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Livermore
Livermore
ZHEN

Ruffer LLP

SEC CIK
0001426859
Latest filing
Jul 30, 2026

Holdings in Q1 2025

Holdings as of Mar 31, 2025, filed May 9, 2025. Long positions only; changes compare share counts with Q4 2024.

Institution overview
Positions
94
−7 vs. Q4 2024
Portfolio value
$2.60B
−$171.2M (−6.2%) vs. Q4 2024
Filed
May 9, 2025
SEC
Holdings of Ruffer LLP in Q1 2025
SecurityClassSharesValue% of portfolioShare changeActionHistory
FLRFluor CorpStock6,577$235.6K<0.1%+6,577NewHistory
OSKOshkosh CorpCOM2,759$259.6K<0.1%+2,759NewHistory
WFCWells Fargo & CompanyStock5,000$358.9K<0.1%00.0%UnchangedHistory
GLDGGoldMining Inc.COM901,996$752.4K<0.1%00.0%UnchangedHistory
FMXMexican Economic Development IncSPON ADR UNITS8,000$780.6K<0.1%00.0%UnchangedHistory
EWBCEast West Bancorp IncCOM11,200$1.01M<0.1%−1,080−8.8%ReducedHistory
JPMJPMorgan Chase & CoStock7,000$1.72M0.1%−1,520−17.8%ReducedHistory
CVXChevron CorpStock11,000$1.84M0.1%00.0%UnchangedHistory
ANFAbercrombie & Fitch CoCL A26,830$2.05M0.1%+26,830NewHistory
MTBM&T Bank CorpCOM12,550$2.24M0.1%−60,442−82.8%ReducedHistory
TSTenaris SASPONSORED ADS59,349$2.32M0.1%−114,317−65.8%ReducedHistory
DAVAEndava plcADS130,317$2.54M0.1%+105,000+414.7%AddedHistory
BLBDBlue Bird CorpCOM79,018$2.56M0.1%+6,789+9.4%AddedHistory
BUDAnheuser-Busch InBev SA/NVADR45,000$2.77M0.1%00.0%UnchangedHistory
GFFGriffon CorpCOM39,054$2.79M0.1%+39,054NewHistory
CROXCrocs, Inc.COM26,406$2.80M0.1%+26,406NewHistory
POWLPowell Industries IncStock16,809$2.86M0.1%+16,809NewHistory
BNBROOKFIELD CorpCL A LTD VT SH56,500$2.96M0.1%−37,500−39.9%ReducedHistory
AVTAvnet IncCOM65,133$3.13M0.1%+65,133NewHistory
HALOHalozyme Therapeutics, Inc.COM50,414$3.22M0.1%+50,414NewHistory
ASOAcademy Sports & Outdoors, Inc.COM76,637$3.50M0.1%+12,749+20.0%AddedHistory
KBHKB HomeCOM64,544$3.75M0.1%+21,880+51.3%AddedHistory
ITRGIntegra Resources Corp.COM3,238,353$4.03M0.2%+112,300+3.6%AddedHistory
TOLToll Brothers, Inc.COM39,769$4.20M0.2%+16,884+73.8%AddedHistory
TMHCTaylor Morrison Home CorpCOM71,069$4.27M0.2%+21,220+42.6%AddedHistory
PTENPatterson Uti Energy IncCOM520,448$4.28M0.2%+520,448NewHistory
GMGeneral Motors CoCOM91,281$4.29M0.2%+30,766+50.8%AddedHistory
PHMPultegroup IncCOM42,245$4.34M0.2%+13,113+45.0%AddedHistory
UTHRUnited Therapeutics CorpCOM14,374$4.43M0.2%+2,925+25.5%AddedHistory
EXELExelixis, Inc.COM120,204$4.44M0.2%+9,447+8.5%AddedHistory
DORMDorman Products, Inc.COM39,556$4.77M0.2%+6,259+18.8%AddedHistory
INCYIncyte CorpCOM79,313$4.80M0.2%−746−0.9%ReducedHistory
PRPermian Resources CorpCLASS A COM358,620$4.97M0.2%+358,620NewHistory
OCOwens CorningStock34,864$4.98M0.2%+4,123+13.4%AddedHistory
BWABorgwarner IncCOM178,152$5.10M0.2%+178,152NewHistory
CHXChampionX CorpCOM178,819$5.33M0.2%+178,819NewHistory
MATMattel IncCOM275,609$5.35M0.2%+275,609NewHistory
HRBH&R Block IncCOM98,621$5.42M0.2%+19,074+24.0%AddedHistory
ENSEnerSysCOM64,334$5.89M0.2%+64,334NewHistory
MGYMagnolia Oil & Gas CorpCL A260,373$6.58M0.3%+260,373NewHistory
KFYKorn FerryCOM NEW99,283$6.73M0.3%+99,283NewHistory
CTRACoterra Energy Inc.Stock235,701$6.81M0.3%+235,701NewHistory
CACICACI International IncCL A21,658$7.95M0.3%+21,658NewHistory
MRKMerck & Co., Inc.Stock90,727$8.14M0.3%+18,055+24.8%AddedHistory
Sandstorm Gold Ltd Com New80013R206Stock1,102,950$8.33M0.3%+1,102,950New–
MMSMaximus, Inc.COM141,566$9.65M0.4%+4,049+2.9%AddedHistory
