Ruffer trust endures 'worst year in history' as 'protective toolkit' fails to deliver

In the calendar year to 31 December, Ruffer's NAV total return fell 6.2%, while its share price total return was down 10.6%. In the last six months of the year, its NAV was down 0.6%, while its share price total return fell 0.3%. According to the investment manager's period-end review, Ruffer ended 2023 with a 3.6% discount to NAV, having started the year at a 1% premium. At the time of writing, the discount has widened to 5.6%. "There is no hiding from 2023 being a disappointing year, the worst in the history of Ruffer Investment Company - narrowly topping 2018's -6.0% NAV TR," the m...