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 |
DuPont de Nemours
DD
|
+$225M |
| 2 |
NOV
NOV
|
+$159M |
| 3 |
General Motors
GM
|
+$120M |
| 4 |
Walt Disney
DIS
|
+$114M |
| 5 |
Cleveland-Cliffs
CLF
|
+$110M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Tenaris
TS
|
+$128M |
| 2 |
Phillips 66
PSX
|
+$64.3M |
| 3 |
SHPG
Shire pic
SHPG
|
+$34.9M |
| 4 |
Foot Locker
FL
|
+$31M |
| 5 |
Microsoft
MSFT
|
+$23.5M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Materials | 31.05% |
| 2 | Energy | 26.49% |
| 3 | Communication Services | 15.41% |
| 4 | Consumer Discretionary | 13.1% |
| 5 | Healthcare | 7.97% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
1
Walt Disney
DIS
$202B
| $417M | 15.19% |
3,977,520
+1,117,959
| +39% | +$114M |
2016 Q4
6 quarters
|
|
2
ExxonMobil
XOM
$677B
| $362M | 13.18% |
4,371,349
+997,855
| +30% | +$79.5M |
2013 Q2
20 quarters
|
|
|
3
DuPont de Nemours
DD
$19.4B
| $225M | 8.19% |
1,347,628
+1,341,738
| +22,780% | +$225M |
2017 Q3
3 quarters
|
|
|
4
NOV
NOV
$6.26B
| $170M | 6.2% |
+3,923,108
| New | +$159M |
2018 Q2
0 quarters
|
|
5
McKesson
MCK
$122B
| $163M | 5.92% |
1,217,816
-159,680
| -12% | -$23.4M |
2017 Q2
4 quarters
|
|
6
Kinross Gold
KGC
$26.2B
| $154M | 5.6% |
40,874,922
+5,529,141
| +16% | +$20.8M |
2013 Q2
20 quarters
|
|
|
7
General Motors
GM
$73.1B
| $120M | 4.37% |
+3,047,327
| New | +$120M |
2018 Q2
0 quarters
|
|
|
GG
8
DELISTED
Goldcorp Inc
GG
| $118M | 4.28% |
8,580,206
+268,222
| +3% | +$3.72M |
2014 Q3
15 quarters
|
|
|
9
Cleveland-Cliffs
CLF
$6.54B
| $117M | 4.25% |
+13,842,477
| New | +$110M |
2018 Q2
0 quarters
|
|
|
10
Tenaris
TS
$29.7B
| $96M | 3.49% |
2,638,258
-3,449,945
| -57% | -$128M |
2016 Q4
6 quarters
|
|
|
DLPH
11
DELISTED
Delphi Technologies PLC Ordinary Shares
DLPH
| $94.3M | 3.43% |
2,074,088
-95,656
| -4% | -$4.77M |
2018 Q1
1 quarter
|
|
12
DELISTED
ChampionX
CHX
| $82.1M | 2.99% |
+1,967,021
| New | +$80.5M |
2018 Q2
0 quarters
|
|
|
13
DELISTED
Foot Locker
FL
| $78.5M | 2.86% |
1,490,632
-639,789
| -30% | -$31M |
2017 Q4
2 quarters
|
|
14
Wheaton Precious Metals
WPM
$61.9B
| $57.8M | 2.1% |
2,615,598
-230,849
| -8% | -$4.97M |
2015 Q3
11 quarters
|
|
15
AngloGold Ashanti
AU
$47B
| $57M | 2.07% |
6,940,892
+3,573,797
| +106% | +$31.3M |
2015 Q2
12 quarters
|
|
16
Aptiv
APTV
$7.98B
| $55.6M | 2.02% |
606,691
-65,560
| -10% | -$6.11M |
2017 Q3
3 quarters
|
|
|
SHPG
17
DELISTED
Shire pic
SHPG
| $54.6M | 1.99% |
323,113
-216,697
| -40% | -$34.9M |
2018 Q1
1 quarter
|
|
18
Gold Fields
GFI
$34.7B
| $48M | 1.75% |
13,469,406
+4,968,668
| +58% | +$18.6M |
2013 Q2
20 quarters
|
|
19
Barrick Mining
B
$66.8B
| $46M | 1.68% |
3,503,814
-241,076
| -6% | -$3.16M |
2013 Q4
18 quarters
|
|
20
Jefferies Financial Group
JEF
$10.9B
| $45.9M | 1.67% |
2,255,336
-952,443
| -30% | -$20M |
2013 Q4
18 quarters
|
|
21
Apple
AAPL
$4.98T
| $44.3M | 1.61% |
968,804
-136,240
| -12% | -$6.18M |
2013 Q2
20 quarters
|
|
22
Bread Financial
BFH
$3.87B
| $16.7M | 0.61% |
89,749
-76,852
| -46% | -$13.1M |
2016 Q4
6 quarters
|
|
23
Coeur Mining
CDE
$15.8B
| $10.6M | 0.39% |
1,396,105
+237,363
| +20% | +$1.92M |
2017 Q3
3 quarters
|
|
24
Ultrapar
UGP
$5.78B
| $10.1M | 0.37% |
1,698,282
| – | – |
2016 Q4
6 quarters
|
|
|
25
Microsoft
MSFT
$3.94T
| $7.3M | 0.27% |
74,071
-242,236
| -77% | -$23.5M |
2013 Q2
20 quarters
|
|
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Ruffer LLP's Q2 2018 Portfolio in Review
As of Q2 2018, Ruffer LLP held 82 positions worth $2.75B, up 35% from $2.04B the previous quarter. Its ten largest holdings account for 71% of the portfolio.
Ruffer LLP deployed $597M of net new capital in Q2 2018, opening 11 new positions and adding to 15 existing holdings. Its largest new stake was NOV: 3,923,108 shares worth $170M.
By sector, the portfolio is most concentrated in Materials at 31% of assets, up from 22% a quarter earlier, followed by Energy and Communication Services.
On the sell side, the largest reduction was Tenaris, an estimated $128M trimmed.
- Ruffer LLP's largest Q2 2018 buy was NOV: 3,923,108 shares worth $170M.
- Ruffer LLP added most to DuPont de Nemours in Q2 2018, an estimated $225M increase.
- Ruffer LLP's biggest Q2 2018 reduction was Tenaris, cutting an estimated $128M.
- Ruffer LLP fully exited SEACOR Marine Holdings in Q2 2018, selling an estimated $1.07M.
- Ruffer LLP's ten largest holdings make up 71% of its $2.75B portfolio in Q2 2018.
- Ruffer LLP opened 11 new positions and closed 4 in Q2 2018.
- Ruffer LLP's portfolio value rose 35% quarter-over-quarter to $2.75B.
Based on Ruffer LLP's 13F filing for Q2 2018, filed 31 Jul 2018.