The £117.8m fund will be renamed the CF Ruffer Gold Fund and will be managed by Paul Kennedy, head of Ruffer’s specialist investment management team.
Kennedy joined the firm in 2012 and has since then, led its research coverage of gold-related equity holdings, which total around £250m.
As a result of the change the fund’s annual management charges will fall by 35 basis points, with the C share class dropping from 1.55% to 1.2%, bringing it in line with other funds.
According to Kennedy, the investor exodus from the gold sector has left stock-pickers with “many corners of hidden value” to exploit.
Jonathan Ruffer, executive chairman, Ruffer, added: “Running a gold fund is feast and famine but we are confident that the foundations Baker Steel has laid will rebound favourably for investors in the CF Ruffer Gold Fund.”
