# Ruffer builds China exposure as AI opportunity widens

- Link: https://www.directorstalkinterviews.com/ruffer-builds-china-exposure-as-ai-opportunity-widens/4121259376
- Published: 2026-08-05T10:53:00+01:00
- Author: Amilia Stone

Ruffer Investment Company has increased its exposure to China, arguing that markets
may be overlooking a broader group of companies that could benefit from artificial
intelligence.

In its annual review for the year to 30 June, the £861 million trust said the case
for continued US market dominance is weakening. Its managers believe the shift towards
a more multipolar global system could reduce the share of international capital 
flowing into US assets.

Ruffer remains positive on the near-term impact of AI on earnings and economic growth,
but it sees a clear timing risk. Productivity gains may take longer to appear than
current valuations assume. If earnings expectations remain too high, asset prices
could be repriced before those benefits are fully realised.

The trust also believes the market is too focused on US infrastructure providers
and the largest technology companies. In its view, AI value creation is likely to
spread across a wider range of businesses involved in applications, distribution
and commercialisation.

That view has supported a higher allocation to Asia excluding Japan. The weighting
rose from 2.5% to 3.9% over the year. Ruffer’s holdings in the region include Alibaba,
NetEase and Trip.com.

The UK and North America remain the trust’s largest regional equity exposures, at
10.2% and 8.5% respectively. Even so, the increase in Asian holdings shows a willingness
to shift capital towards markets where valuations are lower and expectations are
less demanding.

_**Ruffer Investment Company Limited** (LON:RICA) is a British investment company
dedicated to investments in internationally listed or quoted equities or equity 
related securities_

Share on: