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 |
ROCK-TENN COMPANY CL-A
RKT
|
+$63.1M |
| 2 |
Freeport-McMoran
FCX
|
+$62.3M |
| 3 |
VanEck Gold Miners ETF
GDX
|
+$52.8M |
| 4 |
International Paper
IP
|
+$32.7M |
| 5 |
Boeing
BA
|
+$31.1M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Oracle
ORCL
|
+$207M |
| 2 |
Lockheed Martin
LMT
|
+$161M |
| 3 |
Humana
HUM
|
+$152M |
| 4 |
VIAB
Viacom Inc. Class B
VIAB
|
+$128M |
| 5 |
Texas Instruments
TXN
|
+$98.5M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Industrials | 25.6% |
| 2 | Technology | 16.79% |
| 3 | Financials | 14.78% |
| 4 | Consumer Discretionary | 14.42% |
| 5 | Materials | 12.82% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
1
Boeing
BA
$138B
| $318M | 13.89% |
2,121,714
+213,312
| +11% | +$31.1M |
2014 Q4
1 quarter
|
|
|
2
Lockheed Martin
LMT
$140B
| $230M | 10.02% |
1,131,536
-813,147
| -42% | -$161M |
2013 Q2
7 quarters
|
|
3
Microsoft
MSFT
$3.87T
| $191M | 8.34% |
4,699,153
-1,243,187
| -21% | -$54.1M |
2013 Q2
7 quarters
|
|
|
4
DELISTED
ROCK-TENN COMPANY CL-A
RKT
| $161M | 7.05% |
2,503,583
+962,344
| +62% | +$63.1M |
2014 Q4
1 quarter
|
|
5
Jefferies Financial Group
JEF
$11B
| $156M | 6.81% |
7,821,956
+17,037
| +0.2% | +$352K |
2013 Q4
5 quarters
|
|
6
eBay
EBAY
$54.1B
| $125M | 5.44% |
5,133,065
-753,694
| -13% | -$18M |
2014 Q4
1 quarter
|
|
|
ATML
7
DELISTED
ATMEL CORP
ATML
| $120M | 5.24% |
14,576,165
-8,237,208
| -36% | -$69.2M |
2013 Q2
7 quarters
|
|
|
8
Texas Instruments
TXN
$286B
| $96.6M | 4.21% |
1,688,516
-1,754,575
| -51% | -$98.5M |
2013 Q2
7 quarters
|
|
|
GG
9
DELISTED
Goldcorp Inc
GG
| $93.4M | 4.08% |
5,157,426
+1,046,454
| +25% | +$22.3M |
2014 Q3
2 quarters
|
|
|
AET
10
DELISTED
Aetna Inc
AET
| $87.1M | 3.8% |
817,457
-57,615
| -7% | -$5.64M |
2014 Q3
2 quarters
|
|
|
11
Freeport-McMoran
FCX
$89.9B
| $72.7M | 3.17% |
3,833,580
+3,152,057
| +463% | +$62.3M |
2013 Q4
5 quarters
|
|
12
Barrick Mining
B
$64.7B
| $68.6M | 2.99% |
6,257,695
-709,986
| -10% | -$8.4M |
2013 Q4
5 quarters
|
|
|
13
Oracle
ORCL
$405B
| $60.4M | 2.63% |
1,398,255
-4,773,026
| -77% | -$207M |
2014 Q1
4 quarters
|
|
|
14
VanEck Gold Miners ETF
GDX
$26.5B
| $55.1M | 2.41% |
3,025,175
+2,587,153
| +591% | +$52.8M |
2013 Q4
5 quarters
|
|
|
15
Humana
HUM
$53.5B
| $49.7M | 2.17% |
279,003
-961,917
| -78% | -$152M |
2014 Q3
2 quarters
|
|
16
Kinross Gold
KGC
$25.4B
| $38M | 1.66% |
17,038,012
+7,942,451
| +87% | +$23.1M |
2013 Q2
7 quarters
|
|
17
JPMorgan Chase
JPM
$913B
| $36.6M | 1.6% |
604,391
-461,133
| -43% | -$27.3M |
2013 Q2
7 quarters
|
|
|
18
International Paper
IP
$18.5B
| $33.7M | 1.47% |
640,731
+630,854
| +6,387% | +$32.7M |
2014 Q4
1 quarter
|
|
|
FCB
19
DELISTED
FCB Financial Holdings, Inc.
FCB
| $33.1M | 1.45% |
1,210,000
| – | – |
2014 Q4
1 quarter
|
|
20
Alphabet (Google) Class C
GOOG
$3.58T
| $25.8M | 1.13% |
935,120
-303,652
| -25% | -$8.14M |
2013 Q2
7 quarters
|
|
|
VIAB
21
DELISTED
Viacom Inc. Class B
VIAB
| $22.7M | 0.99% |
331,905
-1,846,675
| -85% | -$128M |
2013 Q2
7 quarters
|
|
22
Gilead Sciences
GILD
$210B
| $17.3M | 0.75% |
+176,118
| New | +$17.9M |
2015 Q1
0 quarters
|
|
23
Canadian Solar
CSIQ
$703M
| $16.4M | 0.72% |
491,679
-344,713
| -41% | -$9.5M |
2013 Q3
6 quarters
|
|
24
General Dynamics
GD
$99.2B
| $15.3M | 0.67% |
112,701
-658,660
| -85% | -$90.3M |
2013 Q2
7 quarters
|
|
25
VanEck Junior Gold Miners ETF
GDXJ
$7.81B
| $14M | 0.61% |
618,607
+354,894
| +135% | +$9.2M |
2013 Q2
7 quarters
|
|
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Ruffer LLP's Q1 2015 Portfolio in Review
As of Q1 2015, Ruffer LLP held 105 positions worth $2.29B, down 25% from $3.05B the previous quarter. Its ten largest holdings account for 69% of the portfolio.
Ruffer LLP withdrew a net $785M in Q1 2015, closing 12 positions and reducing 36 holdings. Its most notable exit was Thomson Reuters, an estimated $17.6M position sold in full.
By sector, the portfolio is most concentrated in Industrials at 26% of assets, up from 25% a quarter earlier, followed by Technology and Financials.
Against the trend, Ruffer LLP opened a new position in Gilead Sciences worth $17.3M.
- Ruffer LLP's largest Q1 2015 buy was Gilead Sciences: 176,118 shares worth $17.3M.
- Ruffer LLP added most to ROCK-TENN COMPANY CL-A in Q1 2015, an estimated $63.1M increase.
- Ruffer LLP's biggest Q1 2015 reduction was Oracle, cutting an estimated $207M.
- Ruffer LLP fully exited Thomson Reuters in Q1 2015, selling an estimated $17.6M.
- Ruffer LLP's ten largest holdings make up 69% of its $2.29B portfolio in Q1 2015.
- Ruffer LLP opened 16 new positions and closed 12 in Q1 2015.
- Ruffer LLP's portfolio value fell 25% quarter-over-quarter to $2.29B.
Based on Ruffer LLP's 13F filing for Q1 2015, filed 12 May 2015.