Portfolio Update

Ruffer Investment Company Limited
05 January 2007


                       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 2006.

                                       Value (£)             % of total

TREASURY 4% 07/03/2009                 11,031,173.00         8.69
AUSTRIA (REP OF) 3% 21/08/2009         10,509,793.03         8.28
SWITZERLAND (GOVT) 3.5% 08/04/2033     8,424,284.18          6.64
TREASURY 5.75% 07/12/2009              7,369,012.38          5.81
TREASURY 4.75% 07/06/2010              6,922,300.00          5.45
NORWAY (GOVT) 5.5% 15/05/2009          6,728,431.01          5.30
SWITZERLAND (GOVT) 4% 08/04/2028       6,388,733.62          5.03
NORWAY (GOVT) 6% 16/05/2011            6,109,683.21          4.81
SWITZERLAND (GOVT) 1.75% 05/11/2009    5,391,955.84          4.25
TREASURY 2.5% I/LK 2011                4,054,387.50          3.19

Date: 05 January 2007

Enquiries:

Northern Trust International Fund Administration Services (Guernsey) Limited

Douglas Mackay 44 (0)1481 745339




                      This information is provided by RNS
            The company news service from the London Stock Exchange