bodies.

This three-pronged approach has allowed us to increase the

number of engagements whilst maintaining purpose and clarity.

There is always a balance between range and focus, but our activity

is driven by a focus on meaningful stewardship.

Governance and strategy

Engagements

in the year

Number of

companies

engaged

Social

Environment

Individual engagements may cover more than one topic, so category

totals may exceed the number of engagements.

CASE STUDY

BP has been a long-term holding and a long-standing

engagement focus. At BP’s 2026 AGM, we opposed

management proposals to revoke two resolutions underpinning

the company’s climate risk disclosures. We believe these

commitments remain relevant given continued investor

demand for robust, decision-useful information and that

their removal would weaken established disclosure practices.

We also supported the ACCR shareholder resolution requesting

clearer disclosure on BP’s climate transition plan, alignment

with the Paris Agreement, and the treatment of climate-related

risks and assumptions in financial reporting. This would

help investors assess the credibility and resilience of BP’s

strategy under different transition scenarios. We voted against

new Articles of Association permitting virtual-only AGMs.

While recognising the potential cost and operational benefits,

we believe virtual-only meetings may restrict meaningful

shareholder engagement, challenge and accountability.

Following the AGM, there were several corporate governance

concerns which ultimately led to Chairman Albert Manifold’s

departure after less than a year in the position. We have since

engaged with BP on leadership turnover, corporate culture

and continue to monitor the company for developments in the

governance concerns raised.

Ruffer Investment Company Limited

Annual Report 2026

Strategic report Governance report Financial Statements Additional informationOverview

Engagement and voting are linked. Where we vote against

management, we try to communicate our rationale. Where we

support a shareholder proposal, we expect it to be relevant,

proportionate and likely to improve long-term value or disclosure.

Our escalation framework includes broadening the dialogue,

collaborating with other shareholders, voting against management,

sending letters, supporting or filing shareholder resolutions,

making statements at AGMs and, rarely, divestment.

Strengths, weaknesses and where we are going

The strengths of our approach are clear. Responsible investment

is embedded in the investment team, linked to our macro and

micro research, and informed by proprietary tools as well as

external data. Ruffer has a single investment strategy, which

reduces conflicts and allows a consistent approach. We are

active, unconstrained and willing to use judgement. We are also

candid that stewardship should serve investment outcomes, not

marketing claims.

The weaknesses are also clear. Data remains incomplete,

inconsistent and sometimes unreliable, particularly for Scope 3

emissions, sovereign bonds, commodities and derivatives. Our

ability to influence outcomes varies by asset class, company, region

and holding size. Some engagements take years to show results, and

outcomes cannot always be attributed to Ruffer’s actions. Climate

metrics such as implied temperature rise and climate value at risk

can be useful prompts, but they rely on assumptions and should not

be mistaken for precise measures of investment risk.

Our approach is evolving in response. We are deepening pre-trade

and lifecycle integration, improving due diligence tools, scaling

RUPI and our five-point transition framework, strengthening

engagement tracking and broadening our work on human capital,

nature and biodiversity. We are also developing climate analytics

across asset classes where possible, while resisting the temptation

to fill methodological gaps with false certainty. The aim is to make

responsible investment more useful to investors: more connected

to valuation, more focused on outcomes, more honest about

uncertainty and more clearly embedded in how we protect and

grow capital.

CASE STUDY

ArcelorMittal

ArcelorMittal shows how we engage with a sector where it is

hard to reduce emissions. Steel is essential to the economy and

parts of the energy transition, but it is emissions intensive.

We engaged on the credibility of the company’s European

decarbonisation plan, the policy and market dependencies

that shape delivery, and the need for more decision-useful

disclosure. We asked for clearer attribution of emissions

reductions by lever, more scenario analysis and consideration

of marginal abatement cost curve-style disclosure. Progress

has been mixed: the company has heard investor requests

and pointed to transition-enabling actions, but gaps

remain in quantified disclosure and consolidated European

transition reporting.

Voting is another important stewardship tool. We vote on AGM

and EGM resolutions for companies held in the portfolio, applying

internal voting guidelines and using Institutional Shareholder

Services research as an input rather than outsourcing judgement.

During the period, there were four positions with voting issues,

meaning votes were not cast. One of these related to a power of

attorney for a Swedish company which has since been addressed,

two were due to issues at custody, and one security was not votable.

Headlines from the period are shown below.

Proposals

Total %

Proposals voted 3,559 —

For votes 3,391 95.3

Against votes 122 3.4

Abstain votes 9 0.3

Withhold votes 29 0.8

Other 8 0.2

Votes with management 3,428 96.3

Votes against management 131 3.7

Source: Ruffer Investment Company Limited from 30 June 2025 to 30 June 2026

Ruffer Investment Company Limited

Annual Report 2026

Summary

We believe investing responsibly can contribute to better long-term

outcomes for our shareholders. ESG considerations may represent

sources of both opportunity and risk and are therefore one

important subset of the factors we consider in our investment

analysis. Where relevant, they help inform security selection,

portfolio construction and stewardship activity.

Responsible investment at Ruffer is built around two pillars:

integration, meaning the incorporation of potentially material

ESG factors into investment research; and stewardship, meaning

the use of engagement and voting to improve our understanding

of companies and, where appropriate, encourage progress.

During the year, we continued to develop our investment and

stewardship framework, including enhancements to RUPI and our

3x3 due diligence grids, alongside ongoing work on proxy voting,

engagement and climate-related issues.

We remain pragmatic about both the value and the limitations of

responsible investment. Data quality, asset-class coverage and our

ability to influence outcomes vary. Our aim is to continually refine

our framework so that it remains practical, proportionate and

supportive of long-term shareholder outcomes.

The following documents are available at

ruffer.co.uk/responsible-investing

Responsible Investment Policy

Our response to the UK Stewardship Code

Quarterly responsible investment reports

A selection of articles on responsible investment topics

TCFD Report

CASE STUDY

Smurfit Westrock

Smurfit Westrock provides a different example. After the

merger of Smurfit Kappa and WestRock, we engaged on climate

strategy, circularity, its methodology for measuring Scope 3

emissions, sustainability targets and assurance. The discussion

helped us understand regional differences in recycling

infrastructure, the trade-offs between virgin and recycled

fibre, and the company’s approach to embedding sustainability

targets into financing arrangements. It also gave us areas

to monitor, including post-merger data systems, reasonable

assurance and the publication of revised targets.

Ruffer Investment Company Limited

Annual Report 2026

Strategic report Governance report Financial Statements Additional informationOverview

What sets us apart

We focus on keeping clients safe.

By prioritising protection, we’ve made good money for our

clients. Through boom and bust. For over 30 years.

Offering investors

something deliberately

different

Find out more

ruffer.co.uk/ric

Ruffer Investment Company Limited

Annual Report 2026

Business review

Its shares are traded on the Main Market of the London

Stock Exchange (LSE) and it was admitted to the premium

segment of the Official List of the UK Listing Authority on

20 December 2005. The Company is externally managed by

Ruffer AIFM Limited, a UK investment manager authorised

and regulated in the conduct of investment business in the

United Kingdom by the Financial Conduct Authority (FCA).

Ruffer AIFM Limited is also the Alternative Investment Fund

Manager (AIFM) of the Company.

The Company

carries on business

as a closed-ended

investment company

Ruffer Investment Company Limited

Annual Report 2026

Strategic report Governance report Financial Statements Additional informationOverview

Board

The Board of Directors is responsible for the overall stewardship of

the Company, including general management, structure, finance,

corporate governance, marketing, risk management, compliance,

gearing, contracts and performance. Biographical details of the

Directors, all of whom are non-executive, are listed on pages 58

and 59 and in the Management and Administration summary on

page 129. The Company has no executive directors or employees.

The Board has contractually delegated to external parties various

functions as disclosed in the corporate governance statement on

pages 64 to 71.

Principal activities

The Company’s principal activity is investing in internationally

listed or quoted equities or equity-related securities (including

collective investment schemes and convertibles) or bonds which

are issued by corporate issuers, supra-nationals or government

organisations in order to achieve its investment objective. Where

appropriate, collective investment schemes may also be used to

gain exposure to these assets.

The Company’s investment objective and investment policy are set

out below.

Investment objective

The principal objective of the Company is to achieve a positive

return, after all expenses, of at least twice the Bank of England

base rate.

Investment policy

The Company invests across a broad range of assets, geographies

and sectors to achieve its objective. This allocation will change

over time to reflect the risks and opportunities identified by the

Investment Manager across global financial markets, with an

underlying focus on capital preservation. The allocation of the

portfolio between different asset classes will vary from time to

time so as to enable the Company to achieve its objective. There

are no restrictions on the geographical or sectoral exposure of the

portfolio (except those restrictions noted below).

In selecting investments, the Company does not adopt any

investment weightings by reference to any benchmark. Both the

Board and the Investment Manager believe that the adoption of

any index-related investment style would inhibit the ability of the

Company to deliver its objective.

The universe of equity, equity-related securities or bonds in which

the Company may invest is wide and may include companies

domiciled in, and bonds issued by entities based in, non-European

countries, including countries that are classed as emerging or

developing. This may result in a significant exposure to currencies

other than pound sterling. Where appropriate, the Investment

Manager will also use in-house funds to gain exposure to certain

asset classes.

Borrowing and gearing policy

It is not intended for the Company to have any structural

borrowing. The Company has the ability to borrow up to 30% of

the NAV at any time for short-term or temporary purposes, as

may be necessary for settlement of transactions, to facilitate share

redemption or to meet ongoing expenses.

Use of derivatives

The Company may use derivatives, including (but not limited to)

futures, options, swap agreements, structured products, warrants

and forward currency contracts, for investment and efficient

portfolio management purposes.

Investment restrictions

The proportion of the portfolio invested into companies based in

emerging or developing countries will be limited, at the time of any

investment, to below 15% of the Company’s gross assets.

The Directors have determined that the Company will engage in

currency hedging where the Investment Manager considers such

hedging to be in the interests of efficient portfolio management.

Total exposure to any single counterparty in the management

of cash and the use of derivatives should not exceed 15% of the

Company’s gross assets.

The Directors have determined that no more than 15% in

aggregate of the Company’s gross assets at the time of acquisition

will be invested in listed investment companies (including

investment trusts), with a maximum of 10% of gross assets

invested in investment companies not having stated investment

policies, allowing them to invest no more than 15% of their own

gross assets in other UK listed investment companies (including

investment trusts).

Ruffer Investment Company Limited

Annual Report 2026

Breach of investment policy

In the event of a breach of the investment policy set out above,

a notification will be made to a Regulatory Information Service if

the Directors consider the breach to be material. There have been

no such breaches during the year.

In accordance with the requirements of the FCA, any material

changes in the Company’s investment objective and/or investment

policy set out above will require the approval of the FCA and

shareholders by way of an ordinary resolution at a general meeting.

Investment of assets

At each quarterly Board meeting, the Board receives a detailed

presentation from the Company’s Investment Manager, which

includes a review of investment performance, recent portfolio

activity and a market outlook. It also considers compliance with

the investment policy and other investment restrictions during

the reporting year. The Company’s top ten holdings and portfolio

statement are on page 39 and pages 117 to 127 respectively.

Environmental policy

Whilst the Company has a limited carbon footprint in respect

of its day-to-day activities, the Board notes that the Investment

Manager recognises that environmental responsibility is core

to its longer-term business success, and actively integrates

environmental, social and governance (ESG) issues into its

investment process. The Investment Manager’s Stewardship

and Responsible Investment Policy is available at ruffer.co.uk/

responsible-investing. For more detail, please see the responsible

investment report on pages 40 to 45.

A number of environmental initiatives have been introduced by

the Board and the Administrator, as follows

– minimising printing of Board materials

– deemed consent from shareholders to accept electronic copies

of documents

– use of recycled paper for Annual and Interim Reports for

shareholders requiring hard copies and

– use of recycled Woodland Trust printer paper by the

Administrator, which funds new UK woodland.

In addition, the Company and the Investment Manager have

continued to offset Directors’ and Investment Manager’s flights

through the acquisition of verified carbon offsets.

Shareholder value

The Board reviews on an ongoing basis the performance of the

Investment Manager and considers whether the investment

strategy utilised is likely to achieve the Company’s investment

objective of realising a positive total annual return, after all

expenses, of at least twice the return of the Bank of England base

rate. Having considered the portfolio performance and investment

strategy, the Board has unanimously agreed that the interests

of the shareholders as a whole are best served by the continuing

appointment of the Investment Manager on the terms agreed.

Dividend policy

The Board’s policy is to pay dividends semi-annually, which are

typically declared in October and March, with an objective of

retaining no more than 15% of the Company’s income each year.

Dividends will only be paid from the Company’s revenue account

and not from capital. Dividend payments by the Company will

depend on the net income stream generated by the underlying

investments in the Company’s investment portfolio and therefore

no assurance can be given that dividends will continue to be paid.

The payment of any dividend by the Company is subject to the

satisfaction of a solvency test as required by the Companies

(Guernsey) Law, 2008, whereby the Board must be satisfied on

reasonable grounds that the Company will, immediately after

payment of any dividend, be able to pay its debts as they become

due and that the value of the Company’s assets would be greater

than the value of its liabilities.

The Board has the discretion to increase or reduce the dividend,

or not to declare a dividend, as appropriate in consideration of the

financial position of the Company.

Details of the dividends paid during the year are set out in note 5

to the Financial Statements on page 97.

Ruffer Investment Company Limited

Annual Report 2026

Strategic report Governance report Financial Statements Additional informationOverview

Risk governance framework

The risk governance framework is designed to identify, evaluate

and mitigate the risks identified by the Board as significant to

the Company and reflecting its risk appetite and risk profile. Its

fundamental purpose is to assist the Board in understanding

and, where possible, mitigating rather than eliminating these

risks. Therefore, it can only provide reasonable and not absolute

assurance against any potential losses.

Within the risk governance framework, the Board and Audit and

Risk Committee regularly review the register of principal risks

(the ‘risk register’) maintained by the Company Secretary on behalf

of the Board. The risk register contains a detailed assessment and

tracking of the Company’s exposure in five principal risk categories:

strategic and performance risks, financial and portfolio risks,

operational risks, reputational risks, and regulatory risks.

Governance and ownership

The Board is ultimately responsible for identifying and assessing

the principal risks and implementing and monitoring procedures

to control and review them regularly. The Board places reliance

on its service providers, who have been delegated certain

day-to-day management of the Company. This includes the design

and implementation of the control framework to mitigate the

Company’s risks.

The Board undertakes an annual review and approval of its risk

appetite, considering recommendations from the Audit and Risk

Committee and key service providers responsible for implementing

the controls to mitigate the identified risks. These risks and any

emerging risks are considered at each quarterly Audit and Risk

Committee meeting and reported to the Board for approval.

Risk assessment

The Board has undertaken a robust assessment of the principal

risks facing the Company and the effectiveness of the risk

management and internal control systems in place to mitigate these

risks (which are summarised below). The Board, together with the

Investment Manager, regularly monitors relevant risks in relation

to the ones mentioned below.

The Board considers systemic and non-systemic risks, and the

overall control framework has been established to reduce the

likelihood and impact of individual inherent risks. The Board

cannot consider every risk but seeks to identify, assess and mitigate

remote and emerging risks that may significantly impact the

Company. The Board, via the Management Engagement Committee

and the Audit and Risk Committee, obtains regular reporting and

assurances from its main service providers on the adequacy of their

control environment and, based upon this, assesses the suitability,

adequacy and relevance of these controls.

As detailed above, emerging risks are considered quarterly and may

have a material impact on the Company if they occur. Mitigating

factors are considered, but due to the unknown nature of future

events, the impact of these risks may not materialise. No emerging

risks were identified in the past year.

The impact of AI is considered as part of each individual principal

risk, with the Board reviewing the adequacy of service providers’

internal controls and actions in this area.

In addition to identifying climate change risk as a principal risk,

the Board assesses the impact of ESG factors on the Company’s

other risks, including investment and reputational risks, and

reviews the mitigants in place. The Board has considered the

impact of climate change on the Company and believes that it has

not given rise to a material impact on the Financial Statements of

the Company.

Ruffer Investment Company Limited

Annual Report 2026

Principal risks

The principal risks are split between five risk categories and assessed based on the residual likelihood and impact (after control mitigants),

and are summarised on the heat map below.

Strategic and performance

SP1

Investment performance

SP2

Investment strategy

SP3

Geopolitical/economic

SP4

Discount to NAV

SP5

Climate change

Financial and portfolio

FP1

Interest rate risk

FP2

Market risk

Operational

OP1

Service provider risk

OP2

Fraud/cybersecurity

Reputational

RT1

Reputational risk

Regulatory

RP1

Legal/regulatory

Likelihood

Impact

SP2

RP1

RT1

SP3

FP1

SP1 SP5

SP4

OP1 OP2

FP2

Very likelyLikelyPossibleUnlikely

Very minor Minor Moderate Major/catastrophic

Ruffer Investment Company Limited

Annual Report 2026

Strategic report Governance report Financial Statements Additional informationOverview

Risk Current year overview Mitigating controls

Risk

status

SP1

Investment performance

The Company is exposed to the risk

that its portfolio fails to perform in

line with the Company’s objective,

which could negatively impact

NAV and tarnish the Company’s

reputation in the short term.

The Company had a total NAV

return of 4.6% and a total share

price return of 5.5% during the year.

Refer to the Investment Manager’s

Year End Review on pages 12 to 38

for more detail.

Performance and positioning are monitored constantly by

theInvestment Manager.

Investment performance is reviewed, challenged and

monitoredby the Board at each quarterly meeting and at

other times when expedient, paying particular attention to the

diversification of the portfolio and to the performance and

volatility of underlying investments.

SP2

Investment strategy

The Company is exposed to the

risk that the investment strategy

it follows ceases to be attractive

to investors, with resultant selling

causing the share price to fall, or

that the Investment Manager fails

to consistently implement the

investment strategy.

Refer to the Investment Manager’s

Year End Review on pages 12 to 38

for more detail.

The investment strategy is set out in the prospectus, and the

Investment Manager has processes in place to ensure that

it is consistent in managing the portfolio in accordance with

thestrategy.

The Investment Manager’s implementation of the strategy is

reviewed by the Board at quarterly meetings, with additional

updates when required. Any amendments to the strategy are put

to the Board for approval. The Investment Manager, the Company’s

Broker and the Board regularly seek shareholder views.

SP3

Geopolitical/economic

Escalation of risks might lead to

severe disruption of global supply

chains of critical raw materials

and technology and affect the

Company’s portfolio accordingly.

The Board is mindful of current and

emerging geopolitical risks, such as

the ongoing conflicts in Ukraine and

the Middle East, and the impact of

US foreign and trade policies.

The Investment Manager continually monitors developments

andreports frequently to the Board and would act in relation

tothe balance of the portfolio accordingly.

SP4

Discount to NAV

The level of discount leads to

shareholder dissatisfaction.

The discount of the Company’s

share price to NAV narrowed during

the year from 3.4% to 2.6%.

Refer to the Investment Manager’s

Year End Review on pages 12 to 38

for more detail.

The Company has a buyback and redemption facility to help

control the discount. During the year, the Company bought back

7.7 million shares, representing 2.6% of the share capital in issue

at the start of the year. Refer to note 14 on pages 101 to 103 for

moredetail.

The Board, the Investment Manager and the Broker continually

monitor the market situation.

SP5

Climate change

The potential for physical and

transition risks which could have

material impacts on valuations

within the portfolio.

For details of the Company’s

activities during the year, refer to

Responsible investment at Ruffer

onpages 40 to 45.

The Investment Manager has climate specialists within its ESG

team who actively engage with potential and existing investee

companies to establish climate risks and improve resilience.

The Investment Manager frequently votes on ESG matters in

investee company meetings and reports its voting record to

theBoard regularly. In addition, the Board meets the ESG team

from time to time to understand how they operate.

FP1

Interest rate risk

The risk that real interest rates

rise unexpectedly, causing a

significant drop in the value of the

longer-dated, index-linked bonds

held in the portfolio.

Refer to the Investment Manager’s

Year End Review on pages 12 to 38

for more detail.

The Investment Manager constantly monitors the macro

environment and situation regarding real interest rates and

reports frequently to the Board and acts in relation to the

balanceof the portfolio accordingly.

Ruffer Investment Company Limited

Annual Report 2026

Risk Current year overview Mitigating controls

Risk

status

FP2

Market risk

This includes foreign exchange,

price, credit and liquidity risk that

may cause unexpected volatility in

the Company’s investments.

Refer to the Investment Manager’s

Year End Review on pages 12 to 38

for more detail.

These risks and the controls in place to mitigate them are

reviewedat each quarterly Board meeting.

OP1

Service provider risk

Internal control failures at key

service providers may result

in decreased service quality,

information security breaches,

errors, theft or fraud.

The risk that staff turnover or

merger and acquisition activity

at the Administrator, Investment

Manager or Broker level affects

service delivery.

All control failures at the service

providers relevant to the Company

are brought to the Board’s attention.

During the year, the Board

appointed a dedicated Company

Secretary to take over that function

from the Administrator.

No other material issues were

brought to the Board’s attention

oridentified.

The Management Engagement Committee conducts a formal

review of all key service providers annually.

The Board receives reports annually from the Investment Manager

and the Administrator on their internal controls and reviews

pricing reports covering the valuations of underlying investments

at each quarterly Board meeting.

OP2

Fraud/cybersecurity

Fraud or large-scale network

disruption such as hacking,

malware, phishing and disrupted

denial-of-service attacks could be

disruptive to the Company and pose

a reputational risk if they are not

dealt with effectively.

The Investment Manager and the

Administrator confirmed to the

Board that there were no fraud/

cybersecurity issues that had a

consequence on the Company.

The Board is provided with regular updates on any cybersecurity

issues from its service providers and how they are managing

therisk.

All access to the offices of service providers is strictly controlled

and data protection policies are in place.

RT1

Reputation risk

If strategic and performance risks

are not managed adequately,

this may have an impact on the

reputation of the Company and/or

the Investment Manager.

See SP1 and SP2 above. There

are mitigants in place and regular

messaging to shareholders to

promote understanding of the

Company’s strategy.

The Investment Manager continues

to be highly regarded in the

marketplace.

The Board continually reviews any issues that may affect the

reputation of the fund and the Investment Manager liaises

with investors to ensure all matters are transparent and

wellcommunicated.

RP1

Legal/regulatory

Legal and regulatory breaches

causing financial and

reputationalrisk.

Various regulatory changes have

occurred during the year or are

underway.

No material breaches during

theyear.

The Board considers all regulatory changes as they arise to

assessand mitigate their impact on the Company.

The Board reviews Investment Manager and Administrator

compliance reports quarterly and is informed of any material

breaches immediately if they occur.

The Board and the Registrar liaise on a regular basis to ensure

thatshareholders comply with financial crime requirements.

The Board is also supported by access to and reporting from the

Investment Manager’s dedicated climate change specialists within

its ESG team. These contribute to the Board’s ability to maintain

its awareness and knowledge of climate/ESG-related reporting

requirements and its review of best practice for investment

companies.

The Board remains ultimately responsible for the identification and assessment of risk as well as implementing and monitoring procedures to

control such risks where possible. The Board seeks to mitigate and manage these risks through continual review, policy setting, enforcement

of contractual obligations and monitoring of the Company’s investment portfolio.

Ruffer Investment Company Limited

Annual Report 2026

Strategic report Governance report Financial Statements Additional informationOverview

Going concern

The Directors believe that it is appropriate to continue to adopt the

going concern basis in preparing the Financial Statements since the

assets of the Company consist mainly of cash and cash equivalents

and securities which are readily realisable. The Directors also

note that overall, due to the nature of the Company’s portfolio,

which – as discussed in more detail in the Performance section

of the Chair’s statement and in the Investment Manager’s Year

End Review – comprises both equities and other more defensive

assets, it has not been affected significantly in terms of value

or cash flows by the effects of the ongoing conflicts in Ukraine

and the Middle East, or by the foreign and trade policies of the

current US administration. Accordingly, in the Directors’ opinion,

the Company has adequate financial resources to continue in

operational existence for the foreseeable future. Matters relating to

the going concern basis are also discussed in the long-term viability

statement below and in note 2(d) on page 93.

Long-term viability statement

The Directors have assessed the prospects of the Company over a

longer period than the 12 months minimum required by the ‘going

concern’ provision. For the purposes of this statement, having

regard to the economic planning cycle and the Company’s strategy

review period, the Board has adopted a three-year viability period,

in common with the majority of investment companies and trusts

listed on the London Stock Exchange.

In its assessment of the Company’s viability over the three-year

period, the Board has considered each of the Company’s principal

risks as detailed above and any emerging risks, and in particular

the impact of a significant fall in the value of the Company’s

investment portfolio.

The Directors consider that a 30% fall in the value of the Company’s

portfolio would be significant but would have little impact on the

Company’s ability to continue in operation over the next three

years. In reaching this conclusion, the Directors considered the

Company’s expenditure projections, the fact that the Company

currently has no borrowing, but has the ability to borrow up to

30% of its NAV, and that the Company’s investments comprise

predominantly readily realisable securities which can be expected

to be sold to meet funding requirements if necessary, assuming

market liquidity continues.

Also, the Board has assumed that the regulatory and fiscal

regimes under which the Company operates will continue in

broadly the same form during the viability period. The Board

speaks with its Broker and legal advisers on a regular basis to

understand issues impacting on the Company’s regulatory and

fiscal structure. The Administrator also monitors changes to

regulations and advises the Board as necessary. The Board also

has access to the Administrator’s compliance resources as well

as the compliance department of the AIFM.

