Ruffer Investment Company Limited
All-weather investors seeking to deliver consistent positive returns
Annual report for the year ended 30 June 2025
About us
Keeping you invested, whatever the weather
Ruffer Investment Company Limited has a simple but unusual aim – to generate consistent positive returns, however financial markets are performing.
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.
Financial highlights
As at 30 June 2025
Share price
2024: 270.50p
NAV at year end as calculated on an IFRS basis1
2024: £1,019.74m
NAV at year end as reported to the LSE
2024: £1,019.43m
Market capitalisation2
2024: £968.22m
Number of shares in issue
2024: 357.94m
NAV per share as calculated on an IFRS basis1
2024: 284.89p
NAV per share as reported to the LSE
2024: 284.81p
- These are the NAV and NAV per share as per the Financial Statements. Refer to note 14 on page 101 for a reconciliation between this figure and the NAV/NAV per share as reported to the LSE
- See appendix for alternative performance measures (APMs)
Key Performance Indicators
As at 30 June 2025
Share price total return1 over 12 months2 %
2024: -0.6%
NAV total return per share1 over 12 months2,3 %
2024: 1.4%
Discount1 of share price to NAV per share3 %
2024: -5.0%
Dividends per share over 12 months4
2024: 3.65p
Annualised dividend yield5 %
2024: 1.4%
Annualised NAV total return per share from launch1 %
2024: 6.9%
Ongoing charges ratio6 over 12 months %
2024: 1.06
- See appendix for Alternative Performance Measures (APMs)
- Assumes reinvestment of dividends
- Using NAV per share as calculated on an IFRS basis
- Dividends declared during the year
- Annual dividend yield is calculated using share price at the year end and dividends declared during the year
- See note 9 on pages [97 and 98 of the Annual Report]
Long-term performance
As at 30 June 2025
Annualised NAV per share total return and share price total return compared to the Company’s objective1
Performance over 12 months %
Performance over three year period %
Performance over five year period %
Performance over ten year period %
Performance since inception %
- The Company's objective is to achieve a positive return, after all expenses, of at least twice the Bank of England base rate
- NAV per share total return using NAV per share as published on the LSE
- Share price total return
- Assumes reinvestment of dividends
- See Appendix for alternative performance measures
- NAV per share total return using NAV per share calculated on an IFRS basis
Chair’s statement
“The past year re-affirmed that RICL can combine owning ‘shock resistance with satisfactory returns in the meantime’. The Board continues to have confidence that RICL has an important role to play in investors’ portfolios during these uncertain times.”
The investment performance of Ruffer Investment Company Limited (RICL or ‘the Company’) improved significantly in the second half of the financial year. 2024/2025 marked the Company’s strongest NAV total return (NAV TR) and share price total return for the past three financial years. This positive performance was particularly notable considering the volatile market conditions.
Nicholas Pink
Chair
Investment Manager’s report
As at 30 June 2025
The Ruffer Investment Company (the Company) 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.
