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Ruffer Investment Company Ltd

-2.50 (-0.89%)
Share Name Share Symbol Market Type Share ISIN Share Description
Ruffer Investment Company Ltd LSE:RICA London Ordinary Share GB00B018CS46 RED PTG PREF SHS 0.01P
  Price Change % Change Share Price Shares Traded Last Trade
  -2.50 -0.89% 277.50 642,345 15:28:33
Bid Price Offer Price High Price Low Price Open Price
277.00 278.00 282.00 277.50 280.50
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Unit Inv Tr, Closed-end Mgmt 38.40 29.61 - - 0.00
Last Trade Time Trade Type Trade Size Trade Price Currency
15:27:59 O 789 277.8595 GBX

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Date Time Title Posts
02/6/202315:32Ruffer Investment Company - one step ahead?610

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Posted at 02/6/2023 15:08 by essentialinvestor
That's fair comment and RICA arguably more useful if the sh1t really
hits the fan than say PNL. This is not a fund to guard against heavy showers but
against waterfall selling equity downdrafts.

A cynic might say they were a little fortunate with the COVID plunge but
that's really besides the point, they significantly outperformed.

From the chart Jon posted earlier it appears around a 4% NAV discount might be
a decent buy point, but no guarantees that will be available.

Whether funds such as PNL are too conservatively positioned atm is a different discussion.

Posted at 02/6/2023 14:38 by lowtrawler
LOL, and you're qualified to criticise asset strategy how?

RICA follow a more complex asset strategy than either CGT or PNL and most investors wouldn't know where to start in creating a comprehensive defence against most eventualities. This is why their charges are higher. Until you see the market crash, it is impossible to know whether they have got the correct asset allocation.

Posted at 02/6/2023 13:10 by essentialinvestor
Premium arguably a result of performing beautifully during the pandemic plunge
and more volatile condition and paying a premium can be unwise.
There was a time RIT traded at a 6-7% NAV premium!!, not now.

If you don't much care for RICA then don't hold, it's that simple.
The fund is not going to be run at the behest of a small private investor.

Posted at 02/6/2023 12:41 by lowtrawler
spoole5, over time, the trusts do preserve value but their key role is in being less volatile than other assets. Historically, they rarely lose more than 10% of NAV even when under stress.

A valid argument against RICA would be that PNL / CGT do the same job but cheaper. However, RICA do adopt a different approach to PNL / CGT as was shown on the 2020 Covid drop. Also RICA are performing better than CGT over the last year. If wealth preservation strategies are a useful part of your portfolio, mixing RICA with CGT / PNL makes sense.

Not everyone needs wealth preservation within their portfolio. For those who do, RICA provides an interesting option to CGT / PNL. As I have said before, if markets do crash, I expect RICA will outperform both CGT and PNL. Only time will tell.

Posted at 02/6/2023 11:38 by thamestrader
The NAV has declined at the same time as the smallish premium has swung to a smallish discount, and the compounding effect of this is that the share price has dropped by more than it otherwise would have. But as has been said, this isn't the time to expect stellar performance from this kind of trust.

Based on recent experience, I'd probably sooner buy short-swap ETFs than these so-called value preservation vehicles. The former have served me well recently (albeit more due to luck than my amazing market-timing skills).

Posted at 01/6/2023 23:51 by melody9999
spoole is short RICA and talking his own book.
Posted at 01/6/2023 18:18 by spoole5
Another day another fall in the RICA NAV!
Posted at 23/5/2023 10:41 by lowtrawler
The latest published NAV is over 290p and, at a historic premium of 3%, the share price would normally be sitting around 300p. Pretty flat over the past couple of years. They are clearly suffering in the absence of a market crash. Defensive trusts have not been a good sector over the past 2 years and RICA is no exception. Given the rare discount to NAV, we may see some share buybacks.
Posted at 03/5/2023 15:50 by lowtrawler
apollocreed1, although RICA is a defensive play, they take positions that are heavily dependent on them reading the market correctly. It is different from PNL and CGT who are more balanced. I hold all three and RICA is a clear maverick. At the moment, I am overweight defensive stocks because I believe a crash is close. If a crash happens, I expect RICA will outperform both CGT and PNL.

As for the deflation theory. It is not a view I share. I believe Western fiat currency is overvalued and will naturally devalue, generating inflation.

Posted at 02/5/2023 15:02 by lowtrawler
spoole5, you have clearly decided RICA is not right for your portfolio and that's fine. RICA is a defensive play and will only really perform when markets fall. This is particularly true given they are currently setup in anticipation a market fall is close.

The problem with holding bonds as a defensive play is they have recently been moving in parallel with equities. RICA provides derivative based defences and is more likely to provide price appreciation if equity markets fall. As part of a balanced portfolio, it has a role to play but is not for everyone.

I suggest you look at the defensive sector: CGT, PNL, and RICA. They are all performing poorly in the absence of the anticipated market fall. If the fall fails to materialise, they will continue to perform poorly.

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