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Livermore
Livermore
ZHEN

Ruffer LLP

SEC CIK
0001426859
Latest filing
Jul 30, 2026

Holdings in Q2 2025

Holdings as of Jun 30, 2025, filed Jul 16, 2025. Long positions only; changes compare share counts with Q1 2025.

Institution overview
Positions
98
+4 vs. Q1 2025
Portfolio value
$2.26B
−$337.2M (−13.0%) vs. Q1 2025
Filed
Jul 16, 2025
SEC
Holdings of Ruffer LLP in Q2 2025
SecurityClassSharesValue% of portfolioShare changeActionHistory
NEMNEWMONT CorpStock4,999,932$291.3M12.9%−1,597,017−24.2%ReducedHistory
SWSmurfit Westrock plcStock4,544,710$196.1M8.7%+4,544,710NewHistory
Barrick Gold Corp067901108COM9,216,104$191.9M8.5%−1,210,691−11.6%Reduced–
AMZNAmazon Com IncStock730,465$160.3M7.1%−575,514−44.1%ReducedHistory
BACBank of America CorpStock2,883,749$136.5M6.0%+668,960+30.2%AddedHistory
CCitigroup IncStock948,652$80.7M3.6%−2,337,749−71.1%ReducedHistory
BPBP PLCADR2,294,330$68.7M3.0%−144,710−5.9%ReducedHistory
GOOGLAlphabet Inc.Stock336,846$59.4M2.6%+336,846NewHistory
RYAAYRyanair Holdings PLCSPONSORED ADR931,799$53.7M2.4%−390,980−29.6%ReducedHistory
AUAngloGold Ashanti PLCCOM SHS1,146,968$52.3M2.3%+1,146,968NewHistory
CGAUCenterra Gold Inc.COM7,153,309$51.6M2.3%+64,070+0.9%AddedHistory
EQXEquinox Gold Corp.COM7,499,601$43.3M1.9%+5,722,871+322.1%AddedHistory
BABAAlibaba Group Holding LtdADR342,672$38.9M1.7%−867,737−71.7%ReducedHistory
ARISAris Mining CorpCOM5,239,248$35.3M1.6%−427,500−7.5%ReducedHistory
SUSuncor Energy IncStock929,257$34.8M1.5%−44,190−4.5%ReducedHistory
PFEPfizer IncStock1,399,513$33.9M1.5%−792,785−36.2%ReducedHistory
IQVIQVIA Holdings Inc.Stock207,887$32.8M1.4%+207,887NewHistory
CDECoeur Mining, Inc.COM NEW3,644,401$32.3M1.4%+659,047+22.1%AddedHistory
XOMExxonMobil Holdings CorpCOM276,717$29.8M1.3%+30,787+12.5%AddedHistory
TSMTaiwan Semiconductor Manufacturing Co LtdADR130,711$29.6M1.3%−142,200−52.1%ReducedHistory
ALCAlcon IncStock308,649$27.3M1.2%+308,649NewHistory
PAASPan American Silver CorpStock913,329$25.9M1.1%−66,715−6.8%ReducedHistory
PNCPNC Financial Services Group, Inc.Stock130,619$24.3M1.1%+43,082+49.2%AddedHistory
GAUGaliano Gold Inc.COM18,943,252$24.1M1.1%00.0%UnchangedHistory
SKESkeena Resources LtdCommon Stock1,511,655$24.1M1.1%−23,228−1.5%ReducedHistory
GEGeneral Electric CoStock92,175$23.7M1.0%−7,440−7.5%ReducedHistory
EGOEldorado Gold CorpCOM1,093,553$22.2M1.0%+101,456+10.2%AddedHistory
CAKECheesecake Factory IncCOM297,629$18.6M0.8%−15,417−4.9%ReducedHistory
COOCooper Companies, Inc.COM247,662$17.6M0.8%+247,662NewHistory
PMPhilip Morris International Inc.Stock94,109$17.1M0.8%−15,888−14.4%ReducedHistory
WPMWheaton Precious Metals Corp.COM189,484$17.0M0.8%−100,260−34.6%ReducedHistory
KGCKinross Gold CorpCOM940,837$14.7M0.7%−2,672,979−74.0%ReducedHistory
FOXAFox CorpCL A COM230,258$12.9M0.6%−33,977−12.9%ReducedHistory
ARWArrow Electronics, Inc.COM96,253$12.3M0.5%+96,253NewHistory
BTGB2GOLD CorpCOM3,395,988$12.3M0.5%−1,267,552−27.2%ReducedHistory
