Ruffer Investment Company Limited Monthly Investment Report - March 2024
2024年4月10日 - 6:31PM
RNS Regulatory News
RNS Number : 0327K
Ruffer Investment Company Limited
10 April 2024
10 April 2024
RUFFER
INVESTMENT COMPANY LIMITED
(a
closed-ended investment company incorporated in Guernsey with
registration number 41966)
(the
"Company")
Attached is a link to the Monthly
Investment Report for March 2024.
http://www.rns-pdf.londonstockexchange.com/rns/0327K_1-2024-4-10.pdf
March saw global stock markets hit fresh
all-time highs propelled by a series of 'Goldilocks' assumptions: a
'just right' cocktail of robust US economic growth, no persistent
inflation problem, and rate cuts to come. Last year's maul of bears
has nearly all capitulated. At the moment, a 'no landing' scenario
in which the US economy never really slows down and global growth
picks up seems plausible but would run the risk of more persistent
inflation - especially if central banks remain committed to easing.
US one-year breakeven inflation expectations have now doubled to 4%
since the start of January.
Cyclical stocks and commodities have begun to
shine as this more 'reflationary' dynamic emerges. Gold hit a new
all-time high despite structural selling of gold bullion ETFs by
western investors. Demand from non-Western central banks and
consumers is now driving price action - a canary in the global
monetary coal mine. Against this backdrop the fund made positive
progress driven by its equity and commodity exposure. The latter
includes gold mining equities alongside copper exposure. We added
silver exposure over the month - now nearly 4% of the fund.
Historically, silver lags gold, then outperforms. It also has a
strong fundamental story: growing demand from the 'electrification
of everything' married to unreliable supply given the nature and
location of its supply. A partial recovery in our long-dated
inflation-linked bonds also helped performance.
Performance detractors included the yen
position, despite the Bank of Japan's (BOJ) first rate hike in 17
years. Having rallied in expectation of the end of negative rates,
the yen retreated as the BOJ declined to set out a clear path for
future hikes. The yen remains historically cheap and will prosper
if anything narrows the yield gap with Western central banks or
causes a market shock. The absence of such a shock meant that our
powerful derivative crash protections dragged, too. These are
currently focused on equity market downside and credit default
swaps.
We are not in the business of market timing,
but the next few months will see a confluence of factors which
could see hitherto bountiful liquidity retreat surprisingly
quickly, causing a potentially sharp market drop. If so, our
derivative protections will be key. Meanwhile, upside surprises in
the path of rates and inflation or neglected geopolitical risks
could also be unpleasant surprises for complacent markets. Beyond
the significant tactical risks, we remain focused on the big
picture. With the US government currently adding c $1tn of debt
every 100 days, investors are refocusing on central banks'
unofficial - but central - role: keeping government debt markets
functioning and interest costs under control. If they have to
choose between allowing more inflation or compromising financial
stability, they'll choose the former. The fund remains set up to
protect and prosper in a rapidly changing world.
Enquiries:
Enquiries:
Sanne Fund Services (Guernsey)
Limited
Jamie Dodd
Email: RIC@apexfs.group
LEI: 21380068AHZKY7MKNO47
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact
rns@lseg.com or visit
www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our
Privacy
Policy.
END
DOCEANLEFANLEEA
Ruffer Investment (LSE:RICA)
過去 株価チャート
から 5 2024 まで 6 2024
Ruffer Investment (LSE:RICA)
過去 株価チャート
から 6 2023 まで 6 2024