Overview
Ruffer Investment Company aims to achieve consistent positive total returns. Investments are actively managed and chosen without reference to any benchmark. The approach is one of stock picking, the manager describes this as “like a pig hunting for truffles, where the truffle is the investment whose rewards outweigh the risks”.
The principal objective of the Company is to achieve a positive total annual return, after all expenses, of at least twice the Bank of England base rate. The Company predominantly invests in internationally listed or quoted equities or equity related securities (including convertibles) and/or bonds which are issued by corporate issuers, supra-nationals or government organisations.
The Company invests across a broad range of assets, geographies and sectors in order to achieve its objective, with an underlying focus on capital preservation. The allocation of the portfolio between equities and bonds will vary from time to time so as to enable the Company to achieve its objective.
you can access its website here
Fundamentals
Price
Research History
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09 Feb 2023 40 min read
QuotedData’s Economic and Political Monthly Roundup February 2023
Economic and Political Monthly Roundup Investment companies | Monthly | February 2023 A collation of recent insights on markets and economies taken from the comments made by chairs and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage […]
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05 Jan 2023 9 min read
QuotedData’s Investment Companies Roundup – January 2023
December 2022 Monthly roundup | Investment companies Winners and losers in December 2022 The Financials sector only has two constituents, one of these – Trian Investors 1 – has seen its discount narrow since it promised to return cash to investors by next June, and it has also benefited from underlying NAV appreciation. Last month’s […]
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07 Dec 2022 8 min read
QuotedData’s Investment Companies Roundup – December 2022
Investment Companies Monthly Roundup Kindly sponsored by abrdn December 2022 Monthly | Investment companies Winners and losers in November 2022 As discussed in this month’s economic and political roundup, lower US inflation triggered a fall in the US dollar and drove equity markets higher over November. The big surprise was the resurgence of Chinese markets […]
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03 Nov 2022 8 min read
QuotedData’s Investment Companies Roundup – November 2022
Investment Companies Monthly Roundup Kindly sponsored by Baillie Gifford and abrdn November 2022 Monthly | Investment companies Winners and losers in October 2022 Many equity markets recovered some of the ground lost in September. The swift departure of Liz Truss and her unfunded tax cuts helped the UK stock market and sterling. North America […]
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50 min read
QuotedData’s Economic and Political Monthly Roundup November 2022
Economic and Political Monthly Roundup Investment companies | Monthly | November 2022 A collation of recent insights on markets and economies taken from the comments made by chairs and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage […]
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13 Oct 2022 14 min read
QuotedData’s Investment Companies Quarterly Review – Third Quarter 2022
Third quarter of 2022 Kindly sponsored by Baillie Gifford and Aberdeen Standard Investments Piling on the misery In the face of rising inflation, exacerbated by the war in Ukraine, central bankers have condemned for their relative inaction. However, in the third quarter of 2022, they stepped up a gear. Last month’s economic and political roundup […]
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06 Oct 2022 9 min read
QuotedData’s Investment Companies Roundup – October 2022
Investment Companies Monthly Roundup Kindly sponsored by Baillie Gifford and abrdn October 2022 Monthly | Investment companies Winners and losers in September 2022 September’s median total share price return was -6.4% (+0.4% in August). The median NAV return over September was -1.2%. See Appendix 1 for a breakdown of how all the sectors have […]
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07 Aug 2019 5 min read
QuotedData’s economic roundup – August 2019
Economic & Political Roundup A collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you to buy or sell any of the […]
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22 Mar 2019 1 min read
QuotedData’s investment companies roundup – March 2019
QuotedData’s investment companies roundup – March 2019 is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of February 2019. Kindly sponsored by Baillie Gifford. JPMorgan Chinese, Fidelity China and Pacific Horizon benefited from a booming Chinese market in […]
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12 Oct 2018 1 min read
QuotedData’s Economic round up – October 2018
QuotedData’s Economic round up – October 2018 is a collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you to buy or […]
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1 min read
QuotedData’s investment companies roundup – October 2018
QuotedData’s investment companies roundup – October 2018 is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of August 2018. Kindly sponsored by Baillie Gifford. Money raised and returned in September Trian Investors 1 is a new fund that will adopt […]
