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Livermore
Livermore
ZHEN

Ruffer LLP

SEC CIK
0001426859
Latest filing
Jul 30, 2026

Holdings in Q2 2022

Holdings as of Jun 30, 2022, filed Aug 5, 2022. Long positions only; changes compare share counts with Q1 2022.

Institution overview
Positions
97
−4 vs. Q1 2022
Portfolio value
$2.54B
−$1.74B (−40.6%) vs. Q1 2022
Filed
Aug 5, 2022
SEC
Holdings of Ruffer LLP in Q2 2022
SecurityClassSharesValue% of portfolioShare changeActionHistory
CICigna GroupStock1,125,713$296.8M11.7%−455,733−28.8%ReducedHistory
ABEVAmbev S.A.SPONSORED ADR81,513,241$205.0M8.1%−32,361,354−28.4%ReducedHistory
KGCKinross Gold CorpCOM51,482,284$184.0M7.2%−25,395,959−33.0%ReducedHistory
BABAAlibaba Group Holding LtdADR1,120,504$127.4M5.0%+1,120,504NewHistory
AXPAmerican Express CoStock916,712$127.2M5.0%+149,004+19.4%AddedHistory
NOCNorthrop Grumman CorpStock258,422$123.7M4.9%−81,204−23.9%ReducedHistory
EXEExpand Energy CorpCOM1,507,119$122.1M4.8%−912,428−37.7%ReducedHistory
BMYBristol Myers Squibb CoStock1,546,805$119.2M4.7%−1,761,973−53.3%ReducedHistory
WPMWheaton Precious Metals Corp.COM3,026,240$109.0M4.3%−3,222,078−51.6%ReducedHistory
BPBP PLCADR2,690,000$76.3M3.0%+775,000+40.5%AddedHistory
GMGeneral Motors CoCOM2,223,601$70.7M2.8%+258,090+13.1%AddedHistory
SCHWSchwab Charles CorpStock1,082,755$68.5M2.7%+415,497+62.3%AddedHistory
COTYCoty Inc.COM CL A7,324,000$58.7M2.3%+1,947,812+36.2%AddedHistory
METAMeta Platforms, Inc.Stock340,003$54.8M2.2%+264,897+352.7%AddedHistory
HTZHertz Global Holdings, IncCOM NEW2,832,180$44.9M1.8%+1,114,077+64.8%AddedHistory
GDDYGoDaddy Inc.CL A581,326$40.5M1.6%+10,174+1.8%AddedHistory
CGAUCenterra Gold Inc.COM5,877,150$39.8M1.6%+195,700+3.4%AddedHistory
LUVSouthwest Airlines CoCOM1,060,570$38.3M1.5%+525,990+98.4%AddedHistory
XOMExxonMobil Holdings CorpCOM432,445$37.1M1.5%−164,006−27.5%ReducedHistory
JXNJackson Financial Inc.COM CL A1,361,152$36.4M1.4%+639,877+88.7%AddedHistory
BRK.BBerkshire Hathaway IncStock130,252$35.6M1.4%+14,464+12.5%AddedHistory
COHRCoherent Corp.COM648,228$33.0M1.3%+275,727+74.0%AddedHistory
LMTLockheed Martin CorpStock73,853$31.8M1.2%−31,684−30.0%ReducedHistory
GEGeneral Electric CoStock456,512$29.1M1.1%−103,047−18.4%ReducedHistory
CNCCentene CorpStock340,373$28.8M1.1%00.0%UnchangedHistory
PFEPfizer IncStock544,685$28.6M1.1%−33,949−5.9%ReducedHistory
FHIFederated Hermes, Inc.CL B889,654$28.3M1.1%−1,571,395−63.9%ReducedHistory
Barrick Gold Corp067901108COM1,468,809$26.3M1.0%−8,684,687−85.5%Reduced–
AUAngloGold Ashanti PLCSPONSORED ADR1,762,389$26.1M1.0%−3,119,922−63.9%ReducedHistory
JPMJPMorgan Chase & CoStock192,842$21.7M0.9%+15,149+8.5%AddedHistory