Based on the Company’s processes for monitoring operating

costs, share discount, internal controls, the Investment Manager’s

performance in relation to the investment objective, the portfolio

risk profile, liquidity risk and the robust assessment of the principal

risks and uncertainties facing the Company, the Board has

concluded that there is a reasonable expectation that the Company

will be able to continue in operation and meet its liabilities as they

fall due over the three-year period.

Key performance indicators

The Board uses a number of performance measures to assess

the Company’s success in meeting its objectives. The key

performance indicators are disclosed in detail on page 2.

Ruffer Investment Company Limited

Annual Report 2026

Whilst directly applicable to companies incorporated in the UK, the

Board recognises the intention of the AIC Code that matters set out

in Section 172 of the Companies Act 2006 are reported. The Board

strives to understand the views of the Company’s key stakeholders

and to take these into consideration as part of its discussions and

decision-making process. As an investment company, the Company

does not have any employees and conducts its core activities

through third-party service providers. Each service provider has

an established track record and is required to have in place suitable

policies and procedures to ensure it maintains high standards of

business conduct, treats customers fairly and employs corporate

governance best practice.

The Board’s commitment to maintaining high standards of

corporate governance, combined with the Directors’ duties

incorporated in the Companies (Guernsey) Law, 2008, the

Company’s constitutive documents, the Disclosure Guidance and

Transparency Rules and the Market Abuse Regulation, ensure

that shareholders are provided with frequent and comprehensive

information concerning the Company and its activities.

Whilst the primary duty of the Directors is owed to the Company

as a whole, all Board discussions involve careful consideration

of the longer-term consequences of any decision and their

implications for stakeholders. Particular consideration is given to

the continued alignment between the activities of the Company

and those that contribute to delivering the Board’s strategy,

which include the Company’s Investment Manager, the AIFM,

the Administrator, the Company Secretary, the Broker and

the Custodian.

Through the Board’s ongoing programme of shareholder

engagement (see ‘Relations with shareholders’ on page 65) and the

reports produced by each key service provider at quarterly Board

meetings, the Directors are satisfied that sufficient information is

provided so as to ensure the matters set out in Section 172 of the

Companies Act are taken into consideration as part of the Board’s

decision-making process.

The Board respects and welcomes the views of all stakeholders.

Any queries or areas of concern regarding the Company’s

operations can be raised with the Company Secretary.

Section 172 statement

Although the Company is not domiciled in the UK, through

adopting and reporting against the best practice principles set

out in the AIC Code, the Company is voluntarily meeting any

obligations under the UK Corporate Governance Code, including

Section 172 of the Companies Act 2006.

The Directors recognise their individual and collective duty to act

in good faith and in a way that is most likely to promote the success

of the Company for the benefit of its members as a whole, whilst

also having regard, amongst other matters, to the Company’s key

stakeholders and the likely consequences of any decisions taken

during the year, as set out below.

Section 172 and stakeholder engagement

Ruffer Investment Company Limited

Annual Report 2026

Strategic report Governance report Financial Statements Additional informationOverview

The interests of the Company’s employees

The Company has no direct employees and maintains close

working relationships with the employees of the Investment

Manager, the Administrator and the Company Secretary, who

undertake the Company’s main functions. Refer to the report of

the Management Engagement Committee on page 78.

The impact of the Company’s operations

onthecommunity and the environment

Whilst the Company has a limited impact on the community

and environment in respect of its day-to-day activities, the Board

notes that the Investment Manager recognises that environmental

responsibility is core to its longer-term business success and

actively integrates ESG issues into its investment process.

The Investment Manager’s Stewardship and responsible investment

policy is available upon request. More information on our approach

to responsible investment is available on pages 40 to 45.

The need to foster the Company’s business

relationshipswith suppliers and others

The Board maintains close working relationships with all key

suppliers and those responsible for delivering the Company’s

strategy. The contractual relationship with each supplier and their

performance are formally reviewed each year. Refer to the report

of the Management Engagement Committee on page 78.

The desirability of the Company maintaining a

reputationfor high standards of business conduct

The Chair is responsible for setting expectations concerning the

Company’s culture, and the Board ensures that its core values of

integrity and accountability are demonstrated in all areas of the

Company’s operation. The Chair and the Board assess and monitor

the activities to demonstrate the values by means of conducting

ongoing reviews through the year, the results of which are

reported at Board, Audit and Risk Committee, and Management

Engagement Committee meetings.

The need to act fairly between shareholders

oftheCompany

The Board, in conjunction with the Investment Manager and the

Broker, engages actively with shareholders to understand their

views and to ensure their interests are taken into consideration

when determining the Company’s strategic direction. Refer to

the section on ‘Relations with shareholders’ on page 65.

During the year, the Company has continued its share buyback

programme to seek to narrow the share price discount to NAV.

This programme has provided liquidity in the market and has

been accretive to NAV for remaining shareholders. The Investment

Manager has provided regular feedback to the Board relating to

interactions with major shareholders to determine their sentiment

about the impact of the share buyback programme on the share

price. In April 2026, the Company was also able to take advantage

of demand in the market and the share price returning to a

premium to NAV by issuing 500,000 new redeemable participating

preference shares.

Ruffer Investment Company Limited

Annual Report 2026

Governance

report

What’s in this section?

Board of Directors 58

Directors’ report 60

Corporate governance statement 64

Directors’ remuneration report 72

Audit and Risk Committee report 74

Management Engagement Committee report 78

Depositary report 79

Ruffer Investment Company Limited

Annual Report 2026

Strategic report

Governance report Financial Statements Additional informationOverview

Nicholas Pink

Chair

Appointed to the Board

1 September 2020

Nicholas Pink, a resident of the United

Kingdom, is chair of one other listed company,

Baillie Gifford China Growth Trust plc. Prior to

a non-executive career, Nicholas had extensive

senior management experience in financial

services with previous roles at UBS Investment

Bank, including Global Head of Research,

Head of European Equities, Head of European

Research, Head of Asia Research and Head

of European Utilities Research. Nicholas was

appointed to the Board on 1 September 2020

and became Chair of the Board on

10 December 2024.

Shelagh Mason

Independent Non-Executive Director

Appointed to the Board

1 June 2020

Shelagh Mason, a resident of Guernsey, is a

solicitor who specialised in English commercial

property. She retired as a consultant with

Collas Crill LLP in October 2020. She was also

non-executive chair of the Channel Islands

Property Fund Limited until December 2025

and is chair of Riverside Capital PCC. She retired

from the board of Skipton International Limited,

a Guernsey-licensed bank, on 30 June 2025,

and until 28 February 2022 was a non-executive

director of The Renewables Infrastructure Group

Limited, a FTSE 250 company, when she retired

after nine years on the board. Shelagh also sat

on the board of Starwood European Real Estate

Finance Limited, a London-listed company, until

February 2026, when it concluded its successful

orderly realisation. Previously, Shelagh was a

member of the board of directors of Standard

Life Investments Property Income Trust Limited,

a property fund listed on the London Stock

Exchange, for ten years until December 2014. She

retired from the board of MedicX Fund Limited, a

main market listed investment company investing

in primary healthcare facilities in 2017 after

ten years on the board. She is a past chair of the

Guernsey Branch of the Institute of Directors, and

also holds the IOD Company Direction Certificate

and Diploma with distinction. Shelagh was

appointed to the Board on 1 June 2020.

Susie Farnon

Independent Non-Executive Director

Appointed to the Board

1 September 2022

Susie Farnon, a resident of Guernsey, is a Fellow

of the Institute of Chartered Accountants

in England and Wales and a non-executive

director of a number of property and investment

companies (as further detailed below). Susie

was a Banking and Finance Partner with

KPMG Channel Islands from 1990 until 2001

and Head of Audit KPMG Channel Islands

from 1999. She has served as President of the

Guernsey Society of Chartered and Certified

Accountants and as a member of the States of

Guernsey Audit Commission and vice-chair of

the Guernsey Financial Services Commission.

Susie was a non-executive director of the

Association of Investment Companies, the

UK investment companies’ trade body, from

April 2018 until January 2025. She currently

serves as a non-executive director of Real Estate

Credit Investments Limited, a London-listed

fund, and of Bailiwick Investments Limited.

Susie was appointed to the Board on

1 September 2022.

Board of Directors

Ruffer Investment Company Limited

Annual Report 2026

At the date of this report,

the Company has five

(2025: five) Non-Executive

Directors, all of whom

are independent.

Key



Audit and Risk Committee



Management Engagement Committee



Committee Chair

Solomon Soquar

Senior Independent Director

Appointed to the Board

2 December 2022

Solomon Soquar, a resident of the United

Kingdom, has a portfolio of roles, including:

non-executive director of BlackRock

Sustainable American Income Trust plc and

Africa Research Excellence Fund, and Business

Fellow of Oxford University and Smith School of

Economics and Enterprise. Solomon has a long

and deep experience of over 30 years across

investment banking, capital markets and wealth

management. He has worked with a number

of major financial institutions, including

Goldman Sachs, Bankers Trust, Merrill Lynch,

Citi and Barclays. His most recent executive

role has been as CEO of Barclays Investments

Solutions Limited. Solomon holds a BA/

MA in Politics, Philosophy and Economics

and an MPhil in Economics from Balliol

College, Oxford. Solomon was appointed to

the Board on 2 December 2022 and became

Senior Independent Director of the Board on

10 December 2024.

Colleen McHugh

Independent Non-Executive Director

Appointed to the Board

1 June 2024

Colleen McHugh, a resident of Guernsey, is

an investment professional with over 25 years

of experience in the investment and financial

services industry, having worked at publicly

listed banks, including HSBC, Barclays and

Butterfield Bank, working across multiple

regions with a focus on international financial

centres. Her career includes senior investment

leadership positions, most recently as chief

investment officer at Wealthify, a UK-regulated

digital adviser within the Aviva PLC group, and

previously as managing director of 1818 Venture

Capital, a Guernsey-licensed asset manager.

Colleen currently serves as a non-executive

director of Real Estate Credit Investments

Limited and, since June 2025, as audit chair

of Chenavari Toro Income Fund Limited –

both London-listed funds. She also holds a

non-executive role with a private investment

fund and a Guernsey-licensed commercial and

captive insurance company. A Chartered Wealth

Manager and Fellow of the Chartered Institute

for Securities & Investment (CISI), Colleen

holds an economics degree from the University

of Ireland, Galway, an MBA from the University

of London, and the ESG Investing Certificate

from the CFA Institute. Colleen was appointed

to the Board on 1 June 2024.

Ruffer Investment Company Limited

Annual Report 2026

Strategic report

Governance report Financial Statements Additional informationOverview

The Directors of the Company present the audited Financial

Statements and their report for the year ended 30 June 2026, which

have been prepared in accordance with the Companies (Guernsey)

Law, 2008 (‘company law’).

Registration

The Company was incorporated with limited liability in Guernsey

on 1 June 2004 as a company limited by shares and as an

authorised closed-ended investment company. As an existing

closed-ended fund, the Company is deemed to be granted an

authorised declaration in accordance with Section 8 of the

Protection of Investors (Bailiwick of Guernsey) Law, 2020,

as amended and rule 6.02 of the Authorised Closed-Ended

Investment Schemes Rules and Guidance, 2021.

Principal activity and investment objective

The Company is a Guernsey-authorised closed-ended investment

company and trades on the Main Market of the London Stock

Exchange (LSE). The principal objective of the Company is detailed

in the strategic report on page 48 of the Financial Statements.

Share issuance

During the year, 500,000 new redeemable participating

preference shares were allotted or issued under the block listing

facility (30 June 2025: no redeemable participating preference

shares issued). Details of the block listing facility are set out in

note 14 on page 102.

Purchase of own shares by the Company

The Company may purchase, subject to various terms as set out

in its Articles and in accordance with the Companies (Guernsey)

Law, 2008, up to 14.99% of the Company’s shares in issue following

the admission of shares to trading on the LSE’s market for listed

securities. For additional information, refer to note 14 on pages

101 to 103.

During the year, the Company bought 7,714,714 shares into treasury

(30 June 2025: 55,760,000), 2.6% of the shares in issue at the start

of the financial year (2025: 15.6%). Subsequent to the year end,

a further 8,835,000 shares have been bought into treasury.

The Board also has the discretion to operate the Redemption

Facility, offering shareholders the possibility of redeeming all or

part of their shareholding for cash at NAV, if it appears appropriate

to do so.

Results and dividends

The results for the year are set out in the statement of

comprehensive income on page 89. Details of dividends paid and

proposed are set out in note 5 on page 97.

Subsequent events

Events occurring after the balance sheet date are disclosed in note

23 on page 115 in the Financial Statements.

Shareholder information

The Company announces its unaudited NAV on a weekly basis and

at the month end. A monthly report on investment performance

is published by the Company’s Investment Manager, on the

Company’s website at ruffer.co.uk/ric

Investment management

The key terms of the Investment Management Agreement,

and specifically, the fee charged by the Investment Manager,

are set out in notes 8 and 18 of the Financial Statements.

The Board reviews on an ongoing basis the performance of the

Investment Manager and considers whether the investment

strategy utilised is likely to achieve the Company’s investment

objective of realising a positive total annual return, after all

expenses, of at least twice the return of the Bank of England

base rate.

Directors’ report

Ruffer Investment Company Limited

Annual Report 2026

In accordance with UK Listing Rule 11.7.2, and having formally

appraised the performance, investment strategy and resources

of the Investment Manager, the Board has unanimously agreed

that the interests of the shareholders as a whole are best served

by the continuing appointment of the Investment Manager on the

terms agreed.

The Investment Management Agreement will continue in force

until terminated by the Investment Manager or the Company giving

to the other party thereto not less than 12 months’ notice in writing.

Directors

The details of the Directors of the Company during the year and

at the date of this report are set out on pages 58 and 59 and in the

Management and administration summary on page 129.

Directors’ interests

The details of the number of redeemable participating preference

shares held beneficially by the Directors who held office at

30 June 2026 and up to the date of this report are set out in note 18

on page 104.

Substantial share interests

As at 31 August 2026

, the Company has received notifications

in accordance with the FCA’s Disclosure and Transparency Rule

5.1.2 R of the following interests in 3% or more of the voting rights

attaching to the Company’s issued shares.

Investor

held

% of issued

share capital

Rathbones 32,974,657 11.46

RBC Brewin Dolphin, stockbrokers 29,860,062 10.37

Interactive Investor 25,691,485 8.93

Hargreaves Lansdown, stockbrokers 22,429,115 7.79

Raymond James 21,437,167 7.45

AJ Bell, stockbrokers 15,622,135 5.43

Evelyn Partners 12, 851,116 4.46

1 Data is taken from the latest available Share Register Analysis produced by

Richard Davies Investor Relations Limited

International tax reporting

For the purposes of the US Foreign Accounts Tax Compliance Act

(FATCA), the Company registered with the US Internal Revenue

Service (IRS) as a Guernsey reporting Foreign Financial Institution

(FFI) in June 2014, received a Global Intermediary Identification

Number (99DLPF.99999.SL.831), and can be found on the

IRS FFI list.

The Common Reporting Standard (CRS) is a standard developed

by the Organisation for Economic Co-operation and Development

(OECD) and is a global approach to the automatic exchange of

tax information, to counter tax evasion and to build upon other

information-sharing legislation, such as FATCA. Guernsey has

adopted the CRS, which came into effect on 1 January 2016.

The Board confirms that the Company’s FATCA and CRS

submissions for 2025 were submitted by the deadline of

30 June 2026.

The Company is committed to zero tolerance towards the

facilitation of tax evasion.

Alternative Investment Fund Managers Directive

(AIFMD)

The Company is categorised as a non-EU Alternative Investment

Fund (AIF). The AIFMD seeks to regulate managers of AIFs, such

as the Company. It imposes obligations on AIFMs who manage

AIFs in a member state of the European Economic Area (EEA), or

who market shares in AIFs to investors who are domiciled, or with

a registered office, in an EEA state. Under the AIFMD, an AIFM

must be appointed and must comply with various organisational,

operational and transparency requirements.

The Company has appointed the Investment Manager to act as

AIFM on behalf of the Company. The Investment Manager is

responsible for fulfilling the role of the AIFM and ensuring the

Company complies with the AIFMD requirements. The AIFM

has no direct employees as it delegates its duties to Ruffer LLP.

Ruffer LLP’s employee remuneration disclosure requirements

under the AIFMD are included in its Pillar III remuneration

disclosure statement.

Ruffer Investment Company Limited

Annual Report 2026

Strategic report

Governance report Financial Statements Additional informationOverview

Non-mainstream pooled investments

The Company intends to be operated in such a manner that its

shares are not categorised as non-mainstream pooled investments.

Among other things, this requires the Company to pay dividends

such that it retains no more than 15% of the income that it receives

or is deemed to receive for UK tax purposes on an annual basis

so that it would qualify as an investment trust if it were UK

tax-resident.

Disclosure of information to the Independent Auditor

(the ‘Auditor’)

Each of the persons who is a Director at the date of approval of the

Financial Statements confirms that

1 so far as each Director is aware, there is no relevant audit

information of which the Company’s Auditor is unaware and

2 each Director has taken all steps they ought to have taken as

a Director to make themselves aware of any relevant audit

information and to establish that the Company’s Auditor is

aware of that information.

This confirmation is given and should be interpreted in accordance

with the provisions of Section 249 of the Companies (Guernsey)

Law, 2008.

Statement of Directors’ responsibilities

The Directors are responsible for preparing the Annual Report and

Financial Statements in accordance with applicable Guernsey law

and regulations.

Guernsey company law requires the Directors to prepare financial

statements for each financial year. Under that law they have

elected to prepare the Financial Statements in accordance with

IFRS Accounting Standards (IFRS) as issued by the International

Accounting Standards Board (IASB) and applicable law.

Under company law, the Directors must not approve the Financial

Statements unless they are satisfied that they give a true and fair

view of the state of affairs of the Company and of the profit or loss

of the Company for that period.

In preparing the Financial Statements, International Accounting

Standard 1 requires that the Directors

– select suitable accounting policies and apply them consistently

– make judgements and estimates that are reasonable, relevant

and reliable

– state whether applicable accounting standards have been

followed, subject to any material departures disclosed and

explained in the Financial Statements

– assess the Company’s ability to continue as a going concern,

disclosing, as applicable, matters related to going concern and

– use the going concern basis of accounting, unless they either

intend to liquidate the Company or cease operations, or have no

realistic alternative but to do so.

The Directors are responsible for keeping proper accounting

records that are sufficient to show and explain the Company’s

transactions and disclose with reasonable accuracy at any time the

financial position of the Company and enable them to ensure that

the Financial Statements comply with company law. They are also

responsible for safeguarding the assets of the Company and hence

for taking reasonable steps for the prevention and detection of

fraud and other irregularities.

The Directors are responsible for the oversight of the maintenance

and integrity of the corporate and financial information included

on the Company’s website at ruffer.co.uk/ric. Legislation in

Guernsey governing the preparation and dissemination of Financial

Statements may differ from legislation in other jurisdictions.

Ruffer Investment Company Limited

Annual Report 2026

Responsibility statement

We confirm that to the best of our knowledge

1 The Financial Statements have been prepared in conformity

with IFRS as issued by the IASB, give a true and fair view of

the assets, liabilities, financial position and profit or loss of the

Company as required by DTR 4.1.12

2 The Annual Report, taken as a whole, is fair, balanced and

understandable and provides the information necessary for the

shareholders to assess the Company’s performance, business

model and strategy and

3 The Annual Report including information detailed in the Chair’s

statement, the Directors’ report, the Investment Manager’s Year

End Review, the Report of the Depositary and the notes to the

Financial Statements, includes a fair review of the development

and performance of the business and the position of the

Company together with a description of the principal risks and

uncertainties that it faces, as required by

a DTR 4.1.8 and DTR 4.1.9 of the Disclosure and Transparency

Rules, being a fair review of the Company’s business and a

description of the principal risks and uncertainties facing the

Company and

b DTR 4.1.11 of the Disclosure and Transparency Rules, being

an indication of important events that have occurred since the

end of the financial year and the likely future development of

the Company.

On behalf of the Board

Susie Farnon

Director

29 September 2026

Ruffer Investment Company Limited

Annual Report 2026

Strategic report

Governance report Financial Statements Additional informationOverview

Corporate governance

On 1 January 2016, the Company became a member of the

Association of Investment Companies (AIC) and has adopted

the 2024 edition of the AIC Code of Corporate Governance

issued in January 2024 (the ‘AIC Code’), which became effective

for accounting periods commencing on or after 1 January 2025

(except for Provision 34, which is applicable for accounting

periods commencing on or after 1 January 2026). By complying

with the AIC Code, the Company is deemed to comply with both

the UK Corporate Governance Code 2018 (the ‘UK Code’) and

the Guernsey Financial Services Commission (GFSC) Finance

Sector Code of Corporate Governance (as amended in June 2021)

(the ‘GFSC Code’).

To ensure ongoing compliance with these principles, the Board

receives a report from the Company Secretary on an annual basis

identifying how the Company is in compliance and identifying

any areas of non-compliance. The Directors confirm that the

Company has complied with the provisions of the AIC Code

throughout the year.

The AIC Code is available on the AIC’s website, theaic.co.uk.

It addresses the principles and provisions set out in the UK Code,

and includes an explanation of how the AIC Code adapts those

principles and provisions, and sets out additional provisions,

to make them relevant for investment companies.

Purpose of the Company

The purpose of the Company is to provide its shareholders with

access to a portfolio of equity, equity-related and debt investments

that will produce a positive return, after all expenses, of at least

twice the Bank of England base rate. For further details, see the

strategic report section on pages 6 to 56.

Role of the Board

The Board is the Company’s governing body and has overall

responsibility for ensuring the Company’s success by directing and

supervising the affairs of the business and meeting the appropriate

interests of shareholders and relevant stakeholders, while

enhancing the value of the Company and also ensuring protection

of investors. A summary of the Board’s responsibilities is as follows

– statutory obligations and public disclosure

– strategic matters and financial reporting

– capital management, including gearing and dividend policy

– review of investment performance and associated matters

– risk assessment and management including reporting

compliance, governance, monitoring and control and

– other matters having a material effect on the Company.

The Board’s responsibilities for the Annual Report are set out in

the statement of Directors’ responsibilities on pages 62 and 63

The Board has contractually delegated responsibility for the

management of its investment portfolio, the arrangement of

custodial and depositary services, and the provision of accounting

and company secretarial services. Documented contractual

arrangements are in place with these companies which define the

areas where the Board has delegated responsibility to them. The

Board has adopted a schedule of matters specifically reserved for

its decision-making and distinguishing these from matters it has

delegated to the Company’s key service providers. This schedule

is available on the Company’s website at ruffer.co.uk/ric

The Board needs to ensure that the Financial Statements, taken

as a whole, are fair, balanced and understandable and provide the

information necessary for shareholders to assess the Company’s

performance, business model and strategy.

Corporate governance statement

Ruffer Investment Company Limited

Annual Report 2026

In seeking to achieve this, the Directors have set out the Company’s

investment objective and policy (see page 48) and have explained

how the Board and its delegated Committees operate and how

the Directors review the risk environment within which the

Company operates and set appropriate risk controls. Furthermore,

throughout the Financial Statements, the Board has sought to

provide further information to give shareholders a fair, balanced

and understandable view.

Relations with shareholders

The Board welcomes shareholders’ views and places great

importance on communication with its shareholders. The Board

receives regular reports on the composition of the shareholder

Broker and the Investment Manager, which are taken into

consideration as part of the Board’s decision-making process.

The Chair and Directors meet with shareholders throughout the

year both one-on-one and at the annual investor presentations

co-ordinated by the Investment Manager to discuss the investment

strategy. The next such event is scheduled to take place at the

London office of the Investment Manager in November 2026.

The AGM of the Company also provides a forum for shareholders

to meet and discuss issues with the Directors of the Company.

The Investment Manager organises webinars to discuss the

investment strategy on a regular basis, which shareholders are

invited to attend.

In addition, the Investment Manager maintains a website which

contains comprehensive information, including financial reports,

prospectus and monthly reports on investment performance, which

contain share price information, investment objectives, investment

reports and investor contacts.

The Board and Ruffer have collaborated on a revised marketing

strategy to communicate with retail shareholders. The details are

contained in the Chair’s statement on pages 6 to 11.

Composition and independence of the Board

The Board currently comprises five Non-Executive Directors

(2025: five), all of whom are considered to be independent, which

it considers to be its optimal size for the time being. The Board

considers that it has a good balance of skills and experience to

ensure it operates effectively. The Directors of the Company

are listed on pages 58and 59 and in the Management and

administration summary on page 129.

Susie Farnon and Colleen McHugh both serve on the board of Real

Estate Credit Investments Limited, a company listed on the London

Stock Exchange, but the Board believes that this does not impact

their ability to be considered independent.

The Company has no employees and therefore there is no

requirement for a chief executive. None of the Directors has a

contract of service with the Company.

The current Chair of the Board is Mr Nicholas Pink. Mr Pink was

appointed as Chair of the Board on 10 December 2024.

The Chair of the Board must be independent for the purposes of

Chapter 15 of the Listing Rules. Mr Pink is considered independent

because he

– has no current or historical employment with the

Investment Manager

– has not provided any professional advisory services to the

Investment Manager and

– has no current directorships in any other investment funds

managed by the Investment Manager.

As Chair, Mr Pink is responsible for leading the Board of Directors

and for ensuring its effectiveness in all aspects of its role. The key

responsibilities of the Chair are as follows

– meeting with major shareholders to obtain a balanced

understanding of any issues, concerns, and providing feedback

to the Board

– demonstrating ethical leadership and promoting the highest

standards of integrity, probity and corporate governance

throughout the Company

– setting the Board’s agenda and ensuring the Board has in place

effective decision-making processes which are supported by

accurate and high-quality information and

– leading the annual performance evaluation of the Board

and taking all appropriate actions based on the results of the

evaluation.

