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 |
Lamb Weston
LW
|
+$100M |
| 2 |
Newmont
NEM
|
+$38.3M |
| 3 |
Walt Disney
DIS
|
+$24.3M |
| 4 |
Ultrapar
UGP
|
+$20.5M |
| 5 |
Tenaris
TS
|
+$18.1M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Boeing
BA
|
+$75.2M |
| 2 |
Emerson Electric
EMR
|
+$51.8M |
| 3 |
Gilead Sciences
GILD
|
+$40.1M |
| 4 |
Oracle
ORCL
|
+$38.4M |
| 5 |
Qualcomm
QCOM
|
+$34.7M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Energy | 24.99% |
| 2 | Technology | 20.04% |
| 3 | Financials | 13.8% |
| 4 | Materials | 13.53% |
| 5 | Communication Services | 9.91% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
1
ExxonMobil
XOM
$677B
| $189M | 11.26% |
2,272,731
+45,003
| +2% | +$3.76M |
2013 Q2
15 quarters
|
|
|
2
Walt Disney
DIS
$202B
| $150M | 8.94% |
1,318,189
+220,639
| +20% | +$24.3M |
2016 Q4
1 quarter
|
|
3
Bread Financial
BFH
$3.87B
| $143M | 8.55% |
713,179
-29,152
| -4% | -$5.52M |
2016 Q4
1 quarter
|
|
|
4
Oracle
ORCL
$362B
| $134M | 8.03% |
3,007,468
-922,503
| -23% | -$38.4M |
2014 Q1
12 quarters
|
|
|
5
Lamb Weston
LW
$7.61B
| $106M | 6.33% |
+2,526,598
| New | +$100M |
2017 Q1
0 quarters
|
|
6
Apple
AAPL
$4.98T
| $106M | 6.33% |
2,927,688
-240,856
| -8% | -$7.93M |
2013 Q2
15 quarters
|
|
|
7
Tenaris
TS
$29.7B
| $105M | 6.27% |
3,137,174
+532,168
| +20% | +$18.1M |
2016 Q4
1 quarter
|
|
8
Phillips 66
PSX
$95.8B
| $89.4M | 5.34% |
1,146,481
+141,464
| +14% | +$11.4M |
2016 Q4
1 quarter
|
|
9
Lennar Class A
LEN
$21.1B
| $81.3M | 4.85% |
1,677,650
-69,021
| -4% | -$3.13M |
2016 Q1
4 quarters
|
|
10
Microsoft
MSFT
$3.94T
| $77.9M | 4.65% |
1,182,145
-506,797
| -30% | -$32.5M |
2013 Q2
15 quarters
|
|
11
Jefferies Financial Group
JEF
$10.9B
| $72.8M | 4.35% |
3,105,593
-1,083,354
| -26% | -$24.2M |
2013 Q4
13 quarters
|
|
12
Kinross Gold
KGC
$26.2B
| $50M | 2.98% |
13,828,814
+721,365
| +6% | +$2.59M |
2013 Q2
15 quarters
|
|
13
Wheaton Precious Metals
WPM
$61.9B
| $40.6M | 2.42% |
1,900,314
+367,330
| +24% | +$7.64M |
2015 Q3
6 quarters
|
|
|
14
Emerson Electric
EMR
$90.6B
| $40M | 2.39% |
667,835
-866,923
| -56% | -$51.8M |
2015 Q3
6 quarters
|
|
|
15
Newmont
NEM
$126B
| $38.4M | 2.29% |
1,113,828
+1,095,806
| +6,080% | +$38.3M |
2015 Q4
5 quarters
|
|
|
16
Boeing
BA
$137B
| $34.5M | 2.06% |
193,939
-441,612
| -69% | -$75.2M |
2014 Q4
9 quarters
|
|
17
Gold Fields
GFI
$34.7B
| $34.1M | 2.04% |
9,104,912
+537,650
| +6% | +$1.82M |
2013 Q2
15 quarters
|
|
|
18
Ultrapar
UGP
$5.78B
| $33.2M | 1.99% |
2,894,942
+1,908,032
| +193% | +$20.5M |
2016 Q4
1 quarter
|
|
19
AngloGold Ashanti
AU
$47B
| $23.8M | 1.42% |
2,000,000
-190,942
| -9% | -$2.23M |
2015 Q2
7 quarters
|
|
20
Barrick Mining
B
$66.8B
| $15.3M | 0.91% |
784,554
+115,229
| +17% | +$2.13M |
2013 Q4
13 quarters
|
|
21
Canadian Solar
CSIQ
$755M
| $11.2M | 0.67% |
907,781
-48,062
| -5% | -$622K |
2013 Q3
14 quarters
|
|
|
GG
22
DELISTED
Goldcorp Inc
GG
| $11.2M | 0.67% |
748,149
-73,909
| -9% | -$1.16M |
2014 Q3
10 quarters
|
|
23
Liberty Global Class C
LBTYK
$3.23B
| $10.5M | 0.62% |
302,000
+45,600
| +18% | +$1.57M |
2016 Q3
2 quarters
|
|
24
JPMorgan Chase
JPM
$888B
| $8.71M | 0.52% |
100,539
-14,509
| -13% | -$1.28M |
2013 Q2
15 quarters
|
|
25
DRDGold
DRD
$2.21B
| $6.25M | 0.37% |
1,207,807
-110,200
| -8% | -$616K |
2016 Q2
3 quarters
|
|
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Ruffer LLP's Q1 2017 Portfolio in Review
As of Q1 2017, Ruffer LLP held 80 positions worth $1.67B, down 0.78% from $1.69B the previous quarter. Its ten largest holdings account for 71% of the portfolio.
Ruffer LLP withdrew a net $128M in Q1 2017, closing 12 positions and reducing 35 holdings. Its most notable exit was Qualcomm, an estimated $34.7M position sold in full.
By sector, the portfolio is most concentrated in Energy at 25% of assets, up from 23% a quarter earlier, followed by Technology and Financials.
Against the trend, Ruffer LLP opened a new position in Lamb Weston worth $106M.
- Ruffer LLP's largest Q1 2017 buy was Lamb Weston: 2,526,598 shares worth $106M.
- Ruffer LLP added most to Newmont in Q1 2017, an estimated $38.3M increase.
- Ruffer LLP's biggest Q1 2017 reduction was Boeing, cutting an estimated $75.2M.
- Ruffer LLP fully exited Qualcomm in Q1 2017, selling an estimated $34.7M.
- Ruffer LLP's ten largest holdings make up 71% of its $1.67B portfolio in Q1 2017.
- Ruffer LLP opened 3 new positions and closed 12 in Q1 2017.
- Ruffer LLP's portfolio value fell 0.78% quarter-over-quarter to $1.67B.
Based on Ruffer LLP's 13F filing for Q1 2017, filed 11 May 2017.