Mission Statement, Vision, & Core Values (2026) of Ruffer Investment Company Limited.

Founded in 1994, Ruffer Investment Company Limited is a London-listed, FTSE 250 constituent that manages a global portfolio from offices in London, New York, Paris, Edinburgh and Guernsey and, as of June 2025, oversees £18.8 billion of assets with over 69% of investors institutional; its mission-to deliver consistent positive returns whatever the market by prioritising capital preservation and risk management-targets a positive total annual return of at least twice the Bank of England Bank Rate after expenses, pursued through a dynamic, unconstrained investment approach that integrates ESG and a client-centric emphasis on not losing money in any 12-month period; this philosophy, underpinned by a 30-year track record of protecting client capital across the dot-com bust, the global financial crisis and the COVID-19 pandemic, is reinforced by core values of investment integrity, sustainability, continuous improvement, diversity and high standards of business conduct that shape decision-making and portfolio construction.

Ruffer Investment Company Limited (RICA.L) - Intro

• Founded: 1994
• Listing: London Stock Exchange (FTSE 250 constituent)
• Ticker: RICA.L
• Primary focus: International listed equities and equity-related securities

Mission

• Preserve and grow client capital by prioritising downside protection and portfolio resilience.
• Deliver positive absolute returns across market environments through active, risk-aware allocation.
• Serve institutional and private clients with transparent stewardship and governance.

Vision

• To be a trusted, long-term partner for investors seeking consistent, capital-preserving returns globally.
• To combine disciplined risk management with flexible investment thinking to navigate changing markets.

Core values

• Capital preservation: decisions prioritise the protection of client capital over short-term performance chasing.
• Prudence: rigorous risk controls, stress testing and scenario analysis embedded in process.
• Independence: clear governance and alignment with client interests.
• Discipline: consistent application of investment framework across cycles.
• Transparency: clear reporting and communication to a predominantly institutional client base.

Ruffer Investment Company Limited (RICA.L) - Overview

• Primary investment objective: capital preservation with positive absolute returns in any 12-month period where possible.
• Return ambition: outperform cash materially - specifically at least twice Bank Rate after fees.
• Approach: unconstrained global investing, high flexibility across asset classes and instruments (equities, bonds, alternatives, hedges, cash).

• Capital Preservation: prioritise not losing money in any 12-month period, using hedging, high-convexity positions and cash management.
• Client-Centricity: align incentives and communications to the needs of long-term private and institutional investors.
• Risk-First Mindset: explicit focus on limiting downside rather than maximising benchmark-relative upside.
• Unconstrained Thinking: no rigid strategic asset allocation bands-portfolios shift materially when risk/reward changes.
• Responsible Investing: integrate ESG considerations across the investment process to manage long-term risks.

• Survived major market cycles: dot-com bust (~2000-2002), global financial crisis (2007-2009), and COVID‑19 market shock (2020) with an emphasis on limiting permanent capital impairment.
• Consistent policy target: generate returns meaningfully ahead of cash - a practical test is delivering positive real returns over cash across rolling 12‑month periods.
• Risk management evidence: frequent use of portfolio hedges, downside protection instruments and flexible asset allocation to reduce drawdown severity.

• ESG is embedded within the investment process as a risk and return input rather than a separate screen - governance, climate and social risks are assessed for their potential to impair value.
• Portfolio-level stewardship and engagement where holdings carry material ESG-related risk to long‑term performance.

• Expect a portfolio markedly different from traditional multi‑asset funds: higher use of hedges, alternatives and opportunistic holdings, with lower correlation to market beta during stress events.
• Performance objective framed in absolute terms (cash-relative), not against conventional indices - success judged by positive returns and protection in down markets.
• Suitability: oriented to investors seeking capital protection and downside resilience rather than maximum upside capture.

Ruffer Investment Company Limited (RICA.L) - Mission Statement

• Primary mission: capital preservation with real positive returns for shareholders.
• Investment stance: dynamic, unconstrained, no strategic asset allocation ranges - freedom to position globally across asset classes.
• Responsible investing: systematic integration of ESG factors into investment decisions to create long‑term value for clients and society.

• Delivering consistent positive returns irrespective of market cycles - the investment process is explicitly designed to perform in downturns as well as upswings.
• Prioritising downside protection: an operational objective of not losing money in any 12‑month period.
• Achieving returns meaningfully ahead of cash over time rather than chasing benchmark-relative outcomes.
• Embedding ESG considerations across security selection, position sizing and engagement to mitigate long-term risks and identify opportunities.

• Downside-first mindset: preserve capital and avoid permanent loss of client wealth.
• Diversification without box constraints: opportunity-driven allocation across equities, credit, government bonds, alternatives and cash.
• Risk budgeting and active hedging: dynamic response to macro and market stress rather than fixed allocations.
• ESG integration: material environmental, social and governance factors assessed as part of investment research and stewardship.

Ruffer Investment Company Limited (RICA.L) - Vision Statement

• Preserve and grow real capital across market cycles through asymmetric risk management and diversified exposure.
• Embed ESG integration and active stewardship across investment decisions and engagement to align returns with broader societal outcomes.
• Operate transparently with clients at the center of decision-making, ensuring clear reporting, fair pricing and accountable governance.

• Transparent decision-making: Ruffer emphasizes clear disclosure of investment rationale, risk positions and fees to clients and stakeholders.
• Ethical standards: The Board enforces codes of conduct and conflicts-of-interest controls to uphold honesty and fiduciary responsibility.

• Tailored outcomes: Investment strategies and communication are structured to address diverse client objectives - income, total return, capital preservation.
• Regular engagement: Client reporting, meetings and bespoke solutions ensure clients remain central to strategic choices.

• ESG integration: Environmental, social and governance factors are embedded into research, position sizing and engagement priorities.
• Active stewardship: Proxy voting and engagement campaigns target governance improvements in holdings aligned with long-term value creation.

• Process refinement: Investment research, risk-monitoring and operations are subject to ongoing review and enhancement.
• Innovation: The firm seeks pragmatic adoption of new data, analytics and investment techniques to improve outcomes.

• Inclusive culture: Recruitment, development and retention initiatives aim to create diverse teams and amplify underrepresented voices.
• Accountability: Metrics on workforce diversity and progress are tracked and reported internally to drive improvement.

• Board oversight: The Board ensures integrity and accountability across the company's operations, compliance and client interactions.
• Regulatory adherence: Policies and controls are maintained to meet regulatory requirements and industry best practice.

• Risk budgeting: Portfolios are constructed with explicit downside-risk controls, cash and liquid hedges to protect capital during severe market stress.
• Return target: Focus on positive absolute returns over rolling multi-year periods rather than benchmarking to a single market index.

• Screening and engagement: Material ESG risks are assessed alongside financial metrics; engagement is used to influence change where it impacts long-term value.
• Reporting: ESG considerations and voting records are disclosed to clients and stakeholders in periodic reports.