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Date Posted: 09:58:38 01/21/05 Fri
Author: siempre
Subject: RAB Special Situations

by Algernon Craig Hall
Philip Gibbs, star fund manager of the Jupiter Split fund, has made a return of over 300% for himself and the trust’s other shareholders after investing in RAB Special Situations, the best performing UK managed hedge fund of last year. RAB Special Situations recently hit the headlines after it emerged.
The highly speculative fund generated a 1,275% returnin 2003 following a successful switch by manager Philip Richards from the biotech sector into natural resource stocks. Gibbs, who is AAA rated by Citywire for his management of Jupiter Financial Opportunities, bought his first stake in RAB Special Situations for Jupiter Split last summer. He topped up again in January. Since July 2003 RAB Special Situations has gained about 375%.
Gibbs, who has £15.5 million of his personal fortune invested in Jupiter Split, said: ‘I’ve made a very nice profit.’ He said his investment was partly a resources play, but mainly reflected his confidence in Richards, a former star European analyst at Smith New Court, who went on to be a director at Merrill Lynch before setting up RAB in 1999 with colleague Michael Alen-Buckley. Alen-Buckley said Gibbs invested in the fund after he and Richards ‘bumped into one another on the circuit’.
Most of Gibbs’ holding in Jupiter Split is in the shape of 3.4 million capital shares. The capital shares have risen 135% over the last year, which increased the value of his holding by at least £8.4 million. The trust’s shareholders will vote on whether to roll the fund over in October and given the performance are likely to say yes. Last week RAB Capital, the group behind the $260 million (£140 million)fund, debuted on AIM issuing shares at 25p, which have since gone to a 59% premium of 39.75p.

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