Ruffer Investment Company interim results: 4.9% NAV return and a hefty 23% buyback
Ruffer Investment Company Limited (RICL) has posted a solid first half to its financial year. For the six months to 31 December 2025, the NAV total return (NAV TR) came in at 4.9%, with the share price total return at 4.7%. Over 12 months, NAV TR was 10.9% and the share price total return reached 12.1%.
The other big headline is capital discipline: since August 2023, the company has bought back 23.0% of its issued share capital, including 9.8% in the 2025 calendar year. That activity added 0.5% to NAV per share in 2025. The discount to NAV sits at 3.6%, a touch wider than the 3.4% at 30 June 2025, but narrower than 4.5% at 31 December 2024.
The quick take: steady returns, tight discount, active capital returns
- Returns beat the company’s objective of twice the Bank of England base rate, both over six and 12 months.
- Buybacks remain a meaningful tailwind to per-share value, with 2.2% of shares repurchased in the half.
- Discount to NAV is modest at 3.6%, helped by that buyback backbone.
Key numbers at a glance (31 December 2025)
| Metric | 31 Dec 2025 | 30 Jun 2025 |
|---|---|---|
| Share price | 294.00p | 284.00p |
| NAV (IFRS basis) | £900.61m | £888.20m |
| NAV per share (IFRS basis) | 304.87p | 293.93p |
| NAV (as reported to the LSE) | £900.29m | £891.59m |
| NAV per share (as reported to the LSE) | 304.76p | 295.06p |
| Market capitalisation | £868.50m | £858.18m |
| Shares in issue | 295,407,050 | 302,177,764 |
| Share price total return (6 months) | 4.7% | — |
| NAV total return (6 months) | 4.9% | — |
| NAV total return (12 months) | 10.9% | — |
| Share price total return (12 months) | 12.1% | — |
| Discount to NAV | 3.6% | 3.4% (30 Jun 2025) |
| Dividend per share (six months) | 3.35p | 3.10p (six months to 31 Dec 2024) |
| Annualised dividend yield | 2.3% | 2.3% |
| Ongoing charges ratio | 1.08% | 1.08% |
Share buybacks: 23.0% of capital retired since August 2023
The buyback programme remains a defining feature of RICL’s shareholder returns. In the half, the company repurchased 2.2% of shares outstanding at the end of the last financial year, contributing to a total of 23.0% of issued share capital bought back since August 2023. That level of action is significant for a listed fund – it supports the share price, helps manage the discount, and lifts NAV per share. Management estimates a 0.5% NAV per share uplift in 2025 from buybacks alone.
It is also visible in the share count, which dropped from 302,177,764 to 295,407,050 over six months, and in the market capitalisation which edged up to £868.50 million despite net sales of equity.
What drove performance – gold and equities up, protection costs down
RICL’s return mix tells the story of its “all-weather” approach. The biggest contributors in the half were gold and precious metals exposure at +4.0% and global equities at +3.5%. On the other side of the ledger, protection strategies – including credit and derivatives – cost -2.4%, and the yen detracted -0.9%.
This is the trade-off you sign up for with a capital-preservation mandate: protective hedges can drag in quiet markets, but they’re designed to pay up when volatility bites. The board notes that Ruffer’s performance has exceeded the company’s objective over one year, 10 years and 20 years, and that recent gains are “steadily clawing back” weaker three- and five-year figures.
Dividend and yield – what the RNS actually says
The company has declared an interim dividend of 2.85p for the six months to 31 December 2025 (2.85p in 2024/2025). In the KPI section, dividend per share over the six months is shown as 3.35p, which reflects dividends declared during the period. The annualised dividend yield is 2.3%, based on the period-end share price and dividends declared.
If you hold RICL for income, treat the dividend as a steady top-up rather than the main event. The mandate is about consistent positive returns and capital preservation, not yield maximisation.
Discount to NAV: slightly wider on the half, tighter year-on-year
The discount of the share price to NAV widened marginally over the half to 3.6% (from 3.4% at 30 June 2025). Versus 31 December 2024, the discount has narrowed from 4.5% to 3.6%, which is encouraging. With a live buyback and a record of positive returns, the discount looks well policed.
Strategy and outlook – all-weather positioning for multiple paths
Ruffer emphasises that the disinflationary era driven by globalisation and cheap capital is unwinding. Fragmentation is accelerating, with the US and China competing for control of key technologies and resources. That backdrop can flare into real-world disruption – and market volatility – at any time.
Against that, RICL keeps a defensive spine of credit and derivative strategies, the yen, and “dry powder” in short-dated bonds and cash. At the same time, the manager has reinforced exposure to “attractively priced” growth opportunities should risk appetite persist. The aim is to prosper whether 2026 brings a calm climb, a burst of overheating, or a bout of weakness.
Since inception 21 years ago to 31 December 2025, the company has delivered an annualised NAV TR per share of 6.9%. That exceeds its objective of twice the Bank of England base rate, which was 4.0% for the period.
Why this matters for retail investors
- Consistency: Six- and 12-month returns exceeded the company’s objective, aligning with its aim of delivering positive returns through different market conditions.
- Capital discipline: A 23.0% cumulative buyback is rare and supportive – it shrinks the share count, helps manage the discount, and boosts per-share metrics.
- Balanced risk: The hedging costs are real in benign markets, but they are there for the tougher days. If you want an equity-like ride, this is not that. If you want smoother progress with protection built in, this is closer to the brief.
- Costs in check: The ongoing charges ratio held at 1.08%.
My view: this is a reassuring set of numbers from RICL. The engine room – gold and global equities – did its job, while the protection kit cost a bit to carry, as expected. The buyback remains a clear positive and the discount is modest. The only niggle is the slight widening of the discount over the half and the drag from hedges, but that’s the design of the strategy. If you’re looking for an all-weather holding to sit alongside riskier assets, Ruffer’s interim report backs up that role.
