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 |
Alibaba
BABA
|
+$110M |
| 2 |
Meta Platforms (Facebook)
META
|
+$51.1M |
| 3 |
Charles Schwab
SCHW
|
+$28.7M |
| 4 |
American Express
AXP
|
+$24.6M |
| 5 |
BP
BP
|
+$23.7M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Barrick Mining
B
|
+$188M |
| 2 |
Wheaton Precious Metals
WPM
|
+$140M |
| 3 |
Bristol-Myers Squibb
BMY
|
+$134M |
| 4 |
Kinross Gold
KGC
|
+$123M |
| 5 |
Cigna
CI
|
+$117M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Materials | 20.22% |
| 2 | Healthcare | 19.67% |
| 3 | Financials | 13.51% |
| 4 | Energy | 11.01% |
| 5 | Industrials | 10.68% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
1
Cigna
CI
$77.6B
| $297M | 11.68% |
1,125,713
-455,733
| -29% | -$117M |
2018 Q3
15 quarters
|
|
2
Ambev
ABEV
$43B
| $205M | 8.07% |
81,513,241
-32,361,354
| -28% | -$92.3M |
2020 Q4
6 quarters
|
|
|
3
Kinross Gold
KGC
$26.2B
| $184M | 7.24% |
51,482,284
-25,395,959
| -33% | -$123M |
2013 Q2
36 quarters
|
|
|
4
Alibaba
BABA
$272B
| $127M | 5.01% |
+1,120,504
| New | +$110M |
2022 Q2
0 quarters
|
|
|
5
American Express
AXP
$215B
| $127M | 5% |
916,712
+149,004
| +19% | +$24.6M |
2020 Q2
8 quarters
|
|
6
Northrop Grumman
NOC
$74.6B
| $124M | 4.87% |
258,422
-81,204
| -24% | -$37.3M |
2021 Q2
4 quarters
|
|
7
Expand Energy Corp
EXE
$19.5B
| $122M | 4.81% |
1,507,119
-912,428
| -38% | -$82.4M |
2021 Q1
5 quarters
|
|
|
8
Bristol-Myers Squibb
BMY
$127B
| $119M | 4.69% |
1,546,805
-1,761,973
| -53% | -$134M |
2019 Q2
12 quarters
|
|
|
9
Wheaton Precious Metals
WPM
$61.9B
| $109M | 4.29% |
3,026,240
-3,222,078
| -52% | -$140M |
2015 Q3
27 quarters
|
|
|
10
BP
BP
$115B
| $76.3M | 3% |
2,690,000
+775,000
| +40% | +$23.7M |
2021 Q4
2 quarters
|
|
11
General Motors
GM
$73.1B
| $70.7M | 2.78% |
2,223,601
+258,090
| +13% | +$9.7M |
2018 Q2
16 quarters
|
|
|
12
Charles Schwab
SCHW
$158B
| $68.5M | 2.7% |
1,082,755
+415,497
| +62% | +$28.7M |
2020 Q2
8 quarters
|
|
13
Coty
COTY
$3.57B
| $58.7M | 2.31% |
7,324,000
+1,947,812
| +36% | +$14.6M |
2020 Q2
8 quarters
|
|
|
14
Meta Platforms (Facebook)
META
$1.56T
| $54.8M | 2.16% |
340,003
+264,897
| +353% | +$51.1M |
2022 Q1
1 quarter
|
|
15
Hertz
HTZ
$586M
| $44.9M | 1.77% |
2,832,180
+1,114,077
| +65% | +$22M |
2021 Q4
2 quarters
|
|
16
GoDaddy
GDDY
$13.9B
| $40.5M | 1.59% |
581,326
+10,174
| +2% | +$773K |
2021 Q2
4 quarters
|
|
17
Centerra Gold
CGAU
$4.21B
| $39.8M | 1.56% |
5,877,150
+195,700
| +3% | +$1.66M |
2021 Q2
4 quarters
|
|
18
Southwest Airlines
LUV
$21.8B
| $38.3M | 1.51% |
1,060,570
+525,990
| +98% | +$22.6M |
2021 Q4
2 quarters
|
|
19
ExxonMobil
XOM
$677B
| $37.1M | 1.46% |
432,445
-164,006
| -27% | -$14.8M |
2013 Q2
36 quarters
|
|
20
Jackson Financial
JXN
$8.7B
| $36.4M | 1.43% |
1,361,152
+639,877
| +89% | +$23.3M |
2021 Q3
3 quarters
|
|
21
Berkshire Hathaway Class B
BRK.B
$1.22T
| $35.6M | 1.4% |
130,252
+14,464
| +12% | +$4.54M |
2020 Q2
8 quarters
|
|
22
Coherent
COHR
$38B
| $33M | 1.3% |
648,228
+275,727
| +74% | +$16.8M |
2021 Q3
3 quarters
|
|
23
Lockheed Martin
LMT
$131B
| $31.8M | 1.25% |
73,853
-31,684
| -30% | -$13.9M |
2021 Q2
4 quarters
|
|
24
GE Aerospace
GE
$335B
| $29.1M | 1.14% |
732,744
-165,400
| -18% | -$8.01M |
2017 Q2
20 quarters
|
|
25
Centene
CNC
$34.5B
| $28.8M | 1.13% |
340,373
| – | – |
2019 Q3
11 quarters
|
|
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Ruffer LLP's Q2 2022 Portfolio in Review
As of Q2 2022, Ruffer LLP held 109 positions worth $2.54B, down 41% from $4.28B the previous quarter. Its ten largest holdings account for 59% of the portfolio.
Ruffer LLP withdrew a net $1.17B in Q2 2022, closing 12 positions and reducing 38 holdings. Its most notable exit was Vodafone, an estimated $70.8M position sold in full.
By sector, the portfolio is most concentrated in Materials at 20% of assets, down from 35% a quarter earlier, followed by Healthcare and Financials.
Against the trend, Ruffer LLP opened a new position in Alibaba worth $127M.
- Ruffer LLP's largest Q2 2022 buy was Alibaba: 1,120,504 shares worth $127M.
- Ruffer LLP added most to Meta Platforms (Facebook) in Q2 2022, an estimated $51.1M increase.
- Ruffer LLP's biggest Q2 2022 reduction was Barrick Mining, cutting an estimated $188M.
- Ruffer LLP fully exited Vodafone in Q2 2022, selling an estimated $70.8M.
- Ruffer LLP's ten largest holdings make up 59% of its $2.54B portfolio in Q2 2022.
- Ruffer LLP opened 8 new positions and closed 12 in Q2 2022.
- Ruffer LLP's portfolio value fell 41% quarter-over-quarter to $2.54B.
Based on Ruffer LLP's 13F filing for Q2 2022, filed 5 Aug 2022.