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
|
+$75.5M |
| 2 |
General Motors
GM
|
+$72.2M |
| 3 |
NOV
NOV
|
+$64M |
| 4 |
Wheaton Precious Metals
WPM
|
+$53.5M |
| 5 |
ESV
Ensco Rowan plc
ESV
|
+$45.1M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
ExxonMobil
XOM
|
+$75.8M |
| 2 |
Cigna
CI
|
+$32.2M |
| 3 |
Barrick Mining
B
|
+$30.6M |
| 4 |
Aptiv
APTV
|
+$18M |
| 5 |
Apple
AAPL
|
+$11M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Materials | 48.41% |
| 2 | Communication Services | 14.95% |
| 3 | Energy | 13.33% |
| 4 | Healthcare | 10.94% |
| 5 | Consumer Discretionary | 8.43% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
1
Walt Disney
DIS
$205B
| $469M | 14.7% |
4,279,440
+374,847
| +10% | +$42.6M |
2016 Q4
8 quarters
|
|
|
2
DuPont de Nemours
DD
$20.4B
| $269M | 8.43% |
1,987,885
+525,917
| +36% | +$75.5M |
2017 Q3
5 quarters
|
|
|
3
Cigna
CI
$78.3B
| $247M | 7.73% |
1,298,092
-154,573
| -11% | -$32.2M |
2018 Q3
1 quarter
|
|
4
Kinross Gold
KGC
$24.5B
| $215M | 6.74% |
68,448,734
+13,729,045
| +25% | +$38.4M |
2013 Q2
22 quarters
|
|
|
5
Barrick Mining
B
$61.2B
| $205M | 6.42% |
15,144,971
-2,367,058
| -14% | -$30.6M |
2013 Q4
20 quarters
|
|
|
6
ExxonMobil
XOM
$696B
| $200M | 6.26% |
2,930,552
-965,824
| -25% | -$75.8M |
2013 Q2
22 quarters
|
|
|
7
General Motors
GM
$72.5B
| $175M | 5.48% |
5,230,517
+2,093,179
| +67% | +$72.2M |
2018 Q2
2 quarters
|
|
|
GG
8
DELISTED
Goldcorp Inc
GG
| $164M | 5.14% |
16,769,473
+1,911,769
| +13% | +$18.5M |
2014 Q3
17 quarters
|
|
|
9
Wheaton Precious Metals
WPM
$59.7B
| $162M | 5.07% |
9,893,919
+3,139,032
| +46% | +$53.5M |
2015 Q3
13 quarters
|
|
|
10
NOV
NOV
$6.45B
| $155M | 4.87% |
6,049,185
+1,852,389
| +44% | +$64M |
2018 Q2
2 quarters
|
|
11
Cleveland-Cliffs
CLF
$7.22B
| $152M | 4.75% |
19,706,280
+3,665,288
| +23% | +$36.7M |
2018 Q2
2 quarters
|
|
12
AngloGold Ashanti
AU
$43.7B
| $75.6M | 2.37% |
6,023,961
-844,793
| -12% | -$8.67M |
2015 Q2
14 quarters
|
|
13
McKesson
MCK
$127B
| $70.4M | 2.21% |
637,469
+57,940
| +10% | +$7.23M |
2017 Q2
6 quarters
|
|
14
Gold Fields
GFI
$31.6B
| $53.5M | 1.68% |
15,186,099
-2,824,350
| -16% | -$8.33M |
2013 Q2
22 quarters
|
|
15
Newmont
NEM
$118B
| $43.7M | 1.37% |
1,261,173
+287,791
| +30% | +$9.33M |
2015 Q4
12 quarters
|
|
|
AUY
16
DELISTED
Yamana Gold, Inc.
AUY
| $43.4M | 1.36% |
+18,517,070
| New | +$43.2M |
2018 Q4
0 quarters
|
|
|
DLPH
17
DELISTED
Delphi Technologies PLC Ordinary Shares
DLPH
| $40.8M | 1.28% |
2,851,482
+706,726
| +33% | +$13.8M |
2018 Q1
3 quarters
|
|
18
IAMGOLD
IAG
$9.8B
| $40.1M | 1.26% |
+10,908,827
| New | +$38.2M |
2018 Q4
0 quarters
|
|
|
IMV
19
DELISTED
IMV Inc. Common Shares
IMV
| $31.3M | 0.98% |
+614,923
| New | +$34.2M |
2018 Q4
0 quarters
|
|
20
Check Point Software Technologies
CHKP
$15B
| $30.2M | 0.94% |
+293,763
| New | +$32.2M |
2018 Q4
0 quarters
|
|
21
Jefferies Financial Group
JEF
$10.5B
| $29.7M | 0.93% |
1,908,962
+35,630
| +2% | +$652K |
2013 Q4
20 quarters
|
|
|
ESV
22
DELISTED
Ensco Rowan plc
ESV
| $24.9M | 0.78% |
+1,750,780
| New | +$45.1M |
2018 Q4
0 quarters
|
|
23
Lennar Class A
LEN
$19.9B
| $22.5M | 0.7% |
592,634
+475,929
| +408% | +$19.4M |
2016 Q1
11 quarters
|
|
24
DELISTED
ChampionX
CHX
| $22.1M | 0.69% |
817,169
-212,730
| -21% | -$7.82M |
2018 Q2
2 quarters
|
|
25
Cemex
CX
$15.2B
| $22M | 0.69% |
4,559,679
+3,415,679
| +299% | +$18.2M |
2018 Q3
1 quarter
|
|
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Ruffer LLP's Q4 2018 Portfolio in Review
As of Q4 2018, Ruffer LLP held 101 positions worth $3.19B, up 5.8% from $3.02B the previous quarter. Its ten largest holdings account for 71% of the portfolio.
Ruffer LLP deployed $567M of net new capital in Q4 2018, opening 25 new positions and adding to 30 existing holdings. Its largest new stake was Ensco Rowan plc: 1,750,780 shares worth $24.9M.
By sector, the portfolio is most concentrated in Materials at 48% of assets, up from 40% a quarter earlier, followed by Communication Services and Energy.
On the sell side, the largest reduction was ExxonMobil, an estimated $75.8M trimmed.
- Ruffer LLP's largest Q4 2018 buy was Ensco Rowan plc: 1,750,780 shares worth $24.9M.
- Ruffer LLP added most to DuPont de Nemours in Q4 2018, an estimated $75.5M increase.
- Ruffer LLP's biggest Q4 2018 reduction was ExxonMobil, cutting an estimated $75.8M.
- Ruffer LLP fully exited Ultrapar in Q4 2018, selling an estimated $7.88M.
- Ruffer LLP's ten largest holdings make up 71% of its $3.19B portfolio in Q4 2018.
- Ruffer LLP opened 25 new positions and closed 5 in Q4 2018.
- Ruffer LLP's portfolio value rose 5.8% quarter-over-quarter to $3.19B.
Based on Ruffer LLP's 13F filing for Q4 2018, filed 7 Feb 2019.