Portfolio Update

Ruffer Investment Company Limited
04 January 2008




                        RUFFER INVESTMENT COMPANY LIMITED
 (a closed-ended investment company incorporated in Guernsey with registration
                                 number 41996)



In accordance with Listing Rule 15.4.11, the Company announces its investments
with a value greater than 5% of the Company's total assets and its 10 largest
investments as at the last business day of December 2007.


Stock                                          Value (£)   % of total
UK (GOVT OF) 4.25% STK 07/03/2011 GBP 100    11,332,740.00      10.35
AUSTRIA (REP OF) 3% BDS 21/8/2009 CHF5000    11,111,186.78      10.15
NORWAY (KINGDOM OF) 6% BDS 16/5/2011 NOK1000  6,737,607.10       6.16
UK (GOVT OF) 5% STK 07/03/2012 GBP100         6,128,400.00       5.60
UK (GOVT OF) 4.75% STK 07/06/2010 GBP100      6,053,400.00       5.53
SWITZERLAND (GOVT) 4% BDS 08/04/2028 CHF5000  5,980,533.57       5.46
SWITZERLAND (GOVT) 1.75% NTS 05/11/09         5,774,989.50       5.28
CHF1000
LYXOR GOLD BULLION NTS USD0.00001             4,136,943.66       3.78
UK(GOVT OF) 1.25% I/L STK 22/11/17 GBP        3,732,746.44       3.41
NIPPON TEL&TEL CP NPV                         3,261,985.78       2.98

               

Date: 04 January 2008

Enquiries:

Northern Trust International Fund Administration Services (Guernsey) Limited

Harry Rouillard 44 (0)1481 745315




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