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 |
Bread Financial
BFH
|
+$129M |
| 2 |
Walt Disney
DIS
|
+$107M |
| 3 |
Phillips 66
PSX
|
+$83.6M |
| 4 |
Tenaris
TS
|
+$81.5M |
| 5 |
Lennar Class A
LEN
|
+$68.6M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
WestRock Company
WRK
|
+$191M |
| 2 |
Microsoft
MSFT
|
+$78.7M |
| 3 |
Emerson Electric
EMR
|
+$68.7M |
| 4 |
Boeing
BA
|
+$42.3M |
| 5 |
Ingevity
NGVT
|
+$30.6M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 23.84% |
| 2 | Energy | 23.46% |
| 3 | Financials | 14.32% |
| 4 | Industrials | 12.05% |
| 5 | Materials | 9.94% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
1
ExxonMobil
XOM
$677B
| $202M | 11.97% |
2,227,728
+102,881
| +5% | +$8.99M |
2013 Q2
14 quarters
|
|
2
Oracle
ORCL
$362B
| $152M | 9% |
3,929,971
-722,337
| -16% | -$28.3M |
2014 Q1
11 quarters
|
|
|
3
Bread Financial
BFH
$3.87B
| $136M | 8.06% |
+742,331
| New | +$129M |
2016 Q4
0 quarters
|
|
|
4
Walt Disney
DIS
$202B
| $115M | 6.82% |
+1,097,550
| New | +$107M |
2016 Q4
0 quarters
|
|
|
5
Microsoft
MSFT
$3.94T
| $105M | 6.25% |
1,688,942
-1,309,032
| -44% | -$78.7M |
2013 Q2
14 quarters
|
|
|
6
Boeing
BA
$137B
| $99.5M | 5.9% |
635,551
-289,432
| -31% | -$42.3M |
2014 Q4
8 quarters
|
|
|
7
Tenaris
TS
$29.7B
| $93.5M | 5.54% |
+2,605,006
| New | +$81.5M |
2016 Q4
0 quarters
|
|
8
Apple
AAPL
$4.98T
| $92.2M | 5.46% |
3,168,544
+55,032
| +2% | +$1.56M |
2013 Q2
14 quarters
|
|
9
Jefferies Financial Group
JEF
$10.9B
| $87.6M | 5.19% |
4,188,947
-163,942
| -4% | -$3.06M |
2013 Q4
12 quarters
|
|
|
10
Phillips 66
PSX
$95.8B
| $87.3M | 5.17% |
+1,005,017
| New | +$83.6M |
2016 Q4
0 quarters
|
|
|
11
Emerson Electric
EMR
$90.6B
| $86M | 5.1% |
1,534,758
-1,276,602
| -45% | -$68.7M |
2015 Q3
5 quarters
|
|
|
12
Lennar Class A
LEN
$21.1B
| $71.7M | 4.25% |
1,746,671
+1,696,349
| +3,371% | +$68.6M |
2016 Q1
3 quarters
|
|
13
Gilead Sciences
GILD
$207B
| $43M | 2.55% |
597,176
-308,139
| -34% | -$22.9M |
2015 Q1
7 quarters
|
|
14
Kinross Gold
KGC
$26.2B
| $40.3M | 2.39% |
13,107,449
+1,295,143
| +11% | +$4.55M |
2013 Q2
14 quarters
|
|
15
Qualcomm
QCOM
$177B
| $34.7M | 2.06% |
529,202
-287,251
| -35% | -$19.3M |
2015 Q4
4 quarters
|
|
16
Gold Fields
GFI
$34.7B
| $26M | 1.54% |
8,567,262
+2,468,515
| +40% | +$8.84M |
2013 Q2
14 quarters
|
|
17
Wheaton Precious Metals
WPM
$61.9B
| $25.9M | 1.54% |
1,532,984
+280,838
| +22% | +$5.85M |
2015 Q3
5 quarters
|
|
18
AngloGold Ashanti
AU
$47B
| $23.2M | 1.37% |
2,190,942
+311,941
| +17% | +$3.78M |
2015 Q2
6 quarters
|
|
|
19
Ingevity
NGVT
$2.03B
| $17.1M | 1.02% |
311,077
-638,579
| -67% | -$30.6M |
2016 Q2
2 quarters
|
|
20
Canadian Solar
CSIQ
$755M
| $11.7M | 0.69% |
955,843
-87,432
| -8% | -$1.14M |
2013 Q3
13 quarters
|
|
|
GG
21
DELISTED
Goldcorp Inc
GG
| $11.2M | 0.67% |
822,058
-288,395
| -26% | -$4.02M |
2014 Q3
9 quarters
|
|
22
Ultrapar
UGP
$5.78B
| $10.3M | 0.61% |
+986,910
| New | +$10.4M |
2016 Q4
0 quarters
|
|
23
JPMorgan Chase
JPM
$888B
| $10M | 0.59% |
115,048
-5,977
| -5% | -$456K |
2013 Q2
14 quarters
|
|
24
Barrick Mining
B
$66.8B
| $8.72M | 0.52% |
669,325
+383,726
| +134% | +$6.08M |
2013 Q4
12 quarters
|
|
|
25
DELISTED
WestRock Company
WRK
| $8.71M | 0.52% |
170,572
-3,895,760
| -96% | -$191M |
2015 Q3
5 quarters
|
|
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Ruffer LLP's Q4 2016 Portfolio in Review
As of Q4 2016, Ruffer LLP held 89 positions worth $1.69B, up 0.79% from $1.67B the previous quarter. Its ten largest holdings account for 69% of the portfolio.
Ruffer LLP's Q4 2016 filing shows 9 new, 12 increased, 36 reduced and 12 closed positions. Its largest new stake was Bread Financial: 742,331 shares worth $136M. The largest sale was WestRock Company, an estimated $191M.
By sector, the portfolio is most concentrated in Technology at 24% of assets, down from 32% a quarter earlier, followed by Energy and Financials.
- Ruffer LLP's largest Q4 2016 buy was Bread Financial: 742,331 shares worth $136M.
- Ruffer LLP added most to Lennar Class A in Q4 2016, an estimated $68.6M increase.
- Ruffer LLP's biggest Q4 2016 reduction was WestRock Company, cutting an estimated $191M.
- Ruffer LLP fully exited Texas Instruments in Q4 2016, selling an estimated $15.5M.
- Ruffer LLP's ten largest holdings make up 69% of its $1.69B portfolio in Q4 2016.
- Ruffer LLP opened 9 new positions and closed 12 in Q4 2016.
- Ruffer LLP's portfolio value rose 0.79% quarter-over-quarter to $1.69B.
Based on Ruffer LLP's 13F filing for Q4 2016, filed 9 Feb 2017.