NEMNEWMONT CorpStock350,713$20.9M0.8%−1,093,906−75.7%ReducedHistory
AZNAstraZeneca PLCSPONSORED ADR309,698$20.5M0.8%−1,294,931−80.7%ReducedHistory
SLBSLB LimitedStock434,050$15.5M0.6%+434,050NewHistory
SCPLSciPlay CorpCL A982,639$13.7M0.5%+982,639NewHistory
GFIGold Fields LtdSPONSORED ADR1,368,939$12.5M0.5%−2,899,018−67.9%ReducedHistory
AEMAgnico Eagle Mines LtdStock268,366$12.3M0.5%+74,934+38.7%AddedHistory
LTHMLivent Corp.COM532,023$12.1M0.5%+406,964+325.4%AddedHistory
EHTHeHealth, Inc.COM1,180,711$11.0M0.4%−144,132−10.9%ReducedHistory
ATVIActivision Blizzard, Inc.COM136,596$10.6M0.4%−375,110−73.3%ReducedHistory
GAUGaliano Gold Inc.COM26,378,459$10.4M0.4%00.0%UnchangedHistory
YAlleghany CorpCOM11,000$9.17M0.4%+6,100+124.5%AddedHistory
Yamana Gold Inc98462Y100COM1,881,916$8.76M0.3%−1,801,730−48.9%Reduced–
CTRACoterra Energy Inc.Stock338,484$8.73M0.3%−1,761,905−83.9%ReducedHistory
IAGIamgold CorpCOM5,319,959$8.54M0.3%−1,923,998−26.6%ReducedHistory
FSMFortuna Mining Corp.COM2,818,940$8.00M0.3%−877,000−23.7%ReducedHistory
NOVNOV Inc.COM423,714$7.17M0.3%+398,666+1,591.6%AddedHistory
COPConocoPhillipsStock73,602$6.61M0.3%−178,798−70.8%ReducedHistory
SSRMSSR Mining Inc.Stock339,359$5.67M0.2%−240,000−41.4%ReducedHistory
NTRNutrien Ltd.COM60,580$4.83M0.2%00.0%UnchangedHistory
SKESkeena Resources LtdCommon Stock710,000$3.79M0.1%+710,000NewHistory
EGOEldorado Gold CorpCOM550,000$3.51M0.1%+550,000NewHistory
CVXChevron CorpStock22,000$3.19M0.1%00.0%UnchangedHistory
EQXEquinox Gold Corp.COM680,765$3.08M0.1%−137,200−16.8%ReducedHistory
Imv Inc44974L103COM4,419,545$2.99M0.1%00.0%Unchanged–
PMPhilip Morris International Inc.Stock28,000$2.77M0.1%00.0%UnchangedHistory
BTGB2GOLD CorpCOM766,783$2.60M0.1%−139,117−15.4%ReducedHistory
DISWalt Disney CoStock25,821$2.44M0.1%−265−1.0%ReducedHistory
GOROGoldgroup Mining Inc.COM1,509,723$2.44M0.1%−210,320−12.2%ReducedHistory
ITRGIntegra Resources Corp.COM NEW2,384,579$2.44M0.1%+370,000+18.4%AddedHistory
GLDGGoldMining Inc.COM2,501,996$2.38M0.1%00.0%UnchangedHistory
DNOWDNOW Inc.COM230,000$2.25M0.1%00.0%UnchangedHistory
FISVFiserv IncStock25,000$2.23M0.1%+5,000+25.0%AddedHistory
DRDDrdgold LtdSPON ADR REPSTG309,719$1.82M0.1%−82,011−20.9%ReducedHistory
ORAOrmat Technologies, Inc.COM20,300$1.59M0.1%00.0%UnchangedHistory
BUDAnheuser-Busch InBev SA/NVADR25,000$1.35M0.1%+25,000NewHistory
MKLMarkel Group Inc.COM1,000$1.29M0.1%00.0%UnchangedHistory
GLDSPDR Gold TrustETF7,470$1.26M<0.1%+1,787+31.4%AddedHistory
MTBM&T Bank CorpCOM7,592$1.21M<0.1%00.0%UnchangedHistory
JAZZJazz Pharmaceuticals plcSHS USD7,702$1.20M<0.1%00.0%UnchangedHistory
DVADavita Inc.COM15,000$1.20M<0.1%−5,000−25.0%ReducedHistory
NOMDNomad Foods LtdUSD ORD SHS60,000$1.20M<0.1%00.0%UnchangedHistory
