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 |
ExxonMobil
XOM
|
+$260M |
| 2 |
Emerson Electric
EMR
|
+$87.4M |
| 3 |
Boeing
BA
|
+$84.4M |
| 4 |
WestRock Company
WRK
|
+$42.5M |
| 5 |
Wheaton Precious Metals
WPM
|
+$29.4M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Gilead Sciences
GILD
|
+$125M |
| 2 |
Texas Instruments
TXN
|
+$91.9M |
| 3 |
Lockheed Martin
LMT
|
+$77.3M |
| 4 |
Freeport-McMoran
FCX
|
+$57.9M |
| 5 |
Apple
AAPL
|
+$57.2M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Industrials | 34.04% |
| 2 | Technology | 22% |
| 3 | Energy | 11.38% |
| 4 | Materials | 8.03% |
| 5 | Consumer Discretionary | 7.95% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
1
Boeing
BA
$137B
| $394M | 17.3% |
2,727,812
+586,139
| +27% | +$84.4M |
2014 Q4
4 quarters
|
|
|
2
ExxonMobil
XOM
$673B
| $254M | 11.13% |
3,255,658
+3,251,959
| +87,915% | +$260M |
2013 Q2
10 quarters
|
|
3
Microsoft
MSFT
$4.06T
| $211M | 9.26% |
3,804,697
-958,092
| -20% | -$50.4M |
2013 Q2
10 quarters
|
|
|
4
Emerson Electric
EMR
$95.4B
| $192M | 8.44% |
4,021,973
+1,835,782
| +84% | +$87.4M |
2015 Q3
1 quarter
|
|
5
Oracle
ORCL
$374B
| $181M | 7.95% |
4,959,101
+131,404
| +3% | +$5.02M |
2014 Q1
7 quarters
|
|
|
6
DELISTED
WestRock Company
WRK
| $162M | 7.09% |
3,934,046
+933,740
| +31% | +$42.5M |
2015 Q3
1 quarter
|
|
|
7
Lockheed Martin
LMT
$136B
| $148M | 6.5% |
682,895
-356,449
| -34% | -$77.3M |
2013 Q2
10 quarters
|
|
|
ATML
8
DELISTED
ATMEL CORP
ATML
| $106M | 4.65% |
12,292,463
-3,425,088
| -22% | -$28.7M |
2013 Q2
10 quarters
|
|
|
9
Gilead Sciences
GILD
$211B
| $86.2M | 3.78% |
851,856
-1,197,111
| -58% | -$125M |
2015 Q1
3 quarters
|
|
10
Jefferies Financial Group
JEF
$11.4B
| $80.2M | 3.52% |
5,156,205
-2,797,486
| -35% | -$46.8M |
2013 Q4
8 quarters
|
|
|
11
Apple
AAPL
$5.1T
| $61M | 2.68% |
2,318,668
-2,000,036
| -46% | -$57.2M |
2013 Q2
10 quarters
|
|
|
GG
12
DELISTED
Goldcorp Inc
GG
| $47M | 2.06% |
4,067,876
+376,427
| +10% | +$4.79M |
2014 Q3
5 quarters
|
|
13
Kinross Gold
KGC
$27B
| $35.4M | 1.55% |
19,508,861
+847,868
| +5% | +$1.67M |
2013 Q2
10 quarters
|
|
|
FCB
14
DELISTED
FCB Financial Holdings, Inc.
FCB
| $31.4M | 1.38% |
878,240
-644,211
| -42% | -$23M |
2014 Q4
4 quarters
|
|
|
15
Wheaton Precious Metals
WPM
$65.4B
| $27.8M | 1.22% |
2,233,495
+2,223,495
| +22,235% | +$29.4M |
2015 Q3
1 quarter
|
|
|
16
Texas Instruments
TXN
$272B
| $20M | 0.88% |
364,510
-1,647,015
| -82% | -$91.9M |
2013 Q2
10 quarters
|
|
17
Gold Fields
GFI
$36.5B
| $18.3M | 0.8% |
6,609,630
+764,010
| +13% | +$2.02M |
2013 Q2
10 quarters
|
|
18
AngloGold Ashanti
AU
$50.4B
| $17.3M | 0.76% |
2,434,902
+659,102
| +37% | +$5.03M |
2015 Q2
2 quarters
|
|
19
Canadian Solar
CSIQ
$734M
| $17M | 0.75% |
588,159
-438,237
| -43% | -$10.1M |
2013 Q3
9 quarters
|
|
20
Newmont
NEM
$130B
| $12.4M | 0.55% |
+691,807
| New | +$12.7M |
2015 Q4
0 quarters
|
|
21
DELISTED
Hollsys Automation Technologies INTERNATIONAL, LTD. COMMON (British Virgin Island)
HOLI
| $10.2M | 0.45% |
460,000
| – | – |
2015 Q3
1 quarter
|
|
22
US Bancorp
USB
$95.3B
| $9.26M | 0.41% |
217,121
-9,000
| -4% | -$385K |
2013 Q2
10 quarters
|
|
23
Barrick Mining
B
$70B
| $8.26M | 0.36% |
1,118,382
+103,161
| +10% | +$769K |
2013 Q4
8 quarters
|
|
24
Huazhu Hotels Group
HTHT
$15.9B
| $7.82M | 0.34% |
1,000,000
| – | – |
2013 Q2
10 quarters
|
|
25
Baidu
BIDU
$27.7B
| $7.56M | 0.33% |
40,000
| – | – |
2013 Q2
10 quarters
|
|
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Ruffer LLP's Q4 2015 Portfolio in Review
As of Q4 2015, Ruffer LLP held 107 positions worth $2.28B, down 2.5% from $2.34B the previous quarter. Its ten largest holdings account for 80% of the portfolio.
Ruffer LLP withdrew a net $162M in Q4 2015, closing 13 positions and reducing 37 holdings. Its most notable exit was Humana, an estimated $48.6M position sold in full.
By sector, the portfolio is most concentrated in Industrials at 34% of assets, up from 27% a quarter earlier, followed by Technology and Energy.
Against the trend, Ruffer LLP opened a new position in Newmont worth $12.4M.
- Ruffer LLP's largest Q4 2015 buy was Newmont: 691,807 shares worth $12.4M.
- Ruffer LLP added most to ExxonMobil in Q4 2015, an estimated $260M increase.
- Ruffer LLP's biggest Q4 2015 reduction was Gilead Sciences, cutting an estimated $125M.
- Ruffer LLP fully exited Humana in Q4 2015, selling an estimated $48.6M.
- Ruffer LLP's ten largest holdings make up 80% of its $2.28B portfolio in Q4 2015.
- Ruffer LLP opened 14 new positions and closed 13 in Q4 2015.
- Ruffer LLP's portfolio value fell 2.5% quarter-over-quarter to $2.28B.
Based on Ruffer LLP's 13F filing for Q4 2015, filed 11 Feb 2016.