Ruffer maintains positive return despite "volatile" backdrop

Ruffer Investment Co Ltd on Wednesday reported a higher net asset value at the end of its latest financial year, and "continues to have confidence" in its approach despite a hard-to-predict macroeconomic outlook.

The Guernsey-registered investment trust, which is managed by London-based Ruffer LLP, said its NAV per share as calculated on an IFRS basis is 301.42 pence as of June 30, up from 293.93p one year prior.

The NAV per share as reported to the London Stock Exchange is 301.70p as of June 30, up on-year from 295.06p.

Shares in Ruffer were up 0.3% at 295.75p late on Wednesday morning in London.

The company's NAV total return for the year ended June 30 was plus 4.6%, down from plus 5.3% the year before.

Ruffer said: "Positive contributions from equities (+4.6%), gold and precious metals exposure (+3.9%), cash and short-dated bonds (+1.3%) and commodity exposure (+0.6%) more than offset the cost of credit and derivative strategies (-3.5%) and the yen (-2.0%)...Strong markets in the second half of 2025 broadened further into early 2026, benefiting the company's exposure to attractively valued equities in previously overlooked areas.

"The backdrop then became more volatile as concerns around AI investment, software valuations and private credit prompted a broader reassessment of risk, compounded by conflict in the Middle East. During this period, credit protection demonstrated sensitivity, while commodity exposure benefited from higher energy prices."

Ruffer has declared and paid dividends totalling 6.20 pence during the year, up from 5.95p the year before.

This included a second interim dividend of 3.32p for the six months ended June 30, down from 3.35p.

Looking ahead, the company stated: "Against the current market backdrop, the portfolio is positioned for a variety of potential outcomes...It maintains a diversified set of protections through credit and derivative strategies, the yen and selective forms of duration, leaving it well placed to respond to market weakness, whatever form it takes.

"The portfolio also retains dry powder in the form of short-dated government bonds and cash, which can be deployed as opportunities arise during periods of market volatility."

Despite the "unusually broad range of possible futures," Ruffer's board "continues to have confidence in [its] 'all-weather' strategy."

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