The Ruffer Investment Company has raised less than a quarter of the £167m it was targeting in an offer that was set to double the amount of capital it had already raised this year.
The board of the investment trust had touted the fact the offer would provide retail investors with the chance to buy new shares.
But in a regulatory filing on Thursday afternoon, the Ruffer Investment Company confirmed it had raised approximately £40.9m from the issue.
Chairman Christopher Russell said in a statement: “In 2021 alone, the company will have now issued almost 60 million shares, raising gross proceeds of more than £170m, reflecting the strong investor interest in the investment manager’s unique investment approach.
“At a time when factors such as inflation and Covid-19 have left markets unsettled, we remain confident that the company’s investment philosophy of targeting steady, positive annual returns in all conditions will continue to serve our shareholders well.”
A month ago Jonathan Ruffer halved his stake in the eponymous investment trust that he used to manage.
See also: Ruffer trust to more than double its 2021 issuance with £170m raise
