Ruffer takes profits on 'defensive' Bitcoin bet

Sold in April and avoided May crash

Mike Sheen
clock • 2 min read

Ruffer Investment Company has sold the remaining portion of its exposure to bitcoin in favour of "more attractive risk-adjusted positions elsewhere in the market", as the cryptocurrency reached all-time-high valuations in April.

The investment trust reported this morning (7 June) that it had initially built "indirect" exposure to bitcoin as a "defensive investment", amid concern for the outlook for the gold price and to diversify its inflation hedges, but that its subsequent gains meant that the cryptocurrency's "asymmetry… [was] much lower". It follows reports over the weekend that Ruffer had made profits in excess of $1.1bn as a result of dumping its Bitcoin exposure, according to The Times. The firm in December said its exposure to bitcoin at the time totalled around £550m, equivalent to about 2.7% of tota...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Investment

Tatton AM launches range of passive funds as AUM surpasses £20bn

Tatton AM launches range of passive funds as AUM surpasses £20bn

Net flows double from last year

Cristian Angeloni
clock 13 November 2024 • 1 min read
Mabel Insights adds DFM partner

Mabel Insights adds DFM partner

Additional Waverton data to be available on comparison site

Jen Frost
clock 12 November 2024 • 2 min read
Partner Insight: Navigating the great wealth transfer

Partner Insight: Navigating the great wealth transfer

The great wealth transfer represents opportunity and risk in equal measure for financial advisers.

Warwick Bloore Senior Specialist, Adviser Research Centre, Vanguard, Europe
clock 12 November 2024 • 6 min read