Ruffer suffering 'painful moment' as it posts 0% NAV total return for 2024

Focus on 'protection'

Ruffer Investment Company (RICA) has called the past two years a “painful moment” for the trust and its shareholders, after its net asset value suffered two consecutive annual losses in share price terms.

According to RICA's period review published today (16 January), which covers the six months to 31 December, the trust's NAV total return for the period stood at -0.4%, while its share price total return was only 0.2%. Overall, the NAV total return for the 12 months to 31 December 2024 was 0%, with the share price total return seeing a 0.7% decline. Former Ruffer director Harry Sevier launches Lulworth Investment Management According to Duncan MacInnes, manager of the trust, the loss in share price returns was due to a tension between cyclical and structural factors on markets, addi...