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
|
+$22.3M |
| 2 |
Bank of America
BAC
|
+$17.3M |
| 3 |
Pan American Silver
PAAS
|
+$16.6M |
| 4 |
Jackson Financial
JXN
|
+$14.9M |
| 5 |
Grifois
GRFS
|
+$9.8M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
TSMC
TSM
|
+$101M |
| 2 |
Agnico Eagle Mines
AEM
|
+$100M |
| 3 |
The Mosaic Company
MOS
|
+$72.4M |
| 4 |
Kinross Gold
KGC
|
+$71.3M |
| 5 |
Nutrien
NTR
|
+$71.1M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Materials | 27.49% |
| 2 | Consumer Staples | 12.66% |
| 3 | Consumer Discretionary | 12.17% |
| 4 | Industrials | 9.98% |
| 5 | Healthcare | 9.47% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
1
Ambev
ABEV
$42.7B
| $143M | 8.35% |
44,930,005
-16,578,429
| -27% | -$48.8M |
2020 Q4
10 quarters
|
|
2
Ryanair
RYAAY
$31.7B
| $132M | 7.75% |
2,990,193
-602,442
| -17% | -$24.3M |
2022 Q3
3 quarters
|
|
|
3
TSMC
TSM
$2.06T
| $127M | 7.46% |
1,263,241
-1,085,064
| -46% | -$101M |
2023 Q1
1 quarter
|
|
|
4
Cigna
CI
$79.9B
| $107M | 6.25% |
373,920
+85,536
| +30% | +$22.3M |
2018 Q3
19 quarters
|
|
5
Amazon
AMZN
$2.93T
| $103M | 6.02% |
789,580
-181,269
| -19% | -$20.7M |
2022 Q3
3 quarters
|
|
|
6
Kinross Gold
KGC
$25.4B
| $102M | 5.97% |
21,396,871
-14,283,325
| -40% | -$71.3M |
2013 Q2
40 quarters
|
|
7
Newmont
NEM
$125B
| $84.5M | 4.95% |
1,980,849
-762,255
| -28% | -$34.6M |
2015 Q4
30 quarters
|
|
8
Alibaba
BABA
$256B
| $67.7M | 3.96% |
812,140
-629,620
| -44% | -$55.1M |
2022 Q2
4 quarters
|
|
9
Coty
COTY
$3.72B
| $65.6M | 3.84% |
5,338,556
-856,256
| -14% | -$10.1M |
2020 Q2
12 quarters
|
|
10
Barrick Mining
B
$65.3B
| $61.8M | 3.62% |
3,651,390
-3,587,236
| -50% | -$65.4M |
2013 Q4
38 quarters
|
|
|
11
Jackson Financial
JXN
$8.95B
| $59.4M | 3.48% |
1,939,914
+463,493
| +31% | +$14.9M |
2021 Q3
7 quarters
|
|
12
Meta Platforms (Facebook)
META
$1.64T
| $53.3M | 3.12% |
185,870
-41,419
| -18% | -$10.2M |
2022 Q1
5 quarters
|
|
13
Centerra Gold
CGAU
$4.29B
| $43.3M | 2.53% |
7,215,750
+698,300
| +11% | +$4.43M |
2021 Q2
8 quarters
|
|
14
Pfizer
PFE
$167B
| $43M | 2.52% |
1,173,049
+101,370
| +9% | +$3.95M |
2021 Q2
8 quarters
|
|
15
DELISTED
Pioneer Natural Resource Co.
PXD
| $41.9M | 2.45% |
202,328
-299,049
| -60% | -$63M |
2023 Q1
1 quarter
|
|
16
General Motors
GM
$76.1B
| $35.8M | 2.09% |
927,822
-288,877
| -24% | -$10M |
2018 Q2
20 quarters
|
|
17
GE Aerospace
GE
$351B
| $35.6M | 2.08% |
405,849
-69,041
| -15% | -$5.59M |
2017 Q2
24 quarters
|
|
18
GoDaddy
GDDY
$13.5B
| $29.7M | 1.74% |
394,746
-9,248
| -2% | -$683K |
2021 Q2
8 quarters
|
|
19
ExxonMobil
XOM
$671B
| $28.8M | 1.69% |
268,962
-79,430
| -23% | -$8.67M |
2013 Q2
40 quarters
|
|
|
20
Agnico Eagle Mines
AEM
$96.3B
| $28.7M | 1.68% |
575,215
-1,843,305
| -76% | -$100M |
2022 Q1
5 quarters
|
|
21
AngloGold Ashanti
AU
$47.5B
| $25.7M | 1.51% |
1,219,659
-977,600
| -44% | -$24.6M |
2015 Q2
32 quarters
|
|
22
PNC Financial Services
PNC
$91.9B
| $20.1M | 1.18% |
159,870
-75,030
| -32% | -$9.17M |
2023 Q1
1 quarter
|
|
23
Berkshire Hathaway Class B
BRK.B
$1.24T
| $19M | 1.12% |
55,856
-16,035
| -22% | -$5.23M |
2020 Q2
12 quarters
|
|
|
24
Pan American Silver
PAAS
$16.4B
| $17.6M | 1.03% |
1,205,292
+1,005,292
| +503% | +$16.6M |
2023 Q1
1 quarter
|
|
|
LTHM
25
DELISTED
Livent Corporation
LTHM
| $17.4M | 1.02% |
635,020
-237,543
| -27% | -$5.7M |
2019 Q2
16 quarters
|
|
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Ruffer LLP's Q2 2023 Portfolio in Review
As of Q2 2023, Ruffer LLP held 90 positions worth $1.71B, down 41% from $2.89B the previous quarter. Its ten largest holdings account for 58% of the portfolio.
Ruffer LLP withdrew a net $1.2B in Q2 2023, closing 20 positions and reducing 39 holdings. Its most notable exit was The Mosaic Company, an estimated $72.4M position sold in full.
By sector, the portfolio is most concentrated in Materials at 27% of assets, down from 35% a quarter earlier, followed by Consumer Staples and Consumer Discretionary.
Against the trend, Ruffer LLP opened a new position in Bank of America worth $17.4M.
- Ruffer LLP's largest Q2 2023 buy was Bank of America: 606,490 shares worth $17.4M.
- Ruffer LLP added most to Cigna in Q2 2023, an estimated $22.3M increase.
- Ruffer LLP's biggest Q2 2023 reduction was TSMC, cutting an estimated $101M.
- Ruffer LLP fully exited The Mosaic Company in Q2 2023, selling an estimated $72.4M.
- Ruffer LLP's ten largest holdings make up 58% of its $1.71B portfolio in Q2 2023.
- Ruffer LLP opened 3 new positions and closed 20 in Q2 2023.
- Ruffer LLP's portfolio value fell 41% quarter-over-quarter to $1.71B.
Based on Ruffer LLP's 13F filing for Q2 2023, filed 10 Aug 2023.