Ruffer Investment Share Discussion Threads

[kiwi2007] 03/4/2020 09:24

Just what I've been looking for. Makes a shed load of sense. Now to find some suitable gold investments (PHGP?) and index linked bonds (?).

[jonwig] 02/4/2020 17:06

Dated today (or yesterday):



NB:

" the catastrophe insurance did absolutely everything that might be expected of it. And it is now spent."
So no hedge now.

"we have increased again our holdings in inflation-linked bonds (notably in the US). These will be a proper protection against a grinding bear market in money, in savings, in prosperity. "
I'd agree.

[elmfield] 27/3/2020 18:41

I see directors loading up every day this week,
It adds up to quite a lump of money,

[slicethepie] 23/3/2020 19:40

It is all about understanding liquidity in this environment. I suspect many market participants have never seen time's like this and will be shocked when then can't sell something they thought was liquid ...

[elmfield] 23/3/2020 16:28

Definitely one to stay with.
Imv.

[slicethepie] 23/3/2020 15:45

Amazing sign of the times...sellers of Rica in this environment. Must have bills to pay or margin calls

[slicethepie] 18/3/2020 08:54

I am getting quite excited about their long dated index linked gilts, short term inflation expectations will decline but long term will inevitably rise if govt actions continue at current pace!

[slicethepie] 17/3/2020 11:31

I would be surprised if JR isn't fully engaged currently probably can't keep him away!

[slicethepie] 17/3/2020 11:28

They saw the last one coming, the paper written by Henry maxey was brilliant and they were particularly good at seeing the evolution. This event was not predicted however they do have experience in understanding what happens when financial markets melt and will know where the best protection is as well as liquidity.

[steve c1] 17/3/2020 10:44

Question is now, do you buy more? Did very well last recession but this one may be very different.

[pvb] 12/3/2020 16:59

...Definitely working now. Just wishing I held more! :-)

[pvb] 12/3/2020 15:48

So far so good.

At least I now know why I am holding this. ;-)

[davebowler] 12/3/2020 11:09

Given recent market volatility we would like to highlight that when calculating NAV our administrators use the latest available prices. For the option exposure and credit protection there will be a lag in the prices being updated. The NAV of 10 March 2020 of 228.25p includes option values and valuations of the credit protections from 9 March. These investments have contributed positively through the recent market turmoil and updated prices will be included at the next NAV point.



Within the portfolio, the equity investments are suffering, but that is balanced by the protective assets, which are working broadly as expected. The unconventional protective assets are benefiting from increased volatility, fears in the credit markets, and movements in currencies. Volatility options have contributed significantly in the last few weeks and the credit protections are coming to life.



Gold equities have significantly underperformed gold year to date - contributing negatively to performance. Index-linked bonds are up but the benefits of their long duration have been offset to some degree by a fall in inflation expectations. Both gold equities and index-linked bonds have the potential to add significant protection from here.



As a result, the year to date performance to the NAV point is -1.4% versus the FTSE All-Share TR which is down 19.9% to the close on 10 March 2020.



The portfolio has around 30% in cash and highly liquid cash equivalents to take advantage of emerging opportunities.



Importantly, if markets deteriorate further from here we believe our derivative protection should continue to perform





FUND NAME

NAV

SEDOL

NAV DATE

Ruffer Investment Co Ltd

£2.2825

B018CS4

10th March 2020



Valuation as at date: 10th March 2020



Date: 11th March 2020



Par Value = Fair Value

Pricing Marker = Bid

[essentialinvestor] 27/2/2020 13:24

Yes, about to benefit would think?.

[jimcar] 27/2/2020 12:04

They said previously that their protections only cut in after a 10% fall in markets. We must be close to that now.

[slicethepie] 27/2/2020 10:30

There has been a change since jr stepped back and some strange and often ill timed purchases, I only hope they still understand the other side and that in chasing alpha they have not compromised this.

[essentialinvestor] 27/2/2020 10:13

Lloyds and RBS are two of their top UK equity holdings, which I find a bit strange.
Appreciate they are late cyclical plays, I would have plumped for something like
SKG instead, which is a risk on stock.
At least they did not buy WTB.

[slicethepie] 27/2/2020 10:10

Sensible move...slightly disappointed with latest nav hope the youngsters have not bought too many risk assets!

[essentialinvestor] 27/2/2020 08:54

Added before yesterday's close and again today.

[slicethepie] 26/2/2020 09:26

The end must be nigh peeps are selling this!

[essentialinvestor] 24/2/2020 17:40

Added a few today.

[slicethepie] 24/2/2020 17:38

Current conditions should suit RICA , vol up, Gold up!

[smicker] 30/1/2020 14:18

I had a quick look and they buy both the material and companies. I hadnt considered FX which has obviously moved since. I'm following a mechanical strategy with it ( highest performing fund previous six months ) and i was trying to stop myself tinkering but the urge is too great.

[jonwig] 30/1/2020 12:04

Is it a currency effect? Check their factsheets.