Manager left with immediate effect. Smells of a disagreement behind the scenes. That's the second of the pair to leave. I wonder if they are frustrated at having to stick to the managers agenda rather than what they believe is best for this company |
Period end review worth a read, even if they've been wrong for a good while! NAV flat for the year, but would have been slightly negative if it hadn't been for the buyback. share price down less then 1%. NAV up slightly YTD. |
SP down close to 1 year lows. Perhaps some of Ruffer's partners could spend some of the £90m they paid themselves buying some of this stock! |
124k buy what's that all about, big money |
Latest investment report highlights that they have increased their bet on the Yen. Not working so far as now has retraced around 80% of its late summer rise vs the US$. Not as big a retracement against £ (c.60%). |
NAV down 5% from its early Aug high. Bets that saw the NAV surge (at least in Ruffer terms!) have largely unwound i.e. Yen. |
back to old tricks |
Our Day will cuume and we'll have everything |
100% Bagpuss. I wouldn't be in the least surprised if the next NAV report showed that it had marched past 300p. Feels like money might well have been left on the table here this morning as Ruffer have been very clear how they are positioned, even if not in terms of the sensitivities to moves in the underlying |
OK. Fair play. Up now. Their last fund report is an interesting read in the context of todays yen appreciation action |
How on earth is this down in this market? |
Imagine what his salary is if he can write another cheque for that amount! Bonkers |
Chief Investment Officer, Henry Maxey, buying another £5M of RICA. I think that will take his total holdings of RICA above Capital Gearings holdings:
Always good to see plenty skin in the game. |
...Jolly good! |
I am planning to buy RICA one week before the next crash |
Whole sector is the same: CGT, 4841 end December, 4831 now. PNL, 477 end December , 487 now.
Unless there is a serious crash, it is difficult to see how the sector will win back support. |
NAV hasn't budged YTD...£2.85 at end Dec, £2.84 latest. |
Because it's thesis was Bitcoin was like Gold |
...Well, it did go into Bitcoin. Briefly! :-) |
It was always going to be very difficult for funds such as these to hold up during the period of rapidly increasing rates.
When making comparisons, they should equally be compared to the kind of long duration bonds that are the stalwart of capital preservation, and which soon to be pensioners get lifestyled into (they have done much better than these). CGT got hit, RICA initially had hedges, but then these got too expensive, so they got hit, PNL had more gold so fared better.
Global markets have only really gone up on the back of a few shares, and if RICA had piled into TSLA and Nvidia it's shareholders would have gone nuts. |
Its an AIM oilie. Howdya think its doing. Great for directors. Not so great for PIs. |
...How's CHAR doing? ;-) |
Duffer Investment Company...avoid. |
Absolutely spot on. |
elmfield, clearly they have not been a step ahead for some time. In line with all capital preservation funds, they have had a problem by expecting markets to crash and finding they have reached record levels.
If markets were to crash, the "one step ahead" statement may yet have life. Until then, we are left to nurse our wounds. |
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