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 |
Boeing
BA
|
+$242M |
| 2 |
VIAB
Viacom Inc. Class B
VIAB
|
+$145M |
| 3 |
eBay
EBAY
|
+$134M |
| 4 |
ROCK-TENN COMPANY CL-A
RKT
|
+$83.6M |
| 5 |
Humana
HUM
|
+$31.5M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Qualcomm
QCOM
|
+$228M |
| 2 |
JPMorgan Chase
JPM
|
+$103M |
| 3 |
IBM
IBM
|
+$69.5M |
| 4 |
Lockheed Martin
LMT
|
+$51.1M |
| 5 |
Microsoft
MSFT
|
+$24.1M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 26.12% |
| 2 | Industrials | 25.02% |
| 3 | Financials | 12.1% |
| 4 | Consumer Discretionary | 8% |
| 5 | Healthcare | 7.06% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
1
Lockheed Martin
LMT
$131B
| $375M | 12.3% |
1,944,683
-275,392
| -12% | -$51.1M |
2013 Q2
6 quarters
|
|
2
Oracle
ORCL
$362B
| $278M | 9.11% |
6,171,281
-23,407
| -0.4% | -$953K |
2014 Q1
3 quarters
|
|
|
3
Microsoft
MSFT
$3.94T
| $276M | 9.07% |
5,942,340
-512,420
| -8% | -$24.1M |
2013 Q2
6 quarters
|
|
|
4
Boeing
BA
$137B
| $248M | 8.14% |
+1,908,402
| New | +$242M |
2014 Q4
0 quarters
|
|
|
ATML
5
DELISTED
ATMEL CORP
ATML
| $192M | 6.29% |
22,813,373
+18,416
| +0.1% | +$141K |
2013 Q2
6 quarters
|
|
6
Texas Instruments
TXN
$254B
| $184M | 6.04% |
3,443,091
+351,799
| +11% | +$17.8M |
2013 Q2
6 quarters
|
|
|
7
Humana
HUM
$52.1B
| $178M | 5.85% |
1,240,920
+230,339
| +23% | +$31.5M |
2014 Q3
1 quarter
|
|
|
VIAB
8
DELISTED
Viacom Inc. Class B
VIAB
| $164M | 5.38% |
2,178,580
+1,981,356
| +1,005% | +$145M |
2013 Q2
6 quarters
|
|
9
Jefferies Financial Group
JEF
$10.9B
| $157M | 5.14% |
7,804,919
+289,704
| +4% | +$5.98M |
2013 Q4
4 quarters
|
|
|
10
eBay
EBAY
$53.5B
| $139M | 4.57% |
+5,886,759
| New | +$134M |
2014 Q4
0 quarters
|
|
11
General Dynamics
GD
$95.7B
| $106M | 3.49% |
771,361
-58,442
| -7% | -$7.95M |
2013 Q2
6 quarters
|
|
|
12
DELISTED
ROCK-TENN COMPANY CL-A
RKT
| $94M | 3.09% |
+1,541,239
| New | +$83.6M |
2014 Q4
0 quarters
|
|
|
AET
13
DELISTED
Aetna Inc
AET
| $77.8M | 2.55% |
875,072
+57,464
| +7% | +$4.82M |
2014 Q3
1 quarter
|
|
|
GG
14
DELISTED
Goldcorp Inc
GG
| $76.1M | 2.5% |
4,110,972
+25,637
| +0.6% | +$526K |
2014 Q3
1 quarter
|
|
15
Barrick Mining
B
$66.8B
| $75M | 2.46% |
6,967,681
+109,545
| +2% | +$1.35M |
2013 Q4
4 quarters
|
|
|
16
JPMorgan Chase
JPM
$888B
| $66.7M | 2.19% |
1,065,524
-1,707,038
| -62% | -$103M |
2013 Q2
6 quarters
|
|
17
Alphabet (Google) Class C
GOOG
$3.49T
| $32.8M | 1.08% |
1,238,772
-27,395
| -2% | -$735K |
2013 Q2
6 quarters
|
|
|
FCB
18
DELISTED
FCB Financial Holdings, Inc.
FCB
| $29.8M | 0.98% |
+1,210,000
| New | +$28.4M |
2014 Q4
0 quarters
|
|
19
Kinross Gold
KGC
$26.2B
| $25.6M | 0.84% |
9,095,561
+20,370
| +0.2% | +$57.2K |
2013 Q2
6 quarters
|
|
20
Canadian Solar
CSIQ
$755M
| $20.2M | 0.66% |
836,392
+163,659
| +24% | +$4.45M |
2013 Q3
5 quarters
|
|
21
M&T Bank
MTB
$31.3B
| $18.9M | 0.62% |
150,489
+7,273
| +5% | +$893K |
2013 Q2
6 quarters
|
|
|
22
IBM
IBM
$232B
| $17.6M | 0.58% |
114,709
-437,100
| -79% | -$69.5M |
2013 Q2
6 quarters
|
|
23
Thomson Reuters
TRI
$48.8B
| $17.6M | 0.58% |
375,819
-330,750
| -47% | -$14.6M |
2014 Q3
1 quarter
|
|
24
Freeport-McMoran
FCX
$85.3B
| $15.9M | 0.52% |
681,523
+261,602
| +62% | +$7.22M |
2013 Q4
4 quarters
|
|
25
Novartis
NVS
$307B
| $14.8M | 0.49% |
178,381
-10,056
| -5% | -$834K |
2014 Q1
3 quarters
|
|
Similar funds
Ruffer LLP's Q4 2014 Portfolio in Review
As of Q4 2014, Ruffer LLP held 96 positions worth $3.05B, up 9.1% from $2.79B the previous quarter. Its ten largest holdings account for 72% of the portfolio.
Ruffer LLP deployed $201M of net new capital in Q4 2014, opening 11 new positions and adding to 21 existing holdings. Its largest new stake was Boeing: 1,908,402 shares worth $248M.
By sector, the portfolio is most concentrated in Technology at 26% of assets, down from 38% a quarter earlier, followed by Industrials and Financials.
On the sell side, the largest reduction was Qualcomm, an estimated $228M trimmed.
- Ruffer LLP's largest Q4 2014 buy was Boeing: 1,908,402 shares worth $248M.
- Ruffer LLP added most to Viacom Inc. Class B in Q4 2014, an estimated $145M increase.
- Ruffer LLP's biggest Q4 2014 reduction was Qualcomm, cutting an estimated $228M.
- Ruffer LLP fully exited Centene in Q4 2014, selling an estimated $4.47M.
- Ruffer LLP's ten largest holdings make up 72% of its $3.05B portfolio in Q4 2014.
- Ruffer LLP opened 11 new positions and closed 7 in Q4 2014.
- Ruffer LLP's portfolio value rose 9.1% quarter-over-quarter to $3.05B.
Based on Ruffer LLP's 13F filing for Q4 2014, filed 11 Feb 2015.