Correction (Dec. 15, 18:49 UTC): Ruffer allocated 2.5% of its multi-strategies fund to bitcoin, not 2.5% of its total AUM, as was previously reported. The total allocation is worth roughly $15 million.
Ruffer Investment Company sent a short update to shareholders notifying them of the company’s allocation to bitcoin.
In November, Ruffer allocated what is currently worth approximately 2.5% of its multi-strategies fund to bitcoin, per the memo, or roughly $15 million. The fund manages roughly $620 million.
“We see this as a small but potent insurance policy against the continuing devaluation of the world’s major currencies,” the London-based firm wrote.
“Bitcoin diversifies the company’s (much larger) investments in gold and inflation-linked bonds, and acts as a hedge to some of the monetary and market risks that we see,” Ruffer said.
The four-paragraph memo was sent to shareholders Tuesday.
Bitcoin gained over 40% in November, closing the month by setting a new record high above $19,850.
Update (Dec. 15, 18:41 UTC): Updated to fix typographical error reflecting that bitcoin gained 40% in November, not $40.