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 |
Ingevity
NGVT
|
+$37.7M |
| 2 |
Qualcomm
QCOM
|
+$31.1M |
| 3 |
Apple
AAPL
|
+$7.77M |
| 4 |
Newmont
NEM
|
+$7.56M |
| 5 |
Canadian Solar
CSIQ
|
+$6.96M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Boeing
BA
|
+$183M |
| 2 |
GG
Goldcorp Inc
GG
|
+$57.9M |
| 3 |
Kinross Gold
KGC
|
+$42.9M |
| 4 |
ExxonMobil
XOM
|
+$29.7M |
| 5 |
Wheaton Precious Metals
WPM
|
+$29.6M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Industrials | 26.55% |
| 2 | Technology | 25.01% |
| 3 | Energy | 15.2% |
| 4 | Materials | 14.75% |
| 5 | Consumer Discretionary | 8.36% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
1
ExxonMobil
XOM
$677B
| $331M | 14.99% |
3,527,798
-336,023
| -9% | -$29.7M |
2013 Q2
12 quarters
|
|
|
2
Boeing
BA
$137B
| $209M | 9.45% |
1,606,402
-1,406,796
| -47% | -$183M |
2014 Q4
6 quarters
|
|
3
Oracle
ORCL
$362B
| $207M | 9.39% |
5,062,686
+57,404
| +1% | +$2.29M |
2014 Q1
9 quarters
|
|
4
Emerson Electric
EMR
$90.6B
| $186M | 8.44% |
3,570,568
+39,827
| +1% | +$2.12M |
2015 Q3
3 quarters
|
|
5
Microsoft
MSFT
$3.94T
| $176M | 7.96% |
3,430,322
-37,833
| -1% | -$1.97M |
2013 Q2
12 quarters
|
|
6
DELISTED
WestRock Company
WRK
| $170M | 7.72% |
4,383,338
+157,536
| +4% | +$5.91M |
2015 Q3
3 quarters
|
|
7
Lockheed Martin
LMT
$131B
| $164M | 7.41% |
658,870
-9,234
| -1% | -$2.18M |
2013 Q2
12 quarters
|
|
8
Gilead Sciences
GILD
$207B
| $81.5M | 3.69% |
976,758
-8,606
| -0.9% | -$764K |
2015 Q1
5 quarters
|
|
|
9
Apple
AAPL
$4.98T
| $73.3M | 3.32% |
3,064,908
+312,764
| +11% | +$7.77M |
2013 Q2
12 quarters
|
|
|
10
Wheaton Precious Metals
WPM
$61.9B
| $68.8M | 3.12% |
2,926,567
-1,534,213
| -34% | -$29.6M |
2015 Q3
3 quarters
|
|
11
Jefferies Financial Group
JEF
$10.9B
| $68.6M | 3.11% |
4,426,653
-399,182
| -8% | -$6.1M |
2013 Q4
10 quarters
|
|
|
12
Kinross Gold
KGC
$26.2B
| $62.9M | 2.85% |
12,880,294
-8,985,573
| -41% | -$42.9M |
2013 Q2
12 quarters
|
|
13
AngloGold Ashanti
AU
$47B
| $43.9M | 1.99% |
2,429,001
+169,001
| +7% | +$2.57M |
2015 Q2
4 quarters
|
|
|
14
Ingevity
NGVT
$2.03B
| $41.1M | 1.86% |
+1,208,063
| New | +$37.7M |
2016 Q2
0 quarters
|
|
|
15
Qualcomm
QCOM
$177B
| $37.1M | 1.68% |
693,151
+590,171
| +573% | +$31.1M |
2015 Q4
2 quarters
|
|
16
Texas Instruments
TXN
$254B
| $35.8M | 1.62% |
571,480
-322,564
| -36% | -$19.2M |
2013 Q2
12 quarters
|
|
17
Gold Fields
GFI
$34.7B
| $34.8M | 1.58% |
7,099,947
+1,614,000
| +29% | +$6.73M |
2013 Q2
12 quarters
|
|
|
18
Newmont
NEM
$126B
| $32.6M | 1.48% |
832,628
+228,223
| +38% | +$7.56M |
2015 Q4
2 quarters
|
|
|
GG
19
DELISTED
Goldcorp Inc
GG
| $26.9M | 1.22% |
1,409,552
-3,267,088
| -70% | -$57.9M |
2014 Q3
7 quarters
|
|
|
20
Canadian Solar
CSIQ
$755M
| $16.1M | 0.73% |
1,061,914
+401,678
| +61% | +$6.96M |
2013 Q3
11 quarters
|
|
21
US Bancorp
USB
$92.6B
| $10.6M | 0.48% |
262,421
-3,160
| -1% | -$132K |
2013 Q2
12 quarters
|
|
22
DELISTED
Hollsys Automation Technologies INTERNATIONAL, LTD. COMMON (British Virgin Island)
HOLI
| $8.68M | 0.39% |
500,000
+20,000
| +4% | +$367K |
2015 Q3
3 quarters
|
|
23
JPMorgan Chase
JPM
$888B
| $7.49M | 0.34% |
120,436
-5,848
| -5% | -$365K |
2013 Q2
12 quarters
|
|
24
VanEck Gold Miners ETF
GDX
$27B
| $7.33M | 0.33% |
264,676
-126,689
| -32% | -$3.04M |
2013 Q4
10 quarters
|
|
25
Baidu
BIDU
$27.9B
| $6.61M | 0.3% |
40,000
| – | – |
2013 Q2
12 quarters
|
|
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Ruffer LLP's Q2 2016 Portfolio in Review
As of Q2 2016, Ruffer LLP held 94 positions worth $2.21B, down 7.9% from $2.4B the previous quarter. Its ten largest holdings account for 75% of the portfolio.
Ruffer LLP withdrew a net $333M in Q2 2016, closing 16 positions and reducing 46 holdings. Its most notable exit was FCB Financial Holdings, Inc., an estimated $27.1M position sold in full.
By sector, the portfolio is most concentrated in Industrials at 27% of assets, down from 31% a quarter earlier, followed by Technology and Energy.
Against the trend, Ruffer LLP opened a new position in Ingevity worth $41.1M.
- Ruffer LLP's largest Q2 2016 buy was Ingevity: 1,208,063 shares worth $41.1M.
- Ruffer LLP added most to Qualcomm in Q2 2016, an estimated $31.1M increase.
- Ruffer LLP's biggest Q2 2016 reduction was Boeing, cutting an estimated $183M.
- Ruffer LLP fully exited FCB Financial Holdings, Inc. in Q2 2016, selling an estimated $27.1M.
- Ruffer LLP's ten largest holdings make up 75% of its $2.21B portfolio in Q2 2016.
- Ruffer LLP opened 9 new positions and closed 16 in Q2 2016.
- Ruffer LLP's portfolio value fell 7.9% quarter-over-quarter to $2.21B.
Based on Ruffer LLP's 13F filing for Q2 2016, filed 9 Aug 2016.