RUFFER LLP Information

80 VICTORIA STREET, LONDON, , SW1E 5JL, (44207) 963-8146

Report Date: 12/31/2014

Position Statistics

Total Positions 95
New Positions 9
Increased Positions 31
Decreased Positions 37
Positions with Activity 68
Sold Out Positions 6
Total Mkt Value (in $ millions) 3,151

Institutional Holdings information is filed by major institutions on form 13-F with the Securities and Exchange Commission.

Sector Weighting

Basic Materials 15.67%
Capital Goods 24.08%
Conglomerates
Consumer Cyclical 0.13%
Consumer/Non-Cyclical 0.23%
Energy 0.14%
Financial 13.51%
Healthcare 1.17%
Services 10.96%
Technology 32.91%
Transportation 0.16%
Utilities

95 Positions as of 12/31/2014

Company Class Value of Shares ($1,000s) ▼ Change in Value ($1,000s) Change (%) Shares Held
INTERNATIONAL BUSINESS MACHS COM 19,045 -72,573 (79.21) 109,664
THOMSON REUTERS CORP COM 17,991 -15,833 (46.81) 436,138
M & T BK CORP COM 17,952 868 5.08 150,489
NOVARTIS A G SPONSORED ADR 16,519 -931 (5.34) 159,840
FREEPORT-MCMORAN INC CL B 16,125 6,190 62.30 681,523
NEWMONT MINING CORP COM 15,070 7,294 93.80 568,880
JOHNSON & JOHNSON COM 12,081 -578 (4.56) 120,649
MARKET VECTORS ETF TR GOLD MINER ETF 8,879 8,371 1,649.78 438,022
US BANCORP DEL COM NEW 7,665 -88 (1.13) 178,632
WAL-MART STORES INC COM 7,153 -6,041 (45.79) 91,008
AMERICAN CAPITAL AGENCY CORP COM 7,044 -610 (7.97) 339,467
MARKET VECTORS ETF TR JR GOLD MINERS E 6,603 48 .73 263,713
CISCO SYS INC COM 6,233 -75 (1.19) 213,984
VERIZON COMMUNICATIONS INC COM 5,715 -110 (1.88) 113,368
CHINA LODGING GROUP LTD SPONSORED ADR 5,653 New 250,000
BAIDU INC SPON ADR REP A 5,062 New 25,000
LEIDOS HLDGS INC COM 3,770 3,770 New 90,000
MERCK & CO INC NEW COM 3,666 -23 (0.63) 61,246
SEACOR HOLDINGS INC COM 3,199 1,422 80 45,000
GOOGLE INC CL C 3,168 -491 (13.41) 5,889