LNGCheniere Energy, Inc.COM NEW41,799$9.67M0.4%+41,799NewHistory
AEMAgnico Eagle Mines LtdStock90,897$9.85M0.4%−175,030−65.8%ReducedHistory
HPEHewlett Packard Enterprise CoCOM665,491$10.3M0.4%+255,260+62.2%AddedHistory
BRK.BBerkshire Hathaway IncStock19,480$10.4M0.4%−12,910−39.9%ReducedHistory
SNXTD Synnex CorpCOM100,345$10.4M0.4%+13,920+16.1%AddedHistory
TAPMolson Coors Beverage CoCL B188,711$11.5M0.4%+188,711NewHistory
New Gold Inc Cda644535106COM3,203,070$11.9M0.5%+2,003,070+166.9%Added–
EQXEquinox Gold Corp.COM1,776,730$12.2M0.5%+1,173,460+194.5%AddedHistory
PPCPilgrims Pride CorpStock228,365$12.4M0.5%+43,716+23.7%AddedHistory
FISFidelity National Information Services, Inc.Stock167,077$12.5M0.5%+167,077NewHistory
COTYCoty Inc.COM CL A2,405,843$13.2M0.5%−819,832−25.4%ReducedHistory
BTGB2GOLD CorpCOM4,663,540$13.3M0.5%+450,478+10.7%AddedHistory
FOXAFox CorpCL A COM264,235$15.0M0.6%+18,060+7.3%AddedHistory
CAKECheesecake Factory IncCOM313,046$15.2M0.6%+114,867+58.0%AddedHistory
PNCPNC Financial Services Group, Inc.Stock87,537$15.4M0.6%−103−0.1%ReducedHistory
SKESkeena Resources LtdCommon Stock1,534,883$15.5M0.6%−210,499−12.1%ReducedHistory
AGNCAGNC Investment Corp.REIT1,685,570$16.1M0.6%−4,714,245−73.7%ReducedHistory
EGOEldorado Gold CorpCOM992,097$16.7M0.6%+992,097NewHistory
PMPhilip Morris International Inc.Stock109,997$17.5M0.7%−225,165−67.2%ReducedHistory
CDECoeur Mining, Inc.COM NEW2,985,354$17.7M0.7%+2,985,354NewHistory
GEGeneral Electric CoStock99,615$19.9M0.8%−2,324−2.3%ReducedHistory
CSGPCostar Group, Inc.COM270,412$21.4M0.8%+108,233+66.7%AddedHistory
WPMWheaton Precious Metals Corp.COM289,744$22.5M0.9%+88,720+44.1%AddedHistory
GAUGaliano Gold Inc.COM18,943,252$23.3M0.9%+504,990+2.7%AddedHistory
PAASPan American Silver CorpStock980,044$25.3M1.0%−104,472−9.6%ReducedHistory
ARISAris Mining CorpCOM5,666,748$26.2M1.0%−20,525−0.4%ReducedHistory
XOMExxonMobil Holdings CorpCOM245,930$29.2M1.1%−43,602−15.1%ReducedHistory
CFCF Industries Holdings, Inc.COM454,018$35.5M1.4%−112,440−19.8%ReducedHistory
MOSMosaic CoCOM1,381,628$37.3M1.4%−301,960−17.9%ReducedHistory
NTRNutrien Ltd.COM753,298$37.4M1.4%−229,430−23.3%ReducedHistory
SUSuncor Energy IncStock973,447$37.7M1.5%+31,750+3.4%AddedHistory
CTVACorteva, Inc.Stock629,548$39.6M1.5%−156,370−19.9%ReducedHistory
XUnited States Steel CorpCOM1,046,043$44.2M1.7%+1,046,043NewHistory
CGAUCenterra Gold Inc.COM7,089,239$45.0M1.7%−51,606−0.7%ReducedHistory
TSMTaiwan Semiconductor Manufacturing Co LtdADR272,911$45.3M1.7%−57,060−17.3%ReducedHistory
KGCKinross Gold CorpCOM3,613,816$45.6M1.8%−3,814,154−51.3%ReducedHistory
ADMArcher-Daniels-Midland CoStock1,008,738$48.4M1.9%−150,880−13.0%ReducedHistory
DEDeere & CoStock112,511$52.8M2.0%−73,540−39.5%ReducedHistory
PFEPfizer IncStock2,192,298$55.6M2.1%−2,014,089−47.9%ReducedHistory
RYAAYRyanair Holdings PLCSPONSORED ADR1,322,779$56.0M2.2%−135,362−9.3%ReducedHistory
CICigna GroupStock192,000$63.2M2.4%−409,066−68.1%ReducedHistory
BPBP PLCADR2,439,040$82.4M3.2%+301,620+14.1%AddedHistory
BACBank of America CorpStock2,214,789$92.4M3.6%−512,547−18.8%ReducedHistory
BABAAlibaba Group Holding LtdADR1,210,409$160.1M6.2%−398,995−24.8%ReducedHistory
Barrick Gold Corp067901108COM10,426,795$202.7M7.8%+156,947+1.5%Added–
CCitigroup IncStock3,286,401$233.3M9.0%−215,433−6.2%ReducedHistory
AMZNAmazon Com IncStock1,305,979$248.5M9.6%+437,795+50.4%AddedHistory
NEMNEWMONT CorpStock6,596,949$318.5M12.3%−488,152−6.9%ReducedHistory

