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 |
Gilead Sciences
GILD
|
+$98.1M |
| 2 |
eBay
EBAY
|
+$90M |
| 3 |
Oracle
ORCL
|
+$48M |
| 4 |
News Corp Class A
NWSA
|
+$37.6M |
| 5 |
FCB
FCB Financial Holdings, Inc.
FCB
|
+$9.13M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Freeport-McMoran
FCX
|
+$78.9M |
| 2 |
Barrick Mining
B
|
+$55.6M |
| 3 |
Humana
HUM
|
+$49.7M |
| 4 |
VanEck Gold Miners ETF
GDX
|
+$43.1M |
| 5 |
AET
Aetna Inc
AET
|
+$27.8M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Industrials | 23.28% |
| 2 | Technology | 18.63% |
| 3 | Consumer Discretionary | 18.33% |
| 4 | Financials | 15.51% |
| 5 | Miscellaneous | 7.3% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
1
Boeing
BA
$137B
| $300M | 13.06% |
2,160,776
+39,062
| +2% | +$5.7M |
2014 Q4
2 quarters
|
|
|
2
eBay
EBAY
$53.5B
| $222M | 9.66% |
8,739,548
+3,606,483
| +70% | +$90M |
2014 Q4
2 quarters
|
|
3
Microsoft
MSFT
$3.94T
| $208M | 9.06% |
4,708,935
+9,782
| +0.2% | +$446K |
2013 Q2
8 quarters
|
|
4
Lockheed Martin
LMT
$131B
| $199M | 8.66% |
1,069,446
-62,090
| -5% | -$12M |
2013 Q2
8 quarters
|
|
5
Jefferies Financial Group
JEF
$10.9B
| $167M | 7.28% |
7,682,737
-139,219
| -2% | -$2.97M |
2013 Q4
6 quarters
|
|
6
DELISTED
ROCK-TENN COMPANY CL-A
RKT
| $159M | 6.91% |
2,624,037
+120,454
| +5% | +$7.61M |
2014 Q4
2 quarters
|
|
|
ATML
7
DELISTED
ATMEL CORP
ATML
| $136M | 5.93% |
13,811,670
-764,495
| -5% | -$6.73M |
2013 Q2
8 quarters
|
|
|
8
Gilead Sciences
GILD
$207B
| $126M | 5.48% |
1,073,742
+897,624
| +510% | +$98.1M |
2015 Q1
1 quarter
|
|
|
9
Oracle
ORCL
$362B
| $101M | 4.4% |
2,503,975
+1,105,720
| +79% | +$48M |
2014 Q1
5 quarters
|
|
10
Texas Instruments
TXN
$254B
| $86.4M | 3.77% |
1,677,426
-11,090
| -0.7% | -$612K |
2013 Q2
8 quarters
|
|
|
AET
11
DELISTED
Aetna Inc
AET
| $73.1M | 3.19% |
573,819
-243,638
| -30% | -$27.8M |
2014 Q3
3 quarters
|
|
|
GG
12
DELISTED
Goldcorp Inc
GG
| $70.5M | 3.07% |
4,349,237
-808,189
| -16% | -$14.7M |
2014 Q3
3 quarters
|
|
|
FCB
13
DELISTED
FCB Financial Holdings, Inc.
FCB
| $48.7M | 2.12% |
1,529,500
+319,500
| +26% | +$9.13M |
2014 Q4
2 quarters
|
|
14
JPMorgan Chase
JPM
$888B
| $40.2M | 1.75% |
593,371
-11,020
| -2% | -$719K |
2013 Q2
8 quarters
|
|
15
Kinross Gold
KGC
$26.2B
| $39.8M | 1.74% |
17,074,692
+36,680
| +0.2% | +$87.4K |
2013 Q2
8 quarters
|
|
|
16
News Corp Class A
NWSA
$14.2B
| $38.6M | 1.68% |
2,646,274
+2,446,274
| +1,223% | +$37.6M |
2015 Q1
1 quarter
|
|
17
International Paper
IP
$18.3B
| $27.2M | 1.19% |
604,491
-36,240
| -6% | -$1.8M |
2014 Q4
2 quarters
|
|
18
Alphabet (Google) Class C
GOOG
$3.49T
| $21.2M | 0.92% |
783,600
-151,520
| -16% | -$4.06M |
2013 Q2
8 quarters
|
|
|
19
Barrick Mining
B
$66.8B
| $18.1M | 0.79% |
1,693,484
-4,564,211
| -73% | -$55.6M |
2013 Q4
6 quarters
|
|
|
20
VanEck Gold Miners ETF
GDX
$27B
| $14.3M | 0.62% |
808,056
-2,217,119
| -73% | -$43.1M |
2013 Q4
6 quarters
|
|
21
Gold Fields
GFI
$34.7B
| $12.3M | 0.53% |
3,805,780
+1,703,900
| +81% | +$6.38M |
2013 Q2
8 quarters
|
|
22
Canadian Solar
CSIQ
$755M
| $11.2M | 0.49% |
392,666
-99,013
| -20% | -$3.4M |
2013 Q3
7 quarters
|
|
23
VanEck Junior Gold Miners ETF
GDXJ
$7.98B
| $10.5M | 0.46% |
435,832
-182,775
| -30% | -$4.6M |
2013 Q2
8 quarters
|
|
24
US Bancorp
USB
$92.6B
| $8.81M | 0.38% |
203,071
-13,915
| -6% | -$608K |
2013 Q2
8 quarters
|
|
25
M&T Bank
MTB
$31.3B
| $8.6M | 0.38% |
68,885
+20,027
| +41% | +$2.47M |
2013 Q2
8 quarters
|
|
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Ruffer LLP's Q2 2015 Portfolio in Review
As of Q2 2015, Ruffer LLP held 103 positions worth $2.29B, up 0.12% from $2.29B the previous quarter. Its ten largest holdings account for 74% of the portfolio.
Ruffer LLP's Q2 2015 filing shows 10 new, 18 increased, 35 reduced and 9 closed positions. Its largest new stake was AngloGold Ashanti: 720,000 shares worth $6.45M. The largest sale was Freeport-McMoran, an estimated $78.9M.
By sector, the portfolio is most concentrated in Industrials at 23% of assets, down from 26% a quarter earlier, followed by Technology and Consumer Discretionary.
- Ruffer LLP's largest Q2 2015 buy was AngloGold Ashanti: 720,000 shares worth $6.45M.
- Ruffer LLP added most to Gilead Sciences in Q2 2015, an estimated $98.1M increase.
- Ruffer LLP's biggest Q2 2015 reduction was Freeport-McMoran, cutting an estimated $78.9M.
- Ruffer LLP fully exited Humana in Q2 2015, selling an estimated $49.7M.
- Ruffer LLP's ten largest holdings make up 74% of its $2.29B portfolio in Q2 2015.
- Ruffer LLP opened 10 new positions and closed 9 in Q2 2015.
- Ruffer LLP's portfolio value rose 0.12% quarter-over-quarter to $2.29B.
Based on Ruffer LLP's 13F filing for Q2 2015, filed 12 Aug 2015.