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 |
Cigna
CI
|
+$269M |
| 2 |
Barrick Mining
B
|
+$156M |
| 3 |
Wheaton Precious Metals
WPM
|
+$79.4M |
| 4 |
GG
Goldcorp Inc
GG
|
+$73.6M |
| 5 |
Kinross Gold
KGC
|
+$44.8M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
McKesson
MCK
|
+$83.2M |
| 2 |
Tenaris
TS
|
+$60.9M |
| 3 |
Foot Locker
FL
|
+$60.1M |
| 4 |
SHPG
Shire pic
SHPG
|
+$54.6M |
| 5 |
ChampionX
CHX
|
+$39.3M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Materials | 40.09% |
| 2 | Energy | 19.91% |
| 3 | Communication Services | 15.41% |
| 4 | Healthcare | 12.57% |
| 5 | Consumer Discretionary | 7.9% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
1
Walt Disney
DIS
$206B
| $457M | 15.12% |
3,904,593
-72,927
| -2% | -$8.12M |
2016 Q4
7 quarters
|
|
2
ExxonMobil
XOM
$671B
| $331M | 10.97% |
3,896,376
-474,973
| -11% | -$38.8M |
2013 Q2
21 quarters
|
|
|
3
Cigna
CI
$79.9B
| $303M | 10.02% |
+1,452,665
| New | +$269M |
2018 Q3
0 quarters
|
|
4
DuPont de Nemours
DD
$20.8B
| $238M | 7.89% |
1,461,968
+114,340
| +8% | +$19.7M |
2017 Q3
4 quarters
|
|
5
Cleveland-Cliffs
CLF
$7.34B
| $203M | 6.72% |
16,040,992
+2,198,515
| +16% | +$22.6M |
2018 Q2
1 quarter
|
|
|
6
Barrick Mining
B
$65.3B
| $194M | 6.43% |
17,512,029
+14,008,215
| +400% | +$156M |
2013 Q4
19 quarters
|
|
7
NOV
NOV
$6.3B
| $181M | 5.99% |
4,196,796
+273,688
| +7% | +$12.2M |
2018 Q2
1 quarter
|
|
|
GG
8
DELISTED
Goldcorp Inc
GG
| $151M | 5.02% |
14,857,704
+6,277,498
| +73% | +$73.6M |
2014 Q3
16 quarters
|
|
|
9
Kinross Gold
KGC
$25.4B
| $143M | 4.75% |
54,719,689
+13,844,767
| +34% | +$44.8M |
2013 Q2
21 quarters
|
|
|
10
Wheaton Precious Metals
WPM
$62.1B
| $108M | 3.59% |
6,754,887
+4,139,289
| +158% | +$79.4M |
2015 Q3
12 quarters
|
|
11
General Motors
GM
$75.3B
| $106M | 3.5% |
3,137,338
+90,011
| +3% | +$3.32M |
2018 Q2
1 quarter
|
|
|
12
McKesson
MCK
$125B
| $76.9M | 2.55% |
579,529
-638,287
| -52% | -$83.2M |
2017 Q2
5 quarters
|
|
|
DLPH
13
DELISTED
Delphi Technologies PLC Ordinary Shares
DLPH
| $67.3M | 2.23% |
2,144,756
+70,668
| +3% | +$2.8M |
2018 Q1
2 quarters
|
|
14
AngloGold Ashanti
AU
$47.5B
| $58.9M | 1.95% |
6,868,754
-72,138
| -1% | -$595K |
2015 Q2
13 quarters
|
|
|
15
DELISTED
ChampionX
CHX
| $44.9M | 1.49% |
1,029,899
-937,122
| -48% | -$39.3M |
2018 Q2
1 quarter
|
|
16
Gold Fields
GFI
$33.8B
| $43.7M | 1.45% |
18,010,449
+4,541,043
| +34% | +$13.7M |
2013 Q2
21 quarters
|
|
17
Aptiv
APTV
$8.01B
| $41.9M | 1.39% |
499,268
-107,423
| -18% | -$9.8M |
2017 Q3
4 quarters
|
|
18
Apple
AAPL
$5.06T
| $37.5M | 1.24% |
664,168
-304,636
| -31% | -$15.9M |
2013 Q2
21 quarters
|
|
19
Jefferies Financial Group
JEF
$11B
| $36.8M | 1.22% |
1,873,332
-382,004
| -17% | -$7.96M |
2013 Q4
19 quarters
|
|
|
20
Tenaris
TS
$30.4B
| $29.6M | 0.98% |
881,511
-1,756,747
| -67% | -$60.9M |
2016 Q4
7 quarters
|
|
21
Newmont
NEM
$125B
| $29.4M | 0.97% |
973,382
+857,946
| +743% | +$29M |
2015 Q4
11 quarters
|
|
|
22
DELISTED
Foot Locker
FL
| $14.1M | 0.47% |
277,247
-1,213,385
| -81% | -$60.1M |
2017 Q4
3 quarters
|
|
23
Cemex
CX
$15.6B
| $8.05M | 0.27% |
+1,144,000
| New | +$8.02M |
2018 Q3
0 quarters
|
|
24
Coeur Mining
CDE
$15.6B
| $7.95M | 0.26% |
1,493,063
+96,958
| +7% | +$627K |
2017 Q3
4 quarters
|
|
25
Ultrapar
UGP
$5.74B
| $7.88M | 0.26% |
1,698,282
| – | – |
2016 Q4
7 quarters
|
|
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Ruffer LLP's Q3 2018 Portfolio in Review
As of Q3 2018, Ruffer LLP held 93 positions worth $3.02B, up 9.9% from $2.75B the previous quarter. Its ten largest holdings account for 77% of the portfolio.
Ruffer LLP deployed $340M of net new capital in Q3 2018, opening 15 new positions and adding to 17 existing holdings. Its largest new stake was Cigna: 1,452,665 shares worth $303M.
By sector, the portfolio is most concentrated in Materials at 40% of assets, up from 31% a quarter earlier, followed by Energy and Communication Services.
On the sell side, the largest reduction was McKesson, an estimated $83.2M trimmed.
- Ruffer LLP's largest Q3 2018 buy was Cigna: 1,452,665 shares worth $303M.
- Ruffer LLP added most to Barrick Mining in Q3 2018, an estimated $156M increase.
- Ruffer LLP's biggest Q3 2018 reduction was McKesson, cutting an estimated $83.2M.
- Ruffer LLP fully exited Shire pic in Q3 2018, selling an estimated $54.6M.
- Ruffer LLP's ten largest holdings make up 77% of its $3.02B portfolio in Q3 2018.
- Ruffer LLP opened 15 new positions and closed 17 in Q3 2018.
- Ruffer LLP's portfolio value rose 9.9% quarter-over-quarter to $3.02B.
Based on Ruffer LLP's 13F filing for Q3 2018, filed 6 Nov 2018.