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15 Aug 2018 1 min read
QuotedData’s investment companies roundup – August 2018
QuotedData’s investment companies roundup – August 2018 is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of July 2018. Kindly sponsored by Baillie Gifford. Money raised and returned in July Tritax EuroBox raised its maximum target of £300 million in an […]
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1 min read
QuotedData’s Economic round up – August 2018
QuotedData’s Economic round up – August 2018 is a collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you to buy or sell […]
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13 Mar 2018 1 min read
QuotedData’s Economic round up – March 2018
QuotedData’s economic round up – March 2018 is a collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you to buy or sell […]
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12 Oct 2017 1 min read
QuotedData’s economic round up – October 2017
QuotedData’s economic round up – October 2017 – is a collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you to buy or […]
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15 Mar 2017 1 min read
QuotedData’s round up of views on the global economy – March 2017
A collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you to buy or sell any of the companies mentioned. Kindly sponsored […]
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07 Dec 2016 1 min read
QuotedData investment companies roundup – December 2016
Our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of November 2016. december-investment-companies-roundup
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13 Oct 2016 1 min read
QuotedData investment companies roundup – October 2016
Our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of September 2016. october-investment-companies-roundup
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1 min read
QuotedData’s round up of views on the global economy – October 2016
QuotedData’s collation of recent insights on markets and economies taken from comments made by chairman and managers of investment companies. october-economic-and-political-roundup
News
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12 Mar 2025 1 min read
QuotedData’s morning briefing 12 March 2025 – MINI, RICA
In QuotedData’s morning briefing 12 March 2025: Ruffer Investment Company (RICL) announced its interim report for the six months to 31 December 2024. The company delivered a share price total return of 0.2% while the NAV total return was down 0.4%. The managers noted that the period was a frustrating one, although point out that […]
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12 Feb 2025 1 min read
Duncan MacInnes leaves Ruffer
Ruffer Investment Company (RICA) says that Duncan MacInnes, co-manager of the fund, has left its manager with immediate effect and so, as of today, Alexander Chartres – a partner at Ruffer LLP – and Ian Rees will join the current portfolio manager Jasmine Yeo as managers of RICA’s portfolio. Jasmine has been co-manager of RICA […]
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18 Sep 2024 2 min read
Defensive positioning stings Ruffer in 2024
Ruffer Investment Company (RICA) has announced its annual report for the year end 30 June 2024. The company delivered a NAV total return of 1%, while shares fell 0.6%. Dividends for the 12 month period were 3.65p for an annualised dividend yield of 1.4%. The discount widened to 5% at the end of the period. […]
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30 Aug 2024 3 min read
It’s a wonderful (Vanguard) Life
The Vanguard LifeStrategy Funds are a cornerstone in the retail and financial advisory sectors. Collectively, these funds offer five passive investment strategies that blend global equity and global bond index funds in varying proportions. The allocations range from 100% equity exposure to 20% equity and 80% bonds, with each fund adjusting its weighting in 20% […]
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01 Aug 2024 2 min read
QuotedData’s morning briefing 1 August 2024 – IIP, HEIT, RICA, CAL, RESI, PSDL, RCP
In QuotedData’s morning briefing 1 August 2024: Infrastructure India’s (IIP) nominated adviser has resigned. It doesn’t think that it can appoint a replacement. AIM Rule 1 provides it with one month to appoint a replacement nominated adviser. If no replacement nominated adviser is appointed within that timeframe, the admission of the company’s AIM securities will […]
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17 Jan 2024 2 min read
QuotedData’s morning briefing 17 January 2024 – RICA, ACRM, APEO, SHED, PRSR
In QuotedData’s morning briefing 17 January 2024: Ruffer Investment Company (RICA) has provided an update for the six months to December 31 2023. The NAV total return was 0.6% and the share price total return was 0.3%. For the calendar year this was -6.2% and the share price total return was -10.6%. The managers note […]
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04 Oct 2023 2 min read
Game of two halves for Ruffer
Ruffer Investment Company (RICA) announced its annual report for the year ended 30 June 2023. The company’s share price total return over the 12 months was -7.2% while NAV total return was -1.7%, resulting in a widening of the discount which now stands at 4.4%. The performance reflects a year of two halves for RICA […]
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25 Aug 2023 4 min read
QD view – What if the tide goes out further?
