(Alliance News) - Ruffer Investment Co Ltd said on Wednesday that net asset value total return shrank in its latest half, and that "nobody knows" where markets will go next.

The stock was up 0.8% at 267.00 pence on Wednesday afternoon in London.

The London-based investment firm said its NAV at December 31 was 285.73 pence per share, slightly down from 285.78p at June 30.

On an IFRS basis, however, Ruffer said NAV rose to 285.52p from 284.74p.

Ruffer also said its NAV total return for the second half of 2023 was positive 0.6%, following the positive 4.8% it delivered the year before.

"2023 was a challenging year for the Ruffer strategy and for many active managers," the firm's investment manager commented. "To say that markets climbed a wall of worry would be an understatement."

Ruffer added: "There is no hiding from 2023 being a disappointing year, the worst in the history of Ruffer Investment Co...However, zooming out a little does provide some perspective, and shows a more balanced outcome."

Going forward, Ruffer said it views commodities as a key portfolio allocation going forward, although the long-term outlook for equities is "bleak".

"Nobody knows what is going to happen next for the market and the global economy," the manager added. However: "When we survey the landscape today, we see elevated macro uncertainty and fragile, avalanche-prone and expensive markets."

By Emma Curzon, Alliance News reporter

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