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

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