Reflecting the challenging macroeconomic backdrop, the last six months have been an uncertain period in markets. Key amongst investors’ concerns has, at least until recently, been stubbornly high inflation in most developed markets, particularly in Europe and the UK specifically. This had refused to roll over despite energy prices – a key factor a behind […]
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1 min read
QuotedData’s weekly news update 25th August 2023
Thank you to everyone that listened in today, whether you watched the Zoom live, on Facebook or on YouTube. In this week’s show, Matthew Read covered the week’s top stories: • US Solar (0:39) • Ruffer (4:03) • Thomas Lloyd Energy Impact (9:19) • Ediston Property (12:40) • Home REIT (14:06) This week’s interview was […]
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23 Aug 2023 2 min read
Ruffer ends 19-year run of no buybacks
Ruffer Investment Company (RICA) has announced that it has undertaken a share buyback. Ordinarily, with just 150,000 shares or 0.039% of its issued share capital repurchased, this wouldn’t be of much interest to investors but this is the first time in its 19-year life (it was launched in 2004) that the multi-asset fund has undertaken […]
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17 Jul 2023 3 min read
Ruffer makes an uncharacteristic slip up
Ruffer Investment Company (RICA) has released its annual results for the financial year ending 30 June 2023. Over the 12 month period RICA generated a NAV total return of -1.7%, and share price return of -7.2%. The drivers behind RICA’s negative financial year returns were its use of protections strategies and derivatives, with its equity […]
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05 May 2023 4 min read
QD view – Spreading your bets – asset allocating for uncertain times
For the second time in five years, investors are finding themselves in the grips of a global bear market that has punished most asset classes. The reasons underpinning the latest bout of selling have been well covered by market commentators, with QuotedData being no exception. Alongside this, many column inches have also been devoted to […]
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19 Apr 2023 2 min read
QuotedData’s morning briefing 19 April 2023
VinaCapital Vietnam Opportunity Fund has announced that Thuy Dam has retired from her position as director of the company with effect from 18 April 2023. Thuy has been a director of VOF for nine years since 2014 and her retirement is in compliance with best corporate governance practices. Thuy played an important role in the […]
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20 Jan 2023 1 min read
QuotedData’s weekly news show 20th January 2023
Thank you to everyone that listened in today, whether you watched the Zoom live, on Facebook or on YouTube. In this week’s show, James Carthew covered the week’s top stories: • Ruffer (0:42) • Octopus Renewables (9:19) This week’s interview was with Stephanie Sirota from RTW Venture Fund – watch it again here.
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16 Jan 2023 2 min read
Ruffer annual results
Ruffer Investment Company (RICA) released its annual results for the 12-month period ending December 2023. Ruffer generated a NAV total return of 8.0% and share price total return of 7.3%. Its since inception return of 7.8% is ahead of UK equities but with a much lower level of volatility and drawdowns. The driver of Ruffer’s […]
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14 Oct 2022 4 min read
QD view – navigating troubled waters
When I started writing this article, it was being widely reported that the chancellor, Kwasi Kwarteng, had been forced to cut short his visit to the US and was returning to London to face urgent talks with the prime minister and Conservative MPs. Before I had finished it, he was out of a job, with […]
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05 Oct 2022 9 min read
“Another excellent year” for Ruffer
Ruffer (RICA) has released its annual results for the year ended 30 June 2022, which its chairman, Christopher Russell, says “has been another excellent year for Ruffer”. During the period, RICA’s NAV total return was 6.0%, with the NAV per share rising from 281p to 295p. The share price total return was 5.6%, reflecting a […]
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03 Oct 2022 2 min read
QuotedData’s morning briefing 3 October 2022
In QuotedData’s morning briefing 3 October 2022: Jasmine Yeo has been made co-manager of Ruffer Investment Company (RICA). She joins Duncan MacInnes who has co-managed the company since October 2016. Jasmine graduated from Warwick Business School with a degree in international business with Spanish, and joined Ruffer’s UK private client team in 2017. She became […]
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18 Jul 2022 2 min read
Ruffer delivers positive returns during tough year as Baillie steps down
Ruffer delivers positive returns during tough year as Baillie steps down – Ruffer (RICA) has posted its annual review for the year ended 30 June 2022, during which time its share price total return was 5.6% and the NAV total return was 5.9%. The team recently announced the departure of its long-service manager Hamish Baillie […]
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15 Jul 2022 1 min read
QuotedData’s weekly news show 15th July 2022
