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 |
WestRock Company
WRK
|
+$161M |
| 2 |
Apple
AAPL
|
+$126M |
| 3 |
Gilead Sciences
GILD
|
+$108M |
| 4 |
Emerson Electric
EMR
|
+$108M |
| 5 |
Oracle
ORCL
|
+$89.3M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
eBay
EBAY
|
+$222M |
| 2 |
ROCK-TENN COMPANY CL-A
RKT
|
+$159M |
| 3 |
AET
Aetna Inc
AET
|
+$73.1M |
| 4 |
News Corp Class A
NWSA
|
+$21.1M |
| 5 |
JPMorgan Chase
JPM
|
+$17.2M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Industrials | 27.2% |
| 2 | Technology | 27.06% |
| 3 | Healthcare | 11% |
| 4 | Financials | 10.3% |
| 5 | Materials | 8.29% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
1
Boeing
BA
$137B
| $280M | 12% |
2,141,673
-19,103
| -0.9% | -$2.65M |
2014 Q4
3 quarters
|
|
2
Lockheed Martin
LMT
$131B
| $215M | 9.22% |
1,039,344
-30,102
| -3% | -$6.12M |
2013 Q2
9 quarters
|
|
3
Microsoft
MSFT
$3.94T
| $211M | 9.01% |
4,762,789
+53,854
| +1% | +$2.42M |
2013 Q2
9 quarters
|
|
|
4
Gilead Sciences
GILD
$207B
| $201M | 8.6% |
2,048,967
+975,225
| +91% | +$108M |
2015 Q1
2 quarters
|
|
|
5
Oracle
ORCL
$362B
| $174M | 7.46% |
4,827,697
+2,323,722
| +93% | +$89.3M |
2014 Q1
6 quarters
|
|
6
Jefferies Financial Group
JEF
$10.9B
| $144M | 6.17% |
7,953,691
+270,954
| +4% | +$5.44M |
2013 Q4
7 quarters
|
|
|
7
DELISTED
WestRock Company
WRK
| $139M | 5.94% |
+3,000,306
| New | +$161M |
2015 Q3
0 quarters
|
|
|
ATML
8
DELISTED
ATMEL CORP
ATML
| $127M | 5.43% |
15,717,551
+1,905,881
| +14% | +$15.8M |
2013 Q2
9 quarters
|
|
|
9
Apple
AAPL
$4.98T
| $119M | 5.09% |
4,318,704
+4,289,360
| +14,618% | +$126M |
2013 Q2
9 quarters
|
|
10
Texas Instruments
TXN
$254B
| $100M | 4.26% |
2,011,525
+334,099
| +20% | +$16.3M |
2013 Q2
9 quarters
|
|
|
11
Emerson Electric
EMR
$90.6B
| $96.6M | 4.13% |
+2,186,191
| New | +$108M |
2015 Q3
0 quarters
|
|
12
Freeport-McMoran
FCX
$85.3B
| $67.6M | 2.89% |
6,981,576
+6,969,187
| +56,253% | +$83.6M |
2013 Q4
7 quarters
|
|
|
FCB
13
DELISTED
FCB Financial Holdings, Inc.
FCB
| $49.7M | 2.12% |
1,522,451
-7,049
| -0.5% | -$233K |
2014 Q4
3 quarters
|
|
14
Humana
HUM
$52.1B
| $48.6M | 2.08% |
+271,647
| New | +$50.2M |
2015 Q3
0 quarters
|
|
|
GG
15
DELISTED
Goldcorp Inc
GG
| $46.2M | 1.98% |
3,691,449
-657,788
| -15% | -$9.2M |
2014 Q3
4 quarters
|
|
16
Kinross Gold
KGC
$26.2B
| $32.4M | 1.39% |
18,660,993
+1,586,301
| +9% | +$2.9M |
2013 Q2
9 quarters
|
|
17
Alphabet (Google) Class C
GOOG
$3.49T
| $20.4M | 0.87% |
639,520
-144,080
| -18% | -$4.43M |
2013 Q2
9 quarters
|
|
|
18
JPMorgan Chase
JPM
$888B
| $20.1M | 0.86% |
330,248
-263,123
| -44% | -$17.2M |
2013 Q2
9 quarters
|
|
19
Canadian Solar
CSIQ
$755M
| $17.1M | 0.73% |
1,026,396
+633,730
| +161% | +$14.1M |
2013 Q3
8 quarters
|
|
20
Gold Fields
GFI
$34.7B
| $15.6M | 0.67% |
5,845,620
+2,039,840
| +54% | +$5.84M |
2013 Q2
9 quarters
|
|
21
International Paper
IP
$18.3B
| $15.5M | 0.67% |
434,323
-170,168
| -28% | -$7.21M |
2014 Q4
3 quarters
|
|
22
AngloGold Ashanti
AU
$47B
| $14.5M | 0.62% |
1,775,800
+1,055,800
| +147% | +$7.82M |
2015 Q2
1 quarter
|
|
|
23
News Corp Class A
NWSA
$14.2B
| $14.3M | 0.61% |
1,130,985
-1,515,289
| -57% | -$21.1M |
2015 Q1
2 quarters
|
|
24
US Bancorp
USB
$92.6B
| $9.27M | 0.4% |
226,121
+23,050
| +11% | +$998K |
2013 Q2
9 quarters
|
|
|
PCP
25
DELISTED
PRECISION CASTPARTS CORP
PCP
| $8.5M | 0.36% |
37,000
+20,000
| +118% | +$4.29M |
2015 Q1
2 quarters
|
|
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Ruffer LLP's Q3 2015 Portfolio in Review
As of Q3 2015, Ruffer LLP held 107 positions worth $2.34B, up 1.8% from $2.29B the previous quarter. Its ten largest holdings account for 73% of the portfolio.
Ruffer LLP deployed $268M of net new capital in Q3 2015, opening 13 new positions and adding to 28 existing holdings. Its largest new stake was WestRock Company: 3,000,306 shares worth $139M.
By sector, the portfolio is most concentrated in Industrials at 27% of assets, up from 23% a quarter earlier, followed by Technology and Healthcare.
On the sell side, the largest reduction was News Corp Class A, an estimated $21.1M trimmed.
- Ruffer LLP's largest Q3 2015 buy was WestRock Company: 3,000,306 shares worth $139M.
- Ruffer LLP added most to Apple in Q3 2015, an estimated $126M increase.
- Ruffer LLP's biggest Q3 2015 reduction was News Corp Class A, cutting an estimated $21.1M.
- Ruffer LLP fully exited eBay in Q3 2015, selling an estimated $222M.
- Ruffer LLP's ten largest holdings make up 73% of its $2.34B portfolio in Q3 2015.
- Ruffer LLP opened 13 new positions and closed 14 in Q3 2015.
- Ruffer LLP's portfolio value rose 1.8% quarter-over-quarter to $2.34B.
Based on Ruffer LLP's 13F filing for Q3 2015, filed 13 Nov 2015.