Ruffer board targets market cap above £500m over coming years

Decided against change of benchmark

The board of the £380m Ruffer Investment Company has said it aims to grow its AUM in excess of £500m in the coming years, according to its annual financial report, and revealed it has decided against amending the benchmark.

With a current fund size of £380m, the vehicle is not far from its newly-announced target of £500m and the board believes this will be achievable as "liquidity should be good enough that even the largest wealth managers should continue to be able to acquire shares," according to chairman Ashe Windham. He added: "We do of course retain the ability, granted to us at successive AGMs, to buy back shares. It must be said that since 2006 they have never stood at a discount of more than 5% for long enough for us to enact this particular power." The trust, which is managed by trio Hamish Bail...