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 |
McKesson
MCK
|
+$201M |
| 2 |
Oracle
ORCL
|
+$134M |
| 3 |
Tenaris
TS
|
+$66.5M |
| 4 |
Walt Disney
DIS
|
+$31.3M |
| 5 |
Kinross Gold
KGC
|
+$29.3M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
ExxonMobil
XOM
|
+$47.4M |
| 2 |
Microsoft
MSFT
|
+$44.8M |
| 3 |
Boeing
BA
|
+$34.5M |
| 4 |
Lennar Class A
LEN
|
+$22.9M |
| 5 |
Phillips 66
PSX
|
+$17.7M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 23.05% |
| 2 | Energy | 20.15% |
| 3 | Materials | 12.65% |
| 4 | Financials | 12.65% |
| 5 | Healthcare | 10.77% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
1
Oracle
ORCL
$362B
| $298M | 14.42% |
5,941,019
+2,933,551
| +98% | +$134M |
2014 Q1
13 quarters
|
|
|
2
McKesson
MCK
$122B
| $218M | 10.54% |
+1,323,945
| New | +$201M |
2017 Q2
0 quarters
|
|
|
3
Walt Disney
DIS
$202B
| $170M | 8.25% |
1,604,107
+285,918
| +22% | +$31.3M |
2016 Q4
2 quarters
|
|
|
4
Tenaris
TS
$29.7B
| $163M | 7.91% |
5,247,320
+2,110,146
| +67% | +$66.5M |
2016 Q4
2 quarters
|
|
5
Bread Financial
BFH
$3.87B
| $160M | 7.72% |
778,792
+65,613
| +9% | +$13M |
2016 Q4
2 quarters
|
|
|
6
ExxonMobil
XOM
$677B
| $137M | 6.61% |
1,693,357
-579,374
| -25% | -$47.4M |
2013 Q2
16 quarters
|
|
7
Lamb Weston
LW
$7.61B
| $131M | 6.32% |
2,966,495
+439,897
| +17% | +$19.3M |
2017 Q1
1 quarter
|
|
8
Apple
AAPL
$4.98T
| $126M | 6.09% |
3,494,868
+567,180
| +19% | +$21M |
2013 Q2
16 quarters
|
|
|
9
Kinross Gold
KGC
$26.2B
| $86.2M | 4.17% |
21,198,619
+7,369,805
| +53% | +$29.3M |
2013 Q2
16 quarters
|
|
|
10
Phillips 66
PSX
$95.8B
| $76.1M | 3.68% |
920,639
-225,842
| -20% | -$17.7M |
2016 Q4
2 quarters
|
|
11
Jefferies Financial Group
JEF
$10.9B
| $66.3M | 3.21% |
2,829,870
-275,723
| -9% | -$6.28M |
2013 Q4
14 quarters
|
|
|
12
Lennar Class A
LEN
$21.1B
| $61.6M | 2.98% |
1,212,597
-465,053
| -28% | -$22.9M |
2016 Q1
5 quarters
|
|
13
Wheaton Precious Metals
WPM
$61.9B
| $49.2M | 2.38% |
2,473,228
+572,914
| +30% | +$11.7M |
2015 Q3
7 quarters
|
|
14
Ultrapar
UGP
$5.78B
| $37.4M | 1.81% |
3,182,706
+287,764
| +10% | +$3.32M |
2016 Q4
2 quarters
|
|
|
15
Microsoft
MSFT
$3.94T
| $36.5M | 1.77% |
530,050
-652,095
| -55% | -$44.8M |
2013 Q2
16 quarters
|
|
16
Gold Fields
GFI
$34.7B
| $27.6M | 1.34% |
7,947,214
-1,157,698
| -13% | -$4.18M |
2013 Q2
16 quarters
|
|
|
GG
17
DELISTED
Goldcorp Inc
GG
| $25.2M | 1.22% |
1,955,406
+1,207,257
| +161% | +$16.9M |
2014 Q3
11 quarters
|
|
18
Emerson Electric
EMR
$90.6B
| $24.5M | 1.19% |
411,615
-256,220
| -38% | -$15.2M |
2015 Q3
7 quarters
|
|
19
Newmont
NEM
$126B
| $23.1M | 1.12% |
712,520
-401,308
| -36% | -$13.5M |
2015 Q4
6 quarters
|
|
20
US Bancorp
USB
$92.6B
| $22M | 1.06% |
423,645
+383,405
| +953% | +$19.7M |
2013 Q2
16 quarters
|
|
21
Barrick Mining
B
$66.8B
| $19.3M | 0.93% |
1,210,950
+426,396
| +54% | +$7.3M |
2013 Q4
14 quarters
|
|
22
AngloGold Ashanti
AU
$47B
| $16.7M | 0.81% |
1,723,642
-276,358
| -14% | -$3.15M |
2015 Q2
8 quarters
|
|
23
Canadian Solar
CSIQ
$755M
| $9.9M | 0.48% |
622,328
-285,453
| -31% | -$3.82M |
2013 Q3
15 quarters
|
|
24
JPMorgan Chase
JPM
$888B
| $9.28M | 0.45% |
101,540
+1,001
| +1% | +$86.4K |
2013 Q2
16 quarters
|
|
25
DRDGold
DRD
$2.21B
| $7.41M | 0.36% |
2,340,432
+1,132,625
| +94% | +$4.26M |
2016 Q2
4 quarters
|
|
Similar funds
Ruffer LLP's Q2 2017 Portfolio in Review
As of Q2 2017, Ruffer LLP held 74 positions worth $2.07B, up 23% from $1.67B the previous quarter. Its ten largest holdings account for 76% of the portfolio.
Ruffer LLP deployed $362M of net new capital in Q2 2017, opening 6 new positions and adding to 21 existing holdings. Its largest new stake was McKesson: 1,323,945 shares worth $218M.
By sector, the portfolio is most concentrated in Technology at 23% of assets, up from 20% a quarter earlier, followed by Energy and Materials.
On the sell side, the largest reduction was ExxonMobil, an estimated $47.4M trimmed.
- Ruffer LLP's largest Q2 2017 buy was McKesson: 1,323,945 shares worth $218M.
- Ruffer LLP added most to Oracle in Q2 2017, an estimated $134M increase.
- Ruffer LLP's biggest Q2 2017 reduction was ExxonMobil, cutting an estimated $47.4M.
- Ruffer LLP fully exited Boeing in Q2 2017, selling an estimated $34.5M.
- Ruffer LLP's ten largest holdings make up 76% of its $2.07B portfolio in Q2 2017.
- Ruffer LLP opened 6 new positions and closed 4 in Q2 2017.
- Ruffer LLP's portfolio value rose 23% quarter-over-quarter to $2.07B.
Based on Ruffer LLP's 13F filing for Q2 2017, filed 11 Aug 2017.