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 |
Oracle
ORCL
|
+$140M |
| 2 |
Qualcomm
QCOM
|
+$31.5M |
| 3 |
Canadian Solar
CSIQ
|
+$16.6M |
| 4 |
AGNC Investment
AGNC
|
+$13.7M |
| 5 |
Freeport-McMoran
FCX
|
+$7.09M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Annaly Capital Management
NLY
|
+$175M |
| 2 |
Vale
VALE
|
+$45.6M |
| 3 |
Chimera Investment
CIM
|
+$34M |
| 4 |
Tapestry
TPR
|
+$32.8M |
| 5 |
Carnival PLC
CUK
|
+$32.2M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 38.18% |
| 2 | Industrials | 19.5% |
| 3 | Financials | 14.1% |
| 4 | Materials | 10.81% |
| 5 | Miscellaneous | 7.97% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
1
Lockheed Martin
LMT
$131B
| $369M | 11.98% |
2,301,544
+2,017
| +0.1% | +$328K |
2013 Q2
4 quarters
|
|
2
Microsoft
MSFT
$3.94T
| $286M | 9.29% |
6,853,038
-737,369
| -10% | -$29.8M |
2013 Q2
4 quarters
|
|
|
3
Qualcomm
QCOM
$177B
| $280M | 9.1% |
3,524,427
+395,924
| +13% | +$31.5M |
2013 Q4
2 quarters
|
|
|
4
Oracle
ORCL
$362B
| $240M | 7.81% |
5,915,293
+3,411,913
| +136% | +$140M |
2014 Q1
1 quarter
|
|
5
JPMorgan Chase
JPM
$888B
| $238M | 7.73% |
4,143,121
+60,605
| +1% | +$3.41M |
2013 Q2
4 quarters
|
|
6
General Dynamics
GD
$95.7B
| $214M | 6.94% |
1,838,632
-172,150
| -9% | -$19.6M |
2013 Q2
4 quarters
|
|
7
IBM
IBM
$232B
| $187M | 6.06% |
1,050,120
-178,398
| -15% | -$32.1M |
2013 Q2
4 quarters
|
|
|
ATML
8
DELISTED
ATMEL CORP
ATML
| $181M | 5.89% |
19,221,537
-238,115
| -1% | -$1.99M |
2013 Q2
4 quarters
|
|
9
Jefferies Financial Group
JEF
$10.9B
| $158M | 5.14% |
6,801,223
+138,347
| +2% | +$3.21M |
2013 Q4
2 quarters
|
|
10
Texas Instruments
TXN
$254B
| $148M | 4.8% |
3,053,335
-57,147
| -2% | -$2.67M |
2013 Q2
4 quarters
|
|
11
Barrick Mining
B
$66.8B
| $141M | 4.57% |
7,764,084
-239,063
| -3% | -$4.14M |
2013 Q4
2 quarters
|
|
|
12
Freeport-McMoran
FCX
$85.3B
| $103M | 3.36% |
2,811,998
+206,993
| +8% | +$7.09M |
2013 Q4
2 quarters
|
|
13
Alphabet (Google) Class C
GOOG
$3.49T
| $61.6M | 2% |
2,105,164
-171,899
| -8% | -$4.66M |
2013 Q2
4 quarters
|
|
14
Kinross Gold
KGC
$26.2B
| $39.3M | 1.28% |
9,482,979
-80,915
| -0.8% | -$329K |
2013 Q2
4 quarters
|
|
15
Novartis
NVS
$307B
| $32.5M | 1.06% |
398,405
-34,164
| -8% | -$2.69M |
2014 Q1
1 quarter
|
|
16
Walmart Inc
WMT
$996B
| $28M | 0.91% |
1,120,536
-1,243,116
| -53% | -$31.9M |
2013 Q2
4 quarters
|
|
17
Johnson & Johnson
JNJ
$665B
| $24.6M | 0.8% |
233,377
-221,839
| -49% | -$22.4M |
2013 Q2
4 quarters
|
|
|
18
Annaly Capital Management
NLY
$14.8B
| $24.1M | 0.78% |
535,698
-3,797,839
| -88% | -$175M |
2013 Q2
4 quarters
|
|
|
19
Vale
VALE
$49.3B
| $22.4M | 0.73% |
1,665,307
-3,380,751
| -67% | -$45.6M |
2014 Q1
1 quarter
|
|
|
20
Canadian Solar
CSIQ
$755M
| $21.6M | 0.7% |
703,733
+613,733
| +682% | +$16.6M |
2013 Q3
3 quarters
|
|
|
21
AGNC Investment
AGNC
$11.2B
| $21.4M | 0.7% |
927,667
+595,766
| +180% | +$13.7M |
2014 Q1
1 quarter
|
|
22
Newmont
NEM
$126B
| $20.4M | 0.66% |
814,462
-211,550
| -21% | -$5.1M |
2013 Q2
4 quarters
|
|
23
M&T Bank
MTB
$31.3B
| $18M | 0.58% |
144,426
+565
| +0.4% | +$68.8K |
2013 Q2
4 quarters
|
|
|
VIAB
24
DELISTED
Viacom Inc. Class B
VIAB
| $17.5M | 0.57% |
202,289
-2,295
| -1% | -$195K |
2013 Q2
4 quarters
|
|
25
Verizon
VZ
$189B
| $13.9M | 0.45% |
282,085
-386,873
| -58% | -$18.7M |
2014 Q1
1 quarter
|
|
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Ruffer LLP's Q2 2014 Portfolio in Review
As of Q2 2014, Ruffer LLP held 103 positions worth $3.08B, down 5.8% from $3.27B the previous quarter. Its ten largest holdings account for 75% of the portfolio.
Ruffer LLP withdrew a net $232M in Q2 2014, closing 10 positions and reducing 32 holdings. Its most notable exit was Tapestry, an estimated $32.8M position sold in full.
By sector, the portfolio is most concentrated in Technology at 38% of assets, up from 32% a quarter earlier, followed by Industrials and Financials.
Against the trend, Ruffer LLP opened a new position in Daqo New Energy worth $1.23M.
- Ruffer LLP's largest Q2 2014 buy was Daqo New Energy: 200,000 shares worth $1.23M.
- Ruffer LLP added most to Oracle in Q2 2014, an estimated $140M increase.
- Ruffer LLP's biggest Q2 2014 reduction was Annaly Capital Management, cutting an estimated $175M.
- Ruffer LLP fully exited Tapestry in Q2 2014, selling an estimated $32.8M.
- Ruffer LLP's ten largest holdings make up 75% of its $3.08B portfolio in Q2 2014.
- Ruffer LLP opened 4 new positions and closed 10 in Q2 2014.
- Ruffer LLP's portfolio value fell 5.8% quarter-over-quarter to $3.08B.
Based on Ruffer LLP's 13F filing for Q2 2014, filed 5 Aug 2014.