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Livermore
Livermore
ZHEN

Ruffer LLP

SEC CIK
0001426859
Latest filing
Jul 30, 2026

Holdings in Q1 2023

Holdings as of Mar 31, 2023, filed May 11, 2023. Long positions only; changes compare share counts with Q4 2022.

Institution overview
Positions
87
−4 vs. Q4 2022
Portfolio value
$2.89B
+$1.40B (+93.7%) vs. Q4 2022
Filed
May 11, 2023
SEC
Holdings of Ruffer LLP in Q1 2023
SecurityClassSharesValue% of portfolioShare changeActionHistory
TSMTaiwan Semiconductor Manufacturing Co LtdADR2,348,305$218.4M7.6%+2,348,305NewHistory
ABEVAmbev S.A.SPONSORED ADR61,508,434$173.1M6.0%+18,665,224+43.6%AddedHistory
KGCKinross Gold CorpCOM35,680,196$167.9M5.8%+19,001,072+113.9%AddedHistory
BABAAlibaba Group Holding LtdADR1,441,760$147.3M5.1%+1,321,178+1,095.7%AddedHistory
RYAAYRyanair Holdings PLCSPONSORED ADR1,437,054$135.5M4.7%+169,600+13.4%AddedHistory
NEMNEWMONT CorpStock2,743,104$134.4M4.7%+1,726,860+169.9%AddedHistory
Barrick Gold Corp067901108COM7,238,626$134.3M4.7%+2,343,219+47.9%Added–
AEMAgnico Eagle Mines LtdStock2,418,520$123.3M4.3%+2,163,300+847.6%AddedHistory
PXDPioneer Natural Resources CoCOM501,377$102.4M3.5%+501,377NewHistory
AMZNAmazon Com IncStock970,849$100.3M3.5%+361,180+59.2%AddedHistory
AAAlcoa CorpStock1,996,243$84.9M2.9%+1,996,243NewHistory
COTYCoty Inc.COM CL A6,194,812$74.7M2.6%−258,991−4.0%ReducedHistory
CICigna GroupStock288,384$73.6M2.6%+9,054+3.2%AddedHistory
MOSMosaic CoCOM1,578,354$72.4M2.5%+1,578,354NewHistory
NTRNutrien Ltd.COM962,913$71.1M2.5%+946,333+5,707.7%AddedHistory
JXNJackson Financial Inc.COM CL A1,476,421$55.2M1.9%+174,345+13.4%AddedHistory
EOGEOG Resources IncStock469,113$53.8M1.9%+469,113NewHistory
AUAngloGold Ashanti PLCSPONSORED ADR2,197,259$53.1M1.8%+662,100+43.1%AddedHistory
SHELShell plcADR922,600$53.1M1.8%+922,600NewHistory
COPConocoPhillipsStock516,652$51.3M1.8%+516,652NewHistory
METAMeta Platforms, Inc.Stock227,289$48.2M1.7%−121,121−34.8%ReducedHistory
NOVNOV Inc.COM2,587,875$47.9M1.7%+2,173,867+525.1%AddedHistory
GMGeneral Motors CoCOM1,216,699$44.6M1.5%+428,018+54.3%AddedHistory
PFEPfizer IncStock1,071,679$43.7M1.5%+508,764+90.4%AddedHistory
BPBP PLCADR1,125,000$42.7M1.5%−1,225,000−52.1%ReducedHistory
CGAUCenterra Gold Inc.COM6,517,450$42.1M1.5%−159,700−2.4%ReducedHistory
XOMExxonMobil Holdings CorpCOM348,392$38.2M1.3%−14,456−4.0%ReducedHistory
GEGeneral Electric CoStock379,002$36.2M1.3%+220,210+138.7%AddedHistory
COHRCoherent Corp.COM833,051$31.7M1.1%+268,184+47.5%AddedHistory
GDDYGoDaddy Inc.CL A403,994$31.4M1.1%+11,554+2.9%AddedHistory
PNCPNC Financial Services Group, Inc.Stock234,900$29.9M1.0%+234,900NewHistory
MTBM&T Bank CorpCOM240,200$28.7M1.0%+12,937+5.7%AddedHistory
TGNATegna IncCOM1,494,794$25.3M0.9%+1,494,794NewHistory
NENoble Corp plcORD SHS A637,000$25.1M0.9%+296,400+87.0%AddedHistory
SUSuncor Energy IncStock803,700$25.0M0.9%+803,700NewHistory
SCHWSchwab Charles CorpStock476,256$24.9M0.9%+411,851+639.5%AddedHistory
GFIGold Fields LtdSPONSORED ADR1,869,276$24.9M0.9%+180,502+10.7%AddedHistory
BRK.BBerkshire Hathaway IncStock71,891$22.2M0.8%+1,714+2.4%AddedHistory
FHIFederated Hermes, Inc.CL B535,000$21.5M0.7%−125,336−19.0%ReducedHistory
LTHMLivent Corp.COM872,563$18.9M0.7%−200,462−18.7%ReducedHistory
