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 |
Ryanair
RYAAY
|
+$93.7M |
| 2 |
Amazon
AMZN
|
+$36.2M |
| 3 |
Synchrony
SYF
|
+$20.2M |
| 4 |
Booking.com
BKNG
|
+$18.8M |
| 5 |
Hertz
HTZ
|
+$12.7M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Cigna
CI
|
+$198M |
| 2 |
Northrop Grumman
NOC
|
+$119M |
| 3 |
Kinross Gold
KGC
|
+$117M |
| 4 |
Ambev
ABEV
|
+$98.7M |
| 5 |
Expand Energy Corp
EXE
|
+$89.9M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 16.57% |
| 2 | Materials | 16.02% |
| 3 | Healthcare | 13.6% |
| 4 | Energy | 13.33% |
| 5 | Consumer Staples | 12.36% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
1
Ambev
ABEV
$42.5B
| $142M | 8.89% |
46,700,133
-34,813,108
| -43% | -$98.7M |
2020 Q4
7 quarters
|
|
|
2
Cigna
CI
$78.3B
| $124M | 7.74% |
421,936
-703,777
| -63% | -$198M |
2018 Q3
16 quarters
|
|
3
American Express
AXP
$215B
| $83.7M | 5.23% |
587,760
-328,952
| -36% | -$49.8M |
2020 Q2
9 quarters
|
|
|
4
Ryanair
RYAAY
$29.9B
| $81.8M | 5.12% |
+3,324,353
| New | +$93.7M |
2022 Q3
0 quarters
|
|
5
BP
BP
$118B
| $73.1M | 4.58% |
2,352,300
-337,700
| -13% | -$10M |
2021 Q4
3 quarters
|
|
|
6
Kinross Gold
KGC
$24.5B
| $66.6M | 4.16% |
17,053,271
-34,429,013
| -67% | -$117M |
2013 Q2
37 quarters
|
|
|
7
Hertz
HTZ
$536M
| $60.7M | 3.8% |
3,509,507
+677,327
| +24% | +$12.7M |
2021 Q4
3 quarters
|
|
|
8
Expand Energy Corp
EXE
$20.4B
| $55.9M | 3.5% |
550,304
-956,815
| -63% | -$89.9M |
2021 Q1
6 quarters
|
|
9
Coty
COTY
$3.56B
| $51M | 3.19% |
7,447,561
+123,561
| +2% | +$934K |
2020 Q2
9 quarters
|
|
10
Charles Schwab
SCHW
$160B
| $47.8M | 2.99% |
629,751
-453,004
| -42% | -$31.4M |
2020 Q2
9 quarters
|
|
11
GoDaddy
GDDY
$13.8B
| $45.1M | 2.82% |
584,754
+3,428
| +0.6% | +$258K |
2021 Q2
5 quarters
|
|
12
ExxonMobil
XOM
$696B
| $44.7M | 2.79% |
437,951
+5,506
| +1% | +$503K |
2013 Q2
37 quarters
|
|
13
General Motors
GM
$72.5B
| $41.5M | 2.6% |
1,199,331
-1,024,270
| -46% | -$37.6M |
2018 Q2
17 quarters
|
|
14
Meta Platforms (Facebook)
META
$1.64T
| $40.4M | 2.53% |
290,584
-49,419
| -15% | -$8.01M |
2022 Q1
2 quarters
|
|
15
Jackson Financial
JXN
$9.18B
| $35.2M | 2.2% |
1,126,886
-234,266
| -17% | -$6.92M |
2021 Q3
4 quarters
|
|
|
16
Amazon
AMZN
$2.88T
| $34.5M | 2.16% |
+286,615
| New | +$36.2M |
2022 Q3
0 quarters
|
|
17
Centerra Gold
CGAU
$3.92B
| $30.8M | 1.93% |
6,277,150
+400,000
| +7% | +$2.08M |
2021 Q2
5 quarters
|
|
18
GE Aerospace
GE
$344B
| $30.3M | 1.9% |
735,853
+3,109
| +0.4% | +$137K |
2017 Q2
21 quarters
|
|
19
Berkshire Hathaway Class B
BRK.B
$1.26T
| $30M | 1.87% |
108,516
-21,736
| -17% | -$6.19M |
2020 Q2
9 quarters
|
|
20
AngloGold Ashanti
AU
$43.7B
| $29M | 1.81% |
1,963,389
+201,000
| +11% | +$2.86M |
2015 Q2
29 quarters
|
|
21
Centene
CNC
$35.3B
| $27.3M | 1.71% |
339,886
-487
| -0.1% | -$43.5K |
2019 Q3
12 quarters
|
|
22
Pfizer
PFE
$165B
| $23.9M | 1.5% |
554,775
+10,090
| +2% | +$490K |
2021 Q2
5 quarters
|
|
23
Bristol-Myers Squibb
BMY
$130B
| $23.8M | 1.49% |
339,231
-1,207,574
| -78% | -$87.6M |
2019 Q2
13 quarters
|
|
24
Federated Hermes
FHI
$4.71B
| $22M | 1.38% |
666,336
-223,318
| -25% | -$7.62M |
2021 Q2
5 quarters
|
|
25
Coherent
COHR
$43B
| $21M | 1.32% |
554,317
-93,911
| -14% | -$4.5M |
2021 Q3
4 quarters
|
|
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Ruffer LLP's Q3 2022 Portfolio in Review
As of Q3 2022, Ruffer LLP held 104 positions worth $1.6B, down 37% from $2.54B the previous quarter. Its ten largest holdings account for 49% of the portfolio.
Ruffer LLP withdrew a net $974M in Q3 2022, closing 9 positions and reducing 48 holdings. Its most notable exit was Lockheed Martin, an estimated $31.8M position sold in full.
By sector, the portfolio is most concentrated in Financials at 17% of assets, up from 14% a quarter earlier, followed by Materials and Healthcare.
Against the trend, Ruffer LLP opened a new position in Ryanair worth $81.8M.
- Ruffer LLP's largest Q3 2022 buy was Ryanair: 3,324,353 shares worth $81.8M.
- Ruffer LLP added most to Hertz in Q3 2022, an estimated $12.7M increase.
- Ruffer LLP's biggest Q3 2022 reduction was Cigna, cutting an estimated $198M.
- Ruffer LLP fully exited Lockheed Martin in Q3 2022, selling an estimated $31.8M.
- Ruffer LLP's ten largest holdings make up 49% of its $1.6B portfolio in Q3 2022.
- Ruffer LLP opened 7 new positions and closed 9 in Q3 2022.
- Ruffer LLP's portfolio value fell 37% quarter-over-quarter to $1.6B.
Based on Ruffer LLP's 13F filing for Q3 2022, filed 10 Nov 2022.