Ruffer Investment Company’s net asset value (NAV) rose by 0.8 percent in January.

This compared with a 0.3 percent fall in the FTSE All-Share index.

The anticipation of rising interest rates provided a difficult backdrop for Ruffer’s inflation-linked bonds during the month, but this was offset by the positive contribution from interest rate options.

These options remain a key portfolio component and allow the company to manage its interest rate...