Portfolio Update

Ruffer Investment Company Limited
06 January 2005


                          STOCK EXCHANGE ANNOUNCEMENT

For Immediate Release                                           06 January 2005

                       Ruffer Investment Company Limited
                                (the 'Company')

               Re: Investment Information as at 31 December 2004

In accordance with Rules 21.20 (L) (ii), the Directors of the Company confirm
the following:-

Investments by the Fund with a value greater than 5% of the Fund's gross assets
as at 31 December 2004

UK Treasury 5% 07/03/2008
UK Treasury 4% 07/03/2009
Switzerland (Govt of) 4% 08/04/2028
Switzerland (Govt of) 4% 06/01/2049
Switzerland (Govt of) 3.5% 08/04/2033
UK Treasury 5.75% 07/12/2009
Barclays Bank 0% Bear Note 16/09/09


The ten largest Investments of the Fund as at the 31 December 2004

UK Treasury 4% 07/03/2009
UK Treasury 5% 07/03/2008
UK Treasury 5.75% 07/12/2009
Switzerland (Govt of) 4% 06/01/2049
Switzerland (Govt of) 3.5% 08/04/2033
Switzerland (Govt of) 4% 08/04/2028
UK Treasury Strip 5% 2008
Japan Tobacco Inc JPY50000
BT Group Ord GBP0.05
Barclays Bank 0% Bear Note 16/09/09

Enquiries:

Guernsey International Fund Managers Ltd    Sean Murray     [phone]





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