In accordance with the AIC Code and in recognition of the Board’s

desire to maintain high standards of corporate governance,

Mr Solomon Soquar was appointed as the Company’s Senior

Independent Director (SID) on 10 December 2024 in succession

to Mr Pink.

Ruffer Investment Company Limited

Annual Report 2026

Strategic report

Governance report Financial Statements Additional informationOverview

The key roles and responsibilities of the SID are as follows

– providing support to the Chair in relation to matters of Board

effectiveness and governance

– being available to shareholders and the other Directors as an

additional point of contact or to communicate any concerns to

the Board

– leading the annual performance evaluation of the Chair of the

Board and succession planning for the Chair’s role and

– attending meetings with major shareholders alongside the Chair,

as required.

The Company holds a minimum of four Board meetings per year to

discuss strategy, general management, structure, finance, dividend

payments, capital management, corporate governance, ESG

matters, marketing, risk management, compliance and gearing,

contracts and performance. In addition, an annual strategy

meeting is held by the Board with the Investment Manager.

The quarterly Board meetings are the principal source of regular

information for the Board, enabling it to determine policy and to

monitor performance, compliance and controls, but these meetings

are supplemented by communication and discussions throughout

the year.

Representatives of the Investment Manager and the Administrator

attend each Board meeting either in person or by videoconference,

thus enabling the Board to fully discuss and review the Company’s

operations and performance. In addition, representatives from

the Company’s Broker attend at least two Board meetings a year.

Each Director has direct access to the Investment Manager and

Administrator and may at the expense of the Company seek

independent professional advice on any matter.

Attendance at the Board and other meetings during the year was as follows.

Board Audit and Risk Committee Management Engagement Committee

Meetings Scheduled Attended Scheduled Attended Scheduled Attended

Nicholas Pink 4 4 4 4 2 2

Susie Farnon 4 4 4 4 2 2

Shelagh Mason 4 4 4 4 2 2

Solomon Soquar 4 4 4 4 2 2

Colleen McHugh 4 4 4 4 2 2

In addition to the above meetings, a number of ad hoc meetings were held during the year.

The Board is satisfied that all Directors have sufficient time to meet their Board responsibilities. All material new Director appointments

require prior Board approval. The Board maintains a list of external directorships for each Director and reviews it quarterly. The Board is

required to publish any new appointments to listed companies. The Board evaluation assesses effectiveness annually and this is conducted

externally triennially.

Conflicts of interest

Directors are required to disclose all actual and potential conflicts of interest as they arise for approval by the Board, who may impose

restrictions or refuse to authorise conflicts. The process of consideration and, if appropriate, approval will be conducted only by those

Directors with no material interest in the matter being considered. The Board maintains a Conflicts of Interest policy which is reviewed

periodically and a Business Interests and Potential Conflicts of Interest Register which is reviewed by the Board at each quarterly

Board meeting.

Ruffer Investment Company Limited

Annual Report 2026

Directors’ indemnity

Directors’ and Officers’ liability insurance cover is maintained by

the Company on behalf of the Directors.

Re-election

The Company’s Articles prescribe that, at each AGM, one-third

of the Directors shall retire from office and may offer themselves

for re-election. However, in line with best practice, the Board has

determined that all of the Directors should stand for re-election

at each AGM.

Accordingly, on 4 December 2025 at the 21st AGM of the Company,

Nicholas Pink, Shelagh Mason, Susie Farnon, Colleen McHugh and

Solomon Soquar retired as Directors of the Company and, being

eligible, offered themselves for re-election and were re-elected as

Directors of the Company by the shareholders.

Further details regarding the experience of each of the Directors

are set out on pages 58 and 59.

The Directors may at any time appoint any person to be a Director

either to fill a vacancy or as an addition to the existing Directors.

Any Director so appointed shall hold office only until, and shall

be eligible for election at, the next general meeting following their

appointment but shall not be taken into account in determining

the Directors or the number of Directors who are to retire by

rotation at that meeting if it is an AGM.

Board evaluation

The Board policy is for an external evaluation of its effectiveness

every three years and an annual internal evaluation in between.

The last evaluation occurred during the year ended 30 June 2024,

for which the Board engaged Lintstock, a firm highly experienced

in conducting board evaluations, to facilitate an external evaluation

of the Board, following on from their previous review during the

2022/2023 financial year. An independent consultant has been

selected to conduct the next external evaluation, which is scheduled

for the financial year ending 30 June 2027.

During the current financial year, the Board conducted a

self-evaluation of its performance and that of the Company’s

individual Directors, which was led by the Chair and, as regards

the Chair’s performance evaluation, by the Senior Independent

Director. The annual self-evaluation considered how the Board

functions as a whole, taking into account the balance of skills,

experience and length of service of each Director, and also

reviewed the individual performance of its members.

To facilitate the self-evaluation, the Company Secretary

circulated a detailed questionnaire to each Director and a separate

questionnaire for the evaluation of the Chair. The questionnaires,

once completed, were returned to the Company Secretary who

collated responses, prepared a summary and discussed the Board

evaluation with the Chair prior to circulation to the remaining

Board members. The performance of the Chair was evaluated by

the other Directors, led by the Senior Independent Director. The

internal review concluded that the Board was operating effectively.

The Board considers the annual self-evaluation process to be

appropriate having regard to the non-executive role of the Directors

and the significant outsourcing of services by the Company to

external providers.

Board succession planning

The Board considers it has a breadth of experience relevant to

the Company, and the Directors believe that any changes to the

Board’s composition can be managed without undue disruption.

An induction programme is in place for all Director appointees.

Any proposals for a new Director are discussed and approved by

the Board.

The Board’s succession planning policy seeks to ensure that

the Board remains well balanced and that the Directors have a

sufficient level of skills, knowledge and experience to meet the

needs of the Company. The Directors are ever cognisant of the

need for the Board to have a balance of gender and other attributes,

including the requirement to appoint a majority of non-UK

resident Directors.

The Board’s policy is that all Directors of the Company, including

the Chair, shall normally have tenure limited to nine years from

their first appointment to the Board. Exceptions may be made,

particularly in respect of the Chair, for example to facilitate

effective succession planning, or were the Company in the middle

of a corporate action, when an extension may be appropriate.

Ruffer Investment Company Limited

Annual Report 2026

Strategic report

Governance report Financial Statements Additional informationOverview

Board diversity

The Board’s policy, which has been implemented in its recent succession planning, is to support the widening of its diversity, whilst ensuring

the capabilities, experience and background of each member remain appropriate to the Company and continue to contribute to overall Board

effectiveness.

The objectives of this policy are to seek to broaden the diversity represented on the Board and to bring fresh perspectives to the Board’s

decision-making processes from a wide range of backgrounds. The Board utilised a skills matrix during recent recruitment to ensure it

possesses a diverse range of skills appropriate for its effective operation.

In compliance with UK Listing Rule 6.6.6, the Company has provided information, set out in the tables below, on how it has met the

following targets on Board diversity

– at least 40% of the Board is female

– at least one senior position on the Board is held by a woman and

– at least one individual on the Board is from a minority ethnic background.

The Board confirms that all of the targets have been met as at 30 June 2026, the Company’s chosen reference date within its financial year

for the data.

Gender identity

Number of

Board members

% of

the Board

Number of

senior positions

on the Board

Men 2 40 2

Women 3 60 2

Ethnic background

Number of

Board members

% of

the Board

Number of

senior positions

on the Board

White British or other White (including minority white groups) 4 80 3

Black/African/Caribbean/Black British 1 20 1

Other ethnic group — — —

The data shown in the above tables reflect the gender and ethnic background of the Board, and were collected on the basis of self-reporting

by the individuals concerned. The questions asked were ‘Which ethnicity category best describes your background?’ and ‘What is the gender

in which you wish to be categorised?’

The Listing Rules specify the positions of CEO, CFO, Chair and SID as being senior positions. The Board notes that, as an externally managed

investment company, with a Board comprised entirely of Non-Executive Directors, it does not have the roles of a chief executive officer or

chief finance officer, and therefore for the purpose of the above targets, it considers the senior positions on the Board to include the roles of

Chair, SID and Chair of any permanent committee of the Board.

There have been no changes to the composition of the Board subsequent to the year end.

Ruffer Investment Company Limited

Annual Report 2026

Committees of the Board

The Board has established an Audit and Risk Committee and

a Management Engagement Committee and approved their

terms of reference, copies of which can be obtained from the

Company Secretary upon request and on the Company’s website

at ruffer.co.uk/ric

The table on page 66 sets out the number of Committee meetings

held during the year ended 30 June 2026 and the number of such

meetings attended by each Committee member.

Audit and Risk Committee

The Company has established an Audit and Risk Committee (ARC),

with formally delegated duties and responsibilities within written

terms of reference. The ARC is comprised of the entire Board and

is chaired by Susie Farnon. The ARC meets formally at least three

times a year.

A report of the ARC detailing responsibilities and activities is

presented on pages 74 to 77.

Management Engagement Committee

The Company has established a Management Engagement

Committee (MEC), with formally delegated duties and

responsibilities within written terms of reference. The MEC is

comprised of the entire Board and is chaired by Shelagh Mason.

The MEC meets twice in June and December each year and holds

ad hoc meetings to address any arising issues as required.

The principal duties of the Committee are to review the

performance of and contractual arrangements with the Investment

Manager and all other key service providers to the Company

(other than the Auditor).

During the year, the Committee has reviewed the services provided

by its service providers, and recommended that the continuing

appointments of the Company’s Investment Manager and other

service providers were in the best interests of the Company, except

that it recommended the appointment of Aztec Financial Services

(Guernsey) Limited as Company Secretary in place of Apex Fund

and Corporate Services (Guernsey) Limited, with the latter

retaining its engagement as Administrator. The last meeting was

held on 3 June 2026.

A report of the MEC detailing responsibilities and activities during

the year is presented on page 78.

Nomination Committee

The Board does not have a separate Nomination Committee,

as the Board believes that the functions of such a committee are

best fulfilled by the whole Board as part of its regular business.

Any proposals for the appointment of a new Director or succession

planning are discussed and approved by the Board. The Board will

determine whether an external search consultancy is used in the

appointments of future Non-Executive Directors.

Remuneration Committee

In view of its non-executive and independent nature, the Board

considers that it is not appropriate to have a Remuneration

Committee as anticipated by Provision 37 of the AIC Code because

this function is carried out as part of the regular Board business.

A remuneration report prepared by the Board is presented on

pages 72 and 73.

Internal control

The Company’s risk exposure and the effectiveness of its risk

management and internal control systems are reviewed by the

Audit and Risk Committee at its meetings and annually by the Board.

The Board is responsible for establishing and maintaining the

Company’s system of internal controls and for maintaining and

reviewing its effectiveness. The system of internal controls is

designed to manage rather than to eliminate the risk of failure

to achieve business objectives and as such can only provide

reasonable, but not absolute, assurance against material

misstatement or loss. These controls aim to ensure that assets

of the Company are safeguarded, proper accounting records are

maintained and the financial information for publication is reliable.

The Board has a risk governance framework which is designed to

identify, evaluate and mitigate the risks identified. Within this risk

governance framework, the Board and Audit and Risk Committee

regularly review the register of principal risks.

The Board has noted the changes introduced by the AIC to

Provision 34 of the 2024 edition of the AIC Code, applicable to

accounting periods beginning on or after 1 January 2026, relating

to the effectiveness of material internal controls. It, together with

the Audit and Risk Committee, has taken a number of steps during

the year towards enhancing its existing processes for identifying

and assessing internal controls in order to comply with the revised

Provision 34 no later than the effective date and to provide the

required declaration of effectiveness of internal controls in the

relevant Annual Report.

Ruffer Investment Company Limited

Annual Report 2026

Strategic report

Governance report Financial Statements Additional informationOverview

The Board has contractually delegated to external parties various

functions as listed below. The duties of investment management,

administration and custody are segregated. Each of the contracts

entered into with the parties was entered into after full and proper

consideration by the Board of the quality and cost of services

offered, including the control systems in operation as far as they

relate to the affairs of the Company.

The Board, together with the Audit and Risk Committee, considers

on an ongoing basis the process for identifying, evaluating and

managing any significant risks faced by the Company. The process

includes reviewing reports from the Company Secretary on risk

control and compliance, in conjunction with the Investment

Manager’s regular reports which cover investment performance.

Investment and portfolio risk management is provided by Ruffer

AIFM Limited (a company authorised by the FCA), which delegates

these functions to Ruffer LLP.

Administration, accounting and (until 1 June 2026) company

secretarial duties are performed by Apex Fund and Corporate

Services (Guernsey) Limited, a company licensed and regulated by

the Guernsey Financial Services Commission. Following a review

of the Company’s service providers, Aztec Financial Services

(Guernsey) Limited was appointed as Company Secretary with

effect from 1 June 2026.

CREST agency functions are performed by Computershare Investor

Services (Jersey) Limited, a company licensed and regulated by the

Jersey Financial Services Commission.

Depositary services are performed by Northern Trust (Guernsey)

Limited, a company licensed and regulated by the Guernsey

Financial Services Commission.

Custodial services are provided by Northern Trust (Guernsey)

Limited, a company licensed and regulated by the Guernsey

Financial Services Commission.

Sponsorship and brokering services are provided by Investec

Bank plc, a firm which is authorised and regulated by the FCA.

The Board reviews regularly the performance of the service

providers. The Auditor is reviewed by the ARC and the other

service providers by the MEC, as described in the MEC report

on page 78.

The Board meets formally with the Investment Manager quarterly

to review the performance of the investments in the light of the

Company’s investment objectives and the Investment Manager’s

position against its peers. The Board also conducts an annual

visit to the offices of Ruffer LLP to meet with certain of the senior

executives in the firm and to review such matters as Ruffer’s

business, product, marketing and personnel strategies, so far as

they affect the Company; portfolio risk analysis; and integration

of ESG into portfolio construction. The last such visit took place

in September 2026.

The Board receives and reviews quarterly reports from the

Investment Manager, the AIFM and the Administrator. The MEC

conducts an annual review of all key service providers, which is

communicated to the Board and includes a detailed assessment

of their performance along with completion of a questionnaire by

each service provider regarding key areas including their control

environment, business continuity, cybersecurity arrangements

and response to ESG, as further disclosed in the MEC report on

page 78.

In common with most investment companies, the Company

does not have an internal audit function. All of the Company’s

management functions are delegated to the Investment Manager,

the Administrator and (with effect from 1 June 2026) the Company

Secretary, which have their own internal compliance and risk

assessment functions. As such, an internal audit function specific

to the Company is therefore considered unnecessary, as explained

on page 77.

Ruffer Investment Company Limited

Annual Report 2026

Principal risks and uncertainties

Principal risks and uncertainties are disclosed on pages 51 to 54.

Anti-bribery and corruption

The Board acknowledges that the Company’s international

operations may give rise to possible claims of bribery and

corruption. In consideration of The Bribery Act 2010, enacted in

the UK, at the date of this report the Board had conducted a review

of the perceived risks to the Company arising from bribery and

corruption to identify aspects of business which may be improved

to mitigate such risks. The Board has adopted a zero-tolerance

policy towards bribery and has reiterated its commitment to carry

out business fairly, honestly and openly.

Criminal Finances Act

The Board has a zero-tolerance commitment to preventing persons

associated with it from engaging in criminal facilitation of tax

evasion and will not work with any service provider who does not

demonstrate the same commitment. The Board has satisfied itself

in relation to its key service providers that they have reasonable

provisions in place to prevent the criminal facilitation of tax

evasion by their own staff or any associated persons.

UK Modern Slavery Act

The Board acknowledges the requirement to provide information

about human rights in accordance with the UK Modern Slavery Act.

The Board conducts the business of the Company ethically and with

integrity, and has a zero-tolerance policy towards modern slavery

in all its forms. As the Company has no employees, all its Directors

are non-executive and all its functions are outsourced; there are

no further disclosures to be made in respect of employees and

human rights.

Ruffer Investment Company Limited

Annual Report 2026

Strategic report

Governance report Financial Statements Additional informationOverview

Remuneration policy

Remuneration policy is set by the Board within a fee cap agreed

by shareholders. There is no remuneration committee, there are

no performance fees, and no additional one-off fees are paid to

Directors for extra time involved. However, the posts of Company

Chair, Senior Independent Director and the Chairs of Committees

do command extra annual remuneration. Some of the work which

is typically supported by groups with a stable of investment

companies falls to the Audit and Risk Committee and to the

Board, which has also been actively engaged separately with the

Investment Manager, the Broker and shareholders. The objectives

of the remuneration policy set by the Board are simplicity,

transparency, competitiveness and fairness, especially in real

(inflation-adjusted) terms. The Board has agreed to an independent

review of remuneration at least every three years, with a view to

reviewing the cap on the annual total Directors’ remuneration to be

proposed and voted on by shareholders in an ordinary resolution.

The last such independent review was conducted during the year

ended 30 June 2024, and Trust Associates (TA), an independent

consultant, has been appointed to conduct the next review during

the year ending 30 June 2027. TA has no connection with the

Company or with any of the Directors.

No Director has a service contract with the Company, but each of

the Directors is appointed by a letter of appointment which sets

out the main terms of their appointment. Directors hold office

until they retire or cease to be a Director in accordance with the

Company’s Articles of Incorporation (the ‘Articles’) or by operation

of law. In accordance with the AIC Code, the Company anticipates

that no Director will serve for a period of more than nine years.

Directors’ appointments may be terminated in accordance with

the Company’s Articles without compensation.

Remuneration

The Directors of the Company are remunerated for their services at

such a rate as the Directors determine provided that the aggregate

amount of such fees does not exceed £390,000 (30 June 2025:

£390,000) per annum.

Directors are remunerated in the form of fees, payable quarterly in arrears, to the Director personally. The annual fees paid to each Director

during the year are shown below.

30 June 2026

30 June 2025

Nicholas Pink (Chair with effect from 10 December 2024) 75,250 65,022

Susie Farnon (Chair of the Audit and Risk Committee) 60,500 58,000

Shelagh Mason (Chair of the Management Engagement Committee) 54,200 52,000

Solomon Soquar (SID with effect from 10 December 2024) 55,250 51,910

Colleen McHugh (appointed 1 June 2024) 50,000 48,000

Christopher Russell (Chair until retirement on 10 December 2024) — 31,113

295,200 306,045

Directors’ remuneration report

Ruffer Investment Company Limited

Annual Report 2026

No Directors’ fees remained payable at the year end (30 June 2025: £nil). No additional remuneration has been paid to Directors outside

their normal fees and expenses. The charge for the year is lower than the prior year due to the Board having operated with six members for

over five months of the prior year.

The fee cap was raised to £390,000 in December 2024 and was not further increased at the 2025 AGM.

The changes to the Directors’ fees were detailed in the AGM notice in October 2025 and the Directors’ remuneration policy was approved

by shareholders at the December 2025 AGM.

The fees applicable for each role on the Board for the prior, current and forthcoming financial years are detailed in the following table.

Role

Year ending

30 June 2027

Year ended

30 June 2026

Year ended

30 June 2025

Chair 80,000 75,250 72,000

Chair of Audit and Risk Committee 64,000 60,500 58,000

Chair of Management Engagement Committee 57,50 0 54,200 52,000

SID 58,500 55,250 53,000

Director 53,000 50,000 48,000

Total 313,000 295,200 283,000

For the 2026/2027 financial year, the Board reviewed the level of fees and resolved that the basic fee be increased by 6.0% in nominal terms,

from £50,000 to £53,000 per annum, effective 1 July 2026 (2025: 4.2% in nominal terms effective 1 July 2025). Additional fees were also

increased as follows

– serving as Chair of the Board: fee increased from £25,250 to £27,000 (2025/2026 financial year: £24,000 to £25,250)

– serving as Chair of the Audit and Risk Committee: fee increased from £10,500 to £11,000 (2025/2026 financial year: £10,000 to £10,500)

– serving as Senior Independent Director: fee increased from £5,250 to £5,500 (2025/2026 financial year: £5,000 to £5,250) and

– serving as Chair of the Management Engagement Committee: fee increased from £4,200 to £4,500 (2025/2026 financial year: £4,000

to £4,200).

The total annual fees for the 2026/2027 financial year represent a 6.0% increase from 2025/2026. The main considerations in the fee review

were inflation, an analysis of peer fees using industry surveys and greater time spent by the Board.

Nicholas Pink

Chair

29 September 2026

Ruffer Investment Company Limited

Annual Report 2026

Strategic report

Governance report Financial Statements Additional informationOverview

Susie Farnon

Chair, Audit and Risk Committee

The Audit and Risk Committee presents here its report for the

year ended 30 June 2026, setting out the responsibilities of the

Committee and its key activities during the year. As in previous

years, the Committee has reviewed the Company’s financial

reporting, the independence and effectiveness of the Auditor,

and the internal control and risk management systems of service

providers. In order to assist the Committee in discharging these

responsibilities, regular reports are received from the Investment

Manager, Administrator and Auditor.

Members of the Committee will continue to be available at each

AGM to respond to any shareholder questions on its activities and

reports.

Responsibilities

The Committee reviews and recommends to the Board the

Financial Statements of the Company and is the forum through

which the Auditor reports to the Board of Directors.

The role of the Committee includes

– monitoring and reporting to the Board on such matters as the

integrity of the Financial Statements of the Company and any

formal announcements relating to the Company’s financial

performance, and any significant financial reporting judgements

– providing advice to the Board on whether the Financial

Statements of the Company are fair, balanced and

understandable, and provide the information necessary for

shareholders to assess the Company’s position and performance

– considering the appropriateness of accounting policies and

practices including critical estimates and judgement areas

– reviewing and considering the AIC Code, the UK Code and FRC

Guidance on Audit Committees

– monitoring and reviewing the quality, effectiveness and

independence of the Auditor and the effectiveness of the audit

process, considering and making recommendations to the

Board on the appointment, reappointment, replacement and

remuneration of the Company’s Auditor

– developing and implementing policy on the engagement of the

Auditor to provide non-audit services

– reviewing the Company’s procedures for prevention, detection

and reporting of fraud, bribery and corruption

– monitoring and reviewing the internal control and risk

management systems of the Company and its service providers,

including review of the risk framework and risk matrix and

identification of principal and emerging risks

– considering the need for an internal audit function and

– reporting to the Board on how it has discharged its

responsibilities.

The Committee’s full terms of reference are available on the

Company’s website at ruffer.co.uk/ric

Audit and Risk Committee report

Ruffer Investment Company Limited

Annual Report 2026

Key activities

The Committee confirms that, during the year, it has discharged

its responsibilities under Provision 30 of the AIC Code, including

adherence to the FRC’s ‘Audit Committees and the External Audit:

Minimum Standard’ (the ‘Minimum Standard’).

The following sections discuss the assessments made by the

Committee during the year.

Financial reporting

The Committee’s review of the Unaudited Interim Report and

Financial Statements, Unaudited Investment Manager’s Year End

Review and the Annual Report and Audited Financial Statements

focused on the significant risk relating to the valuation and

ownership of investments. The investments comprise the majority

of the Company’s NAV and hence form part of the key performance

indicator (KPI) NAV per share. Hence any significant error in

valuation or misstatement of holdings could materially impact

the NAV and hence the reported NAV per share of the Company.

Valuation of investments

The Company’s investments had a fair value of £863,113,457 as

at 30 June 2026 (30 June 2025: £848,895,542) and represented

the majority of the net assets of the Company. The investments

are predominantly listed, except for investments in unlisted

investment funds.

The valuation of investments as at 30 June 2026 is in accordance

with the requirements of IFRS. The Committee considered

the fair value of the investments held by the Company as at

30 June 2026 to be reasonable based on information provided

by the Investment Manager and the Administrator. All prices

are confirmed to independent pricing sources as at 30 June 2026

by the Administrator and are subject to a review process at the

Administrator and oversight at the Investment Manager. The

Committee also notes the work of the Auditor on these balances

as set out in their report on pages 81 to 87.

The Committee considered the classification of the Company’s

investments within the levels of the fair value hierarchy in

accordance with the requirements of IFRS 9, most notably the

classification of the Company’s holding in the Ruffer Illiquid

Multi Strategies Fund, which represents approximately 7.4%

(2025: 7.1%) of the Company’s NAV. The Committee was

comfortable that this investment should be classified within

Level 2 of the hierarchy, as the Investment Manager creates

a sufficient market for the shares.

Ownership of investments

The Company’s investment holdings are reconciled to independent

reports from the Custodian by the Administrator, with any

discrepancies being fully investigated and reconciled by the

Administrator. The Committee satisfied itself, based on reviews

of information provided by the Custodian, Depositary and

Administrator, that the holdings of investments are correctly

recorded.

Investment income and realised and unrealised gains

andlosses on investments

The Committee has considered the risk that these items may

be materially misstated, which could impact the reporting of

the performance of the Company in any accounting period.

The Committee is satisfied that the controls around the recording

and calculations for these items and the reconciliation of cash and

investment holdings are sufficiently robust to satisfactorily mitigate

this risk.

Risk management

The Committee considered the process for managing the risk of the

Company and its service providers. Risk management procedures

for the Company, as detailed in the Company’s risk governance

framework, were reviewed and approved by the Committee.

Regular reports are received from the Investment Manager and

the Administrator on the Company’s risk evaluation process and

reviews. The Committee’s risk framework allocates the identified

principal risks into five risk categories. Please refer to the strategic

report on pages 51 to 55 for details on the principal risks and

uncertainties and their management. Financial risks faced by the

Company are discussed in note 21 of the Financial Statements on

pages 106 to 113.

