IN BRIEF: Ruffer highlights bond exposure as Iran war continues

Ruffer Investment Co Ltd - investment trust managed by London-based Ruffer LLP - Releases its monthly investment report for March. Reports net asset value return of minus 1.8% for March, but plus 2.0% for the year to date. Share price returns are plus 0.8% and 5.0%, respectively. Notes that "markets that we like", including the UK, were hit by the Middle East conflict's anticipated impact on energy prices and supplies, and that March saw "more sellers of gold than might have been expected". Says buybacks in the first quarter were slower than previously, totalling around 400,000 shares, due to its discount to NAV "materially" narrowing". Says the "fund's protections provided largely positive performance", including from its "topped up" crude oil allocation, which comprised about 5% of the portfolio and which it "actively traded" in March, and from its credit and volatility protections.

Adds that the Japanese yen "offers excellent prospective returns should the market crisis worsen," and that UK, US and Japanese bonds "offer good each-way attractiveness" as yields should decrease either if the Middle East situation improves, or if oil prices keep rising or equity markets fall. Bonds were a "major addition" to the March portfolio, "with 15% allocated to five year gilts." Ruffer further notes that it "moved quickly to sell stocks that didn't price a prolonged conflict, primarily the allocation to Chinese A-shares (sold to 0%)." Also comments that "the events in Iran risk masking the significant weakness in private credit markets and, increasingly, the US labour market," but that "overall the fund remains positioned to be protected against further market stress."

Current stock price: 309.07 pence, down 0.1% on Tuesday morning in London

12-month change: up 11%

By Emma Curzon, Alliance News reporter

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Ruffer Investment Company