NXSTNexstar Media Group, Inc.COMMON STOCK6,501$1.06M<0.1%−222−3.3%ReducedHistory
ARCOArcos Dorados Holdings Inc.SHS CLASS -A -152,142$1.03M<0.1%00.0%UnchangedHistory
USASAmericas Gold & Silver CorpCOM1,449,493$995.0K<0.1%00.0%UnchangedHistory
OVVOvintiv Inc.COM22,005$972.0K<0.1%−816,889−97.4%ReducedHistory
USBUS Bancorp DECOM NEW20,000$921.0K<0.1%00.0%UnchangedHistory
APAAPA CorpStock26,000$907.0K<0.1%00.0%UnchangedHistory
INVXInnovex International, Inc.COM35,000$903.0K<0.1%00.0%UnchangedHistory
MLMMartin Marietta Materials IncCOM3,000$898.0K<0.1%00.0%UnchangedHistory
WFCWells Fargo & CompanyStock22,000$862.0K<0.1%00.0%UnchangedHistory
DOWDow Inc.Stock16,363$845.0K<0.1%00.0%UnchangedHistory
DBDeutsche Bank AktiengesellschaftNAMEN AKT95,850$837.0K<0.1%00.0%UnchangedHistory
CMICummins IncStock4,300$833.0K<0.1%00.0%UnchangedHistory
NEENextera Energy IncStock9,700$752.0K<0.1%00.0%UnchangedHistory
VIVTelefonica Brasil S.A.SPONSORED ADS70,000$634.0K<0.1%−11,498−14.1%ReducedHistory
SBSafe Bulkers, Inc.COM163,788$625.0K<0.1%00.0%UnchangedHistory
TIMBTim S.A.SPONSORED ADR50,000$608.0K<0.1%−8,330−14.3%ReducedHistory
AAPLApple Inc.Stock3,514$481.0K<0.1%+3,514NewHistory
MRSHMarsh & McLennan Companies, Inc.Stock2,900$450.0K<0.1%00.0%UnchangedHistory
VIPSVipshop Holdings LtdSPONSORED ADS A44,768$443.0K<0.1%−40,099−47.2%ReducedHistory
SHELShell plcADR7,500$392.0K<0.1%−26,500−77.9%ReducedHistory
4D Pharma PLC35085K109SPONSORED ADS195,954$320.0K<0.1%00.0%Unchanged–
CHKPCheck Point Software Technologies LtdORD2,417$294.0K<0.1%00.0%UnchangedHistory
MSFTMicrosoft CorpStock1,138$292.0K<0.1%−208−15.5%ReducedHistory
MCKMcKesson CorpStock650$212.0K<0.1%+650NewHistory
HTZWWHertz Global Holdings, IncCommon Stock11,150$109.0K<0.1%00.0%UnchangedHistory
BRF SA10552T107SPONSORED ADR37,510$96.0K<0.1%00.0%Unchanged–

Sold out since Q1 2022 (12)

Positions held at the end of Q1 2022 that are gone from this filing.

Positions of Ruffer LLP sold out since Q1 2022
SecurityClassShares in Q1 2022Value in Q1 2022% of portfolio in Q1 2022History
VODVodafone Group Public Ltd CoADR4,262,823$70.8M1.7%History
ZNGAZynga IncCL A3,713,040$34.3M0.8%History
VSXYVictoria's Secret & Co.COMMON STOCK615,059$31.6M0.7%History
GOOGLAlphabet Inc.Stock6,072$16.9M0.4%History
Great Panther MNG Ltd39115V101COM14,049,172$3.45M0.1%–
MROMarathon Oil CorpCOM88,501$2.22M0.1%History
TWTRTwitter, Inc.COM35,000$1.35M<0.1%History
CLHClean Harbors IncCOM10,000$1.12M<0.1%History
GASSStealthGas Inc.SHS167,994$404.0K<0.1%History
PSHGPerformance Shipping Inc.COM NEW105,572$319.0K<0.1%History
VanEck ETF Trust92189F106GOLD MINERS ETF6,181$237.0K<0.1%–
AFLAflac IncStock3,427$221.0K<0.1%History