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 |
Aptiv
APTV
|
+$120M |
| 2 |
Walt Disney
DIS
|
+$97.9M |
| 3 |
US Bancorp
USB
|
+$81.1M |
| 4 |
JPMorgan Chase
JPM
|
+$60.7M |
| 5 |
Canadian Solar
CSIQ
|
+$25.6M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Lennar Class A
LEN
|
+$37.6M |
| 2 |
Oracle
ORCL
|
+$29.6M |
| 3 |
ExxonMobil
XOM
|
+$25.6M |
| 4 |
Bread Financial
BFH
|
+$24M |
| 5 |
Newmont
NEM
|
+$18.6M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 19.69% |
| 2 | Energy | 16.97% |
| 3 | Financials | 16.11% |
| 4 | Materials | 12.32% |
| 5 | Communication Services | 11.05% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
1
Oracle
ORCL
$362B
| $258M | 11.12% |
5,346,530
-594,489
| -10% | -$29.6M |
2014 Q1
14 quarters
|
|
|
2
Walt Disney
DIS
$202B
| $252M | 10.84% |
2,555,661
+951,554
| +59% | +$97.9M |
2016 Q4
3 quarters
|
|
3
McKesson
MCK
$122B
| $218M | 9.38% |
1,419,119
+95,174
| +7% | +$14.9M |
2017 Q2
1 quarter
|
|
4
Tenaris
TS
$29.7B
| $163M | 7.01% |
5,749,617
+502,297
| +10% | +$14.7M |
2016 Q4
3 quarters
|
|
5
Lamb Weston
LW
$7.61B
| $143M | 6.17% |
3,059,050
+92,555
| +3% | +$4.15M |
2017 Q1
2 quarters
|
|
|
6
Aptiv
APTV
$7.98B
| $125M | 5.39% |
+1,273,875
| New | +$120M |
2017 Q3
0 quarters
|
|
7
Apple
AAPL
$4.98T
| $120M | 5.17% |
3,119,180
-375,688
| -11% | -$14.6M |
2013 Q2
17 quarters
|
|
|
8
Bread Financial
BFH
$3.87B
| $115M | 4.94% |
649,699
-129,093
| -17% | -$24M |
2016 Q4
3 quarters
|
|
|
9
ExxonMobil
XOM
$677B
| $112M | 4.83% |
1,370,513
-322,844
| -19% | -$25.6M |
2013 Q2
17 quarters
|
|
|
10
US Bancorp
USB
$92.6B
| $106M | 4.55% |
1,973,404
+1,549,759
| +366% | +$81.1M |
2013 Q2
17 quarters
|
|
11
Kinross Gold
KGC
$26.2B
| $91.4M | 3.93% |
21,524,023
+325,404
| +2% | +$1.39M |
2013 Q2
17 quarters
|
|
12
Phillips 66
PSX
$95.8B
| $79M | 3.4% |
863,134
-57,505
| -6% | -$4.87M |
2016 Q4
3 quarters
|
|
13
Jefferies Financial Group
JEF
$10.9B
| $73.1M | 3.14% |
3,233,091
+403,221
| +14% | +$9.03M |
2013 Q4
15 quarters
|
|
|
14
JPMorgan Chase
JPM
$888B
| $72.5M | 3.12% |
759,494
+657,954
| +648% | +$60.7M |
2013 Q2
17 quarters
|
|
15
Wheaton Precious Metals
WPM
$61.9B
| $64.7M | 2.79% |
3,390,015
+916,787
| +37% | +$18M |
2015 Q3
8 quarters
|
|
16
Ultrapar
UGP
$5.78B
| $37.2M | 1.6% |
3,127,700
-55,006
| -2% | -$648K |
2016 Q4
3 quarters
|
|
|
17
Canadian Solar
CSIQ
$755M
| $36.8M | 1.58% |
2,185,794
+1,563,466
| +251% | +$25.6M |
2013 Q3
16 quarters
|
|
18
Microsoft
MSFT
$3.94T
| $36.1M | 1.55% |
484,400
-45,650
| -9% | -$3.33M |
2013 Q2
17 quarters
|
|
19
Barrick Mining
B
$66.8B
| $34M | 1.46% |
2,113,020
+902,070
| +74% | +$15.1M |
2013 Q4
15 quarters
|
|
20
Gold Fields
GFI
$34.7B
| $30M | 1.29% |
6,949,214
-998,000
| -13% | -$4.09M |
2013 Q2
17 quarters
|
|
|
GG
21
DELISTED
Goldcorp Inc
GG
| $23.7M | 1.02% |
1,824,656
-130,750
| -7% | -$1.72M |
2014 Q3
12 quarters
|
|
|
22
Lennar Class A
LEN
$21.1B
| $23.1M | 0.99% |
458,679
-753,918
| -62% | -$37.6M |
2016 Q1
6 quarters
|
|
23
AngloGold Ashanti
AU
$47B
| $16.9M | 0.73% |
1,823,642
+100,000
| +6% | +$967K |
2015 Q2
9 quarters
|
|
24
DRDGold
DRD
$2.21B
| $9.6M | 0.41% |
2,478,290
+137,858
| +6% | +$465K |
2016 Q2
5 quarters
|
|
25
Emerson Electric
EMR
$90.6B
| $9.5M | 0.41% |
151,322
-260,293
| -63% | -$15.7M |
2015 Q3
8 quarters
|
|
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Ruffer LLP's Q3 2017 Portfolio in Review
As of Q3 2017, Ruffer LLP held 75 positions worth $2.32B, up 12% from $2.07B the previous quarter. Its ten largest holdings account for 69% of the portfolio.
Ruffer LLP deployed $281M of net new capital in Q3 2017, opening 5 new positions and adding to 16 existing holdings. Its largest new stake was Aptiv: 1,273,875 shares worth $125M.
By sector, the portfolio is most concentrated in Technology at 20% of assets, down from 23% a quarter earlier, followed by Energy and Financials.
On the sell side, the largest reduction was Lennar Class A, an estimated $37.6M trimmed.
- Ruffer LLP's largest Q3 2017 buy was Aptiv: 1,273,875 shares worth $125M.
- Ruffer LLP added most to Walt Disney in Q3 2017, an estimated $97.9M increase.
- Ruffer LLP's biggest Q3 2017 reduction was Lennar Class A, cutting an estimated $37.6M.
- Ruffer LLP fully exited Johnson & Johnson in Q3 2017, selling an estimated $1.62M.
- Ruffer LLP's ten largest holdings make up 69% of its $2.32B portfolio in Q3 2017.
- Ruffer LLP opened 5 new positions and closed 5 in Q3 2017.
- Ruffer LLP's portfolio value rose 12% quarter-over-quarter to $2.32B.
Based on Ruffer LLP's 13F filing for Q3 2017, filed 13 Nov 2017.