GAUGaliano Gold Inc.COM26,378,459$15.3M0.5%00.0%UnchangedHistory
BTGB2GOLD CorpCOM3,497,676$13.8M0.5%+500,000+16.7%AddedHistory
WPMWheaton Precious Metals Corp.COM248,395$12.0M0.4%−165,958−40.1%ReducedHistory
EXEExpand Energy CorpCOM131,333$9.98M0.3%−14,236−9.8%ReducedHistory
SYFSynchrony FinancialCOM292,103$8.50M0.3%−1,732,397−85.6%ReducedHistory
FSMFortuna Mining Corp.COM2,118,940$8.04M0.3%00.0%UnchangedHistory
SKESkeena Resources LtdCommon Stock1,220,370$7.48M0.3%+450,000+58.4%AddedHistory
SSRMSSR Mining Inc.Stock479,359$7.25M0.3%+140,000+41.3%AddedHistory
ATVIActivision Blizzard, Inc.COM80,265$6.87M0.2%−79,800−49.9%ReducedHistory
HTZHertz Global Holdings, IncCOM NEW350,000$5.70M0.2%−160,223−31.4%ReducedHistory
AXPAmerican Express CoStock34,311$5.66M0.2%−297,573−89.7%ReducedHistory
TSTenaris SASPONSORED ADS195,345$5.55M0.2%+76,262+64.0%AddedHistory
PAASPan American Silver CorpStock200,000$3.67M0.1%+200,000NewHistory
CVXChevron CorpStock22,000$3.59M0.1%00.0%UnchangedHistory
DRDDrdgold LtdSPON ADR REPSTG356,194$3.41M0.1%+58,142+19.5%AddedHistory
DDDuPont de Nemours, Inc.COM40,000$2.87M0.1%−439−1.1%ReducedHistory
GLDGGoldMining Inc.COM2,301,996$2.81M0.1%00.0%UnchangedHistory
PMPhilip Morris International Inc.Stock28,000$2.72M0.1%00.0%UnchangedHistory
FMXMexican Economic Development IncSPON ADR UNITS27,000$2.57M0.1%00.0%UnchangedHistory
JPMJPMorgan Chase & CoStock14,135$1.84M0.1%−10,744−43.2%ReducedHistory
IAGIamgold CorpCOM659,000$1.79M0.1%−1,000−0.2%ReducedHistory
MKLMarkel Group Inc.COM1,300$1.66M0.1%00.0%UnchangedHistory
ERICEricsson LM Telephone CoADR B SEK 10250,000$1.46M0.1%+250,000NewHistory
DNOWDNOW Inc.COM130,000$1.45M0.1%00.0%UnchangedHistory
ITRGIntegra Resources Corp.COM NEW2,384,579$1.39M<0.1%00.0%UnchangedHistory
TIMBTim S.A.SPONSORED ADR100,000$1.24M<0.1%+35,000+53.8%AddedHistory
ARCOArcos Dorados Holdings Inc.SHS CLASS -A -152,142$1.17M<0.1%00.0%UnchangedHistory
LUVSouthwest Airlines CoCOM35,000$1.14M<0.1%00.0%UnchangedHistory
VIVTelefonica Brasil S.A.SPONSORED ADS150,000$1.13M<0.1%+45,000+42.9%AddedHistory
JAZZJazz Pharmaceuticals plcSHS USD7,702$1.13M<0.1%00.0%UnchangedHistory
MLMMartin Marietta Materials IncCOM3,000$1.06M<0.1%00.0%UnchangedHistory
FCXFreeport-McMoran IncStock24,977$1.02M<0.1%+24,977NewHistory
INVXInnovex International, Inc.COM35,000$1.00M<0.1%00.0%UnchangedHistory
GOROGoldgroup Mining Inc.COM870,879$918.8K<0.1%00.0%UnchangedHistory
GLDSPDR Gold TrustETF4,844$887.4K<0.1%+1,551+47.1%AddedHistory
DOWDow Inc.Stock15,972$875.5K<0.1%−391−2.4%ReducedHistory
WFCWells Fargo & CompanyStock22,000$821.6K<0.1%00.0%UnchangedHistory
USBUS Bancorp DECOM NEW19,000$684.5K<0.1%00.0%UnchangedHistory
SBSafe Bulkers, Inc.COM160,000$589.6K<0.1%−3,788−2.3%ReducedHistory
USASAmericas Gold & Silver CorpCOM1,199,493$581.1K<0.1%00.0%UnchangedHistory
BUDAnheuser-Busch InBev SA/NVADR7,000$467.1K<0.1%00.0%UnchangedHistory
TECKTeck Resources LtdCL B10,952$399.9K<0.1%+10,952NewHistory
BURBurford Capital LtdORD SHS40,000$372.1K<0.1%+40,000NewHistory
DBDeutsche Bank AktiengesellschaftNAMEN AKT35,850$364.4K<0.1%−60,000−62.6%ReducedHistory
BMYBristol Myers Squibb CoStock4,504$312.1K<0.1%−72,451−94.1%ReducedHistory
Imv Inc44974L301COM NEW321,952$166.8K<0.1%−120,000−27.2%Reduced–
BRF SA10552T107SPONSORED ADR37,510$47.8K<0.1%00.0%Unchanged–

