4th Mar 2019 11:18
LONDON (Alliance News) - Ruffer Investment Co Ltd on Monday reported a decline in net asset value in the first half of its current financial year and said its portfolio is likely to take hit due to Brexit in the upcoming months.
The NAV per share for the six months to the end of December 2018 was 216.80 pence, 5.8% lower than 229.30p at the end of June last year.
Ruffer's share price total return was negative 10% with shares at December 31 trading at 207.00p, representing 3.8% discount to NAV.
The stock was trading 0.7% lower on Monday at 211.60p each.
The company proposed interim payout at 0.9p per share, unchanged from the year before.
"We have failed to achieve our objective by some margin and this is a matter of considerable regret. Your directors are well aware that this company is often held as a bedrock position in many portfolios where the preservation of capital is important," said Chair Ashe Windham.
"Markets remain febrile and especially so in the UK, where the ill-starred Brexit negotiations are likely to haunt us for some months yet," added Windham.
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Ruffer