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Livermore
Livermore
ZHEN

Ruffer LLP

SEC CIK
0001426859
Latest filing
Jul 30, 2026

The latest 13F from Ruffer LLP covers Q2 2026 (filed Jul 30, 2026): 187 long positions worth $2.83B. The top 10 holdings make up 35.6% of the portfolio, and the largest is Amazon Com Inc (AMZN) at 7.0%. Livermore has 22 filings on Form 13F from this institution, going back to Q1 2021.

What changed in Q2 2026

Share counts compared with Q1 2026: how many positions were new, added to, reduced or sold out, and the biggest buys and sells. Dollar amounts are estimated at the quarter-end prices implied by the filing.

Full comparison
New
42
Est. +$543.5M
Added
66
Est. +$387.7M
Reduced
71
Est. −$357.5M
Sold out
31
Est. −$120.0M

Top 5 holdings

Share of this quarter's portfolio value

  1. AMZNAmazon Com Inc
    7.0%$197.4MHistory
  2. MSFTMicrosoft Corp
    6.0%$169.5MHistory
  3. BABAAlibaba Group Holding Ltd
    4.3%$121.3MHistory
  4. SWSmurfit Westrock plc
    4.0%$112.7MHistory
  5. BACBank of America Corp
    2.6%$74.2MHistory

Biggest buys

New and added positions, by estimated amount bought

  1. AMZNAmazon Com Inc
    +$63.7MAddedHistory
  2. NTESNetEase, Inc.
    +$62.5MNewHistory
  3. MSFTMicrosoft Corp
    +$52.7MAddedHistory
  4. YMMFull Truck Alliance Co. Ltd.
    +$46.4MNewHistory
  5. TCOMTrip.com Group Ltd
    +$42.8MNewHistory

Largest weight increases

New and added positions, by percentage points of the portfolio gained

  1. NTESNetEase, Inc.
    +2.21 pp0.0% → 2.2%History
  2. AMZNAmazon Com Inc
    +2.18 pp4.8% → 7.0%History
  3. YMMFull Truck Alliance Co. Ltd.
    +1.64 pp0.0% → 1.6%History
  4. TCOMTrip.com Group Ltd
    +1.51 pp0.0% → 1.5%History
  5. JDJD.com, Inc.
    +1.38 pp0.0% → 1.4%History

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. COINCoinbase Global, Inc.
    −$136.8MReducedHistory
  2. GEGeneral Electric Co
    −$28.2MReducedHistory
  3. BF.BBrown Forman Corp
    −$21.3MReducedHistory
  4. BPBP PLC
    −$17.5MReducedHistory
  5. SWSmurfit Westrock plc
    −$16.0MReducedHistory

Largest weight decreases

Reduced and sold-out positions, by percentage points of the portfolio lost

  1. COINCoinbase Global, Inc.
    −7.71 pp10.3% → 2.6%History
  2. BPBP PLC
    −1.93 pp4.0% → 2.1%History
  3. BF.BBrown Forman Corp
    −1.15 pp3.0% → 1.8%History
  4. SLBSLB Limited
    −1.05 pp3.3% → 2.2%History
  5. GEGeneral Electric Co
    −0.81 pp1.4% → 0.6%History

Metrics

13F metrics for Q2 2026, computed only from the numbers in the filings. Definitions below.

Portfolio value
$2.83B
+$384.0M (+15.7%) vs. prior quarter
Positions
187
+11 vs. prior quarter
Top 10 concentration
35.6%
Top 10 as share of value
Turnover
18.1%
Q2 2026, one quarter
Average holding period
6.6 quarters
Weighted by value

How these are calculated

  • Portfolio value: the market value of all long positions in the 13F, as reported at quarter end, excluding options.
  • Top 10 concentration: the combined value of the 10 largest positions as a share of portfolio value.
  • Turnover: the smaller of this quarter's estimated purchases and estimated sales, divided by the average of this and last quarter's portfolio value. Estimates multiply the change in shares by the quarter-end price implied by the filing (market value divided by shares); new positions use this quarter's value and sold-out positions last quarter's. Only positions reported in shares count, and it is not calculated when the previous quarter was not filed.
  • Average holding period: how many consecutive quarters each current position has been held (including this one; a quarter without the position or without a filing starts the count over), weighted by this quarter's value. Counting starts with the first 13F in Livermore (Q1 2021), so positions held before then are understated.

13F filings by quarter

22 quarters, going back to Q1 2021. Bars show each quarter's 13F portfolio value; quarters without a filing are left blank.

Peak $4.28B (Q1 2022)

Q1 2021: $3.27BQ2 2021: $3.57BQ3 2021: $3.16BQ4 2021: $4.15BQ1 2022: $4.28BQ2 2022: $2.54BQ3 2022: $1.60BQ4 2022: $1.49BQ1 2023: $2.89BQ2 2023: $1.71BQ3 2023: $1.80BQ4 2023: $2.69BQ1 2024: $2.60BQ2 2024: $2.33BQ3 2024: $3.17BQ4 2024: $2.77BQ1 2025: $2.60BQ2 2025: $2.26BQ3 2025: $1.80BQ4 2025: $2.20BQ1 2026: $2.44BQ2 2026: $2.83B
Q1 2021Q2 2026
13F filings of Ruffer LLP by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2026Jul 30, 2026187$2.83BAMZNMSFTBABAvs. Q1 2026SEC
Q1 2026May 13, 2026176$2.44BCOINBABAAMZNvs. Q4 2025SEC
Q4 2025Jan 28, 2026154$2.20BSWCOINAMZNvs. Q3 2025SEC
Q3 2025Nov 3, 2025101$1.80BAMZNEQXBACvs. Q2 2025SEC
Q2 2025Jul 16, 202598$2.26BNEMSWBarrick Gold Corpvs. Q1 2025SEC
Q1 2025May 9, 202594$2.60BNEMAMZNCvs. Q4 2024SEC
Q4 2024Feb 7, 2025101$2.77BNEMCAMZNvs. Q3 2024SEC
Q3 2024Nov 8, 202456$3.17BNEMBABACvs. Q2 2024SEC
Q2 2024Aug 8, 202453$2.33BNEMCCIvs. Q1 2024SEC
Q1 2024May 8, 202460$2.60BNEMBarrick Gold CorpBABAvs. Q4 2023SEC
Q4 2023Feb 12, 202467$2.69BNEMBABABarrick Gold Corpvs. Q3 2023SEC
Q3 2023Nov 13, 202366$1.80BRYAAYABEVBABAvs. Q2 2023SEC
Q2 2023Aug 10, 202370$1.71BABEVRYAAYTSMvs. Q1 2023SEC
Q1 2023May 11, 202387$2.89BTSMABEVKGCvs. Q4 2022SEC
Q4 2022Feb 10, 202391$1.49BABEVRYAAYCIvs. Q3 2022SEC
Q3 2022Nov 10, 202295$1.60BABEVCIAXPvs. Q2 2022SEC
Q2 2022Aug 5, 202297$2.54BCIABEVKGCvs. Q1 2022SEC
Q1 2022May 12, 2022101$4.28BKGCCIABEVvs. Q4 2021SEC
Q4 2021Feb 4, 2022101$4.15BCIKGCABEVvs. Q3 2021SEC
Q3 2021Nov 10, 202190$3.16BCIABEVBMYvs. Q2 2021SEC
Q2 2021Aug 6, 202189$3.57BCNCABEVCIvs. Q1 2021SEC
Q1 2021May 11, 202176$3.27BCNCCIABEV–SEC