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Jonathan Ruffer notes 'down year' despite AUM and profits jump
Jonathan Ruffer described the domination of the Magnificent Seven in indices as an 'accident waiting to happen'.
In the year to 31 March 2023, Ruffer's assets under management jumped 12% to £25.1bn, up from £22.5bn in 2022, according to accounts published on Companies House.
Pre-tax profits rose 7% from £128.6m to £138.6m, with £95m available for discretionary division among the partnership's members, who received £40.4m in remuneration during the period, up from £29.2m in the previous year.
At the end of December 2023, however, the firm's AUM stood at £23.7bn, as performance in its flagship strategies took a hit due to market moves.
Ruffer cuts bond and equities exposure after 'complacent' market rally
In his letter to investors, founder Jonathan Ruffer described 2023 as a «down year».
He explained: «Too many of the things which were meant to go down went up, and a few — only a few — of the things that were meant to go up went down».
The firm's £2.6bn WS Ruffer Total Return fell 8.2% over the last 12 months, compared to a 3.6% gain for the IA Mixed Investment 20-60% Shares sector over the same period, according to data from FE fundinfo.
Ruffer Investment Company's share price fell 12.3% in the same period, while its net asset value dropped 8.3%, according to data from the Association of Investment Companies. By comparison, the Flexible Investment AIC sector's share price was down 3.2%, while its NAV was up 1.3%.
Ruffer boosts portfolio duration in October after US Treasury rout
In August, the trust was forced to make its first share buyback in its near 20-year history, after its NAV fell from a consistent premium to a discount over the summer. At the time of writing, Ruffer's discount to NAV sits at 4.6%.
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