The Company’s AIFM, Ruffer AIFM Limited, has responsibilities

in law in relation to risk management under the AIFMD.

Fraud, bribery and corruption

The Committee continues to monitor the fraud, bribery

and corruption policies of the Company. The Board receives

a confirmation from all service providers that there have

been no instances of fraud, bribery or corruption.

Ruffer Investment Company Limited

Annual Report 2026

Strategic report

Governance report Financial Statements Additional informationOverview

The Auditor

Following a competitive audit tender process conducted in

May 2024, the Board determined that Deloitte LLP should be

reappointed as the Company’s Auditor. The Company intends to

conduct a tender process at least every ten years and to rotate

auditor at least every 20 years, as recommended by the Minimum

Standard and the UK Statutory Auditors and Third Country

Auditors Regulations 2016.

Independence, objectivity and fees

The independence and objectivity of the Auditor is reviewed by

the Committee, which also reviews the terms under which the

Auditor is appointed to perform non-audit services. The Committee

has established pre-approval policies and procedures for the

engagement of Deloitte LLP to provide audit, assurance and tax

services. The Auditor may not provide a service which

– places them in a position to audit their own work

– creates a mutuality of interest

– results in the Auditor developing close relationships with

service providers of the Company

– results in the Auditor functioning as a manager or employee

of the Company or

– puts the Auditor in the role of advocate of the Company.

The Committee takes into account relevant ethical and regulatory

guidance regarding the provision of non-audit services by the

Auditor, and will report to the Board to identify any matters in

respect of which it considers that action or improvement is needed,

and to make recommendations as to the steps to be taken. The

Board maintains a non-audit services policy which is reviewed

periodically and is available on the Company’s website at

ruffer.co.uk/ric

The following table summarises the remuneration paid to the

Auditor for audit and non-audit services during the years ended

30 June 2026 and 2025.

30 June 2026

30 June 2025

Audit services – statutory audit 89,000 83,800

Non-audit services – interim review 22,100 23,500

Total audit and non-audit-related fees 111,100 107, 30 0

No tax or other services were provided by the Auditor during

the year.

Deloitte LLP also has safeguards in place to ensure objectivity

and independence.

When considering the effectiveness and independence of the

Auditor, and the effectiveness of the audit process, the Committee

meets regularly with the Auditor to discuss the audit plan and the

scope of the audit. The Committee also takes account of factors

such as

– the audit plan presented to them before each audit

– the post-audit report including variations from the original plan

– changes in audit personnel

– the Auditor’s own internal procedures to identify threats to

independence and

– feedback from both the Investment Manager and the

Administrator evaluating the performance of the team.

The Committee has examined the scope and results of the audit,

its cost effectiveness and the independence and objectivity of the

Auditor, with particular regard to non-audit fees, and is satisfied

that an effective audit has been completed with diligence and

professional scepticism, that the scope of the audit was appropriate,

and significant judgements have been challenged robustly. It

also considers Deloitte LLP, as Auditor, to be independent of the

Company.

Ruffer Investment Company Limited

Annual Report 2026

Internal control and risk management systems

The Committee discussed with the Auditor the risk of misstatement

in the Financial Statements arising from the potential for the

Company’s key service providers, the Investment Manager and

the Administrator, to override controls.

At each quarterly Board meeting, compliance reports are provided

by the Administrator and the Investment Manager. The Board

also receives confirmation from the Investment Manager and

the Administrator of their capabilities under their ISAE 3402

Type II audit reports, which relate to the effectiveness of the

entity’s internal controls and procedures. In the prior year, the

Administrator’s report for the year ended 30 September 2024

was qualified on certain matters; however, these matters have

been addressed and remediated and the most recent report,

covering the year ended 30 September 2025, was clean.

Under its risk governance framework, the Board reviews its risk

relating to the internal controls of service providers, on a quarterly

basis. In addition, the MEC conducts a formal review of all key

service providers on an annual basis, including a review of any

known internal control weaknesses, which are discussed with the

service provider to ensure matters are resolved expeditiously.

The Committee has reviewed the need for an internal audit

function. The Committee is satisfied that the systems and

procedures employed by the Investment Manager and the

Administrator provide sufficient assurance that a sound system

of internal control is maintained. An internal audit function

specific to the Company is therefore considered unnecessary.

The Committee has noted the changes introduced by the AIC to

Provision 34 of the 2024 edition of the AIC Code, applicable to

accounting periods beginning on or after 1 January 2026, relating

to the effectiveness of material internal controls. It, together with

the Board, has taken a number of steps during the year towards

enhancing its existing processes for identifying and assessing

internal controls in order to comply with the revised Provision

34 no later than the effective date and to provide the required

declaration of effectiveness of internal controls in the relevant

Annual Report.

For any questions on the activities of the Committee not addressed

in the foregoing, members of the Committee will attend each AGM

to respond to such questions.

In finalising the Financial Statements for recommendation to

the Board for approval, the Committee has satisfied itself that

the Financial Statements taken as a whole are fair, balanced

and understandable, and provide the information necessary

for shareholders to assess the Company’s performance, business

model and strategy.

Susie Farnon

Chair, Audit and Risk Committee

29 September 2026

Ruffer Investment Company Limited

Annual Report 2026

Strategic report

Governance report Financial Statements Additional informationOverview

Shelagh Mason

Chair, Management Engagement Committee

Management Engagement Committee report

The Management Engagement Committee presents here its report

for the year ended 30 June 2026, setting out the responsibilities of

the Committee and its key activities for the year. The Committee

meets annually in June each year and holds ad hoc meetings to

address any arising issues as required.

Responsibilities

The formally delegated duties and responsibilities of the Committee

are set out in written terms of reference which are available

from the Company Secretary upon request and published on the

Company’s website at ruffer.co.uk/ric. The Committee’s terms of

reference are reviewed on an annual basis.

The principal duties of the Committee are to review the

performance of and contractual arrangements with the Investment

Manager and all other key service providers to the Company,

other than the Auditor which is reviewed by the Audit and Risk

Committee. In addition, the Committee is involved in monitoring

and reviewing the level of remuneration of the Investment Manager

to ensure that it is appropriate, competitive and sufficient to

incentivise the Investment Manager.

Key activities

The Committee conducts an annual review of the performance

of, and contractual relationships with, the Company’s key service

providers, including the Investment Manager. To facilitate

this review, the Company Secretary circulates two detailed

questionnaires to each service provider: one relating to an

assessment of the services provided during the year, any issues

encountered and feedback on other service providers; and a

second requesting details of the service provider’s internal control

systems, business continuity plans, succession planning, regulatory

compliance, insurance provision and any key staff changes, ESG

policies and cybersecurity arrangements. In addition, qualitative

feedback on the performance and operations of each service

provider is obtained from each of the Directors, the Investment

Manager, the Broker and the Company Secretary. The Committee

Chair prepares a summary of responses received, which is

presented to the Committee for its review.

The last Committee meeting was held on 3 June 2026. Following

its annual service provider review, the Committee recommended

to the Board that the retention of the Company’s Investment

Manager and other service providers was in the best interests of

the Company and its shareholders, except that, following a full

tender process, it recommended the appointment of Aztec Financial

Services (Guernsey) Limited as Company Secretary with effect

from 1 June 2026 in place of Apex Fund and Corporate Services

(Guernsey) Limited, with the latter retaining its engagement

as Administrator.

No material issues were identified during the Committee’s review

of the Investment Manager and the Board concluded that the

Investment Manager has deep industry experience, an appropriate

investment strategy for the investment objectives of the Company

and that the continued appointment of the Investment Manager

on the terms agreed, including management fees, was in the best

interests of the Company and its shareholders.

Shelagh Mason

Chair, Management Engagement Committee

29 September 2026

Ruffer Investment Company Limited

Annual Report 2026

Northern Trust (Guernsey) Limited has been appointed as

Depositary to Ruffer Investment Company Limited (the ‘Company’)

in accordance with the requirements of Article 36 and Articles

21(7), (8) and (9) of the Directive 2011/61/EU of the European

Parliament and of the Council of 8 June 2011 on Alternative

Investment Fund Managers and amending Directives 2003/41/EC

and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU)

No 1095/2010 (the ‘AIFM Directive’).

We have enquired into the conduct of Ruffer AIFM Limited (the

‘AIFM’) and the Company for the year ended 30 June 2026, in our

capacity as Depositary to the Company.

This report, including the review provided below, has been

prepared for and solely for the shareholders in the Company.

We do not, in giving this report, accept or assume responsibility

for any other purpose or to any other person to whom this report

is shown.

Our obligations as Depositary are stipulated in the relevant

provisions of the AIFM Directive and the relevant sections of

Commission Delegated Regulation (EU) No 231/2013 (collectively

the ‘AIFMD legislation’) and the Authorised Closed-Ended

Investment Schemes Rules and Guidance, 2021.

Amongst these obligations is the requirement to enquire into the

conduct of the AIFM and the Company and their delegates in each

annual accounting period.

Our report shall state whether, in our view, the Company has been

managed in that period in accordance with the AIFMD legislation.

It is the overall responsibility of the AIFM and the Company to

comply with these provisions. If the AIFM, the Company or their

delegates have not so complied, we, as the Depositary, will state

why this is the case and outline the steps which we have taken to

rectify the situation.

The Depositary and its affiliates are or may be involved in other

financial and professional activities which may on occasion

cause a conflict of interest with its roles with respect to the

Company. The Depositary will take reasonable care to ensure

that the performance of its duties will not be impaired by any

such involvement and that any conflicts which may arise will be

resolved fairly and any transactions between the Depositary and

its affiliates and the Company shall be carried out as if effected on

normal commercial terms negotiated at arm’s length and in the best

interests of shareholders.

Basis of Depositary review

The Depositary conducts such reviews as it, in its reasonable

discretion, considers necessary in order to comply with its

obligations and to ensure that, in all material respects, the

Company has been managed (i) in accordance with the limitations

imposed on its investment and borrowing powers by the

provisions of its constitutional documentation and the appropriate

regulations and (ii) otherwise in accordance with the constitutional

documentation and the appropriate regulations. Such reviews vary

based on the type of fund, the assets in which a fund invests and

the processes used, or experts required, in order to value such

assets.

Review

In our view, the Company has been managed during the period,

in all material respects

i in accordance with the limitations imposed on the investment

and borrowing powers of the Company by the constitutional

documents; and by the AIFMD legislation and

ii otherwise in accordance with the provisions of the constitutional

documents; and the AIFMD legislation.

For and on behalf of

Northern Trust (Guernsey) Limited

29 September 2026

Depositary report

to the shareholders of Ruffer Investment Company Limited

Ruffer Investment Company Limited

Annual Report 2026

Strategic report

Governance report Financial Statements Additional informationOverview

Financial

Statements

What’s in this section?

Independent Auditor’s report to the members of the Company 81

Statement of financial position 88

Statement of comprehensive income 89

Statement of changes in equity 90

Statement of cash flows 91

Notes to the Financial Statements 92

Ruffer Investment Company Limited

Annual Report 2026

Report on the audit of the

financial statements

1 Opinion

In our opinion the financial statements of Ruffer Investments

Company Limited (the ‘company’)

– give a true and fair view of the state of the company’s affairs

as at 30 June 2026 and of its profit for the year then ended

– have been properly prepared in accordance with IFRS

Accounting Standards as issued by the International

Accounting Standards Board (IASB)

– have been prepared in accordance with the requirements of

the Companies (Guernsey) Law, 2008.

We have audited the financial statements which comprise

– the Statement of Financial Position

– the Statement of Comprehensive Income

– the Statement of Changes in Equity

– the Statement of Cash Flows and

– the related notes 1 to 23

The financial reporting framework that has been applied in their

preparation is applicable law, and IFRS Accounting Standards as

issued by the IASB.

2 Basis for opinion

We conducted our audit in accordance with International

Standards on Auditing (UK) (ISAs (UK)) and applicable law.

Our responsibilities under those standards are further described

in the auditor’s responsibilities for the audit of the financial

statements section of our report.

We are independent of the company in accordance with the

ethical requirements that are relevant to our audit of the financial

statements in the UK, including the Financial Reporting Council’s

(the ‘FRC’s’) Ethical Standard as applied to listed public interest

entities, and we have fulfilled our other ethical responsibilities

in accordance with these requirements. The non-audit services

provided to the company for the year are disclosed in note 9 to

the financial statements. We confirm that we have not provided

any non-audit services prohibited by the FRC’s Ethical Standard

to the company.

We believe that the audit evidence we have obtained is sufficient

and appropriate to provide a basis for our opinion.

3 Summary of our audit approach

Key audit matter The key audit matter that we identified in the

current year (and which was consistent with

the prior year) was valuation and ownership

ofinvestments.

Materiality The materiality that we used in the current year

was£8,890,000 which was determined on the

basisof 1% of Net Asset Value (NAV) of the

company as at 30 June 2026.

Scoping Balances were scoped in for testing based on

ourassessment of risk of material misstatement.

Aspart of our risk assessment process, we

considered the impact of relevant controls

implemented at the service providers.

Significant

changesin our

approach

There were no significant changes to our approach

compared with the prior year.

4 Conclusions relating to going concern

In auditing the financial statements, we have concluded that the

directors’ use of the going concern basis of accounting in the

preparation of the financial statements is appropriate.

Our evaluation of the directors’ assessment of the company’s ability

to continue to adopt the going concern basis of accounting included

– considering the effect of current macroeconomic conditions to

the company and valuation of its portfolio

– evaluating the judgements and decisions with regards to key

forecasting assumptions used in the going concern assessment

– assessing reasonableness of assumptions on expenditure

projections for the next three years, used in supporting the use

of the going concern assumption and

– assessing the appropriateness of the going concern disclosures

in the financial statements.

Independent Auditor’s report

to the members of Ruffer Investment Company Limited

Ruffer Investment Company Limited

Annual Report 2026

Strategic report Governance report

Financial Statements Additional informationOverview

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually

or collectively, may cast significant doubt on the company’s ability to continue as a going concern for a period of at least twelve months from

when the financial statements are authorised for issue.

In relation to the reporting on how the company has applied the UK Corporate Governance Code, we have nothing material to add or draw

attention to in relation to the directors’ statement in the financial statements about whether the directors considered it appropriate to adopt

the going concern basis of accounting.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

5 Key audit matter

The key audit matter communicated below is the matter that, in our professional judgement, was of most significance in our audit of the

financial statements of the current period and was the most significant assessed risk of material misstatement (whether or not due to fraud)

that we identified. This matter had the greatest effect on: the overall audit strategy; the allocation of resources in the audit; and directing the

efforts of the engagement team.

This matter was addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do

not provide a separate opinion on this matter.

5.1 Valuation and ownership of investments

Key audit matter

description

Included in the company’s Statement of Financial Position as at 30 June 2026 are investments with a fair value of £863,113,457

(2025: £848,895,542) as disclosed in Note 10 to the financial statements. The company’s portfolio primarily comprises equity

investments, government bonds and investment funds. Investments are a key area of focus to the users of the financial

statements given that they are the most quantitatively significant balance and main driver of the company’s performance

andNAV. As explained in Notes 2 (e) and 3, the company’s accounting policy is to measure its investment at fair value through

profit and loss. Refer to consideration made by the Audit Committee on valuation and ownership of investments discussed on

page 75.

The identified risks were

– there might be errors or fraudulent manipulation of valuation in order to increase the NAV and report favourable key

performance indicators

– inappropriate exchange rates might be used to convert foreign currency denominated investment to the company’s

reporting currency

– trades made immediately before year-end might be excluded from the valuation or conversely, trades made immediately

after the year end might be included in the valuation in error and

– the company might not have legal title to the investment held at year end.

How the scope of

our auditresponded

tothe keyaudit

matter

To respond to the key audit matter, we have performed the following audit procedures

– obtained an understanding of and tested the relevant controls around the valuation and ownership of investments and NAV

preparation process by the administrator

– agreed ownership of investments held as at year end to independently obtained custodian confirmation

– assessed the reasonableness of exchange rates used in converting investments denominated in currencies other than the

Pound Sterling by comparing rates used to independent sources

– assessed purchases and sales made around year end to determine whether transactions had been recorded in the correct

period

– reconciled the investment purchases and sales transactions to the custodian trade report for the year

– agreed the unit prices of all investments to independent pricing sources and

– Assessed the appropriateness of the investments related disclosures included in the financial statements.

Key observations Based on the work performed, we concluded that the valuation and ownership of investments are appropriate, specifically

– the prices applied by management in the valuation of investments are reasonable

– investments denominated in currencies other than Pound Sterling have been appropriately converted at a reasonable spot

rate at year end

– the investment transactions have been accounted for in the correct accounting period and

– the company had proper legal title to the investments held at year end.

Ruffer Investment Company Limited

Annual Report 2026

6 Our application of materiality

6.1 Materiality

We define materiality as the magnitude of misstatement in the

financial statements that makes it probable that the economic

decisions of a reasonably knowledgeable person would be changed

or influenced. We use materiality both in planning the scope of our

audit work and in evaluating the results of our work.

Based on our professional judgement, we determined materiality

for the financial statements as a whole as follows

Materiality £8,890,000 (2025: £8,881,000)

Basis for

determining

materiality

1% (2025: 1%) of NAV

Rationale for the

benchmark applied

NAV is the most appropriate benchmark as it is

considered the principal driver for members of the

company in assessing financial performance and

represents total shareholders’ interest.

Net Asset Value

£889,089,687

Materiality

£8,890,000

Audit Committee

reporting threshold

£444,500

Net Asset Value

Materiality

6.2 Performance materiality

We set performance materiality at a level lower than materiality

to reduce the probability that, in aggregate, uncorrected and

undetected misstatements exceed the materiality for the financial

statements as a whole. Performance materiality was set at 70%

of materiality for the 2026 audit (2025: 70%). In determining

performance materiality, we considered the following factors

a the quality of the control environment and whether we were able

to rely on controls

b our risk assessment, including our assessment of the company’s

overall control environment and

c our past experience of the audit, which has indicated a low

number of corrected and uncorrected misstatements identified

in prior periods.

6.3 Error reporting threshold

We agreed with the Audit Committee that we would report to

the Committee all audit differences in excess of £444,500 (2025:

£444,050), as well as differences below that threshold that, in our

view, warranted reporting on qualitative grounds. We also report to

the Audit Committee on disclosure matters that we identified when

assessing the overall presentation of the financial statements.

7 An overview of the scope of our audit

7.1 Scoping

Our audit was scoped by obtaining an understanding of the

company and its environment, including internal control, and

assessing the risks of material misstatement. Audit work to respond

to the risks of material misstatement was performed directly by the

audit engagement team.

Ruffer Investment Company Limited

Annual Report 2026

Strategic report Governance report

Financial Statements Additional informationOverview

7.2 Our consideration of the control environment

The company is administered by a third party Guernsey regulated

service provider. As part of our audit, we obtained an understanding

of and tested the relevant controls within the financial reporting

process that address the risk of management override of controls.

We also obtained an understanding of and tested the relevant

controls around the valuation and ownership of investments and

NAV preparation process established at the service provider.

7.3 Our consideration of climate-related risks

As part of our audit we made enquiries of management to

understand the process they have adopted to assess the potential

impact of climate change on the financial statements. Management

considers that the impact of climate change does not give rise to

a material financial statement impact as described on page 96.

We used our knowledge of the company to evaluate management’s

assessment and have also evaluated the appropriateness of

disclosures included in the financial statements in Note 3.

Furthermore, we read the annual report to consider whether

the disclosures in relation to climate change made in the other

information within the annual report are materially consistent with

the financial statements and our knowledge obtained in our audit.

8 Other information

The other information comprises the information included in

the annual report other than the financial statements and our

auditor’s report thereon. The directors are responsible for the other

information contained within the annual report.

Our opinion on the financial statements does not cover the

other information and we do not express any form of assurance

conclusion thereon.

Our responsibility is to read the other information and, in doing so,

consider whether the other information is materially inconsistent

with the financial statements or our knowledge obtained in the

course of the audit, or otherwise appears to be materially misstated.

If we identify such material inconsistencies or apparent material

misstatements, we are required to determine whether this gives rise

to a material misstatement in the financial statements themselves.

If, based on the work we have performed, we conclude that there is

a material misstatement of this other information, we are required

to report that fact.

We have nothing to report in this regard.

9 Responsibilities of directors

As explained more fully in the directors’ responsibilities statement,

the directors are responsible for the preparation of the financial

statements and for being satisfied that they give a true and fair

view, and for such internal control as the directors determine is

necessary to enable the preparation of financial statements that are

free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible

for assessing the company’s ability to continue as a going concern,

disclosing as applicable, matters related to going concern and using

the going concern basis of accounting unless the directors either

intend to liquidate the company or to cease operations, or have no

realistic alternative but to do so.

10 Auditor’s responsibilities for the audit of the

financial statements

Our objectives are to obtain reasonable assurance about whether

the financial statements as a whole are free from material

misstatement, whether due to fraud or error, and to issue an

auditor’s report that includes our opinion. Reasonable assurance

is a high level of assurance, but is not a guarantee that an audit

conducted in accordance with ISAs (UK) will always detect a

material misstatement when it exists. Misstatements can arise from

fraud or error and are considered material if, individually or in

the aggregate, they could reasonably be expected to influence the

economic decisions of users taken on the basis of these financial

statements.

A further description of our responsibilities for the audit of

the financial statements is located on the FRC’s website at

frc.org.uk/auditorsresponsibilities. This description forms part

of our auditor’s report.

Ruffer Investment Company Limited

Annual Report 2026

11 Extent to which the audit was considered capable

ofdetecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance

with laws and regulations. We design procedures in line with our

responsibilities, outlined above, to detect material misstatements

in respect of irregularities, including fraud. The extent to which our

procedures are capable of detecting irregularities, including fraud

is detailed below.

11.1 Identifying and assessing potential risks related to

irregularities

In identifying and assessing risks of material misstatement in

respect of irregularities, including fraud and non-compliance with

laws and regulations, we considered the following

– the nature of the industry and sector, control environment and

business performance including the design of the company’s

remuneration policies, key drivers for directors’ remuneration,

bonus levels and performance targets

– results of our enquiries of management, the directors and the

Audit Committee about their own identification and assessment

of the risks of irregularities, including those that are specific to

the company’s sector

– any matters we identified having obtained and reviewed the

company’s documentation of their policies and procedures

relating to

– identifying, evaluating and complying with laws and

regulations and whether they were aware of any instances

of non-compliance

– detecting and responding to the risks of fraud and whether

they have knowledge of any actual, suspected or alleged fraud

– the internal controls established to mitigate risks of fraud or

non-compliance with laws and regulations

– the matters discussed among the audit engagement team and

relevant internal specialists, including financial instruments

specialists, regarding how and where fraud might occur in the

financial statements and any potential indicators of fraud.

As a result of these procedures, we considered the opportunities

and incentives that may exist within the organisation for fraud

and identified the greatest potential for fraud in the valuation

and ownership of investments. In common with all audits under

ISAs (UK), we are also required to perform specific procedures

to respond to the risk of management override.

We also obtained an understanding of the legal and regulatory

framework that the company operates in, focusing on provisions

of those laws and regulations that had a direct effect on

the determination of material amounts and disclosures in

the financial statements. The key laws and regulations we

considered in this context included the Companies (Guernsey)

Law, 2008, the UK Listing Rules and relevant tax legislation, the

Protection of Investors (Bailiwick of Guernsey) Law, 2020 and

the applicable regulatory requirements of the Guernsey Financial

Services Commission.

In addition, we considered provisions of other laws and regulations

that do not have a direct effect on the financial statements but

compliance with which may be fundamental to the company’s

ability to operate or to avoid a material penalty.

11.2 Audit response to risks identified

As a result of performing the above, we identified valuation and

ownership of investments as a key audit matter related to the

potential risk of fraud. The key audit matter section of our report

explains the matter in more detail and also describes the specific

procedures we performed in response to that key audit matter.

Ruffer Investment Company Limited

Annual Report 2026

Strategic report Governance report

Financial Statements Additional informationOverview

In addition to the above, our procedures to respond to risks

identified included the following

– reviewing the financial statement disclosures and testing to

supporting documentation to assess compliance with provisions

of relevant laws and regulations described as having a direct

effect on the financial statements

– enquiring of management and the Audit Committee concerning

actual and potential litigation and claims

– performing analytical procedures to identify any unusual or

unexpected relationships that may indicate risks of material

misstatement due to fraud

– reading minutes of meetings of those charged with governance,

and reviewing correspondence with the Guernsey Financial

Services Commission and

– in addressing the risk of fraud through management override of

controls, testing the appropriateness of journal entries and other

adjustments; assessing whether the judgements made in making

accounting estimates are indicative of a potential bias; and

evaluating the business rationale of any significant transactions

that are unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and

potential fraud risks to all engagement team members including

internal specialists, and remained alert to any indications of fraud

or non-compliance with laws and regulations throughout the audit.

Report on other legal and

regulatory requirements

12 Corporate Governance Statement

The Listing Rules require us to review the directors’ statement in

relation to going concern, longer-term viability and that part of

the Corporate Governance Statement relating to the company’s

compliance with the provisions of the UK Corporate Governance

Code specified for our review.

