Ruffer Investment Share Discussion Threads

[pvb] 19/7/2023 13:53

...Interesting. I wonder why they also have that redemption thing?

[jellypbean] 18/7/2023 23:50

Half year report states they have the authority to buy back up to 15 % of shares (granted Dec '22).

[pvb] 17/7/2023 18:45

...They don't "buy back", AFAIK. But they have a redemption mechanism which can be exercised every November if they choose to make it available.

Manager's Year End Review

[spoole5] 10/7/2023 12:23

Why aren't they buying back?

[bpdon] 04/7/2023 16:31

I also added a small amount today. I can't see the NAV having changed much since 30th June. A discount > 6% is rare for RICA although understandable given the performance so far in 2023.

[essentialinvestor] 04/7/2023 16:10

* Investec make that decision on behalf of RICA, from memory.
They are given certain parameters.

It was discussed in some detail in the 31 December 2020 H1 report.

[edwardt] 04/7/2023 15:45

lets see if they are as quick to buy back as they were to issue....

[dickiehhh] 04/7/2023 15:11

Looks like it is close to recent record discount levels. 267 price to 286 NAV give a a near 6.5 percent discount. Don't think it's been as low as this in the last three years? Good enough for me

[edwardt] 04/7/2023 13:59

as i said before this gets interesting when the discount gets to record levels. still some ways to go.

[spoole5] 04/7/2023 13:38

Awful performance.

[essentialinvestor] 03/7/2023 15:59

Added a small amount, not sure how wide the discount may move to.

[spoole5] 20/6/2023 20:19

Normal service resumed!

[slicethepie] 08/6/2023 10:44

Where's spoole ?

[lowtrawler] 07/6/2023 16:14

As with any share, discussing short term price movements as if it reflects on the underlying validity of an investment is a schoolboy error.

We know that RICA and the other defensive funds are structured for a sharp market crash. They will all perform poorly if this does not transpire. The hope is that they perform well in the event of a crash. The investments are managed in a way where they hope to avoid serious value reduction if the crash does not happen but there is a trade-off.

In a balanced portfolio, risk assets should currently be offsetting the poor performance of these funds. In the event of a crash, the opposite will be true.

[spoole5] 07/6/2023 15:40

Not sure I can recover from the shock!

[slicethepie] 07/6/2023 15:25

Oh dear the nav has gone up in the last few days....back the day job spoole !

[spoole5] 06/6/2023 19:40

Not a chance in hell these outperform cash over the next couple of years, they'll still take 1.2% though.

[jellypbean] 06/6/2023 18:00

All this negativity appears to be creating a useful buying opportunity, which one could conclude might be the intention. Discount won't go much higher than 3%, as the buybacks kick in then. Drop in NAV YTD is comparable to a 20 year UK ILG, which is probably the appropriate comparator for someone concerned with the long term buying power of their money (RICA has previously done a good job at protecting from the fall in prices of these as real rates have risen, though has presumably removed that protection now, as their thesis is that central banks may bottle their interest rate rises and not contain inflation in the short term. CGT has stated a similar view. The two may be differently positioned as to that eventuality).

[spoole5] 06/6/2023 14:36

They got their calls wrong. Simples

[edwardt] 06/6/2023 12:49

i guess all about their view on real yields and the carnage in the long end of the market there...

[spoole5] 05/6/2023 15:01

Trading like aim oil exploration stock!

[pvb] 03/6/2023 11:31

...So, had you "shorted" RICA? If not, why not?

[spoole5] 03/6/2023 10:59

.....well the ftse 100 and all share are flat ytd, RICA down 10% plus.

[lowtrawler] 02/6/2023 16:30

spoole5, RICA, CGT and PNL all achieve what they set out to achieve. The recent RICA falls do not prove them to be wrong and taking pleasure in those falls is both childish and ignorant.

You clearly believe you can create your own asset allocation which is better suited to your needs. If so, I am very happy for you. The vast majority of investors do not have those skills and where investors wish to guard against a falling market, the wealth protection funds are one tool at their disposal. Suggesting that NAV reductions in a rising market is proof the wealth protection funds don't work and have no role is just silly.