Ruffer Diversified Return International - F USD ACC Fonds

The investment objective of the Sub-Fund is to achieve positive returns in all market conditions over any 12-month period from an actively managed diversified portfolio. The Sub-Fund may have exposure to the following asset classes: cash, debt, securities of any type (including government and corporate debt), equities and equity related securities and commodities (including precious metals). Overriding this objective is a fundamental philosophy of capital preservation. Investors should note that there can be no assurance that the investment objective will be achieved. In order to achieve its objective, the Sub-Fund will mainly invest - directly in the asset classes mentioned in the previous paragraph (except for commodities and precious metals) and in the share capital of listed companies whose business is related to these asset classes and/or - in undertakings for collective investment (UCIs) including other Sub-Funds (within the below limit of 10% in UCIs) and/or - in any Transferable Securities (such as structured products) linked (or offering an exposure) to the performance of the above-mentioned securities/asset classes. Notwithstanding the foregoing and in order to avoid any misunderstanding, investments in asset backed securities and mortgage backed securities will be limited to 10% of the Sub-Fund's net assets.