Based on the work undertaken as part of our audit, we have

concluded that each of the following elements of the Corporate

Governance Statement is materially consistent with the financial

statements and our knowledge obtained during the audit

– the directors’ statement with regards to the appropriateness

of adopting the going concern basis of accounting and any

material uncertainties identified set out on page 54

– the directors’ explanation as to its assessment of the

company’s prospects, the period this assessment covers and

why the period is appropriate set out on page 54

– the directors’ statement on fair, balanced and understandable

set out on page 63

– the board’s confirmation that it has carried out a robust

assessment of the emerging and principal risks set out on

page 50

– the section of the annual report that describes the review

of effectiveness of risk management and internal control

systems set out on pages 51 to 54 and

– the section describing the work of the audit committee set

out on pages 74 to 77.

Ruffer Investment Company Limited

Annual Report 2026

13 Matters on which we are required to report

byexception

13.1 Adequacy of explanations received and

accountingrecords

Under the Companies (Guernsey) Law, 2008 we are required

to report to you if, in our opinion

– we have not received all the information and explanations

we require for our audit or

– proper accounting records have not been kept or

– the financial statements are not in agreement with the

accounting records.

We have nothing to report in respect of these matters.

14 Other matters which we are required to address

14.1 Auditor tenure

Following the recommendation of the Audit Committee, we were

appointed by the Board on 19 March 2015 to audit the financial

statements for the year ending 30 June 2015 and subsequent

financial periods. Following a competitive tender process in

2025, we were reappointed as auditor of the company for the year

ending 30 June 2026 and subsequent financial periods. Our total

uninterrupted period of engagement is 12 years, covering the years

ending 30 June 2015 to 30 June 2026.

14.2 Consistency of the audit report with the additional

report to the Audit Committee

Our audit opinion is consistent with the additional report to the

Audit Committee we are required to provide in accordance with

ISAs (UK).

15 Use of our report

This report is made solely to the company’s members, as a body,

in accordance with Section 262 of the Companies (Guernsey)

Law, 2008. Our audit work has been undertaken so that we might

state to the company’s members those matters we are required

to state to them in an auditor’s report and for no other purpose.

To the fullest extent permitted by law, we do not accept or assume

responsibility to anyone other than the company and the company’s

members as a body, for our audit work, for this report, or for the

opinions we have formed.

As required by the Financial Conduct Authority (FCA) Disclosure

Guidance and Transparency Rule (DTR) 4.1.15R – DTR 4.1.18R,

these financial statements will form part of the Electronic Format

Annual Financial Report filed on the National Storage Mechanism

of the FCA in accordance with DTR 4.1.15R – DTR 4.1.18R. This

auditor’s report provides no assurance over whether the Electronic

Format Annual Financial Report has been prepared in compliance

with DTR 4.1.15R – DTR 4.1.18R.

Theo Brennand

For and on behalf of Deloitte LLP

Recognised Auditor

St Peter Port, Guernsey

Ruffer Investment Company Limited

Annual Report 2026

Strategic report Governance report

Financial Statements Additional informationOverview

Notes

30 June 2026

30 June 2025

Assets

Non-current assets

Investments at fair value through profit or loss 10 863,113,457 848,895,542

Current assets

Cash and cash equivalents 22,972,925 25,743,592

Trade and other receivables 12 23,881,557 15,412,976

Derivative financial assets 11 2,205,349 3,879,825

Total current assets 49,059,831 45,036,393

Total assets 912,173,288 893,931,935

Liabilities

Current liabilities

Trade and other payables 13 17, 427, 225 5,451,748

Derivative financial liabilities 11 5,656,376 284,182

Total liabilities 23,083,601 5,735,930

Net assets 889,089,687 888,196,005

Equity

Capital and reserves attributable to the Company’s shareholders

Share capital 14 548,933,742 569,613,046

Capital reserve 225,934,462 205,203,226

Retained revenue reserve 19,171,924 18,330,174

Other reserves 95,049,559 95,049,559

Total equity 889,089,687 888,196,005

Net assets attributable to holders of redeemable participating preference shares (per share) 16 3.0142 2.9393

The Financial Statements on pages 81 to 115 were approved on 29 September 2026 and signed on behalf of the Board of Directors by

Nicholas Pink Susie Farnon

Chair Director

Statement of financial position

as at 30 June 2026

The notes on pages 92 to 115 form an integral part of these Financial Statements.

Ruffer Investment Company Limited

Annual Report 2026

Statement of comprehensive income

for the year ended 30 June 2026

Year ended 30 June 2026 Year ended 30 June 2025

Notes

Revenue

Capital

Total

Revenue

Capital

Total

Fixed interest income 13,446,876 — 13,446,876 11,505, 861 — 11,505, 861

Dividend income 7,491,8 06 — 7,491,8 06 9,166,917 — 9,166,917

Bank interest income 158,964 — 158,964 469,735 — 469,735

Net changes in fair value of

financial assets at fair value

through profit or loss 6 — 37,336,292 37,336,292 — 7,78 3, 26 4 7,78 3, 26 4

Other net (losses)/gains 7 — (7,385,705) (7,385,705) — 24,680,530 24,680,530

Total income 21,097,6 46 29,950,587 51,048,233 21,142,513 32,463,794 53,606,307

Management fees 8 — (8,646,058) (8,646,058) — (9,188,582) (9,188,582)

Other expenses 9 (1,216,886) (487,875) (1,704,761) (1,112, 53 0) (434,792) (1,547, 322)

Total expenses (1,216,886) (9,133,933) (10,350,819) (1,112,530) (9,623,374) (10,735,904)

Profit for the year before tax 19,880,760 20,816,654 40, 697, 414 20,029,983 22,840,420 42,870,403

Withholding tax 4 (691,537) (85,418) (776,955) (931,546) (228,971) (1,160,517)

Profit for the year after tax 19,189,223 20,731,236 39,920,459 19,098,437 22, 611,449 41,709,886

Total comprehensive income

forthe year 19,189,223 20,731,236 39,920,459 19,098,437 22,611,4 49 41,709,886

Basic and diluted earnings

pershare 15 6.47p 6.99p 13.46p 5.78p 6.83p 12.61p

The ‘Total’ columns of this statement represent the Company’s statement of comprehensive income, prepared in accordance with IFRS

Accounting Standards as issued by the IASB.

The revenue and capital return columns are prepared under guidance published by the Association of Investment Companies. All revenue

and capital items in the above statement derive from continuing operations.

Basic and diluted earnings per share are calculated by dividing the profit after taxation by the weighted average number of redeemable

participating preference shares in issue during the year. The weighted average number of shares for the year was 296,537,883 (30 June 2025:

330,640,010). As there are no items which would cause a dilution to occur, the basic and diluted earnings per share are the same.

The notes on pages 92 to 115 form an integral part of these Financial Statements.

Ruffer Investment Company Limited

Annual Report 2026

Strategic report Governance report

Financial Statements Additional informationOverview

Notes

capital

Capital

reserve

Retained

revenue

reserve

Other

reserves

Total year

ended 30 June

2026

Balance at 1 July 2025 569,613,046 205,203,226 18,330,174 95,049,559 888,196,005

Total comprehensive income for the year — 20,731,236 19,189,223 — 39,920,459

Transactions with shareholders

Share issues 14 1,548,780 — — — 1,548,780

Share buybacks 14 (22,228,084) — — — (22,228,084)

Distributions during the year 5 — — (18,347,473) — (18,347,473)

Balance at 30 June 2026 548,933,742 225,934,462 19,171,924 95,049,559 889,089,687

Notes

capital

Capital

reserve

Retained

revenue

reserve

Other

reserves

Total year

ended 30 June

2025

Balance at 1 July 2024 723,100,329 182,591,777 18,997,156 95,049,559 1,019,738,821

Total comprehensive income for the year — 22,611,4 49 19,098,437 — 41,709,886

Transactions with shareholders

Share buybacks 14 (153,487,283) — — — (153,487,283)

Distributions during the year 5 — — (19,765,419) — (19,765,419)

Balance at 30 June 2025 569,613,046 205,203,226 18, 330,174 95,049,559 888,196,005

1 Under the Companies (Guernsey) Law, 2008, the Company can distribute dividends from share capital and reserves, subject to satisfying a solvency test. However, the

Company’s dividend policy is that dividends will only be paid from accumulated revenue reserves. In order to provide clearer information relating to reserves available

for distribution, the Company has separately identified this reserve in these Financial Statements as a ‘Retained revenue reserve’ in the statement of financial position

and the statement of changes in equity. ‘Other reserves’ represents amounts converted from share premium in 2004 and 2008

Statement of changes in equity

for the year ended 30 June 2026

The notes on pages 92 to 115 form an integral part of these Financial Statements.

Ruffer Investment Company Limited

Annual Report 2026

Notes

Year ended

30 June 2026

Year ended

30 June 2025

Cash flows from operating activities

Profit for the year after tax 39,920,459 41,709,886

Adjustments for

Net changes in fair value of financial assets at fair value through profit or loss 6 (37,336,292) (7,78 3, 26 4)

Other net losses/(gains) 7 7, 385,705 (24,680,530)

(Increase)/decrease in trade and other receivables (excluding amounts due in respect of

sales of investments) (6,036,956) 627, 010

Increase/(decrease) in trade and other payables (excluding amounts due in respect of

purchases of investments and share buybacks) 910,064 (117, 366)

4,842,980 9,755,736

Cash received on closure of forward foreign exchange contracts 7 11,982,119 37,815,640

Cash paid on closure of forward foreign exchange contracts 7 (12,582,351) (20,406,194)

Purchases of investments (1,080,320,913) (1,032,982,030)

Sales of investments 1,111,977,761 1,187,745,547

Net cash generated from operating activities 35,899,596 181,928,699

Cash flow from financing activities

Dividends paid 5 (18,347,473) (19,765,419)

Share issues 1,548,780 —

Share buybacks (22,132,767) (155,551,337)

Net cash used in financing activities (38,931,460) (175,316,756)

Net (decrease)/increase in cash and cash equivalents (3,031,864) 6,611,943

Cash and cash equivalents at the beginning of the year 25,743,592 18,788,529

Foreign exchange gains on cash and cash equivalents 7 261,197 343,120

Cash and cash equivalents at the end of the year

22,972,925 25,743,592

1 Comprises solely cash held at banks

Statement of cash flows

for the year ended 30 June 2026

The notes on pages 92 to 115 form an integral part of these Financial Statements.

Ruffer Investment Company Limited

Annual Report 2026

Strategic report Governance report

Financial Statements Additional informationOverview

1 The Company

The Company was incorporated with limited liability in Guernsey on 1 June 2004 as a company limited by shares and as an authorised

closed-ended investment company. As an existing closed-ended fund, the Company is deemed to be granted an authorised declaration in

accordance with Section 8 of the Protection of Investors (Bailiwick of Guernsey) Law, 2020, as amended and rule 6.02 of the Authorised

Closed-Ended Investment Schemes Rules and Guidance, 2021. The Company is listed and began trading on the Main Market of the London Stock

Exchange (LSE) on 20 December 2005.

The Company’s registered office is shown on page 129 and details of its investment objective and policy are shown on page 48.

2 Material accounting policies

a Statement of compliance

The Financial Statements of the Company for the year ended 30 June 2026 have been prepared in accordance with IFRS Accounting Standards

(IFRS) as issued by the IASB and the Listing Rules of the London Stock Exchange in compliance with the Companies (Guernsey) Law, 2008.

b Basis of preparation

The Financial Statements are prepared in pound sterling (£), which

is the Company’s functional and presentation currency. The Financial

Statements have been prepared on a going concern basis under the historical cost convention, as modified by the revaluation of financial assets

and financial liabilities at fair value through profit or loss.

c Change in presentation

During the year, the Company revised the presentation of cash flows relating to the settlement of forward foreign exchange contracts in the

statement of cash flows. Previously, cash flows arising on settlement of forward foreign exchange contracts were presented on a net basis.

In the current year, cash receipts and cash payments arising on the settlement of forward foreign exchange contracts are presented separately

on a gross basis within operating activities.

The Directors believe that the revised presentation provides more relevant information regarding the volume of the Company’s foreign

exchange hedging activities and improves transparency for users of the Financial Statements.

Comparative information has been re-presented to conform with the current year presentation. The change affects presentation only and has

no impact on net cash generated from operating activities, net increase/(decrease) in cash and cash equivalents, profit for the year, earnings

per share or net assets attributable to shareholders.

The following table illustrates the effect of the change in presentation

Statement of cash flows

As previously

presented (net)

Re‑presentation

to gross basis

Restated

Cash received on closure of forward foreign exchange contracts 17,409,446 20,406,194 37,815,640

Cash paid on closure of forward foreign exchange contracts — (20,406,194) (20,406,194)

Notes to the Financial Statements

for the year ended 30 June 2026

Ruffer Investment Company Limited

Annual Report 2026

d Going concern

The Directors believe that it is appropriate to continue to adopt the

going concern basis in preparing the Financial Statements since the

assets of the Company consist mainly of cash and cash equivalents

and securities which are readily realisable. The Directors also

note that overall, due to the nature of the Company’s portfolio,

which – as discussed in more detail in the Performance section

of the Chair’s statement and in the Investment Manager’s Year End

Review – comprises both equities and other more defensive assets,

it has not been affected significantly in terms of value or cash flows

by the effects of the conflicts in Ukraine and the Middle East, or by

the trade policies of the current US administration. Accordingly,

in the Directors’ opinion, the Company has adequate financial

resources to continue in operational existence for at least 12 months

from the date of approval of these Financial Statements.

e New accounting standards and amendments effective

and adopted

The following relevant standard has been applied in these Financial

Statements during the year

– IAS 21 (amended), ‘The Effects of Changes in Foreign Exchange

Rates’ – Lack of Exchangeability: the amendments contain

guidance that specifies when a currency is exchangeable and

how to determine the exchange rate when it is not (effective for

accounting periods commencing on or after 1 January 2025)

In the opinion of the Directors, the adoption of this amended

standard has had no material impact on the Financial Statements

of the Company.

Standards and amendments in issue but not yet effective

The following relevant amendments and IFRSs, which have not

been applied in these Financial Statements, were in issue at the

reporting date but not yet effective

– IFRS 7 (amended), ‘Financial Instruments: Disclosures’ – (effective

for accounting periods commencing on or after 1 January 2026)

– IFRS 9 (amended), ‘Financial Instruments’ – (effective for

accounting periods commencing on or after 1 January 2026)

– IFRS 18, ‘Presentation and Disclosures in Financial Statements’

– (effective for accounting periods commencing on or after

1 January 2027)

The amendments to IFRS 7 and IFRS 9 are part of the Annual

Improvements to IFRS – Volume 11 and relate to the classification

and measurement of financial instruments.

IFRS 18 was issued in April 2024 and replaces IAS 1, ‘Presentation

of Financial Statements’. The new standard introduces revised

presentation requirements for the primary Financial Statements,

including new categories and required subtotals in the statement of

profit or loss, enhanced aggregation and disaggregation principles,

and new disclosure requirements for management-defined

performance measures. The Company will apply IFRS 18 with

effect from the year ending 30 June 2028. The Company does not

plan to adopt the standard early. Based on the Company’s current

operations and reporting structure, IFRS 18 is not expected to

have a material impact on the Company’s Financial Statements,

although it will result in changes to the presentation and disclosure

of primary statements and related notes.

In addition, the International Sustainability Standards Board

(ISSB) published the following Sustainability Disclosure Standards

in June 2023, effective for accounting periods commencing on or

after 1 January 2024

– IFRS S1, ‘General Requirements for Disclosure of

Sustainability-related Financial Information’

– IFRS S2, ‘Climate-related Disclosures’

IFRS S1 sets out overall requirements with the objective to require

an entity to disclose information about its sustainability-related

risks and opportunities.

IFRS S2 sets out the requirements for identifying, measuring

and disclosing information about climate-related risks and

opportunities.

The purpose of both standards is to provide information that is

useful to primary users of general purpose financial reports in

making decisions relating to providing resources to the entity.

These standards were endorsed for use in the UK in February

2026 as the UK Sustainability Reporting Standards (SRS). Whilst

currently available for adoption on a voluntary basis, UK SRS have

yet to be mandated for application by UK listed companies such as

RICL and, accordingly, the Company has not early adopted UK SRS.

The Directors are currently assessing the impact that the adoption

of these new and amended standards in future periods will have on

the Financial Statements of the Company.

Ruffer Investment Company Limited

Annual Report 2026

Strategic report Governance report

Financial Statements Additional informationOverview

f Financial instruments

i Classification

Financial assets are classified into the following categories:

financial assets at fair value through profit or loss and financial

assets at amortised cost.

The classification depends on the nature and purpose of the

financial assets and is determined at the time of initial recognition.

The Company’s financial assets at fair value through profit or loss

comprise investment assets and derivative assets in the form of

forward foreign currency exchange contracts.

The Company’s financial assets at amortised cost comprise trade

and other receivables and cash and cash equivalents.

Financial liabilities are classified as either financial liabilities at fair

value through profit or loss or financial liabilities at amortised cost.

The Company’s financial liabilities at fair value through profit or

loss comprise derivative liabilities in the form of forward foreign

currency exchange contracts.

The Company’s financial liabilities at amortised cost comprise trade

and other payables.

ii Investments at fair value through profit or loss

(‘investments’)

Recognition

Investments are recognised in the Company’s statement of financial

position when the Company becomes a party to the contractual

provisions of the instrument.

Purchases and sales of investments are recognised on the trade

date (the date on which the Company commits to purchase or sell

the investment). Investments purchased are initially recorded

at fair value, being the consideration given. Transaction or other

dealing costs associated with purchases and sales of investments

are recognised through profit or loss in the statement of

comprehensive income.

Measurement

Subsequent to initial recognition, investments are measured at fair

value. Gains and losses arising from changes in the fair value of

investments and gains and losses on investments that are sold are

recognised through profit or loss in the statement of comprehensive

income within net changes in fair value of financial assets at fair

value through profit or loss.

Investments traded in active markets are valued at the latest

available bid prices ruling at midnight on the reporting date.

The Directors are of the opinion that the bid-market prices are the

best estimate of fair value. Investments consist of listed or quoted

equities or equity-related securities, options and bonds which

are issued by corporate issuers, supra-nationals or government

organisations, and investment in funds.

Shares in certain investment funds are not traded in an active

market. These investments are valued at the reporting date using

the official NAV per share reported by the fund’s independent

administrator. The NAV reflects the price at which orderly

transactions occur in the principal market for the investment and

therefore represents the fair value (exit price) at the reporting

date. Accordingly, management considers that the published NAV

provides the most appropriate measure of the amount that would

be received on disposal of the holding.

Fair value is the price that would be received to sell an asset or paid

to transfer a liability in an orderly transaction between market

participants at the measurement date. Gains and losses arising

from changes in the fair value of financial assets/(liabilities) are

shown as net gains or losses on financial assets through profit or

loss (see note 10) and recognised in the statement of comprehensive

income in capital in the period in which they arise.

Realised gains and losses arising on disposal of investments are

calculated by reference to the proceeds received on disposal and the

average cost attributable to those investments, and are recognised

in the statement of comprehensive income in capital. Unrealised

gains and losses on investments are recognised in the statement

of comprehensive income in capital.

iii Derivatives

Forward foreign currency contracts are treated as derivative

contracts and as such are recognised at fair value on the date on

which they are entered into and subsequently remeasured at their

fair value. Fair value is determined by rates in active currency

markets. All derivatives are carried as assets when fair value is

positive and as liabilities when fair value is negative. The gain or

loss on remeasurement to fair value is recognised immediately

through profit or loss in the statement of comprehensive income

in capital within other gains in the period in which they arise.

Ruffer Investment Company Limited

Annual Report 2026

iv Financial instruments at amortised cost

Trade and other receivables

Trade and other receivables are amounts due in the ordinary

course of business and are classified as current assets if collection

is expected in one year or less. If not, they are presented as

non-current assets. Trade and other receivables are recognised

initially at fair value and subsequently measured at amortised cost

using the effective interest method, less provision for impairment,

such impairment to be determined using the simplified expected

credit losses approach in accordance with IFRS 9.

At each reporting date, the Company measures the loss allowance

on its trade and other receivables at an amount equal to the lifetime

expected credit losses. Expected credit losses are estimated based

on the Company’s historical credit loss experience, adjusted for

factors that are specific to the financial asset, general economic

conditions and an assessment of both the current as well as the

forecast direction of conditions at the reporting date, including

the time value of money where appropriate.

Cash and cash equivalents

Cash comprises cash in hand and demand deposits. Cash

equivalents are short-term, highly liquid investments with original

maturities of three months or less and bank overdrafts.

Trade and other payables

Trade and other payables are obligations to pay for services that

have been acquired in the ordinary course of business and are

classified as current liabilities if payment is due within one year

or less. If not, they are presented as non-current liabilities. Trade

and other payables are recognised initially at fair value plus any

directly attributable incremental costs of acquisition or issue

and subsequently measured at amortised cost using the effective

interest rate method.

Definition of default

For the purposes of measuring expected credit losses, the Company

considers a financial asset to be in default when the counterparty is

unlikely to pay its contractual obligations in full without recourse

by the Company to actions such as enforcement of legal rights, or

when there is objective evidence of financial distress, insolvency or

similar credit deterioration of the counterparty. The Company has

adopted this definition because it is consistent with the manner in

which credit risk is monitored in respect of its financial assets.

Write‑off policy

The Company writes off financial assets when there is no

reasonable expectation of recovery. Indicators that there is no

reasonable expectation of recovery include insolvency of the

debtor, the failure of recovery actions, or other circumstances

indicating that recovery of contractual cash flows is no longer

probable. Financial assets written off may remain subject to

enforcement activity where appropriate and where recovery is

considered possible.

v Offsetting of financial instruments

Financial assets and financial liabilities are offset and the net

amount reported in the statement of financial position if, and

only if, there is a currently enforceable legal right to offset the

recognised amounts and there is an intention to settle on a net

basis, or to realise assets and settle the liabilities simultaneously.

vi Derecognition of financial instruments

A financial asset is derecognised when: (a) the rights to receive

cash flows from the asset have expired; (b) the Company retains

the right to receive cash flows from the asset, but has assumed

an obligation to pay them in full without material delay to a third

party under a ‘pass-through arrangement’; or (c) the Company has

transferred substantially all the risks and rewards of the asset,

or has neither transferred nor retained substantially all the risks

and rewards of the asset, but has transferred control of the asset.

A financial liability is derecognised when the obligation under the

liability is discharged, cancelled or expired.

g Income

The Company has no income that falls within the scope of IFRS 15;

therefore, all income is recognised in accordance with IFRS 9.

Dividend income from equity investments is recognised when the

relevant investment is quoted ex-dividend and is included gross

of withholding tax. Interest income is recognised for all debt

instruments using the effective interest rate method. Dividend

and interest income are recognised through profit or loss in the

statement of comprehensive income in revenue.

h Expenses

Expenses are accounted for on an accruals basis and are recognised

through profit or loss in the statement of comprehensive income in

either capital or revenue reserves. The Company’s management fees

are allocated between capital and revenue in a ratio determined by

the Board at its sole discretion. Currently 100% of the management

fees are charged to capital, as are transaction costs on the purchase

and sale of investments. All other expenses of the Company are

recognised in revenue.

Ruffer Investment Company Limited

Annual Report 2026

Strategic report Governance report

Financial Statements Additional informationOverview

i Translation of foreign currency

Functional and presentation currency

The Financial Statements of the Company are presented in the

currency of the primary economic environment in which the

Company operates (its ‘functional currency’). The Directors have

considered the currency in which the original capital was raised,

distributions will be made and ultimately the currency in which

capital would be returned in a liquidation. On this basis, pound

sterling best represents the functional currency of the Company.

For the purpose of the Financial Statements, the results and

financial position of the Company are expressed in pound sterling,

which is the presentation currency of the Company.

Foreign currency transactions are translated into the functional

currency using the exchange rate prevailing at the transaction

date. Foreign exchange gains and losses resulting from the

settlement of such transactions and those from the translation

at period-end exchange rates of monetary assets and liabilities

denominated in foreign currencies are recognised in the statement

of comprehensive income.

Translation differences on non-monetary items such as financial

assets held at fair value through profit or loss are reported as part

of net changes in fair value on financial assets through profit or loss

in the statement of comprehensive income.

j Redeemable participating preference shares

The Company’s redeemable participating preference shares are

redeemable, and dividends thereon payable, at the sole discretion of

the Directors. Accordingly, the redeemable participating preference

shares are required to be classified as equity instruments under

IAS 32. The proceeds from the issue of shares and the cost of

share buybacks are recognised in share capital in the statement of

changes in equity, together with any associated costs, in accordance

with Guernsey company law. Please refer to note 14 for further

details. Share issues and buybacks are recognised on the trade date

of the transaction.

3 Significant accounting judgements, estimates

andassumptions

The preparation of the Financial Statements in conformity with

IFRS requires management to make judgements, estimates and

assumptions that affect the application of policies and the reported

amounts of assets and liabilities, income and expense, and the

accompanying disclosures. Uncertainty about these assumptions

and estimates could result in outcomes that require a material

adjustment to the carrying amount of assets or liabilities affected

in future periods.

The estimates and underlying assumptions are reviewed on an

ongoing basis. Revisions to accounting estimates are recognised

in the period in which the estimate is revised if the revision affects

only that period, or in the period of revision and future periods if

the revision affects both current and future periods.

Judgements

The Directors have assessed that there is currently no material

impact arising from climate change on the judgements and

estimates determining the valuations within the Financial

Statements.

In the opinion of the Directors, there are no significant judgements

made that have had a material effect on the Financial Statements.

Estimates

The Company records its investments and derivatives at fair

value. Investments classified in Level 1 of the fair value hierarchy

(see note 21) are measured at fair value based on a quoted price

in an active market. However, the fair value of investments

classified in Level 2 and Level 3 of the fair value hierarchy and

of forward foreign exchange contracts are determined at the

valuation date on the basis of estimates based on the reported NAVs

of the investments and prevailing exchange rates respectively.

