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 |
Federated Hermes
FHI
|
+$102M |
| 2 |
Expand Energy Corp
EXE
|
+$86.1M |
| 3 |
Northrop Grumman
NOC
|
+$63.7M |
| 4 |
ALXN
Alexion Pharmaceuticals
ALXN
|
+$58.6M |
| 5 |
Centerra Gold
CGAU
|
+$50.2M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Charles Schwab
SCHW
|
+$142M |
| 2 |
American Express
AXP
|
+$76.5M |
| 3 |
Berkshire Hathaway Class B
BRK.B
|
+$68.5M |
| 4 |
Walt Disney
DIS
|
+$54.9M |
| 5 |
Aflac
AFL
|
+$52.1M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Healthcare | 35.23% |
| 2 | Materials | 22.67% |
| 3 | Financials | 15.17% |
| 4 | Consumer Staples | 12.16% |
| 5 | Energy | 7.23% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
1
Centene
CNC
$35.3B
| $398M | 11.14% |
5,456,529
-80,177
| -1% | -$5.49M |
2019 Q3
7 quarters
|
|
2
Ambev
ABEV
$42.5B
| $379M | 10.6% |
110,193,150
+12,712,753
| +13% | +$41.4M |
2020 Q4
2 quarters
|
|
3
Cigna
CI
$78.3B
| $365M | 10.21% |
1,537,414
+188,714
| +14% | +$47.1M |
2018 Q3
11 quarters
|
|
4
Bristol-Myers Squibb
BMY
$130B
| $284M | 7.95% |
4,249,273
+52,417
| +1% | +$3.42M |
2019 Q2
8 quarters
|
|
5
Kinross Gold
KGC
$24.5B
| $224M | 6.29% |
35,310,654
+1,777,724
| +5% | +$13.2M |
2013 Q2
32 quarters
|
|
6
Wheaton Precious Metals
WPM
$59.7B
| $187M | 5.24% |
3,361,810
-229,081
| -6% | -$10.2M |
2015 Q3
23 quarters
|
|
|
ALXN
7
DELISTED
Alexion Pharmaceuticals
ALXN
| $183M | 5.14% |
998,268
+341,580
| +52% | +$58.6M |
2021 Q1
1 quarter
|
|
|
8
American Express
AXP
$215B
| $176M | 4.92% |
1,063,207
-488,367
| -31% | -$76.5M |
2020 Q2
4 quarters
|
|
|
9
Expand Energy Corp
EXE
$20.4B
| $135M | 3.77% |
2,594,944
+1,724,944
| +198% | +$86.1M |
2021 Q1
1 quarter
|
|
10
eHealth
EHTH
$13.4M
| $109M | 3.07% |
1,873,790
+43,680
| +2% | +$2.87M |
2019 Q4
6 quarters
|
|
|
11
Federated Hermes
FHI
$4.71B
| $108M | 3.04% |
+3,195,802
| New | +$102M |
2021 Q2
0 quarters
|
|
12
General Motors
GM
$72.5B
| $79.2M | 2.22% |
1,337,928
-461,204
| -26% | -$27.1M |
2018 Q2
12 quarters
|
|
13
AngloGold Ashanti
AU
$43.7B
| $75.7M | 2.12% |
4,073,022
+1,020,196
| +33% | +$22.4M |
2015 Q2
24 quarters
|
|
|
14
Northrop Grumman
NOC
$78.2B
| $64.3M | 1.8% |
+176,915
| New | +$63.7M |
2021 Q2
0 quarters
|
|
15
ExxonMobil
XOM
$696B
| $61M | 1.71% |
967,796
+284,852
| +42% | +$17M |
2013 Q2
32 quarters
|
|
16
DELISTED
Coterra Energy
CTRA
| $60.5M | 1.69% |
3,463,219
-599,575
| -15% | -$10.2M |
2020 Q3
3 quarters
|
|
|
17
Charles Schwab
SCHW
$160B
| $57M | 1.6% |
782,930
-2,003,102
| -72% | -$142M |
2020 Q2
4 quarters
|
|
18
Gold Fields
GFI
$31.6B
| $53M | 1.49% |
5,963,137
+1,130,041
| +23% | +$11.7M |
2013 Q2
32 quarters
|
|
|
19
Centerra Gold
CGAU
$3.92B
| $46M | 1.29% |
+6,034,550
| New | +$50.2M |
2021 Q2
0 quarters
|
|
20
Nutrien
NTR
$33.8B
| $42.1M | 1.18% |
694,870
-368,650
| -35% | -$21.8M |
2020 Q3
3 quarters
|
|
|
21
Berkshire Hathaway Class B
BRK.B
$1.26T
| $40M | 1.12% |
143,860
-245,181
| -63% | -$68.5M |
2020 Q2
4 quarters
|
|
22
JPMorgan Chase
JPM
$919B
| $37.6M | 1.05% |
241,677
-72,987
| -23% | -$11.5M |
2013 Q2
32 quarters
|
|
23
Newmont
NEM
$118B
| $36.6M | 1.03% |
577,862
-287,612
| -33% | -$19.3M |
2015 Q4
22 quarters
|
|
24
IAMGOLD
IAG
$9.8B
| $36.4M | 1.02% |
12,356,317
+1,130,946
| +10% | +$3.81M |
2018 Q4
10 quarters
|
|
25
Coty
COTY
$3.56B
| $32.9M | 0.92% |
3,522,325
+1,472,325
| +72% | +$13.4M |
2020 Q2
4 quarters
|
|
Similar funds
Ruffer LLP's Q2 2021 Portfolio in Review
As of Q2 2021, Ruffer LLP held 94 positions worth $3.57B, up 9.2% from $3.27B the previous quarter. Its ten largest holdings account for 68% of the portfolio.
Ruffer LLP's Q2 2021 filing shows 18 new, 18 increased, 33 reduced and 5 closed positions. Its largest new stake was Federated Hermes: 3,195,802 shares worth $108M. The largest sale was Charles Schwab, an estimated $142M.
By sector, the portfolio is most concentrated in Healthcare at 35% of assets, up from 33% a quarter earlier, followed by Materials and Financials.
- Ruffer LLP's largest Q2 2021 buy was Federated Hermes: 3,195,802 shares worth $108M.
- Ruffer LLP added most to Expand Energy Corp in Q2 2021, an estimated $86.1M increase.
- Ruffer LLP's biggest Q2 2021 reduction was Charles Schwab, cutting an estimated $142M.
- Ruffer LLP fully exited Compañía de Cervecerías Unidas in Q2 2021, selling an estimated $8.85M.
- Ruffer LLP's ten largest holdings make up 68% of its $3.57B portfolio in Q2 2021.
- Ruffer LLP opened 18 new positions and closed 5 in Q2 2021.
- Ruffer LLP's portfolio value rose 9.2% quarter-over-quarter to $3.57B.
Based on Ruffer LLP's 13F filing for Q2 2021, filed 6 Aug 2021.