Thank you to everyone that listened in today, whether you watched the Zoom live, on Facebook or on YouTube. In this week’s show, Matthew Read covered the week’s top stories: • Ruffer – Hamish Baillie stepping down • Roundhill Music Royalty • Hipgnosis Songs Fund • Taylor Maritime inaugural results • Chysalis and wefox • […]
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13 Jul 2022 1 min read
Ruffer’s Hamish Baillie to step down after 20 years
Ruffer’s Hamish Baillie to step down after 20 years – Ruffer Investment Company (RICA) has announced that Hamish Baillie has decided to step down from his role as co-manager of the trust, and from his work as a partner at Ruffer at the end of July to pursue other opportunities. Duncan MacInnes will continue as […]
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01 Apr 2022 2 min read
QuotedData’s morning briefing 1 April 2022
In QuotedData’s morning briefing 1 April 2022: Syncona (SYNC) has provided an update on investee company Freeline, following the publication of Freeline’s full year 2021 financial results. The update highlights that: Phase 1/2 programs on track in Hemophilia B and Gaucher disease and accelerated in Fabry disease Extended financial runway and streamlined organization support Company […]
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28 Feb 2022 3 min read
QuotedData’s morning briefing 28 February 2022
In QuotedData’s morning briefing 28 February 2022: European Opportunities (JEO) has posted its interim results for the six months to 30 November 2021, during which time its NAV (with dividends reinvested) increased by 12.8% while its share price (with dividends reinvested) increased by 9.9%. This compares with a return of 3.8% from the MSCI Europe […]
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21 Jan 2022 1 min read
QuotedData’s weekly news show 21st January 2022
QuotedData’s weekly news show 21st January 2022 Thank you to everyone that listened in today, whether you watched the Zoom live, on Facebook or on YouTube. In this week’s show, James Carthew and Matthew Read covered the week’s top stories: • Bluefield Solar – sunny outlook • Ruffer – doom and gloom This week’s interview […]
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17 Jan 2022 2 min read
Ruffer gets a boost from index-linked bonds
Ruffer gets a boost from index-linked bonds – Ruffer (RICA) has posted its interim results for the six months to 31 December 2021. During the period, the NAV total return was 2.8% and the share price total return was 2.6%. The largest contributor to performance was index-linked bonds, which added 1.9%. This return was boosted […]
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15 Nov 2021 5 min read
Ruffer to launch new issue to benefit new and existing shareholders
Ruffer to launch new issue to benefit new and existing shareholders – Ruffer Investment Company (RICA) has launched an issue of new shares at a price of 296.5p per share by way of an Open Offer, Offer for Subscription and Intermediaries Offer. It is conditional, inter alia, on: (i) the passing of the resolution at […]
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06 Oct 2021 5 min read
Bitcoin behind another good year for cautious Ruffer
Bitcoin behind another good year for cautious Ruffer – Ruffer Investment Company (RICA) has published its full-year results for the 12 months to 30 June 2021. During the period, its NAV total return was 15.3%, while its share price total return was 19.5%. The NAV return was boosted by the 1.5% discount moving to a […]
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07 Sep 2021 1 min read
QuotedData’s morning briefing 7 September 2021
In QuotedData’s morning briefing 7 September 2021: Augmentum Fintech has made a $10m investment in AnyFin, a Stockholm-based consumer credit refinancing company. Anyfin (www.anyfin.com) was founded in 2017 by former executives of Klarna, Spotify and iZettle, and leverages technology to allow credit-worthy consumers the opportunity to improve their financial wellbeing by consolidating and refinancing existing credit […]
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19 Jul 2021 4 min read
Ruffer enjoys turnaround with controversial bitcoin exposure providing upside
Ruffer enjoys turnaround with controversial bitcoin exposure providing upside – Ruffer Investment Company (RICA) has published its annual review for the year to 30 June 2021, during which time, the company’s share price total return was 19.5%, while its NAV return was 15.3%, both higher than the previous year’s figures. Its 1.5% discount, posted on […]
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07 Jun 2021 2 min read
QuotedData’s morning briefing 7 June 2021
In QuotedData’s morning briefing 7 June 2021 – Augmentum Fintech (AUGM) says that it continues to see a strong pipeline of investment opportunities. It is considering the issue of new ordinary shares to fund additional investments, with any potential fundraise likely to follow the publication of an updated NAV. Further details will be announced in […]
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01 Mar 2021 2 min read
QuotedData’s morning briefing 1 March 2021
In QuotedData’s morning briefing 1 March 2021 – SDCL Energy Efficiency Income (SEIT) noted that further to its announcement on 24 December 2020, it has completed the acquisition of a series of portfolios of commercial and industrial on-site solar and energy storage projects in the United States, together with a 50% interest in the platform that has […]
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18 Jan 2021 2 min read
Ruffer reflects on good year and addition of bitcoin to the portfolio
