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

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