Sold out since Q4 2022 (19)

Positions held at the end of Q4 2022 that are gone from this filing.

Positions of Ruffer LLP sold out since Q4 2022
SecurityClassShares in Q4 2022Value in Q4 2022% of portfolio in Q4 2022History
BKNGBooking Holdings Inc.Stock11,851$24.0M1.6%History
SLBSLB LimitedStock234,050$12.6M0.8%History
CNCCentene CorpStock50,169$4.13M0.3%History
AZNAstraZeneca PLCSPONSORED ADR57,930$3.94M0.3%History
ORAOrmat Technologies, Inc.COM20,300$1.76M0.1%History
EGOEldorado Gold CorpCOM145,733$1.22M0.1%History
NXSTNexstar Media Group, Inc.COMMON STOCK6,461$1.13M0.1%History
EQXEquinox Gold Corp.COM320,765$1.06M0.1%History
CMICummins IncStock4,300$1.05M0.1%History
FISVFiserv IncStock10,000$1.01M0.1%History
NEENextera Energy IncStock9,700$813.3K0.1%History
MRSHMarsh & McLennan Companies, Inc.Stock2,900$481.6K<0.1%History
DISWalt Disney CoStock5,125$446.6K<0.1%History
AAPLApple Inc.Stock3,210$418.4K<0.1%History
CHKPCheck Point Software Technologies LtdORD2,417$305.8K<0.1%History
MSFTMicrosoft CorpStock1,031$248.0K<0.1%History
AFLAflac IncStock3,427$247.3K<0.1%History
MCKMcKesson CorpStock650$244.7K<0.1%History
EHTHeHealth, Inc.COM15,185$73.9K<0.1%History