Life Science REIT (LABS) has reported a 7.8% fall in its portfolio valuation over the second half of 2025, with its EPRA NTA per share declining by 13.0% over the same period. As at 31 December 2025, the portfolio was valued at £332.6m, down from £360.6m at 30 June 2025. The unaudited EPRA NTA stood at 57.7p per share, down from 66.3p, reflecting a combination of yield expansion, asset-specific challenges, and additional debt drawdowns used to fund development activity. The decline in valuation has been attributed primarily to outward yield movement across the portfolio, in line with broader market conditions. The board highlights that a drop-off in venture capital and second-phase funding for life science companies has curtailed laboratory demand, especially in the Golden Triangle markets (Oxford, Cambridge and London), traditionally the trust’s core focus. The most significant valuation pressure came from Cambourne Park, where high vacancy levels and the absence of new lab lettings led to a shift in how the asset is valued – now more akin to a business park rather than a prime life science campus. Despite lease regears being completed with the park’s two largest tenants and ERVs being maintained, ongoing vacancies and capex requirements materially impacted the year-end valuation. That said, not all assets were equally affected. At Oxford Technology Park, improving occupier demand contributed to a near 5% uplift in ERVs over the second half, offering some valuation support. In central London, a lease regear with fintech firm Thought Machine at the Herbrand Street asset in Bloomsbury helped to mitigate the impact of softening yields in the wider market. The company notes that development assets funded through recent debt drawdowns have yet to contribute meaningfully to valuation upside, but may begin to do so as leasing progress is made in 2026.

Ruffer’s (RICA’s) monthly investor report details a solid end to 2025, with the portfolio delivering double-digit returns for the calendar year, net of fees. While December saw the portfolio broadly flat, performance for the fourth quarter was strong, helped by gold equities and selective stock picking. The company also continued to execute on its share buyback programme, repurchasing 6.8m shares in Q4, bringing the total for the year to 38m shares, equivalent to £105m or 11% of shares outstanding at the start of the year. Gold miners led the way in early December as precious metals extended their rally before easing into year-end. Broader equity exposure also supported returns, with performance driven by a handful of idiosyncratic positions. Ruffer exited its pharmaceutical basket after strong relative gains and trimmed mining equities mid-month, reallocating proceeds into interest-rate sensitive equities and direct oil exposure, which was doubled to around 1% of the portfolio. Derivatives protection detracted amid low volatility, while fixed income holdings were neutral. The team continued to reduce portfolio duration, which now sits below two years, reflecting Ruffer’s view that long-dated bonds offer limited protection in a regime of heightened inflation volatility. Looking ahead, the managers remain cautious. While central banks may offer policy support, they note that current market valuations leave little room for disappointment. The portfolio remains positioned to balance growth opportunities with defensive assets that could benefit in the event of renewed market stress in 2026.