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 |
Jefferies Financial Group
JEF
|
+$161M |
| 2 |
Barrick Mining
B
|
+$104M |
| 3 |
Oracle
ORCL
|
+$95.3M |
| 4 |
Vale
VALE
|
+$68.9M |
| 5 |
Carnival PLC
CUK
|
+$34.7M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
VIAB
Viacom Inc. Class B
VIAB
|
+$88.8M |
| 2 |
Lockheed Martin
LMT
|
+$44.1M |
| 3 |
IBM
IBM
|
+$39.5M |
| 4 |
Johnson & Johnson
JNJ
|
+$19M |
| 5 |
Freeport-McMoran
FCX
|
+$18.2M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 32.11% |
| 2 | Industrials | 18.72% |
| 3 | Financials | 13.57% |
| 4 | Materials | 11.27% |
| 5 | Real Estate | 7.16% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
1
Lockheed Martin
LMT
$139B
| $375M | 11.48% |
2,299,527
-281,081
| -11% | -$44.1M |
2013 Q2
3 quarters
|
|
2
Microsoft
MSFT
$3.96T
| $311M | 9.52% |
7,590,407
-98,348
| -1% | -$3.69M |
2013 Q2
3 quarters
|
|
3
JPMorgan Chase
JPM
$910B
| $248M | 7.58% |
4,082,516
+37,293
| +0.9% | +$2.16M |
2013 Q2
3 quarters
|
|
4
Qualcomm
QCOM
$185B
| $247M | 7.55% |
3,128,503
+210,343
| +7% | +$15.8M |
2013 Q4
1 quarter
|
|
|
5
IBM
IBM
$230B
| $226M | 6.92% |
1,228,518
-224,393
| -15% | -$39.5M |
2013 Q2
3 quarters
|
|
6
General Dynamics
GD
$100B
| $219M | 6.7% |
2,010,782
-32,995
| -2% | -$3.42M |
2013 Q2
3 quarters
|
|
7
Annaly Capital Management
NLY
$14.8B
| $190M | 5.81% |
4,333,537
-82,226
| -2% | -$3.55M |
2013 Q2
3 quarters
|
|
|
8
Jefferies Financial Group
JEF
$11B
| $167M | 5.11% |
6,662,876
+6,528,821
| +4,870% | +$161M |
2013 Q4
1 quarter
|
|
|
ATML
9
DELISTED
ATMEL CORP
ATML
| $163M | 4.98% |
19,459,652
-43,172
| -0.2% | -$354K |
2013 Q2
3 quarters
|
|
10
Texas Instruments
TXN
$274B
| $147M | 4.49% |
3,110,482
+2,834
| +0.1% | +$125K |
2013 Q2
3 quarters
|
|
|
11
Barrick Mining
B
$65.9B
| $143M | 4.37% |
8,003,147
+5,357,214
| +202% | +$104M |
2013 Q4
1 quarter
|
|
|
12
Oracle
ORCL
$366B
| $103M | 3.14% |
+2,503,380
| New | +$95.3M |
2014 Q1
0 quarters
|
|
|
13
Freeport-McMoran
FCX
$86.1B
| $86.1M | 2.64% |
2,605,005
-546,546
| -17% | -$18.2M |
2013 Q4
1 quarter
|
|
|
14
Vale
VALE
$49.5B
| $69.8M | 2.14% |
+5,046,058
| New | +$68.9M |
2014 Q1
0 quarters
|
|
15
Alphabet (Google) Class C
GOOG
$3.5T
| $63.2M | 1.93% |
2,277,063
-75,843
| -3% | -$2.21M |
2013 Q2
3 quarters
|
|
16
Walmart Inc
WMT
$998B
| $60.2M | 1.84% |
2,363,652
-702,927
| -23% | -$17.7M |
2013 Q2
3 quarters
|
|
|
17
Johnson & Johnson
JNJ
$676B
| $44.7M | 1.37% |
455,216
-204,810
| -31% | -$19M |
2013 Q2
3 quarters
|
|
18
Kinross Gold
KGC
$25.5B
| $39.5M | 1.21% |
9,563,894
-437,270
| -4% | -$2.1M |
2013 Q2
3 quarters
|
|
19
Chimera Investment
CIM
$589M
| $36.7M | 1.12% |
801,368
-10,760
| -1% | -$501K |
2013 Q2
3 quarters
|
|
20
Novartis
NVS
$308B
| $32.9M | 1.01% |
+432,569
| New | +$31.5M |
2014 Q1
0 quarters
|
|
21
Tapestry
TPR
$26.6B
| $32.8M | 1% |
660,782
+25,752
| +4% | +$1.28M |
2013 Q3
2 quarters
|
|
|
22
DELISTED
Carnival PLC
CUK
| $32.2M | 0.99% |
+851,380
| New | +$34.7M |
2014 Q1
0 quarters
|
|
23
Verizon
VZ
$192B
| $31.9M | 0.98% |
+668,958
| New | +$31.6M |
2014 Q1
0 quarters
|
|
24
Newmont
NEM
$125B
| $24M | 0.74% |
1,026,012
+638,094
| +164% | +$15.2M |
2013 Q2
3 quarters
|
|
25
M&T Bank
MTB
$31.8B
| $17.5M | 0.53% |
143,861
+1,267
| +0.9% | +$146K |
2013 Q2
3 quarters
|
|
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Ruffer LLP's Q1 2014 Portfolio in Review
As of Q1 2014, Ruffer LLP held 110 positions worth $3.27B, up 16% from $2.82B the previous quarter. Its ten largest holdings account for 70% of the portfolio.
Ruffer LLP deployed $312M of net new capital in Q1 2014, opening 18 new positions and adding to 13 existing holdings. Its largest new stake was Oracle: 2,503,380 shares worth $103M.
By sector, the portfolio is most concentrated in Technology at 32% of assets, down from 33% a quarter earlier, followed by Industrials and Financials.
On the sell side, the largest reduction was Viacom Inc. Class B, an estimated $88.8M trimmed.
- Ruffer LLP's largest Q1 2014 buy was Oracle: 2,503,380 shares worth $103M.
- Ruffer LLP added most to Jefferies Financial Group in Q1 2014, an estimated $161M increase.
- Ruffer LLP's biggest Q1 2014 reduction was Viacom Inc. Class B, cutting an estimated $88.8M.
- Ruffer LLP fully exited Yahoo Inc in Q1 2014, selling an estimated $2.83M.
- Ruffer LLP's ten largest holdings make up 70% of its $3.27B portfolio in Q1 2014.
- Ruffer LLP opened 18 new positions and closed 11 in Q1 2014.
- Ruffer LLP's portfolio value rose 16% quarter-over-quarter to $3.27B.
Based on Ruffer LLP's 13F filing for Q1 2014, filed 9 May 2014.