London-based CF Ruffer Pacific Fund, part of Ruffer LLP, has acquired a 3.29 percent shareholding in Asiri Hospital Holdings PLC, becoming its fourth largest shareholder, the financial results released for the quarter ended September 2015 show.
Ruffer held no prior shares in Asiri Hospitals.
The equity fund had entered Sri Lanka’s capital market in 2011, acquiring shares in Ceylon Theater Holdings through a Rs.2 billion private placement.
In 2013, Ruffer acquired shares in the country’s largest conglomerate John Keells Holdings (JKH), constituting 2.9 percent of Ruffer’s equity assets allocation and one of its three largest investments, when the fund was worth just £186.1 million.
As at September 2015, the fund has grown to £304.9 million and the JKH investment is the 10th largest, constituting 1.9 percent of Ruffer’s equity holdings, which converts to 0.9 percent of the shares in JKH.
While most of the fund’s assets are in equities, 13 percent are in cash and 6 percent are in gold investments.
In equities, Sri Lankan investments account for 10 percent—being the third largest—while Chinese equities amount to 35 percent, Japanese investments amount to 12 percent and Hong Kong equities amount to 7 percent. Among its current investments in Sri Lanka are Dialog Axiata PLC, NDB Bank PLC and Cargills (Ceylon) PLC.
Ruffer has also invested 9 percent of its cash allocation in the Sri Lankan rupee, falling behind the Hong Kong dollar with 41 percent, Pound Sterling with 19 percent and the US dollar with 11 percent.