The flexible investment sector company, Ruffer (RICA), which invests using what it describes as an ‘all-weather’ approach, reported annual results to 31 December 2020. The share price return of 17.0% and the NAV return of 13.5% for the calendar year 2020 marks two consecutive years of good returns for shareholders (+23% in NAV performance over […]
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16 Dec 2020 1 min read
QuotedData’s morning briefing 16 December 2020
In QuotedData’s morning briefing 16 December 2020: Ruffer backs Bitcoin – in a surprise move, the trust says “One recent addition, via one of the specialist managers appointed within the Ruffer Multi-Strategies Fund, has been bitcoin. This is primarily a defensive move, one made in November after reducing the company’s exposure to gold. The exposure to […]
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11 Sep 2020 3 min read
Inflation warning
At the end of last year, there was a growing feeling in many quarters that markets had run ahead of themselves and the global economic expansion since the financial crisis was faltering. Investors casting around for a safe place to hide had the option of choosing one of a handful of funds that focus on […]
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7 min read
Ruffer announces an ‘excellent’ set of results
Ruffer has announced its annual results for the year ended 30 June 2020, which the chairman, Ashe Windham has described ‘as an excellent set of audited results’. He goes on to say that this is the result that the Directors were confident that the Manager would achieve when the crisis, of whatever stamp and timing, […]
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2 min read
QuotedData’s morning briefing 11 September 2020
In QuotedData’s morning briefing 11 September 2020: Schroder Asian Total Return has published its interim results for the half year ended 30 June 2020. The chairman, Sarah MacAulay, says that, the trust provided a NAV total return of 6.1% in the period, outperforming both the return of the reference Index of 0.7% and of the peer group […]
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13 Jul 2020 1 min read
QuotedData’s morning briefing 13 July 2020
Ruffer (RICA), the flexible investment sector fund, delivered total NAV and share price returns of 10.1% and 12.4%, respectively, over the year ending period to 30 June. The portfolio’s protective assets led returns through the downturn, with positive contributions over the last six months coming from credit protection (+6.2%), gold (+5.1%), index-linked bonds (+3.9%) and option protection (+3.3%). The equity book was […]
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08 Oct 2019 1 min read
QuotedData’s other news 8 October 2019
In QuotedData’s other news 8 October 2019 – Yesterday evening, Ruffer announced that effective 31 October 2019, Steve Russell is stepping down as one of the fund managers. Hamish Baillie and Duncan MacInnes will continue to manage the portfolio. Steve has been with the company since 2004 and will remain part of the the wider investment process […]
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20 Sep 2019 3 min read
Ruffer annual results reflect challenging year
Ruffer annual results reflect challenging year – Ruffer Investment Company (RICA), the un-benchmarked multi-asset investor (part of the AIC’s ‘flexible investment’ sector), has released annual results to 30 June 2019. The objective of RICA is to achieve a positive total annual return, after all expenses, of at least twice the Bank of England (BOE) bank rate. […]
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1 min read
QuotedData’s other news 20 September 2019
In QuotedData’s other news 20 September 2019 – Tufton Oceanic Assets today announced that it has raised gross proceeds of $31m through a placing. The company invests in a portfolio of secondhand commercial sea-going vessels. Further to announcements made earlier this month with regard to a proposed placing, Merian Chrysalis says that indicative orders significantly in excess of […]
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23 Jul 2019 3 min read
Ruffer reports a loss
Ruffer reports a loss – Ruffer Investment Company has published unaudited results for the year ended 30 June 2019. For a company which is dedicated to preserving investors’ capital, the results were a disappointment. The total return on the NAV was -0.9% but a widening discount meant that the return to shareholders was -5.7%.The dividend […]
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12 Sep 2018 3 min read
Ruffer reports returns in line with its objective
Ruffer reports returns in line with its objective – Ruffer Investment Company (RICA) has released its annual report for the year ended 30 June 2018. The NAV of the company rose by 0.8% on a total return basis. The target return for the twelve month period to the end of June was 0.8%. Without its dividend of 1.8p per […]
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18 Sep 2017 2 min read
Ruffer returns in line with long term averages
Ruffer returns in line with long term averages – Ruffer Investment Company has published results for the year ended 30 June 2017. Over the period, the NAV total return was 8.75%, the return to shareholders was 12.9% and the dividend fell to 2.6p from 3.4p. Ruffer’s target return is twice the Bank of England base rate. This […]
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23 May 2017 1 min read
Investment Trust Insider on Aberdeen Diversified Income & Growth
