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Ruffer bags a billion as wild bitcoin ride comes to an end

Closed-end funds and OEICs
mc2fool
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Ruffer bags a billion as wild bitcoin ride comes to an end

#418124

Postby mc2fool » June 8th, 2021, 1:28 pm

"Ruffer has banked a huge profit from its five-month bitcoin trade after selling out of the digital coin just before the cryptocurrency’s all-time high in April.

The asset manager became one of the first significant UK financial institutions to adopt the cryptocurrency as part of its strategic allocation when it took a sizeable position late last year.

The position was held across a number of its portfolios, including the Ruffer Investment Company (RICA) and Ruffer Total Return fund, and represented 2.5% of the business’ total assets under management.

At the time the cryptocurrency was trading at just under $20,000. It soared at the start of 2021 when Tesla founder Elon Musk said the company would hold the currency in its treasury, although Ruffer resisted cashing in when it hit $50,000 in February.

However, its continued rise in the following weeks prompted Ruffer sell the entire position in early April, just before an all-time high of $64,000. The investment is estimated to have made Ruffer around $1.1bn, according to the Sunday Times.
"

https://citywire.co.uk/funds-insider/news/ruffer-bags-a-billion-as-wild-bitcoin-ride-comes-to-an-end/a1516354

Image
https://uk.advfn.com/stock-market/london/ruffer-investment-RICA/share-price

Lanark
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Re: Ruffer bags a billion as wild bitcoin ride comes to an end

#418134

Postby Lanark » June 8th, 2021, 2:00 pm

Trump has been badmouthing bitcoin recently, which means he is lining up to BUY.

However given trumps record in business/investing if he buys, we can expect a massive crash.

nmdhqbc
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Re: Ruffer bags a billion as wild bitcoin ride comes to an end

#418153

Postby nmdhqbc » June 8th, 2021, 2:30 pm

mc2fool wrote:"However, its continued rise in the following weeks prompted Ruffer sell the entire position in early April, just before an all-time high of $64,000. The investment is estimated to have made Ruffer around $1.1bn, according to the Sunday Times."


confusing. $1.1bn seems a bit high. more that the whole market cap of ruffer i'd guess.

mc2fool
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Re: Ruffer bags a billion as wild bitcoin ride comes to an end

#418156

Postby mc2fool » June 8th, 2021, 2:45 pm

nmdhqbc wrote:
mc2fool wrote:"However, its continued rise in the following weeks prompted Ruffer sell the entire position in early April, just before an all-time high of $64,000. The investment is estimated to have made Ruffer around $1.1bn, according to the Sunday Times."

confusing. $1.1bn seems a bit high. more that the whole market cap of ruffer i'd guess.

mc2fool wrote:"The position was held across a number of its portfolios, including the Ruffer Investment Company (RICA) and Ruffer Total Return fund, and represented 2.5% of the business’ total assets under management."

Yes, the Ruffer Investment Company (RICA) is just £580m, but Ruffer Total Return is £3.9bn and I haven't bothered to check their others. :D

https://www.trustnet.com/fund/price-performance/o/ia-unit-trusts?manager=RUFF&tab=fundOverview

nmdhqbc
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Re: Ruffer bags a billion as wild bitcoin ride comes to an end

#418168

Postby nmdhqbc » June 8th, 2021, 3:28 pm

mc2fool wrote:Yes, the Ruffer Investment Company (RICA) is just £580m, but Ruffer Total Return is £3.9bn and I haven't bothered to check their others. :D

i need to read properly. thanks


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