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Ruffer LLP Portfolio holdings

AUM $2.83B
1-Year Est. Return 30.34%
This Fund
S&P 500
This Quarter Est. Return
+8.33%
1 Year Est. Return
+30.34%
3 Year Est. Return
+98.01%
5 Year Est. Return
+139.76%
10 Year Est. Return
+587.97%
AUM
$2.89B
AUM Growth
+$1.4B
Cap. Flow
+$1.3B
Cap. Flow %
45.04%
Top 10 Hldgs %
49.77%
Holding
106
New
15
Increased
31
Reduced
21
Closed
19

Top Buys

Rank Stock Value
1
TSM icon
TSMC
TSM
+$211M
2
BABA icon
Alibaba
BABA
+$132M
3
AEM icon
Agnico Eagle Mines
AEM
+$111M
4
PXD
Pioneer Natural Resource Co.
PXD
+$108M
5
AA icon
Alcoa
AA
+$96.2M

Top Sells

Rank Stock Value
1
SYF icon
Synchrony
SYF
+$58.2M
2
AXP icon
American Express
AXP
+$49.4M
3
BP icon
BP
BP
+$45.8M
4
BKNG icon
Booking.com
BKNG
+$24M
5
META icon
Meta Platforms (Facebook)
META
+$20.6M

Sector Composition

Rank Sector Weight
1 Materials 35.06%
2 Energy 15.91%
3 Consumer Discretionary 10.16%
4 Technology 10.04%
5 Consumer Staples 8.79%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
AXP icon
51
American Express
AXP
$227B
$5.66M 0.2%
34,311
-297,573
-90% -$49.4M
TS icon
52
Tenaris
TS
$28.9B
$5.55M 0.19%
195,345
+76,262
+64% +$2.51M
PAAS icon
53
Pan American Silver
PAAS
$18.2B
$3.67M 0.13%
+200,000
New +$3.44M
CVX icon
54
Chevron
CVX
$392B
$3.59M 0.12%
22,000
– –
DRD
55
DRDGold
DRD
$1.77B
$3.41M 0.12%
356,194
+58,142
+20% +$466K
DD icon
56
DuPont de Nemours
DD
$18.5B
$2.87M 0.1%
31,867
-349
-1% -$31.8K
GLDG
57
GoldMining Inc
GLDG
$178M
$2.81M 0.1%
2,301,996
– –
PM icon
58
Philip Morris
PM
$297B
$2.72M 0.09%
28,000
– –
FMX icon
59
Fomento Económico Mexicano
FMX
$43.6B
$2.57M 0.09%
27,000
– –
JPM icon
60
JPMorgan Chase
JPM
$935B
$1.84M 0.06%
14,135
-10,744
-43% -$1.47M
IAG icon
61
IAMGOLD
IAG
$8.2B
$1.79M 0.06%
659,000
-1,000
-0.2% -$2.54K
MKL icon
62
Markel Group
MKL
$23.3B
$1.66M 0.06%
1,300
– –
ERIC icon
63
Ericsson
ERIC
$32.2B
$1.46M 0.05%
+250,000
New +$1.43M
DNOW icon
64
DNOW Inc
DNOW
$2.58B
$1.45M 0.05%
130,000
– –
ITRG
65
Integra Resources
ITRG
$424M
$1.39M 0.05%
953,832
– –
TIMB icon
66
TIM SA
TIMB
$9.16B
$1.24M 0.04%
100,000
+35,000
+54% +$404K
ARCO icon
67
Arcos Dorados Holdings
ARCO
$1.72B
$1.17M 0.04%
152,142
– –
LUV icon
68
Southwest Airlines
LUV
$22B
$1.14M 0.04%
35,000
– –
VIV icon
69
Telefônica Brasil
VIV
$20.6B
$1.13M 0.04%
150,000
+45,000
+43% +$338K
JAZZ icon
70
Jazz Pharmaceuticals
JAZZ
$15.9B
$1.13M 0.04%
7,702
– –
MLM icon
71
Martin Marietta Materials
MLM
$31.5B
$1.06M 0.04%
3,000
– –
FCX icon
72
Freeport-McMoran
FCX
$90B
$1.02M 0.04%
+24,977
New +$1.04M
INVX
73
Innovex International
INVX
$1.96B
$1M 0.03%
35,000
– –
GORO icon
74
Goldgroup Mining Inc.
GORO
$157M
$919K 0.03%
870,879
– –
GLD icon
75
SPDR Gold Trust
GLD
$131B
$887K 0.03%
4,844
+1,551
+47% +$273K
1 2
3
4 5

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GS
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ISL
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AIP
Atlas Infrastructure Partners London, United Kingdom $2.84B AUM 4.75% 1-Year Est. Return
AF
Aviso Financial Toronto, Ontario, Canada $2.82B AUM 24.96% 1-Year Est. Return
SAI
Systematic Alpha Investments Princeton, New Jersey $2.84B AUM 27.03% 1-Year Est. Return
MWM
Meridian Wealth Management Lexington, Kentucky $2.85B AUM 31.23% 1-Year Est. Return
MSDF
Michael & Susan Dell Foundation New York $2.85B AUM 26.28% 1-Year Est. Return
WG
Winton Group London, United Kingdom $2.85B AUM 30.73% 1-Year Est. Return

Ruffer LLP's Q1 2023 Portfolio in Review

As of Q1 2023, Ruffer LLP held 106 positions worth $2.89B, up 94% from $1.49B the previous quarter. Its ten largest holdings account for 50% of the portfolio.

Ruffer LLP deployed $1.3B of net new capital in Q1 2023, opening 15 new positions and adding to 31 existing holdings. Its largest new stake was TSMC: 2,348,305 shares worth $218M.

By sector, the portfolio is most concentrated in Materials at 35% of assets, up from 26% a quarter earlier, followed by Energy and Consumer Discretionary.

On the sell side, the largest reduction was Synchrony, an estimated $58.2M trimmed.

  • Ruffer LLP's largest Q1 2023 buy was TSMC: 2,348,305 shares worth $218M.
  • Ruffer LLP added most to Alibaba in Q1 2023, an estimated $132M increase.
  • Ruffer LLP's biggest Q1 2023 reduction was Synchrony, cutting an estimated $58.2M.
  • Ruffer LLP fully exited Booking.com in Q1 2023, selling an estimated $24M.
  • Ruffer LLP's ten largest holdings make up 50% of its $2.89B portfolio in Q1 2023.
  • Ruffer LLP opened 15 new positions and closed 19 in Q1 2023.
  • Ruffer LLP's portfolio value rose 94% quarter-over-quarter to $2.89B.

Based on Ruffer LLP's 13F filing for Q1 2023, filed 11 May 2023.