The Directors consider that these valuation estimates represent the

best estimate of the fair values of the Company’s Level 2 and Level

3 investments and derivatives, and do not represent key sources

of estimation uncertainty under IAS 1, ie those with a significant

risk of material adjustment within 12 months. Details of the

valuation methodologies and assumptions applied in determining

the fair value of the Company’s investments and derivatives, and

sensitivities to those assumptions, are disclosed in note 21.

4 Taxation

The Company has been granted Exempt Status under the terms of

The Income Tax (Exempt Bodies) (Guernsey) Ordinance, 1989 to

income tax in Guernsey. Its liability is an annual fee of £1,600 (30

June 2025: £1,600).

The amounts disclosed as taxation in the statement of

comprehensive income relate principally to withholding tax

deducted at source on income. During the year, withholding tax

amounting to £85,418 was deducted at source in relation to the

corporate restructuring of an investee company, which has been

charged against the capital account of the Company.

Ruffer Investment Company Limited

Annual Report 2026

5 Dividends to shareholders

Dividends, if any, are declared semi-annually, usually in October and March each year. The Company declared and paid the following

dividends during the year.

Year ended

30 June 2026

Year ended

30 June 2025

2025 Second interim dividend of 3.35p (2024: 3.10p) 9,941,026 10,818,620

2026 First interim dividend of 2.85p (2025: 2.85p) 8,406,447 8,946,799

18,347,473 19,765,419

A second interim dividend of 3.32p per share in respect of the year ended 30 June 2026 was declared on 30 September 2026. The dividend

is payable on 23 October 2026 to shareholders on record at 9 October 2026.

6 Net changes in financial assets at fair value through profit or loss

Year ended

30 June 2026

Year ended

30 June 2025

Gains realised on investments sold during the year 94,391,305 61,372,399

Losses realised on investments sold during the year (62,984,266) (33,216,184)

Net realised gains on investments sold during the year (see note 10) 31, 4 07, 039 28,156,215

Movement in unrealised gains/(losses) arising from changes in fair value 5,929,253 (20,372,951)

Net changes in fair value on financial assets at fair value through profit or loss 37,336,292 7,78 3, 26 4

7 Other (losses)/gains

Year ended

30 June 2026

Year ended

30 June 2025

Movement in unrealised gains/(losses) on spot and forward foreign exchange currency contracts (7,046,670) 6,927,964

Realised gains on spot and forward foreign currency contracts 11,982,119 37,815,640

Realised losses on spot and forward foreign currency contracts (12,582,351) (20,406,194)

Other realised and unrealised foreign exchange (losses)/gains 261,197 343,120

(7,385,705) 24,680,530

8 Management fees

The management fees were charged to the capital reserves of the Company. The management fees for the year, including outstanding

balances at the end of the year, are detailed below.

Year ended

30 June 2026

Year ended

30 June 2025

Management fees for the year 8,646,058 9,188,582

Management fees payable at the end of the year 758,603 725,478

The basis for calculating the management fees is set out in General information on page 128.

Ruffer Investment Company Limited

Annual Report 2026

Strategic report Governance report

Financial Statements Additional informationOverview

9 Other expenses

Year ended

30 June 2026

Year ended

30 June 2025

Expenses charged to revenue

Administration fee

244,396 244,234

Directors’ fees 295,200 306,045

Custodian and Depositary fees

230,811 192,442

Broker’s fee 42,500 42,500

Audit fee 89,000 83,800

Auditor’s remuneration for interim review 22,100 23,500

Legal and professional fees 53,399 30,323

Registrar fees 53,730 68,715

Directors’ and Officers’ insurance 27,956 28,435

Marketing 21,319 —

General expenses 136,475 92,536

1,216,886 1,112, 53 0

Expenses charged to capital

Investment transaction costs 487,875 434,792

Total other expenses 1,704,761 1,547, 322

1 The bases for calculating the Administration fees and the Custodian and Depositary fees are set out in General information on page 128

Ongoing charges ratio

The ongoing charges ratio (OCR) of an investment company is the annual percentage reduction in shareholder returns as a result of recurring

operational expenditure. Ongoing charges are classified as those expenses which are likely to recur in the foreseeable future, and which relate

to the operation of the Company, excluding investment transaction costs, financing charges and gains or losses on investments. The OCR is

calculated as the total ongoing charges for a period divided by the average net asset value over that period.

Year ended

30 June 2026

Year ended

30 June 2025

Management fee (see note 8) 8,646,058 9,188,582

Other expenses (see above) 1,704,761 1,547, 322

10,350,819 10,735,904

Excluded expenses

(552,759) (454,691)

Total ongoing expenses 9,798,060 10,281,213

Average NAV

902,526,862 957, 383,70 4

Ongoing charges ratio (using AIC methodology) 1.086% 1.074%

1 Excluded expenses principally comprise security transaction costs and one‑off costs

2 Average NAV is calculated as the weighted average of all the NAVs published on the LSE during the year

Ruffer Investment Company Limited

Annual Report 2026

10 Investments at fair value through profit or loss

Year ended

30 June 2026

Year ended

30 June 2025

Cost of investments at the start of the year 878,648,520 1,014,111,94 4

Acquisitions at cost during the year 1,091,291,009 1,036,647,812

Disposals during the year (1,114,409,386) (1,200,267,451)

Gains on disposals during the year 31, 4 07, 039 28,156,215

Cost of investments held at the end of the year 886,937,182 878,648,520

Fair value below cost (23,823,725) (29,752,978)

Fair value of investments held at the end of the year 863,113,457 848,895,542

11 Derivative financial (liabilities)/assets

The Company’s derivative financial instruments at fair value through profit or loss comprise the following assets and liabilities:

30 June 2026

30 June 2025

Forward foreign exchange contract assets 2,205,349 3,879,825

Forward foreign exchange contract liabilities (5,656,376) (284,182)

Net derivative (liabilities)/assets at fair value through profit or loss (3,451,027) 3,595,643

Forward foreign exchange contracts

As at 30 June 2026, the Company had the following outstanding commitments in respect of 36 open forward foreign exchange contracts,

by currency and by counterparty. The maturity date of these contracts was 17 July 2026.

Selling currency

amount

Buying

currency

Buying currency

amount

Unrealised

gains

Unrealised

losses

Net unrealised

(losses)/gains

USD 289,943,530 GBP 214,384,602 14,106 (4,262,743) (4,248,637)

EUR 25,012,542 GBP 21,828,543 267,382 — 267,382

JPY 34,283,425,195 GBP 160,200,871 978,137 — 978,137

GBP 73,322,808 USD 98,459,736 945,724 (24,520) 921,204

GBP 2,366,932 EUR 2,726,694 — (16,484) (16,484)

GBP 462,575 JPY 98,508,674 — (5,070) (5,070)

USD 62,295,254 JPY 9,823,650,000 — (1,347,559) (1,347,559)

2,205,349 (5,656,376) (3,451,027)

Ruffer Investment Company Limited

Annual Report 2026

Strategic report Governance report

Financial Statements Additional informationOverview

Counterparty

Unrealised

gains

Unrealised

losses

Net unrealised

(losses)/gains

Collateral

amounts

receivable/

(payable)

Net

counterparty

exposure

Goldman Sachs International 472,862 (4,108,511) (3,635,649) 4,140,000 504,351

Citigroup 522,605 (1,399,272) (876,667) 1,030,000 153,333

UBS 207, 595 (4,368) 203,227 (330,000) (126,773)

Morgan Stanley 13,249 (99,882) (86,633) — (86,633)

Barclays 461,020 — 461,020 (260,000) 201,020

Royal Bank of Canada 266,684 — 266,684 — 266,684

JP Morgan — (44,343) (44,343) — (44,343)

NatWest 261,334 — 261,334 (260,000) 1,334

2,205,349 (5,656,376) (3,451,027) 4,320,000 868,973

As at 30 June 2025, the Company had the following outstanding commitments in respect of three open forward foreign exchange contracts,

by currency and by counterparty. The maturity date of these contracts was 19 September 2025.

Selling currency

Selling

currency

amount

Buying

currency

Buying

currency

amount

Unrealised

gains

Unrealised

losses

Net

unrealised

gains/(losses)

USD 465,496,200 GBP 342,561,246 3,737,392 — 3,737,392

EUR 52,719,900 GBP 45,187,017 — (284,182) (284,182)

JPY 2,329,500,000 GBP 12,017,997 142,433 — 142,433

3,879,825 (284,182) 3,595,643

Counterparty

Unrealised

gains

Unrealised

losses

Net unrealised

gains

Collateral

amounts

receivable/

(payable)

Net

counterparty

exposure

Northern Trust Corporation 3,879,826 (284,183) 3,595,643 — 3,595,643

3,879,826 (284,183) 3,595,643 — 3,595,643

All forward foreign exchange positions at the year end were held with Goldman Sachs International, Citigroup, UBS, Morgan Stanley,

Barclays Bank, Royal Bank of Canada, JP Morgan or NatWest, as noted above (2025: Northern Trust Corporation). There are no master

netting arrangements in place.

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12 Trade and other receivables

30 June 2026

30 June 2025

Amounts receivable within one year

Investment income receivable 769,579 527, 230

Fixed interest income receivable 2,964,301 2,344,089

Sales of investments awaiting settlement 14,955,490 12,523,865

Collateral amounts receivable 5,170,000 —

Prepayments 22,187 17,79 2

23,881,557 15,412,976

The Directors consider that the carrying amounts of trade and other receivables approximate to their fair value. All receivables are

short term, with settlement due within a few days or months of the year end, and are held with reputable entities and government institutions

with no history of default. As a result, the Company’s exposure to default risk is negligible and no credit losses are expected. The Company

considers a financial asset to be in default when the counterparty is considered unlikely to meet its contractual obligations in full. As a result,

the Company’s exposure to default risk is negligible and no credit loss provision has been recognised.

13 Trade and other payables

30 June 2026

30 June 2025

Amounts falling due within one year

Share buybacks payable 734,956 639,639

Purchases of investments awaiting settlement 14,884,336 3,914,240

Management fees payable 758,603 725,478

Collateral amounts payable 850,000 —

Other payables 199,330 172,391

17, 427,225 5,451,748

The Directors consider that the carrying amounts of trade and other payables approximate to their fair value.

14 Share capital

Authorised share capital

30 June 2026

30 June 2025

Unlimited unclassified shares of 0.01p each Unlimited Unlimited

75,000,000 C shares of 0.1p each 75,000 75,000

The Company’s share capital comprises 75,000,000 C shares of 0.1p each and an unlimited number of unclassified shares of 0.01p each.

Number of shares Share capital

Issued share capital

Year ended

30 June 2026

Year ended

30 June 2025

Year ended

30 June 2026

Year ended

30 June 2025

Redeemable participating preference shares of 0.01p each

Balance at the start of the year 302,177,764 357,937,764 569,613,046 723,100,329

Share issues during the year 500,000 — 1,548,780 —

Share buybacks during the year (7,714,714) (55,760,000) (22,228,084) (153,487,283)

Balance at the end of the year 294,963,050 302,177,76 4 548,933,742 569,613,046

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Financial Statements Additional informationOverview

Unclassified shares

Unclassified shares can be issued as nominal shares or redeemable participating preference shares. Nominal shares can only be issued at par

to the Administrator. The Administrator is obliged to subscribe for nominal shares for cash at par when redeemable participating preference

shares are redeemed to ensure that funds are available to redeem the nominal amount paid up on redeemable participating preference

shares. The holder or holders of nominal shares shall have the right to receive notice of and to attend general meetings of the Company but

shall not be entitled to vote thereat. Nominal shares shall carry no right to dividends. In a winding-up, holders of nominal shares shall be

entitled to be repaid an amount equal to their nominal value out of the assets of the Company. There were no nominal shares in issue at

30 June 2026 or 30 June 2025.

The holders of fully paid redeemable participating preference shares are entitled to one vote at all meetings of the relevant class of

shareholders. Redeemable participating preference shares carry the right to receive dividends or other distributions declared by the

Company. In a winding-up, redeemable participating preference shareholders shall be entitled, firstly, to an amount equal to the nominal

value of their shareholding, and, secondly, to a proportionate share of the balance of assets remaining in the Company after settlement of

amounts due to nominal shareholders.

C shares

There were no C shares in issue at year end (30 June 2025: nil).

Block listing facility

As at 30 June 2025, the Company had the ability to issue 9,341,551 redeemable participating preference shares under a block listing facility.

During the year, 500,000 new redeemable participating preference shares were allotted or issued under the block listing facility

(30 June 2025: nil redeemable participating preference shares issued). As at 30 June 2026, the Company had the ability to issue 8,841,551

redeemable participating preference shares under a block listing facility.

New redeemable participating preference shares rank pari passu with the existing shares in issue.

Purchase of own shares by the Company

A special resolution was passed on 4 December 2025 which authorised the Company in accordance with the Companies (Guernsey) Law,

2008 to make acquisitions of its own shares as defined in that Ordinance of its participating shares of 0.01p each, provided that

a the maximum number of shares authorised to be acquired by the Company is 14.99% of the Company’s share capital in issue at

4 December 2025

b the minimum price (exclusive of expenses) which may be paid for a share is 0.01p, being the nominal value per share

c the maximum price (exclusive of expenses) which may be paid for a share shall be not more than the higher of (i) 5% above the average

market value for the five business days prior to the day the purchase is made and (ii) the value of a share calculated on the basis of the

higher of the price quoted for the last independent trade and the highest independent bid for any number of the shares on the trading

venue where the purchase is carried out

d acquisitions may only be made pursuant to this authority if the shares are (at the date of the proposed acquisition) trading on the LSE at

a discount to the prevailing NAV per share

e the authority conferred shall expire at the conclusion of the Annual General Meeting of the Company in 2026 or, if earlier, on the expiry

of 15 months from the passing of this resolution, unless such authority is renewed prior to such time and

f the Company may make a contract to acquire shares under the authority conferred prior to the expiry of such authority which will or may

be executed wholly or partly after the expiration of such authority and may make an acquisition of shares pursuant to any such contract.

102

Ruffer Investment Company Limited

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Redeemable participating preference shares in issue

As at 30 June 2026, the Company had 384,017,764 (30 June 2025: 383,517,764) shares in issue, of which 89,054,714 (30 June 2025:

81,340,000) were held in treasury. During the year, the Company has issued 500,000 (2025: nil) redeemable participating preference

shares under its block listing facility and has bought back into treasury 7,714,714 (2025: 55,760,000) redeemable participating preference

shares at an average price of £2.8784 (2025: £2.7499). Therefore, the total voting rights in the Company at 30 June 2026 were 294,963,050

(30 June 2025: 302,177,764). Subsequent to the year end, the Company has bought back a further 8,835,000 of its own shares at an average

purchase price of 2.9713p.

15 Basic and diluted earnings per share

Year ended

30 June 2026

Year ended

30 June 2025

Profit for the year £39,920,459 £41,709,886

Weighted average number of shares 296,537, 883 330,640,010

Basic and diluted earnings per share 13.46p 12.61p

The weighted average number of shares is based on the number of shares in issue during the year under review, excluding shares held in

treasury, as detailed in note 14.

There were no dilutive financial instruments in issue during the years ended 30 June 2026 or 30 June 2025.

16 NAV reconciliation

The Company announces its NAV, based on bid value, to the LSE after each weekly and month-end valuation point. At the time of

releasing the year-end NAV to the LSE, not all 30 June prices of the Company’s investments may be available. Adjustments are made to

the NAV in the Financial Statements once these prices become available. The following is a reconciliation of the NAV and NAV per share

attributable to redeemable participating preference shareholders as presented in these Financial Statements to the NAV and NAV per share

reported to the LSE.

30 June 2026 30 June 2025

NAV

NAV per share

NAV

NAV per share

NAV published on the LSE as at the year end 889,909,835 3.0170 891,593,859 2.9506

Adjustments to valuations (820,148) (0.0028) (3,397,8 54) (0.0113)

Net assets attributable to holders of redeemable participating preference shares 889,089,687 3.0142 888,196,005 2.9393

17 Contingent liabilities

There were no contingent liabilities as at 30 June 2026 (30 June 2025: £nil).

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Financial Statements Additional informationOverview

18 Related party transactions

The Directors are responsible for the determination of the investment policy of the Company and have overall responsibility for the

Company’s activities, and are therefore regarded as related parties.

Investment Management Agreement

The Company is managed by Ruffer AIFM Ltd, a subsidiary of Ruffer LLP, a privately owned business registered in England and Wales

as a limited liability partnership. The Company and the Investment Manager have entered into an Investment Management Agreement

under which the Investment Manager has been given responsibility for the day-to-day discretionary management of the Company’s assets

(including uninvested cash) in accordance with the Company’s investment objective and policy, subject to the overall supervision of the

Directors and in accordance with the investment restrictions in the Investment Management Agreement and the Articles.

The market value of WS Ruffer Gold Fund is deducted from the NAV of the Company before the calculation of management fees on a monthly

basis, as the Investment Manager separately earns a management fee from that entity. For additional information, refer to the Portfolio

statement on pages 117 to 127. Management fees for the year and payable at the end of the year are disclosed in note 8.

Directors’ remuneration

Directors’ remuneration is set out in the Directors’ remuneration report on pages 72 and 73.

Shares held by related parties

As at 30 June 2026, Directors of the Company held the following numbers of shares beneficially.

Shares 30 June 2026 30 June 2025

Susie Farnon 21,700 21,700

Shelagh Mason 21,500 14,698

Colleen McHugh 23,000 16,000

Nicholas Pink 75,769 70,769

Solomon Soquar 10,000 10,000

151,969 133,167

As at 30 June 2026, Ruffer LLP and other entities within the Ruffer Group held 7,422,918 (30 June 2025: 7,798,036) shares in the Company

on behalf of its discretionary clients.

As at 30 June 2026, Henry Maxey, former chief investment officer and, with effect from 1 January 2026, chair of Ruffer LLP (the parent

entity of the Company’s Investment Manager), owned 3,850,000 (30 June 2025: 3,850,000) shares in the Company.

As at 30 June 2026, Jonathan Ruffer, chair of Ruffer LLP (the parent entity of the Company’s Investment Manager) until his retirement on

31 December 2025, owned 499,335 (30 June 2025: 499,335) shares in the Company.

As at 30 June 2026, Jasmine Yeo, fund manager of the Investment Manager, owned 15,000 (30 June 2025: 15,000) shares in the Company.

Investments in related funds

As at 30 June 2026, the Company held investments in four (30 June 2025: four) related investment funds valued at £136,350,183

(30 June 2025: £167,974,135). Refer to the Portfolio statement on pages 117 to 127 for details.

19 Operating segment reporting

The Chief Operating Decision Maker, which is the Board, is of the opinion that the Company is a single operating segment. The financial

information used by the Chief Operating Decision Maker to manage the Company presents the business as a single segment.

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Segment information is measured on the same basis as that used in the preparation of the Company’s Financial Statements.

The Company does not earn revenue from contracts with customers within the scope of IFRS 15. Its income arises from financial

instruments accounted for under IFRS 9. The Company holds no non-current assets other than investments in any geographical area

other than Guernsey.

20 Financial instruments

In accordance with its investment objectives and policies, the Company holds financial instruments which at any one time may comprise

the following

– securities held in accordance with the investment objectives and policies

– cash and short-term receivables and payables arising directly from operations

– derivative transactions including investment in forward foreign currency contracts and

– borrowing up to a maximum of 30% of the NAV of the Company.

Terms, conditions and accounting policies

The financial instruments held by the Company comprise principally internationally listed or quoted equities or equity-related securities

(including convertibles) and/or bonds which are issued by corporate issuers, supra-nationals or government organisations.

Details of the significant accounting policies and methods adopted, including the criteria for recognition, the basis of measurement and the

basis on which income and expenses are recognised, in respect of its financial assets and liabilities, are disclosed in note 2. The following

table analyses the carrying amounts of the financial assets and liabilities by category as defined in IFRS 9.

The following are the categories of financial instruments held by the Company at the reporting date.

Financial assets

30 June 2026

fair value

30 June 2025

fair value

Financial assets at fair value through profit or loss

Listed securities 816,038,034 791,006,623

UCITS funds 47,075, 423 57,888,919

Derivative financial assets 2,205,349 3,879,825

Financial assets at amortised cost

Cash and cash equivalents 22,972,925 25,743,592

Trade and other receivables (excluding prepayments) 23,859,370 15,395,184

912,151,101 893,914,143

Financial liabilities

30 June 2026

fair value

30 June 2025

fair value

Financial liabilities at fair value through profit or loss

Derivative financial liabilities 5,656,376 284,182

Financial liabilities at amortised cost

Trade and other payables 17, 427,225 5,451,748

23,083,601 5,735,930

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Strategic report Governance report

Financial Statements Additional informationOverview

21 Financial risk management and associated risks

The Company is exposed to a variety of financial risks as a result of its activities. These risks include market risk (including price risk, foreign

currency risk and interest rate risk), credit risk and liquidity risk. These risks, which have applied throughout the year, and the Investment

Manager’s policies for managing them are summarised as follows:

Market risk

Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market

prices. The Company’s activities expose it primarily to the market risks of changes in market prices, interest rates and foreign currency

exchange rates.

Market price risk

Market price risk arises mainly from the uncertainty about future prices of the financial instruments held by the Company. It represents

the potential loss the Company may suffer through holding market positions in the face of price movements.

The Company’s investment portfolio is exposed to market price fluctuations, which are monitored by the Investment Manager in pursuance

of the investment objectives and policies. Adherence to investment guidelines and to investment and borrowing powers set out in the Placing

and Offer for Subscription document mitigates the risk of excessive exposure to any particular type of security or issuer.

Market price sensitivity analysis

The sensitivity analysis below has been determined based on the exposure to equity, investment funds, commodities and bond price risks

at the reporting date. The 20% reasonably possible price movement for equity-related securities, investment funds and commodities

(30 June 2025: 20%) is based on the Investment Manager’s best estimates. The sensitivity rate for these investments of 20% is regarded

as reasonable as, in the Investment Manager’s view, there continues to be potential for market volatility in the coming year.

A 20% (30 June 2025: 20%) increase in the market prices of equity and commodity-related investments as at 30 June 2026 would have

increased the net assets attributable to holders of redeemable participating preference shares by £69,000,082 (30 June 2025: £61,250,353),

and a 20% change in the opposite direction would have decreased the net assets attributable to holders of redeemable participating

preference shares by an equal opposite amount.

This analysis does not allow for the impact of investments held within Ruffer Protection Strategies or Ruffer Illiquid Multi Strategies Fund

2015, which may reduce the sensitivity to market prices. Please refer to the Derivatives section below.

A sensitivity analysis based on the interest rates of bond-related investments as at 30 June 2026 and 30 June 2025 has been considered

under Interest rate risk on pages 108 to 110.

Actual trading results may differ from the above sensitivity analysis and these differences could be material.

Foreign currency risk

Foreign currency risk arises from fluctuations in the value of a foreign currency. It represents the potential loss the Company may suffer

through holding foreign currency assets in the face of foreign exchange movements.

As a portion of the Company’s investment portfolio is invested in securities denominated in currencies other than pound sterling (the

functional and presentation currency of the Company), the statement of financial position may be significantly affected by movements

in the exchange rates of such currencies against pound sterling. The Investment Manager has the power to manage exposure to currency

movements by using options, warrants and/or forward foreign currency contracts. Details of the holdings of such instruments at the

date of these Financial Statements are set out in note 11. In the event that the buying currency weakens during the course of the contract,

the contract will expire at a loss that will be offset by a corresponding gain in the underlying assets. The opposite would be true when the

buying currency strengthens during the course of the contract.

The Company’s treatment of currency transactions other than in pound sterling is set out in note 2 to the Financial Statements under

Translation of foreign currency.

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Ruffer Investment Company Limited

Annual Report 2026

As at 30 June 2026 and 30 June 2025, the Company held the following assets and liabilities in currencies other than the functional currency,

excluding the impact of forward foreign exchange contracts disclosed in note 11.

30 June 2026

assets

30 June 2026

liabilities

30 June 2025

assets

30 June 2025

liabilities

Australian dollar 237, 276 — — —

Canadian dollar 7,311,6 04 — 2,802,872 —

Danish krone 263,046 — — —

Euro 41,316,265 — 57, 621, 251 164,325

Hong Kong dollar 13,519,277 — 6,742,315 —

Yen 156,893,688 — 143,141,443 —

Swedish krone 1,428,430 — — —

Swiss franc 7,371,477 — 5,490,905 196,703

US dollar 260,983,100 14,884,336 350,218,181 3,350,993

Total 489,324,163 14,884,336 566,016,967 3,712,021

Foreign currency sensitivity

Incorporating the impact of forward foreign exchange contracts disclosed in note 11, the Company’s net exposure and sensitivity to a change

of 10% in foreign exchange rates is detailed by currency in the following table.