Sold out since Q4 2024 (32)

Positions held at the end of Q4 2024 that are gone from this filing.

Positions of Ruffer LLP sold out since Q4 2024
SecurityClassShares in Q4 2024Value in Q4 2024% of portfolio in Q4 2024History
ABEVAmbev S.A.SPONSORED ADR25,776,672$47.7M1.7%History
AUAngloGold Ashanti PLCCOM SHS1,653,726$38.2M1.4%History
STLAStellantis N.V.SHS1,479,686$19.3M0.7%History
NENoble Corp plcORD SHS A304,210$9.55M0.3%History
BGBunge Global SACOM SHS108,214$8.41M0.3%History
LIVNLivaNova PLCSHS172,357$7.98M0.3%History
ZDZiff Davis, Inc.COM146,224$7.95M0.3%History
GPORGulfport Energy CorpCOMMON SHARES40,753$7.51M0.3%History
JAZZJazz Pharmaceuticals plcSHS USD58,767$7.24M0.3%History
CPACopa Holdings, S.A.CL A76,658$6.74M0.2%History
GILDGilead Sciences, Inc.Stock70,399$6.50M0.2%History
COKECoca-Cola Consolidated, Inc.COM4,793$6.04M0.2%History
GTESGates Industrial Corp Ltd.ORD SHS285,062$5.86M0.2%History
FSLRFirst Solar, Inc.Stock30,480$5.37M0.2%History
GFIGold Fields LtdSPONSORED ADR402,084$5.31M0.2%History
PAGSPagSeguro Digital Ltd.COM CL A678,261$4.25M0.2%History
AMRAlpha Metallurgical Resources, Inc.COM20,485$4.10M0.1%History
LRNStride, Inc.COM39,141$4.07M0.1%History
ATKRAtkore Inc.COM48,660$4.06M0.1%History
NXTNextpower Inc.Stock108,230$3.95M0.1%History
BBYBest Buy Co IncStock44,367$3.81M0.1%History
HRIHerc Holdings IncCOM19,361$3.67M0.1%History
LENLennar CorpCL A23,617$3.22M0.1%History
HRMYHarmony Biosciences Holdings, Inc.COM75,501$2.60M0.1%History
GEARRevelyst, Inc.COM SHS65,944$1.27M<0.1%History
CMCSAComcast CorpStock28,698$1.08M<0.1%History
STNGScorpio Tankers Inc.SHS19,353$961.7K<0.1%History
ARCOArcos Dorados Holdings Inc.SHS CLASS -A -127,142$925.6K<0.1%History
SMSM Energy CoCOM18,783$728.0K<0.1%History
CRICarters IncCOM11,722$635.2K<0.1%History
STNEStoneCo Ltd.COM70,222$559.7K<0.1%History
SWSmurfit Westrock plcStock8,300$447.0K<0.1%History