Aberdeen Diversified Income & Growth (ADIG) the reincarnation of BlackRock Income Strategies, is now up and running. As yet, although the discount has narrowed a little since launch (currently 7%), there appears to be some way to go before ADIG is ranked alongside competitors such as Personal Assets (PNL), Ruffer (RICA) and Seneca Global Income […]
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06 Feb 2017 1 min read
14 investment trusts for income and growth in 2017
Investors looking forward to a period of calm in 2017 might be disappointed, but David Prosser has the trusts experts are backing to navigate further storms. Having just been through a year of unprecedented political upheaval that sent financial markets spinning, many investors will be assuming 2017 cannot possibly be so tumultuous. The reality, however, […]
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16 Sep 2016 2 min read
Ruffer reports drop in NAV despite better second half
Ruffer has published its results for the year ended 30 June 2016. The NAV fell by 1% on a total return basis. The target return, being twice the Bank of England base rate, amounted to 1% over the financial year and by way of context the FTSE All-Share Total Return index rose by 2.2%. Earnings […]
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25 Feb 2016 2 min read
Ruffer – second half of 2015 was difficult for capital preservation
Ruffer Investment Company has announced its interim results for the half year ended 31 December 2015. During the period, the company’s NAV per share from 218.76p to 206.98p, which after allowing for dividends of 1.7p paid during the period, equates to a total return of -4.6%. The Company’s share price also fell by 4.6%, on […]
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11 Sep 2015 2 min read
Ruffer’s index-linked and Japanese exposure benefit investors
Ruffer has published its annual report for the year ended 30 June 2015. Over the year the total return on net assets was 7.8%. The dividend was maintained at 3.4p per share. the shares moved from trading on a discount of 1.8% to a premium of 1.9% and so the return to shareholders was 11.9%. […]
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26 Feb 2015 1 min read
Ruffer benefits from index-linked gilt exposure
Ruffer syas that over the six months from 1 July 2014 to 31 December 2014, the net asset value per share of the Company rose by +3.9% after allowing for the dividend of 1.7p paid during the period. The Company’s share price performed better still (+6.8%) as the shares moved from a discount to a premium. […]
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29 Sep 2014 1 min read
Ruffer – dull performance precludes a crash?
RICA : Ruffer – dull performance precludes a crash? Ruffer Investment Company has published its annual accounts for the year ended 30 June 2014. Over the period its net asset value fell from £2.139 to £2.065, which after dividends translated into a negative total return of 2.6%. The share price fell by 6.5% over the period. […]
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28 Feb 2014 1 min read
Ruffer : RICA – interim report
Ruffer failed to meet its objective of producing an absolute return of at least twice the Bank of England base rate in the second half of 2013 as its net asset value total return was -0.55% over the period. The report points to the strength of sterling, especially against the US dollar, as one factor behind this.
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In The Press
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07 Apr 2025 1 min read
Investment trust insider on Trump’s tariff effects
A couple of weeks ago, I was discussing the possible impact of tariffs on Vietnam. If you recall, the managers of VinaCapital Vietnam Opportunity Fund (VOF) were fairly sanguine about the prospect, reasoning that the US would see Vietnam as an ally in the region and recognise that it was making an effort to address […]
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18 Mar 2025 1 min read
Are wealth preservation trusts holding up during the market sell-off?
by Val Cipriani, Investors Chronicle, March 18, 2025: Shares in capital preservation investment trusts have stayed broadly flat during the latest market sell-off, providing better shelter than during the 2022 bear market. The three defensive wealth preservation trusts, Capital Gearing (CGT), Personal Assets (PNL) and Ruffer Investment Company (RICA), had around 30 per cent of […]
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30 Oct 2024 2 min read
‘Set and forget’ funds that require minimal tinkering
by Cherry Reynard from interactive investor, 29th October 2024: Every investor understands the basic premise of investing: to sell something for more than they bought it for. However, while objectively straightforward, it is fiendishly difficult to do in practice. Time, markets, and emotions can all get in the way. This is the appeal of the […]
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12 Sep 2024 1 min read
IC Top 50 Funds 2024: the best funds to buy
The best bond and capital preservation funds Dave Baxter, Investors Chronicle, September 12, 2024: Stock markets have been riding pretty high in the past year, and in times like that it’s easy to forget the need for protection when things go wrong.. We stick with two names from the four, one of which makes good […]
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28 Feb 2024 2 min read
Should you hold a wealth preservation trust in 2024?
