LF Ruffer Gold Fund C Accumulation


Rated Fund 2018-19. Seeks value amid gold and precious metal miners

LF Ruffer Gold, our pick for those who like the idea of gold as a safe haven or insurance policy but who do not want to hold physical gold, has been buffeted around by concerns over rising rates in the US and the implications of the US/China trade war since its introduction to our Rated Funds in 2018.

It principally invests in gold and precious metal-related companies in the mining industry and has produced decent long-term returns and reasonable capital protection in periods of stockmarket weakness.

Paul Kennedy, research director at Ruffer, has run the fund since 2015. He points to signs of investors beginning to return to gold as the volatility in the broader stock market stimulates renewed interest in holding a risk diversifier.

He also notes wide divergences in the performance of different gold mining stocks without any discernible drivers. Shares in larger gold mining companies have performed relatively well, while their mid and small-sized counterparts have performed poorly and remain under pressure. These, he say, represent a long-term opportunity for a reasonably patient investor.

Kennedy is a value investor, fishing in unloved parts of the market trading on cheaper valuations, and has been increasing exposure to small and medium-sized miners. At the end of 2018, more than 80% of the fund was invested in these shares, predominantly listed in the US, South Africa and Australia.

The fund has an initial charge of 1%, as well as ongoing charges of 1.28%, but we deem these to be acceptable for a specialist fund.

Narrative and ratings content all as of 01 January 2019.

See all Money Observer rated funds
LF Ruffer Gold Fund C Accumulation
Ruffer LLP (Link)
Open Ended Investment Company
1.24 %
Risk Rating
3 Year Sharpe
3 Year Alpha
0 %
FTSE Gold Mines TR USD
The investment objective of CF Ruffer Gold Fund is to achieve capital growth over the long term by investing principally in gold and precious metal related companies within the mining industry. The Sub-fund may also invest in collective investment schemes, cash, money market instruments, other transferable securities and derivatives and forward transactions and other investments to the extent that each is permitted by the Regulations.
Holding %
Kinross Gold Corp 7.18 %
Centerra Gold Inc 7.13 %
Semafo Inc 6.50 %
Anglogold Ashanti Ltd ADR 5.74 %
Iamgold Corp 5.39 %
Silver Lake Resources Ltd 5.37 %
Gold Fields Ltd 4.49 %
Westgold Resources Ltd 4.23 %
Wheaton Precious Metals Corp 3.43 %
Centamin PLC 2.60 %
Region %
Canada 50.37 %
Africa 23.90 %
Australasia 19.29 %
Sector %
Basic materials 99.11 %
Ruffer LLP (Link)
EC3N 1DX, London, United Kingdom
Legal Structure
Open Ended Investment Company


Paul Kennedy
Joined 01/31/2014

Data provided by Morningstar.

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