Ruffer Investment Company Limited (RICA.L)
ValueMarkers Composite Index
62% below intrinsic value ($11)
Ruffer Investment Company Limited (RICA.L) — VMCI valuation read
Headline read on RICA.L: VMCI of 61/100 versus a Financial Services sector median of 50. The 11-point above-median position is what makes Ruffer Investment Company Limited a relative-value candidate in the mid-cap cohort, before any pillar-level review.
Form 4 filings on RICA.L: zero in the trailing 30 days. The absence of insider transactions is itself a data point, just a low-information one. The thesis runs on financials and price action until that changes.
**Investor frame.** Three reads on RICA.L: value (RICA.L trades at 25.0x earnings, 39% above the Financial Services median of 18.0x), quality (ROIC of 15.0% sits 5.0pp above the Financial Services median (10.0%)), and risk (net debt to EBITDA of 0.2x leaves covenant headroom). The value read also implies an EV/EBITDA gap of +4.0x against the Financial Services 12.0x baseline.
RICA.L fell 3.4% over the trailing 7 days, with a -17.1% read on a 30-day basis.
Ruffer Investment Company Limited is a closed-ended balanced mutual fund of funds launched and managed by Ruffer AIFM Limited. The fund invests in public equity and fixed income markets across the globe. It seeks to invest in securities of companies operating across diversified sectors. The fund primarily invests either directly or through other funds in quoted equities or equity related securities and bonds which are issued by corporate issuers, supra-nationals, or government organizations. It benchmarks the performance of its portfolio against the FTSE All Share Total Return Index. Ruffer Investment Company Limited was formed on June 1, 2004 and is domiciled in Guernsey.
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