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
|
+$59.4M |
| 2 |
AGNC Investment
AGNC
|
+$55.5M |
| 3 |
Citigroup
C
|
+$55.3M |
| 4 |
Amazon
AMZN
|
+$18.7M |
| 5 |
Shell
SHEL
|
+$15.7M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Newmont
NEM
|
+$102M |
| 2 |
East-West Bancorp
EWBC
|
+$77.9M |
| 3 |
TSMC
TSM
|
+$73M |
| 4 |
Kinross Gold
KGC
|
+$67.9M |
| 5 |
Barrick Mining
B
|
+$56.6M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Materials | 29.72% |
| 2 | Financials | 16.06% |
| 3 | Healthcare | 14.92% |
| 4 | Consumer Discretionary | 13.59% |
| 5 | Consumer Staples | 7.44% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
1
Newmont
NEM
$123B
| $244M | 10.48% |
5,834,224
-2,502,452
| -30% | -$102M |
2015 Q4
34 quarters
|
|
|
2
Citigroup
C
$206B
| $211M | 9.05% |
3,320,839
+897,337
| +37% | +$55.3M |
2023 Q3
3 quarters
|
|
|
3
Cigna
CI
$79.4B
| $187M | 8.04% |
566,608
+172,176
| +44% | +$59.4M |
2018 Q3
23 quarters
|
|
4
Alibaba
BABA
$253B
| $168M | 7.19% |
2,326,258
-441,759
| -16% | -$33.9M |
2022 Q2
8 quarters
|
|
5
Pfizer
PFE
$168B
| $160M | 6.88% |
5,728,695
-178,963
| -3% | -$4.93M |
2021 Q2
12 quarters
|
|
|
6
Amazon
AMZN
$2.88T
| $148M | 6.35% |
764,248
+101,949
| +15% | +$18.7M |
2022 Q3
7 quarters
|
|
|
7
Barrick Mining
B
$64.3B
| $147M | 6.32% |
8,824,252
-3,335,105
| -27% | -$56.6M |
2013 Q4
42 quarters
|
|
|
8
Kinross Gold
KGC
$25.3B
| $107M | 4.61% |
12,890,881
-9,387,253
| -42% | -$67.9M |
2013 Q2
44 quarters
|
|
|
9
TSMC
TSM
$2.14T
| $103M | 4.41% |
590,935
-481,426
| -45% | -$73M |
2023 Q1
5 quarters
|
|
10
Bank of America
BAC
$350B
| $93.9M | 4.03% |
2,360,233
+124,420
| +6% | +$4.77M |
2023 Q2
4 quarters
|
|
11
Ambev
ABEV
$43.2B
| $83.4M | 3.58% |
40,805,158
-2,057,734
| -5% | -$4.69M |
2020 Q4
14 quarters
|
|
12
Ryanair
RYAAY
$30.8B
| $75.2M | 3.23% |
1,614,703
-112,335
| -7% | -$5.84M |
2022 Q3
7 quarters
|
|
|
13
AGNC Investment
AGNC
$10.8B
| $67.2M | 2.89% |
7,047,336
+5,799,293
| +465% | +$55.5M |
2024 Q1
1 quarter
|
|
14
Coty
COTY
$3.58B
| $62.1M | 2.66% |
6,196,261
+698,136
| +13% | +$7.48M |
2020 Q2
16 quarters
|
|
15
BP
BP
$117B
| $50M | 2.15% |
1,385,690
+353,120
| +34% | +$13.2M |
2021 Q4
10 quarters
|
|
16
Centerra Gold
CGAU
$4.12B
| $50M | 2.14% |
7,360,845
-1,420,700
| -16% | -$9.32M |
2021 Q2
12 quarters
|
|
17
GE Aerospace
GE
$356B
| $31.2M | 1.34% |
196,022
-80,362
| -29% | -$12.8M |
2017 Q2
28 quarters
|
|
18
Suncor Energy
SU
$79.4B
| $30M | 1.29% |
787,401
+52,000
| +7% | +$2.01M |
2023 Q1
5 quarters
|
|
19
Galiano Gold
GAU
$629M
| $29.7M | 1.28% |
17,340,962
-6,948,497
| -29% | -$11.4M |
2018 Q4
22 quarters
|
|
20
ExxonMobil
XOM
$680B
| $29.7M | 1.27% |
257,797
+14,760
| +6% | +$1.72M |
2013 Q2
44 quarters
|
|
21
Philip Morris
PM
$306B
| $24.6M | 1.06% |
242,638
+126,138
| +108% | +$12.3M |
2018 Q4
22 quarters
|
|
22
M&T Bank
MTB
$31.6B
| $23.1M | 0.99% |
152,475
-6,965
| -4% | -$1.02M |
2019 Q2
20 quarters
|
|
23
Pan American Silver
PAAS
$16.2B
| $22.4M | 0.96% |
1,127,805
-404,442
| -26% | -$7.97M |
2023 Q1
5 quarters
|
|
24
PNC Financial Services
PNC
$92.2B
| $20.7M | 0.89% |
132,950
+20,721
| +18% | +$3.21M |
2023 Q1
5 quarters
|
|
25
Agnico Eagle Mines
AEM
$94B
| $19.9M | 0.85% |
304,080
-299,902
| -50% | -$19.6M |
2022 Q1
9 quarters
|
|
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Ruffer LLP's Q2 2024 Portfolio in Review
As of Q2 2024, Ruffer LLP held 62 positions worth $2.33B, down 10% from $2.6B the previous quarter. Its ten largest holdings account for 67% of the portfolio.
Ruffer LLP withdrew a net $368M in Q2 2024, closing 9 positions and reducing 33 holdings. Its most notable exit was Hess, an estimated $32.2M position sold in full.
By sector, the portfolio is most concentrated in Materials at 30% of assets, down from 33% a quarter earlier, followed by Financials and Healthcare.
Against the trend, Ruffer LLP opened a new position in Shell worth $15.9M.
- Ruffer LLP's largest Q2 2024 buy was Shell: 220,000 shares worth $15.9M.
- Ruffer LLP added most to Cigna in Q2 2024, an estimated $59.4M increase.
- Ruffer LLP's biggest Q2 2024 reduction was Newmont, cutting an estimated $102M.
- Ruffer LLP fully exited Hess in Q2 2024, selling an estimated $32.2M.
- Ruffer LLP's ten largest holdings make up 67% of its $2.33B portfolio in Q2 2024.
- Ruffer LLP opened 2 new positions and closed 9 in Q2 2024.
- Ruffer LLP's portfolio value fell 10% quarter-over-quarter to $2.33B.
Based on Ruffer LLP's 13F filing for Q2 2024, filed 8 Aug 2024.