fund
LF Ruffer Gold C
Invests in international gold and precious metal mining companies.
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223.07p
Price (Inc)
These are the shares in the fund that pay out an income to clients. The income is made up of the total dividends – the money a company can pay out to its investors – from the companies in the fund.
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368.57p
Price (Acc)
These are the shares in the fund that don’t pay out an income to clients. Any dividends – the money a company can pay out to its investors – are reinvested into companies in the fund. Despite no income, the shares should be worth more over time. Good incentive, eh?
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5.00% 1.00%
Initial chargeSome funds charge you when you first invest, which is aptly known as the initial charge. They’re usually between 3-5% but at Bestinvest, we usually don’t charge you a penny!
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1.20%
Annual management charge
This is how much the fund management company charges to run the fund. It’s like paying a babysitter, dog sitter or house sitter (that makes well-informed, heavily researched changes to improve your baby/dog/house when needed).
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1.24%
Ongoing charges
This stands for Ongoing Charges Figure. It’s the cost of running a fund and includes admin fees, manager fees, administration costs, etc.
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0.00%
Yield
How much the fund is currently paying out in income to investors. It’s NOT to be confused with the overall growth of a fund – a very different thing indeed. It’s also NOT a guarantee of future pay-outs, just a snapshot. This is more what it’s not than what it is…
The portfolio invests in gold mining companies on an international basis, with companies selected on a 'bottom up' basis. The fund has a bias to mid and small cap mining companies. Dealing is weekly.
Fund summary
| Sector | Specialist |
| Structure | OEIC |
| Launched | September, 2012 |
| Size | £1,403m |
| Yield | 0.00% |
| Charging basis | Income |
| Dividends paid | 15 May, 15 Nov |
Charges
| Standard initial charge | 5.00% |
| Initial charge via Bestinvest | 1.00% |
| Additional bid/offer spread | 0.00% |
| Annual management charge | 1.20% |
| Ongoing charges figure | 1.24% |
Allocation
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Investment process
Manager research
Average monthly relative returns
- 15/16 -0.96%
- 16/17 0.61%
- 17/18 0.89%
- 18/19 0.09%
- 19/20 -0.05%
Bestinvest MRI
- 3 years 0.31%
- 5 years 0.12%
- Career 0.64%
- 3 years 71.20%
- 5 years 65.20%
- Career 90.20%
Performance figures are based on the average of monthly percentage returns relative to the benchmark index.
Paul Kennedy
Kernnedy joined Ruffer in 2012 from LEK Consulting. He has many years of experience evaluating private market investments both as a principal and adviser. He has a degree in Jurisprudence from Oxford University and an MBA with Distinction from London Business School.
Track record
Paul Kennedy has 5.5 years experience of managing mutual funds in this sector. Over this period the average monthly return relative to the benchmark index has been +0.64%. During the worst period of relative performance (from September 2015 - June 2016) there was a decline of 19% relative to the index. The worst absolute loss has been 29%. Statistically, we estimate the probability that this fund manager is adding value, rather than being lucky, is 90%.
Periods of worst performance
| Absolute | -29.00% (July 2016 - September 2018) |
| Relative | -19.00% (September 2015 - June 2016) |
About the MRI
Our unique indicator: the Bestinvest Manager Record Index (MRI) measures the likelihood that the fund manager is adding value through their decisions. It is based on their performance record over the course of their career, adjusted for the amount of risk taken. MRI is an important contributor to our fund rating system but it is also vital to take account of qualitative factors. It is also very important to select funds to form a cohesive portfolio with an appropriate overall risk level.
Allocation
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Top 10 holdings
Data accurate as at 31 December 2019
| 7.3% | Kinross Gold Corp |
| 7.2% | Gold Fields |
| 7% | Centerra Gold Inc |
| 6.5% | Iamgold Corp |
| 5.6% | Silver Lake Resources Inc |
| 5.4% | Anglogold Ashanti |
| 5.2% | Westgold Resources Ltd |
| 3.9% | Ramelius Resources |
| 3.9% | Semafo Inc |
| 2.6% | Perseus Mining Ltd |
| Source: Trustnet |