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
|
+$220M |
| 2 |
Foot Locker
FL
|
+$140M |
| 3 |
Barrick Mining
B
|
+$20.4M |
| 4 |
US Bancorp
USB
|
+$19.1M |
| 5 |
Tenaris
TS
|
+$15.9M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Oracle
ORCL
|
+$235M |
| 2 |
Lamb Weston
LW
|
+$84.4M |
| 3 |
Bread Financial
BFH
|
+$62.2M |
| 4 |
Canadian Solar
CSIQ
|
+$15.3M |
| 5 |
Wheaton Precious Metals
WPM
|
+$15M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Energy | 18.21% |
| 2 | Consumer Discretionary | 18.03% |
| 3 | Financials | 14.66% |
| 4 | Materials | 13.9% |
| 5 | Communication Services | 11.99% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
1
Walt Disney
DIS
$202B
| $288M | 11.71% |
2,675,087
+119,426
| +5% | +$12.3M |
2016 Q4
4 quarters
|
|
|
2
Aptiv
APTV
$7.98B
| $238M | 9.68% |
3,580,458
+2,306,583
| +181% | +$220M |
2017 Q3
1 quarter
|
|
3
McKesson
MCK
$122B
| $237M | 9.64% |
1,521,660
+102,541
| +7% | +$15.2M |
2017 Q2
2 quarters
|
|
|
4
Tenaris
TS
$29.7B
| $201M | 8.15% |
6,299,080
+549,463
| +10% | +$15.9M |
2016 Q4
4 quarters
|
|
|
5
DELISTED
Foot Locker
FL
| $175M | 7.12% |
+3,738,583
| New | +$140M |
2017 Q4
0 quarters
|
|
6
Apple
AAPL
$4.98T
| $130M | 5.27% |
3,066,876
-52,304
| -2% | -$2.19M |
2013 Q2
18 quarters
|
|
|
7
US Bancorp
USB
$92.6B
| $125M | 5.07% |
2,327,741
+354,337
| +18% | +$19.1M |
2013 Q2
18 quarters
|
|
8
ExxonMobil
XOM
$677B
| $120M | 4.89% |
1,437,560
+67,047
| +5% | +$5.55M |
2013 Q2
18 quarters
|
|
9
Kinross Gold
KGC
$26.2B
| $102M | 4.16% |
23,721,621
+2,197,598
| +10% | +$9.15M |
2013 Q2
18 quarters
|
|
10
Phillips 66
PSX
$95.8B
| $87.9M | 3.57% |
868,318
+5,184
| +0.6% | +$493K |
2016 Q4
4 quarters
|
|
11
JPMorgan Chase
JPM
$888B
| $85.4M | 3.47% |
797,073
+37,579
| +5% | +$3.8M |
2013 Q2
18 quarters
|
|
|
12
Lamb Weston
LW
$7.61B
| $82.3M | 3.34% |
1,457,555
-1,601,495
| -52% | -$84.4M |
2017 Q1
3 quarters
|
|
13
Jefferies Financial Group
JEF
$10.9B
| $79.2M | 3.22% |
3,342,445
+109,354
| +3% | +$2.52M |
2013 Q4
16 quarters
|
|
|
14
Bread Financial
BFH
$3.87B
| $63.5M | 2.58% |
313,932
-335,767
| -52% | -$62.2M |
2016 Q4
4 quarters
|
|
|
15
Wheaton Precious Metals
WPM
$61.9B
| $59.1M | 2.4% |
2,670,566
-719,449
| -21% | -$15M |
2015 Q3
9 quarters
|
|
|
16
Barrick Mining
B
$66.8B
| $50.6M | 2.05% |
3,494,462
+1,381,442
| +65% | +$20.4M |
2013 Q4
16 quarters
|
|
17
Microsoft
MSFT
$3.94T
| $40.8M | 1.66% |
476,627
-7,773
| -2% | -$638K |
2013 Q2
18 quarters
|
|
18
Gold Fields
GFI
$34.7B
| $36.5M | 1.48% |
8,502,038
+1,552,824
| +22% | +$6.26M |
2013 Q2
18 quarters
|
|
19
Ultrapar
UGP
$5.78B
| $36.1M | 1.47% |
3,176,140
+48,440
| +2% | +$558K |
2016 Q4
4 quarters
|
|
20
AngloGold Ashanti
AU
$47B
| $33.5M | 1.36% |
3,288,642
+1,465,000
| +80% | +$14.1M |
2015 Q2
10 quarters
|
|
|
GG
21
DELISTED
Goldcorp Inc
GG
| $30.1M | 1.22% |
2,361,781
+537,125
| +29% | +$6.94M |
2014 Q3
13 quarters
|
|
22
Lennar Class A
LEN
$21.1B
| $27.3M | 1.11% |
445,616
-13,063
| -3% | -$742K |
2016 Q1
7 quarters
|
|
|
23
Oracle
ORCL
$362B
| $25.9M | 1.05% |
547,571
-4,798,959
| -90% | -$235M |
2014 Q1
15 quarters
|
|
|
24
Canadian Solar
CSIQ
$755M
| $21.9M | 0.89% |
1,298,119
-887,675
| -41% | -$15.3M |
2013 Q3
17 quarters
|
|
25
Newmont
NEM
$126B
| $8.41M | 0.34% |
224,273
+23,000
| +11% | +$846K |
2015 Q4
8 quarters
|
|
Similar funds
Ruffer LLP's Q4 2017 Portfolio in Review
As of Q4 2017, Ruffer LLP held 77 positions worth $2.46B, up 5.9% from $2.32B the previous quarter. Its ten largest holdings account for 69% of the portfolio.
Ruffer LLP's Q4 2017 filing shows 7 new, 23 increased, 24 reduced and 6 closed positions. Its largest new stake was Foot Locker: 3,738,583 shares worth $175M. The largest sale was Oracle, an estimated $235M.
By sector, the portfolio is most concentrated in Energy at 18% of assets, up from 17% a quarter earlier, followed by Consumer Discretionary and Financials.
- Ruffer LLP's largest Q4 2017 buy was Foot Locker: 3,738,583 shares worth $175M.
- Ruffer LLP added most to Aptiv in Q4 2017, an estimated $220M increase.
- Ruffer LLP's biggest Q4 2017 reduction was Oracle, cutting an estimated $235M.
- Ruffer LLP fully exited Emerson Electric in Q4 2017, selling an estimated $9.5M.
- Ruffer LLP's ten largest holdings make up 69% of its $2.46B portfolio in Q4 2017.
- Ruffer LLP opened 7 new positions and closed 6 in Q4 2017.
- Ruffer LLP's portfolio value rose 5.9% quarter-over-quarter to $2.46B.
Based on Ruffer LLP's 13F filing for Q4 2017, filed 12 Feb 2018.