IN BRIEF: Ruffer improves total return but warns against "complacency"

Ruffer Investment Co Ltd - investment firm aiming for positive total annual return of "at least twice" Bank of England bank rate - Reports net asset value of 284.89 pence as at June 30, up from 284.74p one year prior. NAV total return for year to June 30 is positive 1.0%, against the previous year's negative 1.7% return. Says that in selecting investments it "adopts a stock picking approach and does not adopt any investment weightings by reference to any benchmark". Declares second interim dividend of 3.1p per share. Dividends declared during year total 3.65p per share, up 40% from 2.60p the year before.

Looking ahead, Ruffer says: "Instability is likely to be exacerbated by a prospective lack of government fiscal discipline and the probability of a higher average level and volatility of inflation than in recent history". Says investment manager has been warning "that stability in financial markets creates complacency" and that firm knows "it pays to shorten sail early" while other fund managers are underprepared for "strong winds later". Adds that it "remains committed to narrowing the discount [of share price to NAV] to compound positively a future NAV per share return for shareholders".

Current stock price: 277.50p, down 0.2% on Wednesday afternoon in London

12-month change: up 2.2%

By Emma Curzon, Alliance News reporter

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Ruffer Investment Company