Skip to main content
Livermore
Livermore
ZHEN

Ruffer LLP

SEC CIK
0001426859
Latest filing
Jul 30, 2026

Holdings in Q2 2023

Holdings as of Jun 30, 2023, filed Aug 10, 2023. Long positions only; changes compare share counts with Q1 2023.

Institution overview
Positions
70
−17 vs. Q1 2023
Portfolio value
$1.71B
−$1.18B (−40.8%) vs. Q1 2023
Filed
Aug 10, 2023
SEC
Holdings of Ruffer LLP in Q2 2023
SecurityClassSharesValue% of portfolioShare changeActionHistory
ABEVAmbev S.A.SPONSORED ADR44,930,005$142.6M8.4%−16,578,429−27.0%ReducedHistory
RYAAYRyanair Holdings PLCSPONSORED ADR1,196,077$132.3M7.7%−240,977−16.8%ReducedHistory
TSMTaiwan Semiconductor Manufacturing Co LtdADR1,263,241$127.5M7.5%−1,085,064−46.2%ReducedHistory
CICigna GroupStock373,920$106.8M6.3%+85,536+29.7%AddedHistory
AMZNAmazon Com IncStock789,580$102.9M6.0%−181,269−18.7%ReducedHistory
KGCKinross Gold CorpCOM21,396,871$102.0M6.0%−14,283,325−40.0%ReducedHistory
NEMNEWMONT CorpStock1,980,849$84.5M4.9%−762,255−27.8%ReducedHistory
BABAAlibaba Group Holding LtdADR812,140$67.7M4.0%−629,620−43.7%ReducedHistory
COTYCoty Inc.COM CL A5,338,556$65.6M3.8%−856,256−13.8%ReducedHistory
Barrick Gold Corp067901108COM3,651,390$61.8M3.6%−3,587,236−49.6%Reduced–
JXNJackson Financial Inc.COM CL A1,939,914$59.4M3.5%+463,493+31.4%AddedHistory
METAMeta Platforms, Inc.Stock185,870$53.3M3.1%−41,419−18.2%ReducedHistory
CGAUCenterra Gold Inc.COM7,215,750$43.3M2.5%+698,300+10.7%AddedHistory
PFEPfizer IncStock1,173,049$43.0M2.5%+101,370+9.5%AddedHistory
PXDPioneer Natural Resources CoCOM202,328$41.9M2.5%−299,049−59.6%ReducedHistory
GMGeneral Motors CoCOM927,822$35.8M2.1%−288,877−23.7%ReducedHistory
GEGeneral Electric CoStock323,902$35.6M2.1%−55,100−14.5%ReducedHistory
GDDYGoDaddy Inc.CL A394,746$29.7M1.7%−9,248−2.3%ReducedHistory
XOMExxonMobil Holdings CorpCOM268,962$28.8M1.7%−79,430−22.8%ReducedHistory
AEMAgnico Eagle Mines LtdStock575,215$28.7M1.7%−1,843,305−76.2%ReducedHistory
AUAngloGold Ashanti PLCSPONSORED ADR1,219,659$25.7M1.5%−977,600−44.5%ReducedHistory
PNCPNC Financial Services Group, Inc.Stock159,870$20.1M1.2%−75,030−31.9%ReducedHistory
BRK.BBerkshire Hathaway IncStock55,856$19.0M1.1%−16,035−22.3%ReducedHistory
PAASPan American Silver CorpStock1,205,292$17.6M1.0%+1,005,292+502.6%AddedHistory
LTHMLivent Corp.COM635,020$17.4M1.0%−237,543−27.2%ReducedHistory
BACBank of America CorpStock606,490$17.4M1.0%+606,490NewHistory
SUSuncor Energy IncStock590,500$17.3M1.0%−213,200−26.5%ReducedHistory
GAUGaliano Gold Inc.COM26,378,459$15.8M0.9%00.0%UnchangedHistory
NENoble Corp plcORD SHS A327,700$13.5M0.8%−309,300−48.6%ReducedHistory
BTGB2GOLD CorpCOM3,497,676$12.5M0.7%00.0%UnchangedHistory
GRFSGrifols SASP ADR REP B NVT1,192,250$10.9M0.6%+1,192,250NewHistory
MTBM&T Bank CorpCOM85,950$10.6M0.6%−154,250−64.2%ReducedHistory
WPMWheaton Precious Metals Corp.COM245,116$10.6M0.6%−3,279−1.3%ReducedHistory
NOVNOV Inc.COM653,630$10.5M0.6%−1,934,245−74.7%ReducedHistory
AAAlcoa CorpStock309,044$10.5M0.6%−1,687,199−84.5%ReducedHistory
SSRMSSR Mining Inc.Stock631,259$8.95M0.5%+151,900+31.7%AddedHistory
SKESkeena Resources LtdCommon Stock1,782,970$8.60M0.5%+562,600+46.1%AddedHistory
FHIFederated Hermes, Inc.CL B235,000$8.43M0.5%−300,000−56.1%ReducedHistory
SYFSynchrony FinancialCOM290,943$7.56M0.4%−1,160−0.4%ReducedHistory
FSMFortuna Mining Corp.COM2,118,940$6.88M0.4%00.0%UnchangedHistory
TECKTeck Resources LtdCL B129,470$5.45M0.3%+118,518+1,082.2%AddedHistory
TSTenaris SASPONSORED ADS144,400$4.32M0.3%−50,945−26.1%ReducedHistory
PMPhilip Morris International Inc.Stock42,000$4.10M0.2%+14,000+50.0%AddedHistory
CVXChevron CorpStock22,000$3.46M0.2%00.0%UnchangedHistory
FMXMexican Economic Development IncSPON ADR UNITS27,000$2.99M0.2%00.0%UnchangedHistory
DDDuPont de Nemours, Inc.COM40,000$2.86M0.2%00.0%UnchangedHistory
GLDGGoldMining Inc.COM2,301,996$2.10M0.1%00.0%UnchangedHistory
JPMJPMorgan Chase & CoStock14,070$2.05M0.1%−65−0.5%ReducedHistory
MKLMarkel Group Inc.COM1,300$1.80M0.1%00.0%UnchangedHistory
ARCOArcos Dorados Holdings Inc.SHS CLASS -A -152,142$1.56M0.1%00.0%UnchangedHistory
MLMMartin Marietta Materials IncCOM3,000$1.38M0.1%00.0%UnchangedHistory
ERICEricsson LM Telephone CoADR B SEK 10250,000$1.36M0.1%00.0%UnchangedHistory
BPBP PLCADR31,000$1.09M0.1%−1,094,000−97.2%ReducedHistory
ITRGIntegra Resources Corp.COM NEW953,831$1.06M0.1%00.0%UnchangedConverted for a 2-for-5 splitHistory
DNOWDNOW Inc.COM100,000$1.04M0.1%−30,000−23.1%ReducedHistory
BUDAnheuser-Busch InBev SA/NVADR17,000$964.3K0.1%+10,000+142.9%AddedHistory
JAZZJazz Pharmaceuticals plcSHS USD7,702$954.7K0.1%00.0%UnchangedHistory
WFCWells Fargo & CompanyStock22,000$938.9K0.1%00.0%UnchangedHistory
DOWDow Inc.Stock15,972$850.6K<0.1%00.0%UnchangedHistory
LUVSouthwest Airlines CoCOM20,000$724.1K<0.1%−15,000−42.9%ReducedHistory
GOROGoldgroup Mining Inc.COM870,879$544.3K<0.1%00.0%UnchangedHistory
SBSafe Bulkers, Inc.COM160,000$522.4K<0.1%00.0%UnchangedHistory
GLDSPDR Gold TrustETF2,710$483.2K<0.1%−2,134−44.1%ReducedHistory
INVXInnovex International, Inc.COM20,000$465.8K<0.1%−15,000−42.9%ReducedHistory
USASAmericas Gold & Silver CorpCOM1,199,493$424.7K<0.1%00.0%UnchangedHistory
DBDeutsche Bank AktiengesellschaftNAMEN AKT35,850$377.1K<0.1%00.0%UnchangedHistory
USBUS Bancorp DECOM NEW9,000$297.2K<0.1%−10,000−52.6%ReducedHistory
SBLKStar Bulk Carriers Corp.SHS PAR15,439$273.2K<0.1%+15,439NewHistory
BURBurford Capital LtdORD SHS20,000$243.4K<0.1%−20,000−50.0%ReducedHistory
EXEExpand Energy CorpCOM2,782$232.8K<0.1%−128,551−97.9%ReducedHistory

