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 |
Humana
HUM
|
+$128M |
| 2 |
GG
Goldcorp Inc
GG
|
+$110M |
| 3 |
AET
Aetna Inc
AET
|
+$66.5M |
| 4 |
ATML
ATMEL CORP
ATML
|
+$30.9M |
| 5 |
Thomson Reuters
TRI
|
+$30.6M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
General Dynamics
GD
|
+$122M |
| 2 |
IBM
IBM
|
+$90.8M |
| 3 |
Freeport-McMoran
FCX
|
+$86.9M |
| 4 |
JPMorgan Chase
JPM
|
+$80.1M |
| 5 |
Qualcomm
QCOM
|
+$28.2M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 37.94% |
| 2 | Industrials | 19.82% |
| 3 | Financials | 15.52% |
| 4 | Materials | 8.94% |
| 5 | Miscellaneous | 7.3% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
1
Lockheed Martin
LMT
$131B
| $406M | 14.54% |
2,220,075
-81,469
| -4% | -$13.9M |
2013 Q2
5 quarters
|
|
2
Microsoft
MSFT
$3.94T
| $299M | 10.72% |
6,454,760
-398,278
| -6% | -$17.8M |
2013 Q2
5 quarters
|
|
3
Oracle
ORCL
$362B
| $237M | 8.5% |
6,194,688
+279,395
| +5% | +$11.3M |
2014 Q1
2 quarters
|
|
|
4
Qualcomm
QCOM
$177B
| $236M | 8.46% |
3,156,051
-368,376
| -10% | -$28.2M |
2013 Q4
3 quarters
|
|
|
ATML
5
DELISTED
ATMEL CORP
ATML
| $184M | 6.6% |
22,794,957
+3,573,420
| +19% | +$30.9M |
2013 Q2
5 quarters
|
|
|
6
JPMorgan Chase
JPM
$888B
| $167M | 5.99% |
2,772,562
-1,370,559
| -33% | -$80.1M |
2013 Q2
5 quarters
|
|
7
Jefferies Financial Group
JEF
$10.9B
| $160M | 5.75% |
7,515,215
+713,992
| +10% | +$16.1M |
2013 Q4
3 quarters
|
|
8
Texas Instruments
TXN
$254B
| $147M | 5.28% |
3,091,292
+37,957
| +1% | +$1.82M |
2013 Q2
5 quarters
|
|
|
9
Humana
HUM
$52.1B
| $132M | 4.72% |
+1,010,581
| New | +$128M |
2014 Q3
0 quarters
|
|
|
10
General Dynamics
GD
$95.7B
| $105M | 3.78% |
829,803
-1,008,829
| -55% | -$122M |
2013 Q2
5 quarters
|
|
11
Barrick Mining
B
$66.8B
| $101M | 3.61% |
6,858,136
-905,948
| -12% | -$16.1M |
2013 Q4
3 quarters
|
|
|
12
IBM
IBM
$232B
| $100M | 3.59% |
551,809
-498,311
| -47% | -$90.8M |
2013 Q2
5 quarters
|
|
|
GG
13
DELISTED
Goldcorp Inc
GG
| $94.1M | 3.37% |
+4,085,335
| New | +$110M |
2014 Q3
0 quarters
|
|
|
AET
14
DELISTED
Aetna Inc
AET
| $66.2M | 2.37% |
+817,608
| New | +$66.5M |
2014 Q3
0 quarters
|
|
15
Alphabet (Google) Class C
GOOG
$3.49T
| $37.1M | 1.33% |
1,266,167
-838,997
| -40% | -$24.3M |
2013 Q2
5 quarters
|
|
16
Kinross Gold
KGC
$26.2B
| $30M | 1.07% |
9,075,191
-407,788
| -4% | -$1.6M |
2013 Q2
5 quarters
|
|
|
17
Thomson Reuters
TRI
$48.8B
| $29.9M | 1.07% |
+706,569
| New | +$30.6M |
2014 Q3
0 quarters
|
|
18
Canadian Solar
CSIQ
$755M
| $24.1M | 0.86% |
672,733
-31,000
| -4% | -$1.01M |
2013 Q3
4 quarters
|
|
19
M&T Bank
MTB
$31.3B
| $17.7M | 0.63% |
143,216
-1,210
| -0.8% | -$149K |
2013 Q2
5 quarters
|
|
20
Novartis
NVS
$307B
| $15.9M | 0.57% |
188,437
-209,968
| -53% | -$17M |
2014 Q1
2 quarters
|
|
|
VIAB
21
DELISTED
Viacom Inc. Class B
VIAB
| $15.2M | 0.54% |
197,224
-5,065
| -3% | -$417K |
2013 Q2
5 quarters
|
|
|
22
Freeport-McMoran
FCX
$85.3B
| $13.7M | 0.49% |
419,921
-2,392,077
| -85% | -$86.9M |
2013 Q4
3 quarters
|
|
23
Johnson & Johnson
JNJ
$665B
| $13.5M | 0.48% |
126,419
-106,958
| -46% | -$11.1M |
2013 Q2
5 quarters
|
|
24
Walmart Inc
WMT
$996B
| $12.8M | 0.46% |
503,592
-616,944
| -55% | -$15.6M |
2013 Q2
5 quarters
|
|
25
VanEck Junior Gold Miners ETF
GDXJ
$7.98B
| $8.8M | 0.32% |
261,811
-48,301
| -16% | -$1.96M |
2013 Q2
5 quarters
|
|
Similar funds
Ruffer LLP's Q3 2014 Portfolio in Review
As of Q3 2014, Ruffer LLP held 103 positions worth $2.79B, down 9.3% from $3.08B the previous quarter. Its ten largest holdings account for 74% of the portfolio.
Ruffer LLP withdrew a net $272M in Q3 2014, closing 18 positions and reducing 40 holdings. Its most notable exit was GE Aerospace, an estimated $2.82M position sold in full.
By sector, the portfolio is most concentrated in Technology at 38% of assets, down from 38% a quarter earlier, followed by Industrials and Financials.
Against the trend, Ruffer LLP opened a new position in Humana worth $132M.
- Ruffer LLP's largest Q3 2014 buy was Humana: 1,010,581 shares worth $132M.
- Ruffer LLP added most to ATMEL CORP in Q3 2014, an estimated $30.9M increase.
- Ruffer LLP's biggest Q3 2014 reduction was General Dynamics, cutting an estimated $122M.
- Ruffer LLP fully exited GE Aerospace in Q3 2014, selling an estimated $2.82M.
- Ruffer LLP's ten largest holdings make up 74% of its $2.79B portfolio in Q3 2014.
- Ruffer LLP opened 10 new positions and closed 18 in Q3 2014.
- Ruffer LLP's portfolio value fell 9.3% quarter-over-quarter to $2.79B.
Based on Ruffer LLP's 13F filing for Q3 2014, filed 7 Nov 2014.