Ruffer LLP Portfolio holdings
Ruffer is an independent investment manager owned and run by its partners, with a single global strategy aimed at not losing money over any rolling 12-month period. Jonathan Ruffer, who began as a stockbroker and then became a barrister, started it in 1994 with Robert Shirley, 14th Earl Ferrers, and Jane Tufnell, and it became Ruffer LLP in 2004. The firm starts by weighing the risks it sees in markets and picking assets that should protect the portfolio if they come true, then takes on growth mainly through global stocks. It runs a stock-market-listed investment company, and its clients include pension plans, charities and family offices.
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Annaly Capital Management
NLY
|
+$113M |
| 2 |
IBM
IBM
|
+$95.5M |
| 3 |
Microsoft
MSFT
|
+$69.3M |
| 4 |
Tapestry
TPR
|
+$24.2M |
| 5 |
Kinross Gold
KGC
|
+$23M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Walmart Inc
WMT
|
+$69.5M |
| 2 |
Newmont
NEM
|
+$59.6M |
| 3 |
Johnson & Johnson
JNJ
|
+$33.4M |
| 4 |
VIAB
Viacom Inc. Class B
VIAB
|
+$7.73M |
| 5 |
Alphabet (Google) Class C
GOOG
|
+$6M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 30.22% |
| 2 | Industrials | 20.89% |
| 3 | Financials | 9.84% |
| 4 | Communication Services | 8.2% |
| 5 | Real Estate | 8.03% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
1
Microsoft
MSFT
$3.87T
| $257M | 11.95% |
7,698,619
+2,106,900
| +38% | +$69.3M |
2013 Q2
1 quarter
|
|
2
Lockheed Martin
LMT
$141B
| $253M | 11.78% |
1,954,980
+125,006
| +7% | +$15.2M |
2013 Q2
1 quarter
|
|
|
3
IBM
IBM
$235B
| $248M | 11.51% |
1,382,617
+525,352
| +61% | +$95.5M |
2013 Q2
1 quarter
|
|
4
JPMorgan Chase
JPM
$912B
| $181M | 8.4% |
3,448,149
+49,502
| +1% | +$2.66M |
2013 Q2
1 quarter
|
|
5
General Dynamics
GD
$99.2B
| $179M | 8.3% |
2,016,930
+21,447
| +1% | +$1.82M |
2013 Q2
1 quarter
|
|
|
6
Annaly Capital Management
NLY
$14.4B
| $136M | 6.3% |
2,905,946
+2,402,375
| +477% | +$113M |
2013 Q2
1 quarter
|
|
|
ATML
7
DELISTED
ATMEL CORP
ATML
| $131M | 6.1% |
17,789,073
+2,692,349
| +18% | +$20.5M |
2013 Q2
1 quarter
|
|
8
Texas Instruments
TXN
$283B
| $126M | 5.84% |
3,120,568
-4,034
| -0.1% | -$157K |
2013 Q2
1 quarter
|
|
|
VIAB
9
DELISTED
Viacom Inc. Class B
VIAB
| $122M | 5.66% |
1,438,351
-99,933
| -6% | -$7.73M |
2013 Q2
1 quarter
|
|
|
10
Walmart Inc
WMT
$997B
| $78.1M | 3.63% |
3,140,532
-2,756,319
| -47% | -$69.5M |
2013 Q2
1 quarter
|
|
|
11
Johnson & Johnson
JNJ
$675B
| $64.1M | 2.98% |
737,265
-372,738
| -34% | -$33.4M |
2013 Q2
1 quarter
|
|
12
Merck
MRK
$363B
| $47.6M | 2.21% |
1,040,252
-28,619
| -3% | -$1.31M |
2013 Q2
1 quarter
|
|
|
13
Alphabet (Google) Class C
GOOG
$3.57T
| $46.1M | 2.14% |
2,107,590
-271,574
| -11% | -$6M |
2013 Q2
1 quarter
|
|
|
14
Kinross Gold
KGC
$25.3B
| $45.7M | 2.12% |
9,119,366
+4,339,682
| +91% | +$23M |
2013 Q2
1 quarter
|
|
15
Chimera Investment
CIM
$567M
| $37.2M | 1.73% |
810,058
+10,530
| +1% | +$468K |
2013 Q2
1 quarter
|
|
|
16
Tapestry
TPR
$26.2B
| $23.9M | 1.11% |
+440,000
| New | +$24.2M |
2013 Q3
0 quarters
|
|
17
Gold Fields
GFI
$33.2B
| $22.6M | 1.05% |
4,909,299
-16,750
| -0.3% | -$89.8K |
2013 Q2
1 quarter
|
|
18
M&T Bank
MTB
$31.6B
| $14.8M | 0.69% |
131,279
-100
| -0.1% | -$11.6K |
2013 Q2
1 quarter
|
|
19
DELISTED
MRC Global
MRC
| $11.1M | 0.52% |
410,983
+44,388
| +12% | +$1.18M |
2013 Q2
1 quarter
|
|
20
Baidu
BIDU
$27.2B
| $6.95M | 0.32% |
45,000
| – | – |
2013 Q2
1 quarter
|
|
21
Cisco
CSCO
$397B
| $6.13M | 0.28% |
261,768
-5,980
| -2% | -$148K |
2013 Q2
1 quarter
|
|
22
Mondelez International
MDLZ
$84.4B
| $5.56M | 0.26% |
174,411
-2,188
| -1% | -$67.9K |
2013 Q2
1 quarter
|
|
23
Huazhu Hotels Group
HTHT
$15.7B
| $5.42M | 0.25% |
1,138,000
| – | – |
2013 Q2
1 quarter
|
|
|
24
Newmont
NEM
$123B
| $5.39M | 0.25% |
192,057
-2,010,249
| -91% | -$59.6M |
2013 Q2
1 quarter
|
|
25
VanEck Junior Gold Miners ETF
GDXJ
$7.72B
| $5.08M | 0.24% |
121,450
+10,225
| +9% | +$438K |
2013 Q2
1 quarter
|
|
Similar funds
Ruffer LLP's Q3 2013 Portfolio in Review
As of Q3 2013, Ruffer LLP held 95 positions worth $2.15B, up 16% from $1.86B the previous quarter. Its ten largest holdings account for 79% of the portfolio.
Ruffer LLP deployed $197M of net new capital in Q3 2013, opening 8 new positions and adding to 17 existing holdings. Its largest new stake was Tapestry: 440,000 shares worth $23.9M.
By sector, the portfolio is most concentrated in Technology at 30% of assets, up from 26% a quarter earlier, followed by Industrials and Financials.
On the sell side, the largest reduction was Walmart Inc, an estimated $69.5M trimmed.
- Ruffer LLP's largest Q3 2013 buy was Tapestry: 440,000 shares worth $23.9M.
- Ruffer LLP added most to Annaly Capital Management in Q3 2013, an estimated $113M increase.
- Ruffer LLP's biggest Q3 2013 reduction was Walmart Inc, cutting an estimated $69.5M.
- Ruffer LLP fully exited Berkshire Hathaway Class A in Q3 2013, selling an estimated $3.53M.
- Ruffer LLP's ten largest holdings make up 79% of its $2.15B portfolio in Q3 2013.
- Ruffer LLP opened 8 new positions and closed 7 in Q3 2013.
- Ruffer LLP's portfolio value rose 16% quarter-over-quarter to $2.15B.
Based on Ruffer LLP's 13F filing for Q3 2013, filed 12 Nov 2013.