30 June 2026

net exposure

30 June 2026

effect on

net assets

30 June 2025

net exposure

30 June 2025

effect on

net assets

Australian dollar 237, 276 23,728 — —

Canadian dollar 7,311,6 04 731,160 2,802,872 280,287

Danish krone 263,046 26,305 — —

Euro 21,854,654 2,185,465 12,269,909 1,226,991

Hong Kong dollar 13,519,277 1,351,928 6,742,315 674,232

Yen 42,724,703 4,272,470 131,123,446 13,112,345

Swedish krone 1,428,430 142,843 — —

Swiss franc 7,371,477 737,148 5,294,202 529,420

US dollar 59, 467,658 5,946,766 4,305,942 430,594

Total 154,178,125 15, 417,813 162,538,686 16,253,869

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Financial Statements Additional informationOverview

As at 30 June 2026, if the exchange rates of pound sterling against the above currencies had weakened by 10% (30 June 2025: 10%), with

all other variables held constant, net assets attributable to holders of redeemable participating preference shares would be £15,417,813

(30 June 2025: £16,253,869) higher, net of open forward foreign currency contracts and due mainly as a result of foreign currency gains on

translation of these financial assets and liabilities to pound sterling; and a 10% strengthening of pound sterling against the above currencies

would have resulted in an equal but opposite effect on the net assets attributable to holders of redeemable participating preference shares.

The sensitivity rate of 10% is regarded as reasonable as this approximates to the weighted average volatility over the last two years of the

principal foreign currencies to which the Company is exposed against pound sterling. Any changes in the foreign exchange rate will directly

affect the profit and loss, allocated to the capital column of the statement of comprehensive income. Actual trading results may differ from

the above sensitivity analysis and these differences could be material.

As has been seen in previous years, currencies can fluctuate by more or less than this indicative amount. The Investment Manager

incorporates this variable into risk analysis when managing the investments.

Interest rate risk

Interest rate risk represents the uncertainty of investment return due to changes in the market rates of interest.

The Company invests in fixed and floating rate securities. The income of the Company may be affected by changes to interest rates relevant

to particular securities or as a result of the Investment Manager being unable to secure similar returns on the expiry of contracts or sale

of securities. Interest receivable on bank deposits and floating rate securities or payable on bank overdraft positions will be affected by

fluctuations in interest rates (cash flow interest rate risk).

The Investment Manager actively manages the Company’s exposure to interest rate risk, paying heed to prevailing interest rates and

economic conditions, market expectations and their own opinions of likely movements in interest rates. Currently, the vast majority of the

exposure of the Company to fixed interest securities is in the form of index-linked bonds. The value of these investments is determined by

current and expected inflation and interest rates.

The value of fixed interest securities will be affected by general changes in interest rates that will in turn result in increases or decreases in

the market value of those instruments. When interest rates decline, the value of the Company’s investments in fixed rate debt obligations can

be expected to rise and when interest rates rise, the value of those investments may decline (fair value interest rate risk).

The investment portfolio details the security type, issuer, interest rate and maturity date of all of the Company’s fixed and floating rate

securities as at 30 June 2026.

The following tables summarise the Company’s exposure to interest rate risk. It includes the Company’s financial assets and liabilities at fair

values, categorised by underlying interest rate type.

As at 30 June 2026

Financial assets

Floating rate

Fixed rate

Non-interest

bearing

Total

Investments at fair value through profit or loss 38,943,115 389,895,170 434,275,172 863,113,457

Cash and cash equivalents 22,972,925 — — 22,972,925

Derivative financial assets — — 2,205,349 2,205,349

Trade and other receivables (excluding prepayments) — — 23,859,370 23,859,370

61,916,040 389,895,170 460,339,891 912,151,101

Financial liabilities

Trade and other payables — — 17,427,225 17, 427, 225

Derivative financial liabilities — — 5,656,376 5,656,376

— — 23,083,601 23,083,601

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Ruffer Investment Company Limited

Annual Report 2026

As at 30 June 2025

Financial assets

Floating rate

Fixed rate

Non‑interest

bearing

Total

Investments at fair value through profit or loss 232,749,246 199,809,316 416,336,980 848,895,542

Cash and cash equivalents 25,743,592 — — 25,743,592

Derivative financial assets — — 3,879,825 3,879,825

Trade and other receivables (excluding prepayments) — — 15,395,184 15,395,184

258,492,838 199,809,316 435,611,989 893,914,143

Financial liabilities

Trade and other payables — — 5,451,748 5,451,748

Derivative financial liabilities — — 284,182 284,182

— — 5,735,930 5,735,930

The table below summarises weighted average effective (real) interest rates for fixed rate financial instruments.

30 June 2026

Weighted average

period for

which rate/yield

is fixed

(years)

30 June 2025

Weighted average

period for

which rate/yield

is fixed

(years)

UK government bonds 4.3839 5.56 2.2238 29.07

US government bonds 3.2722 7.07 3.8961 1.21

North American corporate bonds 11.4955 3.30 12.0040 4.30

Japanese government bonds 2.1333 4.91 0.7551 4.14

Interest rate sensitivity analysis

Key determinants of interest rates include economic growth prospects, inflation, governments’ fiscal positions and rates on nominal bonds

of similar maturities. This sensitivity analysis assumes a 100 basis point increase or decrease in bond yields (30 June 2025: 100 basis point

increase or decrease), with all other variables unchanged. The Directors consider that a movement of 100 basis points represents a reasonable

sensitivity, having regard to prevailing market conditions, historical movements in interest rates and expectations of potential interest rate

movements in the forthcoming year.

Most of the Company’s fixed rate securities are conventional bonds, whose yields, and as a consequence their prices, are determined by

market perception as to the appropriate level of yields given the economic background.

This analysis does not allow for the impact of investments held within Ruffer Protection Strategies and Ruffer Illiquid Multi Strategies Fund

2015, which may reduce the sensitivity to changes in interest rates. Please refer to the Derivatives section below.

Fair value interest rate sensitivity

In respect of the Company’s holdings of fixed rate bonds, an increase/decrease of 100 basis points (30 June 2025: 100 basis points) in interest

rates as at the reporting date would have decreased by £18,632,872/increased by £20,622,200 the net assets attributable to holders of

redeemable participating preference shares (30 June 2025: decreased/increased by £17,677,237/£25,768,689).

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Cash flow interest rate sensitivity

In respect of the Company’s holdings of floating rate bonds and cash and cash equivalents, an increase/decrease of 100 basis points

(30 June 2025: 100 basis points) in interest rates as at the reporting date would have increased/decreased the net assets attributable to

holders of redeemable participating preference shares by £619,160 (30 June 2025: £2,584,928).

Credit risk

Credit risk is the risk that an issuer or counterparty will be unable or unwilling to meet a commitment that it has entered into with the

Company. Failure of any relevant counterparty to perform its obligations in respect of these items may lead to a financial loss.

The Company is exposed to credit risk in respect of cash and cash equivalents and trade and other receivables. The credit risk associated

with debtors is limited to the unrealised gains on open derivative contracts such as forward foreign currency contracts, modified by collateral

positions held with those counterparties, as detailed in note 11, and trade and other receivables. It is the opinion of the Board of Directors

that the carrying amounts of these financial assets represent the maximum credit risk exposure as at the reporting date.

The Company will not invest in the securities of any company that is not quoted or does not have a listing on a market specified in the

Financial Services and Markets Act 2000 (Financial Promotions) Order 2001, except for investments in investment funds and such other

financial markets as may be specifically agreed from time to time between the Board and the Investment Manager.

All transactions in listed securities are settled/paid upon delivery using approved brokers. The risk of default is considered minimal,

as delivery of securities sold is only made once the broker has received payment. Payment is made on a purchase once the securities have

been received by the broker. The trade will fail if either party fails to meet their obligation. All amounts outstanding at the year end on the

purchases of securities were settled within a few days of the year end; therefore, there are no expected credit losses on these amounts.

The Company’s most recent prospectus, published on 15 December 2022, allows investment in a wide universe of equity-related securities

and bonds, including those in countries that may be classed as emerging or developing. In adhering to investment restrictions set out within

the document, the Company mitigates the risk of any significant concentration of credit risk.

Credit risk analysis

The Company’s maximum credit exposure is limited to the carrying amount of financial assets recognised at the reporting date, as

summarised below.

Year ended

30 June 2026

Year ended

30 June 2025

Financial assets at fair value through profit or loss 863,113,457 848,895,542

Derivative assets at fair value through profit or loss 2,205,349 3,879,825

Cash and cash equivalents 22,972,925 25,743,592

Trade and other receivables (excluding prepayments) 23,859,370 15,395,184

912,151,101 893,914,143

The Company is exposed to a potentially material credit risk in respect of cash and cash equivalents, which is mitigated by the use of

institutions with a high credit rating. As at 30 June 2026, almost 100% (30 June 2025: almost 100%) of cash is placed with Northern Trust

(Guernsey) Limited (NTGL) and the remainder with Royal Bank of Scotland International Limited (RBSI).

NTGL is a wholly owned subsidiary of The Northern Trust Corporation (NTC). NTC is publicly traded and a constituent of the S&P 500.

NTC has a long-term credit rating of A+ (30 June 2025: A+) from Standard & Poor’s and A2 (30 June 2025: A2) from Moody’s. RBSI has a

long-term credit rating of A (30 June 2025: A) from Standard & Poor’s and A2 (30 June 2025: A2) from Moody’s.

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Ruffer Investment Company Limited

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The following table analyses the Moody’s credit ratings of the issuers of the bonds held by the Company as at 30 June 2026 and

30 June 2025.

Moody’s credit rating

30 June 2026

30 June 2025

Aa1 122,185,554 252,285,353

Aa3 182,932,234 57,797,102

A1 122,596,378 121,339,685

Unrated

1,124,119 1,136,422

428,838,285 432,558,562

1 No rating available

The Company’s financial assets principally comprise cash deposits held with highly rated financial institutions, government bonds, amounts

due from brokers and derivative counterparties. No financial assets were written off during the year (2025: none).

The Company considers a financial asset to be in default when the counterparty is unlikely to meet its contractual obligations in full.

No assets were in default at 30 June 2026 (2025: none).

None of the Company’s financial assets are secured by collateral or other credit enhancements.

Derivatives

The Company has gained exposure to derivative contracts (predominantly options and forward currency contracts) as a risk management

tool. The intention of using such derivative contracts has been primarily to minimise the exposure of the Company to the negative impact

of changes to foreign exchange rates, interest rates, market volatility and to protect the portfolio from a correlated fall in bonds and equities.

At the year end, all such instruments (except forward foreign exchange contracts) were held indirectly within the Ruffer Protection Strategies

International or Ruffer Illiquid Multi Strategies Fund 2015 vehicles, as detailed in the Portfolio statement on page 127.

Fair value

Financial assets at fair value through profit or loss are carried at fair value. Other assets and liabilities are carried at cost, which

approximates fair value.

IFRS 13 requires the Company to classify a fair value hierarchy that reflects the significance of the inputs used in making the measurements.

IFRS 13 establishes a fair value hierarchy that prioritises the inputs to valuation techniques used to measure fair value. The hierarchy gives

the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest

priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy under IFRS 13 are as follows

Level 1: quoted prices, based on bid prices, (unadjusted) in active markets for identical assets or liabilities

Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly (that is, as prices)

or indirectly (that is, derived from prices) and

Level 3: inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs)

The level in the fair value hierarchy within which the fair value measurement is categorised in its entirety is determined on the basis of the

lowest level input that is significant to the fair value measurement in its entirety. For this purpose, the significance of an input is assessed

against the fair value measurement in its entirety. If a fair value measurement uses observable inputs that require significant adjustment

based on unobservable inputs, that measurement is a Level 3 measurement. Assessing the significance of a particular input to the fair value

measurement in its entirety requires judgement, considering factors specific to the asset or liability.

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The Company considers observable data to be that market data that is readily available, regularly distributed or updated, reliable and

verifiable, not proprietary, and provided by independent sources that are actively involved in the relevant market.

Assets classified in Level 1 consist of listed or quoted equities or equity-related securities, options and bonds which are issued by corporate

issuers, supra-nationals or government organisations.

Assets classified in Level 2 are principally investments in funds fair-valued using the official NAV of each fund as reported by each fund’s

independent administrator at the reporting date. Where these funds are invested in equity-type products, they are classified as equity in

the table above. Convertible bonds are measured using a jump-diffusion pricing model available through Bloomberg. Options and foreign

exchange forward contracts are fair valued using publicly available data. Foreign exchange forward contracts are shown as derivative

financial assets and liabilities in the above table.

Assets classified in Level 3 consist of investments for which no market exists for trading, for example investments in liquidating or illiquid

funds, and are reported using the latest available official NAV less dividends declared to date of each fund as reported by each fund’s

independent administrator at the last reporting date. Where a market exists for trading in illiquid funds, these are classified in Level 2.

The following table presents the Company’s financial assets and liabilities at fair value through profit or loss by level within the fair value

hierarchy at 30 June 2026.

30 June 2026

Level 1

Level 2

Level 3

Total

Financial assets at fair value through profit or loss

Long-dated UK inflation-linked bonds 10,548,886 — — 10,548,886

Long-dated non-UK inflation-linked bonds 83,242,439 — — 83,242,439

Long-dated nominal bonds 19,493,857 — — 19,493,857

Medium‑dated nominal bonds 136,591,674 — — 136,591,674

Short‑dated nominal bonds 177,837, 310 — — 177,837, 310

Credit and derivative strategies — 89,274,760 — 89,274,760

Gold and precious metals exposure 724,683 28,289,594 — 29,014,277

Commodity exposure 27,895,635 — — 27,895,635

Equities 269,304,671 19,909,948 — 289,214,619

Derivative financial assets — 2,205,349 — 2,205,349

Total assets 725,639,155 139,679,651 — 865,318,806

Financial liabilities at fair value through profit or loss

Derivative financial liabilities — 5,656,376 — 5,656,376

Total liabilities — 5,656,376 — 5,656,376

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The following table presents the Company’s financial assets and liabilities at fair value through profit or loss by level within the valuation

hierarchy at 30 June 2025.

30 June 2025

Level 1

Level 2

Level 3

Total

Financial assets at fair value through profit or loss

Long-dated UK inflation-linked bonds 41,734,816 — — 41,734,816

Long-dated non-UK inflation-linked bonds 1,980,170 — — 1,980,170

Long-dated nominal bonds 15,298,039 — — 15,298,039

Short-dated UK inflation-linked bonds 8,085,182 — — 8,085,182

Short‑dated nominal bonds 364,323,933 — — 364,323,933

Credit and derivative strategies — 110,085, 216 — 110,0 85, 216

Gold and precious metals exposure 29,110,829 39,714,419 — 68,825,248

Commodity exposure 10,471,769 — — 10,471,769

Equities 208,780,247 19,310,922 — 228,091,169

Derivative financial assets — 3,879,825 — 3,879,825

Total assets 679,784,985 172,990,382 — 852,775,367

Financial liabilities at fair value through profit or loss

Derivative financial liabilities — 284,182 — 284,182

Total liabilities — 284,182 — 284,182

The Company recognises transfers between levels of the fair value hierarchy as of the end of the reporting period during which the transfer

has occurred. During the year, no investments were transferred between levels of the fair value hierarchy (30 June 2025: one investment

with a value of £1,250,278 transferred from Level 1 to Level 2).

There were no movements in Level 3 investments during the year.

Liquidity risk

Liquidity risk is the risk that the Company will find it difficult or impossible to realise assets or otherwise raising funds to meet financial

commitments. The Company’s liquidity risk is managed by the Investment Manager who monitors the cash positions on a regular basis.

The Company’s overall liquidity risks are monitored on a regular basis by the Board of Directors and a formal report is made by the

Investment Manager to the Directors at each Board meeting.

As at 30 June 2026 and 30 June 2025, the Company had no significant financial liabilities other than short-term payables arising directly

from investing activity and derivative financial liabilities used to minimise the Company’s foreign currency exposure.

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22 Capital risk management

The fair value of the Company’s financial assets and liabilities approximate to their carrying amounts at the reporting date. For the purposes

of this disclosure, redeemable participating preference shares are considered to be capital.

The Company’s objectives when managing capital are to safeguard the Company’s ability to continue as a going concern and be viable in

order to pursue its investment objectives. The Board regularly reviews the Company’s capital structure, including gearing levels. It also

decides the extent to which any return of capital or income may be made to shareholders by way of dividends or share repurchases. It is the

Board’s intention to increase the market capitalisation of the Company not only through capital gain on the portfolio but also through further

issuance of shares when demand permits, and the shares are trading at a sufficient premium to NAV per share.

To assist with the marketing of the Company’s shares, the Company intends to operate in such a manner that its shares are not categorised

as non-mainstream pooled investments. This requires the Company to act so that it would qualify as an investment trust if it were UK

tax-resident. Among other things, this requires the Company to pay dividends such that it retains no more than 15% of the income that

it receives or is deemed to receive on an annual basis.

The Company has the ability to borrow up to 30% of its NAV at any time for short-term or temporary purposes as is necessary for the

settlement of transactions, to facilitate redemption (where applicable) or to meet ongoing expenses. At the year end, the Company had no

borrowings (30 June 2025: £nil). The Company does not have, nor does it intend to adopt, any structural gearing. The gearing ratio below

is calculated as total liabilities divided by total equity.

30 June 2026

30 June 2025

Total assets 912,173,288 893,931,935

Less: total liabilities (23,083,601) (5,735,930)

Total equity 889,089,687 888,196,005

Gearing ratio 2.60% 0.65%

The Board considers this gearing ratio to be adequate since total liabilities, which relates only to trade and other payables and unrealised

losses on open forward foreign currency contracts, represents a very small proportion of the Company’s total assets.

The Company has no externally imposed capital requirements.

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Redemption facility

In addition to the Company having the authority to purchase shares when deemed appropriate by the Directors, the Company has a Redemption

facility (which takes the form of a tender offer to all holders of redeemable participating preference shares). This facility may operate at the

discretion of the Directors. Redemptions on any Redemption Date may be restricted to a maximum of 25% in aggregate of the shares then in

issue, with any tender requests from shareholders in excess of this being scaled back pro rata.

The facility is intended, together with share buybacks, to address any imbalance in the supply and demand for the shares and to assist in

maintaining a narrow discount to the NAV per share at which the shares may be trading.

A special resolution was passed on 4 December 2025 which authorised the Company to make purchases of its own shares. For details of the

terms and conditions related to such buybacks, please refer to note 14. During the year, the Company bought back into treasury 7,714,714

redeemable participating preference shares (30 June 2025: 55,760,000).

23 Subsequent events

These Financial Statements were approved for issuance by the Board on 29 September 2026. Subsequent events have been evaluated up until

this date.

Subsequent to the year end, the Company has purchased 8,835,000 of its own shares into treasury at an average price of 2.9713p per share.

A second interim dividend of 3.32p per share in respect of the year ended 30 June 2026 was declared on 30 September 2026. The dividend is

payable on 23 October 2026 to shareholders on record at 9 October 2026.

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Additional

information

What’s in this section?

Portfolio statement 117

General information 128

Management and administration 129

Appendix – regulatory performance data 130

Appendix – alternative performance measures used in the Annual Report 132

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Currency

Holding at

30 June 2026

Fair value

% of total

net assets

Government bonds 48.11% (30 June 2025: 48.57%)

Long-dated UK inflation-linked bonds

UK index-linked gilt 0.125% 10/08/2048 GBP 1,796,365 1,673,946 0.19

UK index-linked gilt 0.5% 22/03/2050 GBP 978,092 1,260,443 0.14

UK index-linked gilt 0.125% 22/03/2051 GBP 3,685,684 3,027,725 0.34

UK index-linked gilt 1.25% 22/11/2054 GBP 1,658,772 1,410,634 0.16

UK index-linked gilt 0.375% 22/03/2062 GBP 1,176,037 1,135,205 0.13

UK index-linked gilt 0.125% 22/11/2065 GBP 1,516,475 1,126,136 0.13

UK index-linked gilt 0.125% 22/03/2068 GBP 1,208,203 914,797 0.10

Total long-dated UK inflation-linked bonds 10,548,886 1.19

Long-dated nominal bonds

Japan 2.4% 20/03/2055 JPY 3,298,500,000 11,352,173 1.28

Japan 3.4% 20/12/2055 JPY 1,053,550,000 4,461,519 0.50

Japan 3.7% 20/03/2056 JPY 820,650,000 3,680,165 0.41

Total long-dated nominal bonds 19,493,857 2 .19

Long-dated non-UK inflation-linked bonds

US Treasury inflation indexed bond 1.875% 15/01/2036 USD 111,114, 80 0 83,242,439 9.36

Total long-dated non-UK inflation-linked bonds 83,242,439 9.36

Medium-dated nominal bonds

UK gilt 4.75% 07/12/2030 GBP 21,740,000 22,234,368 2.50

UK gilt 4.125% 07/03/2031 GBP 46,360,000 46,012,300 5.18

UK gilt 4.0% 22/10/2031 GBP 46,080,000 45,349,632 5.10

UK gilt 4.25% 07/06/2032 GBP 23,110,000 22,995,374 2.59

Total medium-dated nominal bonds 136,591,674 15.37

Portfolio statement (unaudited)

as at 30 June 2026

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Currency

Holding at

30 June 2026

Fair value

% of total

net assets

Short-dated nominal bonds

Japan 0.4% 01/07/2026 JPY 5,305,450,000 24,610,086 2.77

Japan 0.4% 01/08/2026 JPY 6,017,000,000 27,899,827 3.14

Japan 0.4% 01/09/2026 JPY 1,471,000,000 6,817,097 0.77

Japan 0.4% 01/10/2026 JPY 1,188,000,000 5,502,882 0.62

Japan 0.8% 01/03/2027 JPY 1,921,050,000 8,894,044 1.00

Japan 0.9% 01/04/2027 JPY 3,218,800,000 14,907,122 1.68

Japan 0.7% 01/05/2027 JPY 1,393,100,000 6,439,217 0.72

Japan 0.8% 01/06/2027 JPY 869,200,000 4,019,127 0.45

Japan 0.7% 01/08/2027 JPY 869,200,000 4,013,119 0.45

UK gilt 4.125% 29/01/2027 GBP 35,772,000 35,791,674 4.03

US Treasury floating rate bond 31/10/2027 USD 10,000 7, 553 0.00

US Treasury floating rate bond 31/01/2028 USD 10,540,000 7,952, 208 0.89

US Treasury floating rate bond 30/04/2028 USD 41,070,000 30,983,354 3.48

Total short-dated nominal bonds 177, 837, 310 20.00

Total government bonds 427,714,166 48.11

Equities 32.53% (30 June 2025: 25.69%)

