18th Jan 2021 12:26
Ruffer Investment Co Ltd - closed-ended investment company incorporated in Guernsey - Net asset value per share ends 2020 at 260.56 pence compared to 245.81p at June 30. Net assets improve to GBP471.1 million from GBP444.4 million. NAV total return in the first half was 6.4%. Declares interim dividend of 0.95 pence, up from 0.90p the year before.
"What most people will find surprising about 2020 is that through a severe global recession, most assets ended up making money. This is hard to reconcile with the lived experience of 2020. Despite the rise in asset prices, the portfolio objective of preserving shareholder capital was thoroughly tested as we experienced the broadest possible range of market and economic environments. We often describe the Ruffer investment approach as 'all-weather' and there was certainly a wide variety of investment weather to deal with," the investment manager says.
Looking ahead, the manager says: "Given the unique blow to the economy and the co-ordinated shock-and-awe global response, it seems fair to conclude that the distribution of possible outcomes from here is wider than it has ever been. This makes a genuinely all-weather portfolio even more important."
Current stock price: 265.65 pence
Year-to-date change: up 1.0%
By Paul McGowan; [email protected]
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