Ruffer NAV hits record high as Japanese holdings soar

The Ruffer Investment Company saw NAV hit a record high in April as soaring Japanese equities helped offset exposure to struggling gold miners.

The trust, managed by Ruffer investment directors Hamish Baillie and Steve Russell, had a net asset value of 215.94p as of 30 April, a record high for the company since its launch in 2004. A 2.1% rise in NAV in April was fuelled by a 1.5% rise in the portfolio's Japanese equity holdings. Japanese stocks having continued to soar as the country's policymakers loosen monetary policy in an attempt to kickstart the economy. Baillie and Russell have accordingly taken profits on Japanese banking group Sumitomo Mitsui, which had risen by 89.5% since purchase On a less positive note, Ruffer...