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Ruffer – dull performance precludes a crash?

RICA : Ruffer – dull performance precludes a crash?

Ruffer Investment Company has published its annual accounts for the year ended 30 June 2014. Over the period its net asset value fell from £2.139 to £2.065, which after dividends translated into a negative total return of 2.6%. The share price fell by 6.5% over the period.

The Board point out that in previous periods, dull performance by Ruffer has preceded a market dislocation such as the collapse of the TMT bubble or the credit crunch.

The manager’s report says the equity portfolio performed well but performance was adversely affected by US dollar weakness, options they hold and unhedged Yen exposure.

 

 

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