by Val Cipriani, Investors Chronicle, February 27, 2024: The past two years have been tough for the four investment trusts that promise to deliver a degree of capital growth but with a focus on wealth protection, regardless of how financial markets perform. Ruffer Investment Company (RICA) and RIT Capital Partners (RCP) have had particular difficulties, […]
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29 Jan 2024 1 min read
Investment trust insider on JPMorgan Multi Asset
Investment trust insider on JPMorgan Multi Asset – James Carthew: JPMorgan’s MATE was a good idea no one wanted Investment company merger proposals are still coming thick and fast. One of the latest is a proposed tie-up between JPMorgan Multi-Asset Growth and Income (MATE) and JPMorgan Global Growth and Income (JGGI). JGGI has become the […]
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23 Oct 2023 1 min read
Discontent surrounds performance of wealth preservation investment trusts
By ANNE ASHWORTH, Daily Mail, 21 October 2023: Discontent surrounds the performance of the so-called wealth preservation investment trusts Capital Gearing, Personal Assets, RIT Capital Partners and Ruffer. These funds are foundering in their mission to provide a buffer in a challenging era through a mix of holdings, some defensive like bonds, some esoteric, like […]
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12 Oct 2023 1 min read
Can Ruffer turn it around?
By Val Cipriani, Investors’ Chronicle, October 10, 2023: Ruffer Investment Company (RICA) has struggled this year, leaving investors wanting on its promise of “consistent positive returns, regardless of how the financial markets perform”. However, the popular trust’s managers have recognised their mistakes, and have been in similar situations before, raising hopes that the underperformance is […]
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21 Aug 2023 1 min read
Trusts no pension is complete without
By Tom Aylott, Reporter, Trustnet, 21 August 2023: What investors choose to put in their pension is an important decision as it can have a significant influence on their overall quality of life when they enter retirement. It is very important to start early so that a large pot can be accrued, but as we […]
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24 Jul 2023 1 min read
What’s going wrong for wealth preservation investment trusts?
by Faith Glasgow from interactive investor 24th July 2023: The four venerable multi-asset trusts with a well-deserved reputation for capital preservation have suffered significant losses so far in 2023. Why? This year has been a terrible one for investment trusts focused on wealth preservation to try and do their job. In the face of a […]
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18 Jul 2023 1 min read
Beyond wealth preservation trusts, nine other defensive options
by Jennifer Hill from interactive investor, 17th July 2023: Wealth preservation investment trusts are popular with DIY investors and for good reason, but a range of other defensive strategies are worthy of consideration, finds Jennifer Hill. The gathering of storm clouds tends to have investors running for cover but with sudden swings in the investment […]
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14 Jul 2023 1 min read
How fund managers prepare portfolios for a downturn
By Dave Baxter, Investors Chronicle, July 12, 2023: Few funds made it through 2022 unscathed, and even those with an explicitly defensive profile took a hit. A combination of problems, including a painful government bond sell-off, ultimately took its toll on most of the so-called wealth preservation investment trusts, although most of them fared better […]
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1 min read
What’s behind the slump at Ruffer?
BY JEN HILL, Citywire Investment Trust Insider, 13 July 2023: Whatever investors have been doing this year, they haven’t been buying wealth preservation fund Ruffer Investment Company (RICA). But is that exactly what they should be doing? Last week we flagged the slump in its shares in the latest Trust Watch and this week the […]
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16 Jan 2023 1 min read
Investment trusts are going cheap in the stockpicker sales
David Brenchley, The Sunday Times, January 15 2023 The January sales are still on but you might find it more profitable to go shopping in the stock market instead. When share prices fall as sharply as they have since mid-2021, investors will inevitably be on the lookout for bargain opportunities. Investment trusts are trading at […]
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31 Oct 2022 1 min read
Investment trust premiums: when to buy and when to avoid
by Faith Glasgow, from interactive investor, 31st October 2022: This year’s market turbulence, culminating in the vigorous response to the previous chancellor’s mini-budget in September, has hit investment trusts painfully. The FTSE All Share Closed End Investment index is down around 20% year-to- date, compared with the FTSE All-Share, which has lost around 10%. According […]
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18 Oct 2022 1 min read
Investment trust insider opportunities in troubled times
Investment trust insider opportunities in troubled times – James Carthew: Where trust opportunities lie after another Tory regime collapse The U-turns, clumsy mistakes, muddled thinking and general ineptitude of current UK economic policy may have killed any hope of a relatively shallow recession in the UK. For investors, the way forward is hard to fathom, […]
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06 Oct 2022 1 min read
A wealth preservation trust that has delivered
By Val Cipriani, Investors’ Chronicle, October 6, 2022: Jonathan Ruffer’s all-weather philosophy of trying not to be wrong rather than attempting to be right used to sound thoroughly unexciting. Then 2022 came, and these days it feels like the best anyone can hope for. The team at the helm of Ruffer Investment Company (RICA) has […]
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23 Sep 2022 2 min read
What should I do when my fund manager departs?
