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Ruffer Investment Co Ltd - Guernsey-registered investment trust managed by London-based Ruffer LLP - Net asset value per share is 305.67 pence on May 31, down 0.2% during the month though still up 1.2% so far in 2026. Amid fluctuating market responses to the US-Israeli war on Iran, May was a risk-on month, Ruffer says, causing the trust’s protective derivative positions to hurt performance. The trust says it added 5% to its US dollar exposure last month and also increased its position in agricultural commodities. These moves are intended to ‘reinforce the portfolio’s resilience should the oil price rise’, Ruffer says, noting the trust also has direct exposure to energy and derivatives. ‘We see a meaningful risk that energy prices move higher from here,’ the trust says. ‘Any sustained rise would, in time, bring its own demand destruction and pain for financial markets. The portfolio is positioned to protect should that risk come to pass.’ Current stock price: 301.07 pence for £889.6 million market capitalisation 12-month change: up 6.4% Copyright 2026 Alliance News Ltd. All Rights Reserved.
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