Ruffer Investment Company Limited

(a closed-ended investment company incorporated in Guernsey with registration number 41996)

LEI 21380068AHZKY7MKNO47

24 July 2026

Investment Manager's Year End Review

For the year ended 30 June 2026

Performance

Over the 12 months to 30 June 2026 - a period of broadening market leadership, geopolitical shocks and renewed concentration in AI-linked equities - the portfolio delivered positive returns, combining participation in rising markets with resilience during episodes of market stress.

Over the year, the Company had a share price total return of +5.5% and a NAV total return of +4.6%

Key drivers of performance (12 months)

Equity exposure +4.6%

Gold and precious metals exposure +3.9%

Cash and short-dated bonds +1.3%

Commodity exposure +0.6%

Long and medium-dated nominal bonds +0.2%

Long-dated inflation-linked bonds +0.1%

US dollar +0.1%

Yen -2.0%

Credit and derivative strategies -3.5%

Investment outlook

The structural shifts we identified a year ago continue to define markets today. Geopolitical risk has reasserted itself as a source of inflation volatility and market instability, whilst the AI investment cycle has become an increasingly important driver of growth, earnings and market leadership.

The key question for investors is why this current market dynamic might shift. A reassessment of AI capex returns could trigger a disinflationary growth shock, creating a favourable backdrop for duration. Alternatively, continued investment, combined with renewed geopolitical disruption, could lead to overheating, higher inflation, and a further breakdown in traditional diversification. We believe both outcomes remain plausible, reinforcing the need for both conventional and unconventional protection.

Portfolio positioning

Against this backdrop, portfolio positioning remains a balance between opportunity and resilience. On the growth side, we continue to favour areas where valuations remain attractive and expectations are low, including opportunities in the UK, China and Japan. We also maintain selective exposure to the AI theme through businesses benefiting from AI resilience, diffusion and wealth effects, whilst avoiding dependence on the market's most crowded beneficiaries.

Simultaneously, with a focus on our all-weather mandate, we maintain meaningful protection through credit and derivative strategies, the yen and selective duration exposure, whilst also owning inflation-sensitive assets including commodities, precious metals and selected real asset businesses. These positions will help preserve and grow capital if markets are hit by any of a range of plausible shocks including geopolitical risks intensifying and the AI boom ending.

In combination, the portfolio aims to benefit from a broadening of growth opportunities whilst remaining resilient should market leadership narrow further or expectations begin to unwind.

The Investment Manager's year end review is available at the Company's Investment Manager's website www.ruffer.co.uk/2026-ric-year-end-review

It covers the twelve month period to 30 June 2026. This review is intended to give shareholders unaudited key performance indicators and a portfolio review in a timely fashion. The audited Annual Financial Statements for the year ended 30 June 2026 will be released in the usual manner prior to the end of October 2026.

Enquiries

Aztec Financial Services (Guernsey) Limited

Company Secretary

Lewis Germain

DDI: +44 (0) 1481 749700

Email: [email protected]

Investec Bank plc

Broker

David Yovichic

DDI: +44 (0) 20 7597 4952

Email: [email protected]