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RICA Ruffer Investment Company Ltd

0.50 (0.19%)
08 Dec 2023 - Closed
Delayed by 15 minutes
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
  0.50 0.19% 268.50 675,589 16:29:36
Bid Price Offer Price High Price Low Price Open Price
268.50 269.00 271.50 268.50 270.00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Unit Inv Tr, Closed-end Mgmt 31.73M -34.42M - -
Last Trade Time Trade Type Trade Size Trade Price Currency
17:34:39 O 23,109 268.50 GBX

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Date Time Title Posts
25/10/202312:01Ruffer Investment Company - one step ahead?666

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Ruffer Investment (RICA) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
2023-12-08 17:34:56268.5023,10962,047.67O
2023-12-08 16:35:22268.507,15419,208.49UT
2023-12-08 16:29:57268.502,2616,070.79AT
2023-12-08 16:29:36268.503,0818,272.49AT
2023-12-08 16:29:36268.503,2558,739.68AT

Ruffer Investment (RICA) Top Chat Posts

Top Posts
Posted at 08/12/2023 08:20 by Ruffer Investment Daily Update
Ruffer Investment Company Ltd is listed in the Unit Inv Tr, Closed-end Mgmt sector of the London Stock Exchange with ticker RICA. The last closing price for Ruffer Investment was 268p.
Ruffer Investment currently has 383,367,764 shares in issue. The market capitalisation of Ruffer Investment is -.
This morning RICA shares opened at 270p
Posted at 25/10/2023 12:01 by bpdon
Although RICA have always warned that sticky inflation was their biggest concern, they have also been clear that the challenge will likely be trading the inflation volatility.

It seems reasonable to assume that efforts to tame inflation will eventually lead to a situation (disinflation / deflation) where CBs and governments want to take action that just reignites inflation.

With > 40% invested in short term nominal bonds and cash, I don't see Ruffer as a one way bet on inflation.

Anyways. Yes, RICA performance has been, and continues to be, poor. The swing from a circa 8% premium to 4% discount over the last 18 months has amplified this under performance.
Posted at 24/8/2023 13:08 by mwj1959
The point about the relationship between IL and conventionals is a very valid one. The only way they act as a proper inflation hedge is if you are short equivalent conventional bonds at the same time, so stripping out any price movement impact. They and the other defensive trusts got lucky in IL in the periods up to 2020. They owned them because they were concerned about a rise in inflation, but actually what happened was that we remained in a disinflationary world with buckets of QE, which dragged conventional yields lower and consequently IL ones too.
Posted at 22/8/2023 16:17 by jellypbean
I would have thought they should do better than CGT and PNL, as RICA can use shorts etc. to benefit from falling prices. CGT won't do that, and it's hard to avoid price drops in defensives when rates are rising, without going v.short duration.
Seems RICA dropped their protection from rising rates too soon? Also there's the premium/discount thing.
Posted at 11/8/2023 13:05 by essentialinvestor
jon, I thought it may be the well tested ...stoke nationalism as a distraction
from every day (macro) issue. Xi has as good as said they will invade, perhaps
a question of when, not if.

Longer term XI has arguably done the West a favour in making China less internationally attractive for investment.

RICA has been subject to sudden sell off this year, so I keep an eye for opportunities. Got down around 1.63 area but bounced back quickly.
Posted at 10/8/2023 12:38 by lowtrawler
I know from experience that the price falls are far trickier to time than price increases. There is a general reluctance to accept losses or lower gains and so people hold onto assets even when market conditions say they should not. Market conditions have been flagging assets as over-priced for the past few years and yet there are record cash-inflows buying up those assets.

IMV, the general market is massively over-priced and ready to pop but I have no idea if it will happen next week, next year or take longer. When it does pop, I can easily see a 70% correction. This is why holding a balanced portfolio including asset protection funds is important.
Posted at 02/6/2023 11:41 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 10:38 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 23/5/2023 09:41 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 14:50 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 14:02 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.
Ruffer Investment share price data is direct from the London Stock Exchange

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