Ruffer Investment Company Limited
All-weather investors seeking to deliver consistent positive returns
Annual Report for the year ended 30 June 2026
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 2026
Share price
2025: 284.00p
NAV at year end as calculated on an IFRS basis1
2025: £888.20m
NAV at year end as reported to the LSE
2025: £891.59m
Market capitalisation2
2025: £858.18m
Number of shares in issue
2025: 302.18m
NAV per share as calculated on an IFRS basis1
2025: 293.93p
NAV per share as reported to the LSE
2025: 295.06p
- These are the NAV and NAV per share as per the Financial Statements. Refer to note 16 on page 103 of the Annual Report 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 2026
Share price total returnover 12 months1,2
2025: 7.3%
NAV total return per share over 12 months1,2,3
2025: 5.3%
Discount of share price to NAV1,3
2025: -3.4%
Dividends per share over 12 months4
2025: 5.95p
Annualised dividend yield1,5
2025: 2.1%
Annualised NAV total return per share from launch1
2025: 6.8%
Ongoing charges ratio1,6 over 12 months
2025: 1.074%
- See appendix for alternative performance measures (APMs)
- Assumes reinvestment of dividends
- 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%)
- Dividends declared and paid during the year
- Annual dividend yield is calculated using share price at the year end and dividends declared and paid during the year
- See note 9 on page 98 of the Annual Report
Long-term performance
as at 30 June 2026
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
“Against an unusually broad range of possible futures, the Board continues to have confidence in Ruffer’s ‘all‑weather’ strategy”
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.
Nicholas Pink
Chair
Investment Manager’s Year End Review
for the year ended 30 June 2026 (unaudited)
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.