Sold out since Q1 2023 (20)

Positions held at the end of Q1 2023 that are gone from this filing.

Positions of Ruffer LLP sold out since Q1 2023
SecurityClassShares in Q1 2023Value in Q1 2023% of portfolio in Q1 2023History
MOSMosaic CoCOM1,578,354$72.4M2.5%History
NTRNutrien Ltd.COM962,913$71.1M2.5%History
EOGEOG Resources IncStock469,113$53.8M1.9%History
SHELShell plcADR922,600$53.1M1.8%History
COPConocoPhillipsStock516,652$51.3M1.8%History
COHRCoherent Corp.COM833,051$31.7M1.1%History
TGNATegna IncCOM1,494,794$25.3M0.9%History
SCHWSchwab Charles CorpStock476,256$24.9M0.9%History
GFIGold Fields LtdSPONSORED ADR1,869,276$24.9M0.9%History
ATVIActivision Blizzard, Inc.COM80,265$6.87M0.2%History
HTZHertz Global Holdings, IncCOM NEW350,000$5.70M0.2%History
AXPAmerican Express CoStock34,311$5.66M0.2%History
DRDDrdgold LtdSPON ADR REPSTG356,194$3.41M0.1%History
IAGIamgold CorpCOM659,000$1.79M0.1%History
TIMBTim S.A.SPONSORED ADR100,000$1.24M<0.1%History
VIVTelefonica Brasil S.A.SPONSORED ADS150,000$1.13M<0.1%History
FCXFreeport-McMoran IncStock24,977$1.02M<0.1%History
BMYBristol Myers Squibb CoStock4,504$312.1K<0.1%History
Imv Inc44974L301COM NEW321,952$166.8K<0.1%–
BRF SA10552T107SPONSORED ADR37,510$47.8K<0.1%–