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Ruffer Investment Co Ltd on Wednesday achieved its annual net asset value total return target but vastly underperformed its performance last year.
Ruffer is an investor aiming for a positive total annual return of at least twice the Bank of England base rate.
‘This objective has become more challenging. If it is true that markets are barometers rather than thermometers, reflecting how investors feel about the future rather than the present, then the financial weather outlook seems to be set fairer than might yet prove to be the case,’ Chair Christopher Russell said.
In the year that ended June 30, NAV total return per share fell to 6.0%, which is more than twice of Bank of England's base rate of 2.25%. However, it underperformed against its own performance of 15% in the year prior.
Net asset value per share at June 30 grew 4.9% to 294.98 pence from 281.29p a year prior.
The company declared a full-year dividend of 3.05p per share, up 61% from 1.90p.
Ruffer does not have a benchmark. It explained: ‘RICL is one of a small number of London-listed closed-ended funds which aim for positive nominal or real returns rather than returns relative to a benchmark.’
Chair Russell stated: ‘The year to end-June 2022 has been another excellent year for Ruffer Investment in a challenging environment but one which has demonstrated the value of the company's investment approach.’
Ruffer shares were 0.7% lower at 304.50 pence each in London on Wednesday morning.
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