James Crux, Shares Magazine, 22 September 2022: On 5 September, asset manager Abrdn (ABDN) announced that veteran and very successful fund manager Harry Nimmo will retire… When a fund manager who has forged a particularly strong track record exits stage left, it is tempting to immediately sell your fund units or investment trust shares. However, […]
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20 Jun 2022 1 min read
Big Dippers this year? Cheer up! A wild ride may be just the boost your funds need
By ROSIE MURRAY-WEST, FINANCIAL MAIL ON SUNDAY, 19 June 2022: With stock markets continuing to fall in recent days, many investment experts have reverted to using the ‘V’ word. That’s not V for victory, but V for ‘volatility’ – a term that seems to change its meaning when share price are in freefall. The FTSE […]
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20 Apr 2022 1 min read
Defensives doing well
Jennifer Hill, AIC Compass, 8 April 2022: Jennifer Hill analyses the sectors delivering robust returns. Russia’s invasion of Ukraine feels symbolic, not only of a marked change in the geopolitical landscape but also of a potential regime change in investing. With oil, gas, wheat and many metals soaring in price, already-stubborn inflation is likely to […]
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07 Feb 2022 1 min read
Funds expected to stay the course in 2022
James Carthew for Investment Week, 03 February 2022: In 2021, the market switched from expectations of strong economic recovery to renewed growth fears and finished the year fixated on inflation and probable interest rate rises… Uncertainty is increasing and 2022 may finally be the year that many chairs and managers of investment companies have been […]
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21 Jan 2022 1 min read
The investment trust themes to watch out for in 2022
30th December 2021 by Faith Glasgow from interactive investor At the end of 2020, we looked ahead into the coming year and tried to pick out some key trends likely to shape the investment trust industry in 2021. It was a difficult, locked-down time, but our experts accurately identified several important themes. Most significant was […]
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08 Jul 2021 1 min read
Be single minded and pick one multi-asset fund to do it all
We reveal how to choose By ROSIE MURRAY-WEST, FINANCIAL MAIL ON SUNDAY PUBLISHED: 21:51, 3 July 2021 | UPDATED: 14:20, 4 July 2021 Multi-asset funds are designed to make life easy for investors. They purport to offer a one stop ‘mini portfolio’ so that investors don’t have to construct one themselves… HOW THE FUNDS PERFORM THROUGH THICK AND THIN Multi-asset […]
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31 Mar 2021 2 min read
Investment trusts in focus
Roundtable: Investment trusts in focus Citywire Wealth Manager, 30 March 2021 Gavin Lumsden: How did last year’s intense volatility impact investment trusts versus open-ended funds? Ewan Lovett-Turner: It certainly was a tumultuous year and that was reflected in performance versus the open-ended fund world. It really does depend on what time period you look at though. […]
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23 Feb 2021 2 min read
What the wealth preservation investment trusts are telling us
What the wealth preservation investment trusts are telling us The best wealth preservation trusts and how they can help you Investors’ Chronicle, February 16, 2021 By Mary McDougall There’s a lot to learn from wealth preservation investment trusts, which broadly aim to protect and grow assets in real terms over time. After all, shouldn’t that be […]
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11 May 2020 2 min read
Investment trust insider on the return of inflation
Investment trust insider on the return of inflation – James Carthew: Ruffer, Capital Gearing & Personal Assets make a good point on inflation The Association of Investment Companies’ Flexible Investment sector encompasses funds with a diverse range of investment objectives. Among those whose primary aim is to preserve investors’ wealth, the trust that seems to have […]
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22 Jul 2019 1 min read
How to invest in absolute return sector funds in falling markets
Investors are nervous and perhaps they have every reason to be. A decade-long bull market appears to be stuttering, global growth is slowing and political tensions are worsening. In such an environment, it can be hard to know where to turn. In the investment companies market, many investors have been putting their faith in a […]
