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Top holdings

Data as at : 31/12/2025

Investment % of total assets
Ruffer Illiquid Multi Strategies Fund 20151 6.3
US Treasury floating rate bond 31/01/2027 5.3
US Treasury floating rate bond 31/10/2026 5.3
WS Ruffer Gold Fund2 4.6
US Treasury floating rate bond 30/04/2027 4.3
Ruffer Protection Strategies International1 3.6
Japan 0.4% 01/08/2026 3.2
US Treasury floating rate bond 31/07/2027 3.1
UK gilt 4.375% 07/03/2030 3.0
Japan 0.4% 01/07/2026 3.0

Geographic breakdown

Data as at : 31/12/2025

Country % of total assets
United States 30.0
United Kingdom 25.4
Japan 13.2
Canada 3.0
China 1.7
Australia 1.4
Netherlands 1.4
Ireland 1.1
Switzerland 0.8
Germany 0.7
Singapore 0.3
France 0.3
Hong Kong 0.2
Spain 0.2
South Africa 0.1

Depending on the nature of the underlying asset classes, geographic breakdowns may not always add up to 100%.

Industry breakdown

Data as at : 31/12/2025

Industry % of total assets
Government 48.5
Basic Materials 6.7
Consumer Cyclical 6.4
Cash Equivalents 5.8
Financial Services 4.1
Industrials 3.8
Energy 3.2
Consumer Defensive 2.4
Healthcare 1.9
Communication Services 1.0
Utilities 0.8
Technology 0.7
Real Estate 0.7
Convertible 0.2
Corporate Bond 0.0
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Asset breakdown

Data as at : 31/12/2025

Asset % of total assets
Bond 48.6
Stock 31.7
Other 14.0
Cash/Cash equivalents 5.8

Detailed asset breakdown

Data as at : 31/12/2025

Asset % of total assets
North America - bond 23.9
Other 13.8
Japan - bond 10.2
North America - stock 9.1
UK - Intermediate or long term Gilt bond 9.0
Cash 5.8
Europe - Large-cap stock 4.1
Asia (excl Japan) - stock 3.7
Japan - stock 3.0
UK - Index linked bond 2.9
UK - Large value stock 2.9
UK - Short term Gilt bond 2.6
UK - Mid value stock 2.0
UK - Mid growth stock 1.1

Morningstar logo Data provided by Morningstar.

FE fundinfo logo Company documents provided by FE fundinfo.