Europe

Accenture USD 1,345 126,163 0.01

AIB EUR 101,600 898,890 0.10

Airbus EUR 14,382 2,410,050 0.27

Akzo Nobel EUR 38,191 1,952,321 0.22

Amadeus IT EUR 79,879 3,513,630 0.40

ArcelorMittal EUR 35,280 1,601,702 0.18

Autoliv USD 7,194 630,167 0.07

Banco Santander EUR 231,224 2,406,259 0.27

Bayer EUR 77,009 3,190,354 0.36

Capgemini EUR 1,722 130,455 0.01

Dassault Aviation EUR 6,124 1,514,118 0.17

Dassault Systèmes EUR 9,434 144,785 0.02

DCC GBP 3,372 210,413 0.02

Enagas EUR 14,660 214,192 0.02

Euronext EUR 10,287 1,239,793 0.14

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Currency

Holding at

30 June 2026

Fair value

% of total

net assets

IMCD EUR 27,920 1,899,657 0.21

Investor SEK 45,423 1,428,430 0.16

LVMH EUR 10,769 4,490,640 0.51

Magnum Ice Cream EUR 5,563 73,017 0.01

Magnum Ice Cream GBP 55,387 726,124 0.08

Nestlé CHF 62,422 4,8 37,123 0.55

Novonesis DKK 5,510 263,046 0.03

Prosus CHF 175,101 5,729,851 0.64

Redeia EUR 27,000 347,036 0.04

Roche CHF 8,166 2,534,355 0.29

Ryanair EUR 63,111 1,486,980 0.17

SAP EUR 960 110,655 0.01

Siemens EUR 103,777 3,029,809 0.34

Terna‑Rete Elettrica EUR 29,490 260,146 0.03

TotalEnergies EUR 26,800 1,570,413 0.18

TUI EUR 131,621 819,570 0.09

Total Europe equities 49,790,144 5.60

United Kingdom

Aberforth Smaller Companies GBP 270,000 4,390,200 0.49

Admiral Group GBP 107, 691 3,833,800 0.43

Autotrader GBP 40,893 204,097 0.02

BAE Systems GBP 82,170 1,514,393 0.17

Barclays GBP 433,442 2,195,817 0.25

Barratt Redrow GBP 972,303 2,733,144 0.31

Bellway GBP 17,369 336,611 0.04

Berkeley Group GBP 19,611 685,993 0.08

BP GBP 2,302,957 10,757,112 1.22

British American Tobacco GBP 62,053 2,902,219 0.33

Castings GBP 126,450 409,698 0.05

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Currency

Holding at

30 June 2026

Fair value

% of total

net assets

Experian GBP 6,764 172,008 0.02

Forterra GBP 264,660 357, 820 0.04

Howden Joinery GBP 335,968 2,812,052 0.32

H-Power GBP 4,750,000 551,000 0.06

Informa GBP 255,439 2,309,169 0.26

Jet2 GBP 177,492 2,293,197 0.26

London Stock Exchange GBP 1,284 104,800 0.01

Marks & Spencer GBP 601,124 2,236,181 0.25

National Grid GBP 206,586 2,578,193 0.29

Persimmon GBP 112,20 6 1,178,163 0.13

Prudential GBP 388,765 3,899,313 0.44

Reckitt Benckiser GBP 61,025 2,996,327 0.34

RELX GBP 4,458 105,476 0.01

RS Group GBP 548,027 3,186,777 0.36

Ruffer SICAV UK Mid and Smaller Companies Fund

GBP 7, 342, 509 19,909,948 2.25

Sage Group GBP 14,299 116,680 0.01

Science Group GBP 352,759 2,046,002 0.23

Seraphim Space IT GBP 400,000 748,000 0.08

Seraphim Space IT pref GBP 1,000,000 780,000 0.09

Severn Trent GBP 61,349 1,813,476 0.20

Shell GBP 55,000 1,612,600 0.18

Taylor Wimpey GBP 1, 217,997 982,924 0.11

Trainline GBP 569,015 1,160,791 0.13

Unilever GBP 79,470 3,597, 607 0.40

United Utilities GBP 138,456 1,812,389 0.20

Wise GBP 73,371 663,421 0.07

Zegona Communications GBP 24,856 395,707 0.04

Total UK equities 90,383,105 10.17

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Holding at

30 June 2026

Fair value

% of total

net assets

North America

ADMA Biologics USD 28,595 180,255 0.02

Airbnb USD 8,469 913,505 0.10

Amazon USD 44,710 8,029,730 0.90

Amdocs USD 3,396 129,418 0.01

ANI Pharmaceutical USD 4,707 293,770 0.03

Antero Midstream USD 16,820 288,662 0.03

Aptiv USD 5,445 252,050 0.03

Artisan Partners Asset Management USD 8,069 209,969 0.02

Aura Minerals USD 3,626 171,949 0.02

Avnet USD 4,382 293,378 0.03

Bank of America USD 47,163 2,025,285 0.23

BCE CAD 14,200 230,480 0.03

Berkshire Hathaway USD 3,443 1,298,563 0.15

Booking Holdings USD 13,268 1,783,006 0.20

Boralex CAD 8,990 176,103 0.02

Brown‑Forman USD 106,744 2,143,412 0.24

Canada National Railway CAD 2,630 236,004 0.03

Canada Natural Resources CAD 6,850 204,241 0.02

Canadian Pacific Kansas City USD 21,800 1,423,690 0.16

Century Aluminum USD 3,283 113,897 0.01

Cognizant Technology Solutions USD 4,137 120,785 0.01

Coinbase Global USD 24,950 2,750,106 0.31

Commercial Metals USD 5,100 241,233 0.03

Constellation CAD 128 180,871 0.02

Cooper USD 5,070 274,144 0.03

Copa Holdings USD 3,534 413,943 0.05

Devon Energy USD 7,890 245,767 0.03

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Currency

Holding at

30 June 2026

Fair value

% of total

net assets

Dorman Products USD 2,638 271,418 0.03

DoubleVerify USD 23,393 191,032 0.02

DT Midstream USD 2,200 243,456 0.03

Dynatrace USD 6,133 203,015 0.02

Eagle Materials USD 6,185 1,049,006 0.12

Eastman Chemical USD 4,010 202,556 0.02

Expand Energy USD 26,000 1,786,789 0.20

Exxon Mobil USD 21,951 2,258,659 0.25

Federated Hermes USD 7,778 323,859 0.04

First Solar USD 1,237 219,903 0.02

Floor & Decor USD 49,429 2, 211,670 0.25

Fluor USD 21,492 848,855 0.10

Fortinet USD 1,513 175,212 0.02

Fox USD 7, 529 295,721 0.03

Franklin Resources USD 8,562 214,792 0.02

Frontline USD 5,715 150,007 0.02

Gartner USD 1,357 132,641 0.01

General Digital USD 16,171 303,252 0.03

General Electric Aerospace USD 2,809 790,489 0.09

Genpact USD 7, 236 150,045 0.02

GigaCloud Technology USD 3,244 77, 247 0.01

Happen USD 8,220 128,488 0.01

HF Sinclair USD 2,849 149,647 0.02

Incyte USD 3,490 298,342 0.03

Infosys USD 15,833 125,356 0.01

International Seaways USD 2,691 155,308 0.02

International Flavors & Fragrances USD 11,643 695,402 0.08

Intuit USD 822 161,729 0.02

Invesco USD 8,082 160,762 0.02

Janus Henderson USD 6,401 250,885 0.03

Jazz Pharmaceuticals USD 1,636 297,261 0.03

Lamar Advertising USD 16,697 1,963,931 0.22

Lear USD 2,348 237,155 0.03

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Holding at

30 June 2026

Fair value

% of total

net assets

M/I Homes USD 2,248 272,550 0.03

Matador Resources USD 4,369 164,027 0.02

Maximus USD 6,634 268,872 0.03

Microsoft USD 21,064 5,920,696 0.68

Neurocrine Biosciences USD 2,333 296,401 0.03

Okeanis Eco Tankers USD 3,942 148,650 0.02

Ovintiv USD 4,701 186,629 0.02

Paychex USD 2,184 161,881 0.02

Paycom Software USD 1,922 182,142 0.02

Perdoceo Education USD 8,240 198,824 0.02

Pfizer USD 60,985 1,106,394 0.12

Philip Morris USD 4,708 641,945 0.07

Pinnacle West USD 2,890 233,170 0.03

PNC Financial Services USD 7,536 1,398,041 0.16

Prairiesky Royalty USD 50,900 854,553 0.10

Red Rock Resorts USD 5,550 272,269 0.03

S&P Global USD 5,690 1,744,971 0.20

Salesforce USD 838 98,990 0.01

Schwab (Charles) USD 18,683 1,298,878 0.15

Science Applications International USD 4,329 360,402 0.04

Scorpio Tankers USD 2,566 134,008 0.02

Signet Jewellers USD 18,847 1,225,012 0.14

SLB USD 52,902 1,853,684 0.21

Smurfit Westrock USD 127,273 4,437,569 0.51

Solventum USD 33,170 1,929,122 0.22

South Bow CAD 8,090 214,349 0.02

SS&C Technologies USD 3,422 160,108 0.02

Strategic Education USD 4,924 284,331 0.03

Suncor Energy CAD 67,232 2,720,071 0.31

TC Energy CAD 4,390 218,777 0.02

T Rowe Price USD 3,430 293,937 0.03

Travel & Leisure USD 5,497 316,797 0.04

Union Pacific USD 6,991 1,432,570 0.16

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Currency

Holding at

30 June 2026

Fair value

% of total

net assets

Venture Global USD 77,783 652,200 0.07

Vista Energy SAB USD 24,486 1,177,773 0.13

Warner Bros Discovery USD 46,222 927,437 0.10

Walt Disney USD 11, 609 842,270 0.09

Total North America equities 75,978,406 8.55

Japan

Adeka JPY 12,904 250,926 0.03

Aisin JPY 18,612 188,774 0.02

Alps Alpine JPY 25,679 242,346 0.03

Anycolor JPY 26,819 278,421 0.03

Asahi Diamond Industrial JPY 26,947 151,625 0.02

Asahi Intecc JPY 13,701 241,447 0.03

Asahi Kasei JPY 43,026 357,259 0.04

Astellas Pharma JPY 39,444 397,8 69 0.04

Banda Namco JPY 40,770 713,365 0.08

Bridgestone JPY 23,860 376,534 0.04

Brother Industries JPY 19,269 327,949 0.04

Capcom JPY 35,152 491,139 0.06

Citizen Watch JPY 24,859 278,830 0.03

Dai Nippon Printing JPY 17,939 246,065 0.03

Daido Steel JPY 21,943 280,680 0.03

Daiwa House Industry JPY 17,671 361,902 0.04

Dena JPY 13,767 155,822 0.02

Denso JPY 27,13 0 236,030 0.03

Fuji JPY 28,278 1,101,469 0.12

GMO Payment Gateway JPY 15,992 688,044 0.08

Honda Motor JPY 34,058 233,740 0.03

Hoshizaki JPY 28,304 694,549 0.08

Hoya JPY 3,058 367, 043 0.04

Inpex JPY 16,980 256,855 0.03

Japan Exchange JPY 81,359 771,789 0.09

Japan Petroleum Exploration JPY 84,218 625,064 0.07

JTEKT JPY 22,523 207,076 0.02

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Currency

Holding at

30 June 2026

Fair value

% of total

net assets

Kakaku.com JPY 51,827 814,996 0.09

Kandenko JPY 31,891 994,264 0.11

Keyence JPY 1,772 666,218 0.07

Koei Tecmo JPY 81,683 573,853 0.06

Koito Manufacturing JPY 21,796 257,769 0.03

Kubota JPY 85,549 1,065,513 0.12

Kyocera JPY 20,091 330,383 0.04

Kyowa Kirin JPY 35,654 427, 863 0.05

Lasertech JPY 1,202 277,060 0.03

M3 JPY 26,682 224,025 0.03

Makita JPY 30,435 814,608 0.09

Maruwa JPY 881 289,258 0.03

MEC JPY 17,013 853,112 0.10

Namura Shipbuilding JPY 19,437 319,177 0.04

Nexon JPY 41,223 409,790 0.05

NGK JPY 9,086 317, 455 0.04

Nippon Express JPY 16,058 375,647 0.04

Nippon Shinyaku JPY 8,274 153,562 0.02

Nisshin Seifun JPY 30,319 279,174 0.03

NSK JPY 41,180 215,952 0.02

Obic Business Consultants JPY 12,654 356,770 0.04

Okuma JPY 8,369 179,550 0.02

Ono Pharmaceutical JPY 82,722 916,145 0.10

Oracle JPY 12,184 469,046 0.05

Otsuka JPY 47, 529 611,265 0.07

Rakus JPY 76,232 332,757 0.04

Recruit Holdings JPY 19,929 1, 047,4 06 0.12

Ricoh JPY 39,241 255,750 0.03

Rohm JPY 8,585 214,410 0.02

Rorze JPY 15,210 341,487 0.04

Sankyo JPY 68,407 500,734 0.06

Sansan JPY 45,533 325,272 0.04

Screen Holdings JPY 4,767 393,609 0.04

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Annual Report 2026

Strategic report Governance report Financial Statements

Additional informationOverview

Currency

Holding at

30 June 2026

Fair value

% of total

net assets

Seiko Epson JPY 28,152 351,678 0.04

Shionogi JPY 40,466 522,775 0.06

Sumitomo Bakelite JPY 8,199 283,270 0.03

Sumitomo Heavy Industries JPY 8,458 198,369 0.02

Sumitomo Rubber Industries JPY 20,906 202,004 0.02

Suzuki Motor JPY 130,073 1,179, 295 0.13

Tokuyama JPY 12,848 290,841 0.03

Toppan Holdings JPY 7, 637 180,814 0.02

Toray Industries JPY 51,353 268,466 0.03

Tosoh JPY 27,76 3 376,890 0.04

Toyo Tire JPY 44,315 766,348 0.09

Toyota Boshoku JPY 21,355 210,602 0.02

Toyota Motor JPY 13,897 175,634 0.02

Trend Micro JPY 11,069 305,920 0.03

Yamaha JPY 41,319 218,310 0.02

Yamaha Motor JPY 49,869 283,725 0.03

Yokogawa Electric JPY 16,335 425,242 0.05

Total Japan equities 32,366,675 3.64

Asia (ex-Japan)

Alibaba Group HKD 576,076 5,143,090 0.58

Alibaba Group ADR USD 67,622 4,894,462 0.55

Aurizon AUD 109,570 237, 276 0.03

CKH HKD 34,500 219,604 0.02

Full Truck Alliance ADR USD 294,740 1,802,399 0.20

iShares MSCI China EUR 1,868,003 9,056,899 1.02

JD.com HKD 167, 85 0 1,601,822 0.18

JD.com ADR USD 79,130 1,520,308 0.17

NetEase HKD 110,50 0 2,150,479 0.24

NetEase ADR USD 21,770 2,103,459 0.24

Swire Pacific HKD 367,5 0 0 2,885,201 0.32

Trip.com HKD 48,700 1,459,113 0.16

Trip.com ADR USD 47,0 40 1,412,761 0.16

Total Asia (ex-Japan) equities 34,486,873 3.87

126

Ruffer Investment Company Limited

Annual Report 2026

Currency

Holding at

30 June 2026

Fair value

% of total

net assets

Other equities

Taylor Maritime Investments GBP 2,170,954 1,280,863 0.14

Tufton Oceanic Assets USD 2,383,561 2,282,553 0.26

3i Infrastructure GBP 700,000 2,646,000 0.30

Total other equities 6,209,416 0.70

Total equities 289,214,619 32.53

Commodity exposure 3.14% (30 June 2025: 1.18%)

WisdomTree Brent Crude USD 54,314 2,778,361 0.31

WisdomTree Cocoa USD 385,283 2,396,035 0.27

WisdomTree Corn USD 435,870 5,440,980 0.62

WisdomTree Soybeans USD 98,884 1,999,750 0.22

WisdomTree Sugar USD 940,590 6,858,321 0.77

WisdomTree Wheat USD 371,487 5,204,516 0.59

Yellow Cake GBP 610, 564 3,217,672 0.36

Total commodity exposure 27,895,635 3.14

Gold exposure and gold equities 3.26% (30 June 2025: 7.75%)

Denarius Metals CAD 1,809,756 576,907 0.06

Denarius Metals 12% 19/10/2029 CAD 1,872,720 1,124,119 0.13

SSR Mining USD 6,930 147,776 0.02

WS Ruffer Gold Fund

GBP 3,119, 349 27,165,475 3.05

Total gold exposure and gold equities 29,014,277 3.26

Credit and derivative strategies 10.04% (30 June 2025: 12.39%)

Ruffer Illiquid Multi Strategies Fund 2015

GBP 7, 617,4 4 6 23,519,094 2.65

Ruffer Protection Strategies

GBP 154,283,588 65,755,666 7.39

Total credit and derivative strategies 89,274,760 10.04

Total investments 863,113,457 97.08

Cash and other net current assets 25,976,230 2.92

889,089,687 100.00

1 Ruffer Protection Strategies International and Ruffer Illiquid Multi Strategies Fund 2015 Ltd are classed as related parties as they share the same Investment Manager

(Ruffer AIFM Limited) as the Company. WS Ruffer Gold Fund and Ruffer SICAV UK Mid and Smaller Companies Fund are also classed as related parties as their

Investment Manager (Ruffer LLP) is the parent of the Company’s Investment Manager

127

Ruffer Investment Company Limited

Annual Report 2026

Strategic report Governance report Financial Statements

Additional informationOverview

Ruffer Investment Company Limited was incorporated in Guernsey

as a company limited by shares and as an authorised closed-ended

investment company on 1 June 2004. The Company launched on

the London Stock Exchange on 8 July 2004, with a launch price

of 100p per share and an initial net asset value of 98p per share.

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 invests predominantly in

internationally listed or quoted equities or equity-related securities

(including convertibles) and/or bonds which are issued by

corporate issuers, supra-nationals or government organisations.

The Company’s redeemable participating preference shares are

listed on the London Stock Exchange.

The Company reports its audited annual results each year for the

year ended 30 June and its unaudited interim results for the six

months ended 31 December. These Financial Statements were

authorised for issue on 29 September 2026 by the Directors.

The Investment Manager is authorised and regulated by the United

Kingdom Financial Conduct Authority as a full-scope Alternative

Investment Fund Manager (AIFM). The Investment Manager is

entitled to an investment management fee payable to the AIFM

monthly in arrears at a rate of 1% of the net asset value per annum.

The Investment Manager and the Board intend to conduct the

affairs of the Company so as to ensure that it will not become

tax-resident in the United Kingdom. Accordingly, and provided

that the Company does not carry on a trade in the United Kingdom

through a branch or agency situated therein, the Company will not

be subject to United Kingdom Corporation Tax or Income Tax.

Until 1 June 2026, Apex Fund and Corporate Services (Guernsey)

Limited (the ‘Administrator’) was entitled to receive an annual fee

equal to 0.08% per annum on the first £100 million; 0.04% per

annum between £100 million and £200 million; 0.02% per annum

between £200 million and £300 million; and 0.015% per annum

thereafter; based on the NAV of the Company on a mid-market

basis, subject to a minimum fee of £100,000 per annum.

With effect from 1 June 2026, in order to reflect the transfer of

company secretarial services to a new provider (see below), the fee

basis is subject to a pro rata reduction, the details of which are in

the process of being finalised.

With effect from 1 June 2026, Aztec Financial Services (Guernsey)

Limited (the ‘Company Secretary’) is entitled to receive an annual

fee of £120,000 per annum.

Northern Trust (Guernsey) Limited (the ‘Custodian’) is entitled to

receive a fee of £2,000 per annum. The Custodian is also entitled

to charge for certain expenses incurred by it in connection with

its duties.

Northern Trust (Guernsey) Limited (the ‘Depositary’) is entitled

to receive an annual Depositary fee payable monthly in arrears at

a rate of 0.01% of the net asset value of the Company up to £100

million; 0.008% on the next £100 million; and 0.006% thereafter

as at the last business day of the month, subject to a minimum fee

of £20,000 per annum.

General information (unaudited)

128

Ruffer Investment Company Limited

Annual Report 2026

Management and administration (unaudited)

Directors

Susie Farnon

Shelagh Mason

Colleen McHugh

Nicholas Pink

Solomon Soquar

Registered office

East Wing

Trafalgar Court

Les Banques

St Peter Port

Guernsey GY1 3PP

Independent Auditor

Deloitte LLP

Regency Court

Glategny Esplanade

St Peter Port

Guernsey GY1 3HW

Investment Manager and Alternative

Investment Fund Manager

Ruffer AIFM Limited

80 Victoria Street

London SW1E 5JL

Solicitors to the Company as to UK law

Gowling WLG

4 More London Riverside

London SE1 2AU

Administrator and (until 1 June 2026)

Company Secretary

Apex Fund and Corporate Services (Guernsey) Limited

1 Royal Plaza

Royal Avenue

St Peter Port

Guernsey GY1 2HL

Company Secretary (with effect from 1 June 2026)

Aztec Financial Services (Guernsey) Limited

East Wing

Trafalgar Court

Les Banques

St Peter Port

Guernsey GY1 3PP

CREST agent

Computershare Investor Services (Jersey) Limited

Queensway House

Hilgrove Street

St Helier

Jersey JE1 1ES

Sponsor and Broker

Investec Bank plc

30 Gresham Street

London EC2V 7QP

Custodian

Northern Trust (Guernsey) Limited

Trafalgar Court

Les Banques

St Peter Port

Guernsey GY1 3DA

Depositary

Northern Trust (Guernsey) Limited

Trafalgar Court

Les Banques

St Peter Port

Guernsey GY1 3DA

Advocates to the Company as to Guernsey law

Mourant Ozannes (Guernsey) LLP

Royal Chambers

St Julian’s Avenue

St Peter Port

Guernsey GY1 4HP

129

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Strategic report Governance report Financial Statements

Additional informationOverview

To 30 June % 96 97 98 99 00 01 02 03

Ruffer 14.6 15.5 26.1 6.3 6.1 16.4 5.0 5.0

RIC NAV

— — — — — — — —

FTSE All‑Share TR 19.6 22.6 28.7 10.1 5.1 -7.8 -14.8 -9.7

Twice Bank Rate 13.2 12.2 14.6 13.3 11.3 12.0 9.0 8.0

04 05 06 07 08 09 10 11

Ruffer 8.9 15.4 15.3 2.4 5.3 15.0 16.0 11.1

RIC NAV — 14.1

8.2 -0.8 14.8 18.6 21.8 8.8

FTSE All‑Share TR 16.9 18.7 19.7 18.4 -13.0 -20.5 21.1 25.6

Twice Bank Rate 7.7 9.6 9.3 10.2 11. 3 5.6 1.0 1.0

12 13 14 15 16 17 18 19

Ruffer 2.5 12.6 0.7 10.3 -1.9 6.5 0.4 -2.0

RIC NAV -0.3 13.8 -2.6 7.9 -1.0 8.8 0.8 -0.9

FTSE All‑Share TR -3.1 17.9 13.1 2.6 2.2 18.1 9.0 0.6

Twice Bank Rate 1.0 1.0 1.0 1.0 1.0 0.6 0.8 1.4

20 21 22 23 24 25 26

Ruffer 12.9 15.2 2.1 -3.8 0.1 5.4 4.9

RIC NAV 10.1 15.3 6.0 -1.7 1.0 5.7 4.4

FTSE All‑Share TR -13.0 21.5 1.6 7.9 13.0 11. 2 21.9

Twice Bank Rate 1.2 0.2 0.7 6.0 10.7 9.8 8.0

Performance data is calculated over 12 months to 30 June each year

1 From 7 July 2004

2 Net asset value total return as reported to the London Stock Exchange

Appendix (unaudited)

Regulatory performance data

130

Ruffer Investment Company Limited

Annual Report 2026

Source: Ruffer, Bloomberg, FTSE International. Ruffer Investment

Company Limited performance using the net asset value published

on the London Stock Exchange. Please note that past performance

is not a reliable indicator of 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.

Calendar quarter data has been used up to the latest quarter end.

This document is issued by Ruffer AIFM Limited (RAIFM), 80

Victoria Street, London SW1E 5JL. Ruffer LLP and Ruffer AIFM

Limited are authorised and regulated by the Financial Conduct

Authority. Ruffer AIFM is a wholly owned subsidiary of Ruffer LLP.

This document, and any statements accompanying it, are for

information only and are not intended to be legally binding.

Unless otherwise agreed in writing, our investment management

agreement, in the form entered into, constitutes the entire

agreement between Ruffer and its clients, and supersedes all

previous assurances, warranties and representations, whether

written or oral, relating to the services which Ruffer provides.

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 reflect 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/ric

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.

The Morningstar Indexes are the exclusive property of Morningstar,

Inc. Morningstar, Inc., its affiliates and subsidiaries, its direct and

indirect information providers and any other third party involved

in, or related to, compiling, disseminating, computing or creating

any Morningstar Index (collectively, ‘Morningstar Parties’) and do

not guarantee the accuracy, completeness and/or timeliness of the

Morningstar Indexes or any data included therein and shall have

no liability for any errors, omissions or interruptions therein. None

of the Morningstar Parties make any representation or warranty,

express or implied, as to the results to be obtained from the use of

the Morningstar Indexes or any data included therein.

131

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Additional informationOverview

Total NAV/share price return

Total NAV return and total share price return are calculations showing how the NAV/share price per share has performed over a period of

time, taking into account dividends paid to shareholders. It is calculated on the assumption that dividends are reinvested at the prevailing

NAV/share price on the last day of the month that the shares first trade ex-dividend. This provides a useful measure to allow shareholders

to compare performances between investment funds where the dividend paid may differ.

Year ended 30 June 2026

Total

NAV return

Total share

price return

Opening IFRS NAV/share price per share 293.93p 284.00p

Closing IFRS NAV/share price per share (a) 301.42p 293.50p

Dividends paid (b) 6.20p 6.20p

Weighted average LSE NAV/share price per share on ex-dividend date (c) 302.80p 296.28p

Dividend adjustment factor (d = b/c + 1) (d) 1.0205 1.0209

Adjusted closing NAV/share price per share (e = a x d) (e) 307.59p 299.64p

Total NAV/share price return 4.6% 5.5%

Year ended 30 June 2025

Total NAV

return

Total share

price return

Opening IFRS NAV/share price per share 284.89p 270.50p

Closing IFRS NAV/share price per share (a) 293.93p 284.00p

Dividends paid (b) 5.95p 5.95p

Weighted average LSE NAV/share price per share on ex-dividend date (c) 285.55p 272.44p

Dividend adjustment factor (d = b/c + 1) (d) 1.0208 1.0218

Adjusted closing NAV/share price per share (e = a x d) (e) 300.05p 290.20p

Total NAV/share price return 5.3% 7.3%

Annualised dividend yield

The dividend yield of a company can provide a useful measure of the income yield of an investment in the Company and is calculated by

dividing the total annualised dividends per share paid in the period by the Company’s current share price.

The Company’s annualised dividend yield for the year ended 30 June 2026 was as follows.

Year ended

30 June 2026

Year ended

30 June 2025

Dividends per share declared and paid in the year 6.20p 5.95p

Share price at the end of the year 293.50p 284.00p

Annualised dividend yield 2.1% 2.1%

Appendix (unaudited)

Alternative performance measures used in the Annual Report

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Annual Report 2026

Share (discount)/premium to NAV

Share (discount)/premium to NAV is the amount by which a company’s share price is (lower)/higher than the NAV per share, expressed as a

percentage of the NAV per share, and provides a useful measure of the price that could be obtained for the Company’s shares in the market

relative to the underlying fair value of each share as represented by the NAV per share.

30 June 2026 30 June 2025

IFRS NAV per share 301.42p 293.93p

Closing share price 293.50p 284.00p

Share discount (2.6)% (3.4)%

NAV per share

NAV per share is a calculation of the Company’s NAV divided by the number of shares in issue and provides a useful measure of the

underlying value of each share in issue.

30 June 2026 30 June 2025

NAV £889,089,687 £888,196,005

Number of shares in issue 294,963,050 302,177,76 4

NAV per share 301.42p 293.93p

Market capitalisation

Market capitalisation is calculated by multiplying the total number of shares in issue by the share price on the reference date, which provides

a useful measure to shareholders of the trading value of a company that is traded on the stock market.

Ongoing charges ratio (OCR)

The OCR is a useful tool that provides a single transparent figure that represents the annual percentage recurring operational costs for an

investment company. Ongoing charges are classified as those expenses which are likely to recur in the foreseeable future, and which relate to

the operation of the Company, excluding investment transaction costs, financing charges and gains or losses on investments. The OCR is

calculated as the total ongoing charges for a period divided by the average net asset value over that period.

Year ended

30 June 2026

Year ended

30 June 2025

Total expenses 10,350,819 10,735,904

Non-recurring and excluded expenses (552,759) (454,691)

Total ongoing expenses 9,798,060 10,281,213

Average NAV 902,526,862 957,38 3,704

Ongoing charges ratio (using AIC methodology) 1.086% 1.074%

133

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Additional informationOverview

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Ruffer Investment Company Limited | Annual Report 2026