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 |
Cemex
CX
|
+$19.2M |
| 2 |
Qualcomm
QCOM
|
+$7.5M |
| 3 |
DRDGold
DRD
|
+$7.09M |
| 4 |
Harmony Gold Mining
HMY
|
+$3.37M |
| 5 |
Barrick Mining
B
|
+$3.21M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Lockheed Martin
LMT
|
+$152M |
| 2 |
ExxonMobil
XOM
|
+$124M |
| 3 |
Boeing
BA
|
+$89.8M |
| 4 |
Wheaton Precious Metals
WPM
|
+$46.1M |
| 5 |
Emerson Electric
EMR
|
+$40.7M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 31.89% |
| 2 | Industrials | 18.3% |
| 3 | Materials | 14.64% |
| 4 | Consumer Discretionary | 12.22% |
| 5 | Energy | 11.31% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
1
DELISTED
WestRock Company
WRK
| $192M | 11.49% |
4,066,332
-317,006
| -7% | -$14.2M |
2015 Q3
4 quarters
|
|
|
2
ExxonMobil
XOM
$677B
| $184M | 10.98% |
2,124,847
-1,402,951
| -40% | -$124M |
2013 Q2
13 quarters
|
|
3
Oracle
ORCL
$362B
| $182M | 10.87% |
4,652,308
-410,378
| -8% | -$16.7M |
2014 Q1
10 quarters
|
|
4
Microsoft
MSFT
$3.94T
| $172M | 10.28% |
2,997,974
-432,348
| -13% | -$24.4M |
2013 Q2
13 quarters
|
|
|
5
Emerson Electric
EMR
$90.6B
| $149M | 8.9% |
2,811,360
-759,208
| -21% | -$40.7M |
2015 Q3
4 quarters
|
|
|
6
Boeing
BA
$137B
| $121M | 7.24% |
924,983
-681,419
| -42% | -$89.8M |
2014 Q4
7 quarters
|
|
7
Apple
AAPL
$4.98T
| $87.4M | 5.22% |
3,113,512
+48,604
| +2% | +$1.29M |
2013 Q2
13 quarters
|
|
8
Jefferies Financial Group
JEF
$10.9B
| $73.1M | 4.36% |
4,352,889
-73,764
| -2% | -$1.22M |
2013 Q4
11 quarters
|
|
9
Gilead Sciences
GILD
$207B
| $70.5M | 4.21% |
905,315
-71,443
| -7% | -$5.8M |
2015 Q1
6 quarters
|
|
|
10
Qualcomm
QCOM
$177B
| $55.1M | 3.29% |
816,453
+123,302
| +18% | +$7.5M |
2015 Q4
3 quarters
|
|
11
Kinross Gold
KGC
$26.2B
| $49.4M | 2.95% |
11,812,306
-1,067,988
| -8% | -$5.15M |
2013 Q2
13 quarters
|
|
12
Ingevity
NGVT
$2.03B
| $44.6M | 2.66% |
949,656
-258,407
| -21% | -$10.9M |
2016 Q2
1 quarter
|
|
13
AngloGold Ashanti
AU
$47B
| $30.4M | 1.81% |
1,879,001
-550,000
| -23% | -$10.4M |
2015 Q2
5 quarters
|
|
14
Gold Fields
GFI
$34.7B
| $29.8M | 1.78% |
6,098,747
-1,001,200
| -14% | -$5.67M |
2013 Q2
13 quarters
|
|
|
15
Wheaton Precious Metals
WPM
$61.9B
| $28.1M | 1.68% |
1,252,146
-1,674,421
| -57% | -$46.1M |
2015 Q3
4 quarters
|
|
|
16
Cemex
CX
$15.5B
| $20.6M | 1.23% |
+2,609,333
| New | +$19.2M |
2016 Q3
0 quarters
|
|
|
GG
17
DELISTED
Goldcorp Inc
GG
| $18.5M | 1.1% |
1,110,453
-299,099
| -21% | -$5.27M |
2014 Q3
8 quarters
|
|
18
Texas Instruments
TXN
$254B
| $15.5M | 0.93% |
221,877
-349,603
| -61% | -$23.8M |
2013 Q2
13 quarters
|
|
19
Canadian Solar
CSIQ
$755M
| $14.7M | 0.88% |
1,043,275
-18,639
| -2% | -$257K |
2013 Q3
12 quarters
|
|
|
20
Lockheed Martin
LMT
$131B
| $12.5M | 0.75% |
51,563
-607,307
| -92% | -$152M |
2013 Q2
13 quarters
|
|
21
DELISTED
Hollsys Automation Technologies INTERNATIONAL, LTD. COMMON (British Virgin Island)
HOLI
| $11.1M | 0.67% |
480,000
-20,000
| -4% | -$408K |
2015 Q3
4 quarters
|
|
|
22
DRDGold
DRD
$2.21B
| $8.96M | 0.54% |
1,768,007
+1,036,532
| +142% | +$7.09M |
2016 Q2
1 quarter
|
|
23
JPMorgan Chase
JPM
$888B
| $7.95M | 0.47% |
121,025
+589
| +0.5% | +$38.4K |
2013 Q2
13 quarters
|
|
24
Huazhu Hotels Group
HTHT
$16.1B
| $4.62M | 0.28% |
400,000
-160,000
| -29% | -$1.67M |
2013 Q2
13 quarters
|
|
25
VanEck Gold Miners ETF
GDX
$27B
| $4.09M | 0.24% |
153,228
-111,448
| -42% | -$3.2M |
2013 Q4
11 quarters
|
|
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Ruffer LLP's Q3 2016 Portfolio in Review
As of Q3 2016, Ruffer LLP held 84 positions worth $1.67B, down 24% from $2.21B the previous quarter. Its ten largest holdings account for 77% of the portfolio.
Ruffer LLP withdrew a net $604M in Q3 2016, closing 4 positions and reducing 54 holdings. Its most notable exit was Baidu, an estimated $6.61M position sold in full.
By sector, the portfolio is most concentrated in Technology at 32% of assets, up from 25% a quarter earlier, followed by Industrials and Materials.
Against the trend, Ruffer LLP opened a new position in Cemex worth $20.6M.
- Ruffer LLP's largest Q3 2016 buy was Cemex: 2,609,333 shares worth $20.6M.
- Ruffer LLP added most to Qualcomm in Q3 2016, an estimated $7.5M increase.
- Ruffer LLP's biggest Q3 2016 reduction was Lockheed Martin, cutting an estimated $152M.
- Ruffer LLP fully exited Baidu in Q3 2016, selling an estimated $6.61M.
- Ruffer LLP's ten largest holdings make up 77% of its $1.67B portfolio in Q3 2016.
- Ruffer LLP opened 6 new positions and closed 4 in Q3 2016.
- Ruffer LLP's portfolio value fell 24% quarter-over-quarter to $1.67B.
Based on Ruffer LLP's 13F filing for Q3 2016, filed 14 Nov 2016.