IPGInterpublic Group of Companies, Inc.COM497,484$12.2M0.5%+497,484NewHistory
SNXTD Synnex CorpCOM85,976$11.7M0.5%−14,369−14.3%ReducedHistory
AAUCAllied Gold CorpCOM NEW793,940$10.7M0.5%+793,940NewHistory
GENGen Digital Inc.Stock357,900$10.5M0.5%+357,900NewHistory
PPCPilgrims Pride CorpStock226,137$10.2M0.5%−2,228−1.0%ReducedHistory
OVVOvintiv Inc.COM256,076$9.74M0.4%+256,076NewHistory
HPEHewlett Packard Enterprise CoCOM440,760$9.01M0.4%−224,731−33.8%ReducedHistory
CHXChampionX CorpCOM359,032$8.92M0.4%+180,213+100.8%AddedHistory
MTCHMatch Group, Inc.COM285,867$8.83M0.4%+285,867NewHistory
TAPMolson Coors Beverage CoCL B183,014$8.80M0.4%−5,697−3.0%ReducedHistory
NENoble Corp plcORD SHS A285,719$7.59M0.3%+285,719NewHistory
MMSMaximus, Inc.COM104,359$7.33M0.3%−37,207−26.3%ReducedHistory
MRKMerck & Co., Inc.Stock90,932$7.20M0.3%+205+0.2%AddedHistory
BWABorgwarner IncCOM213,507$7.15M0.3%+35,355+19.8%AddedHistory
HRBH&R Block IncCOM125,597$6.89M0.3%+26,976+27.4%AddedHistory
ACMRACM Research, Inc.Stock264,706$6.86M0.3%+264,706NewHistory
DORMDorman Products, Inc.COM55,616$6.82M0.3%+16,060+40.6%AddedHistory
TOLToll Brothers, Inc.COM58,679$6.70M0.3%+18,910+47.5%AddedHistory
PHMPultegroup IncCOM62,701$6.61M0.3%+20,456+48.4%AddedHistory
GGenpact LTDSHS147,560$6.49M0.3%+147,560NewHistory
BYDBoyd Gaming CorpCOM82,717$6.47M0.3%+82,717NewHistory
RPRXRoyalty Pharma plcSHS CLASS A177,931$6.41M0.3%+177,931NewHistory
TMHCTaylor Morrison Home CorpCOM101,520$6.24M0.3%+30,451+42.8%AddedHistory
CPACopa Holdings, S.A.CL A56,488$6.21M0.3%+56,488NewHistory
New Gold Inc Cda644535106COM1,200,134$5.94M0.3%−2,002,936−62.5%Reduced–
KBHKB HomeCOM107,751$5.71M0.3%+43,207+66.9%AddedHistory
ENSEnerSysCOM65,344$5.60M0.2%+1,010+1.6%AddedHistory
MLIMueller Industries IncCOM70,076$5.57M0.2%+70,076NewHistory
GILDGilead Sciences, Inc.Stock45,097$5.00M0.2%+45,097NewHistory
ADMArcher-Daniels-Midland CoStock93,910$4.96M0.2%−914,828−90.7%ReducedHistory
ITRGIntegra Resources Corp.COM3,243,153$4.91M0.2%+4,800+0.1%AddedHistory
REVGREV Group, Inc.COM102,398$4.87M0.2%+102,398NewHistory
INCYIncyte CorpCOM69,325$4.72M0.2%−9,988−12.6%ReducedHistory
BRK.BBerkshire Hathaway IncStock9,000$4.37M0.2%−10,480−53.8%ReducedHistory
OSKOshkosh CorpCOM34,886$3.96M0.2%+32,127+1,164.4%AddedHistory
OCOwens CorningStock28,564$3.93M0.2%−6,300−18.1%ReducedHistory
POWLPowell Industries IncStock17,271$3.63M0.2%+462+2.7%AddedHistory
BNBROOKFIELD CorpCL A LTD VT SH56,500$3.49M0.2%00.0%UnchangedHistory
MATXMatson, Inc.COM30,740$3.42M0.2%+30,740NewHistory
EXELExelixis, Inc.COM76,310$3.36M0.1%−43,894−36.5%ReducedHistory
DAVAEndava plcADS209,187$3.20M0.1%+78,870+60.5%AddedHistory
UTHRUnited Therapeutics CorpCOM10,763$3.09M0.1%−3,611−25.1%ReducedHistory
BUDAnheuser-Busch InBev SA/NVADR45,000$3.09M0.1%00.0%UnchangedHistory
GFFGriffon CorpCOM41,320$2.99M0.1%+2,266+5.8%AddedHistory
HRMYHarmony Biosciences Holdings, Inc.COM86,211$2.72M0.1%+86,211NewHistory
AEMAgnico Eagle Mines LtdStock22,679$2.70M0.1%−68,218−75.0%ReducedHistory
CMCSAComcast CorpStock74,875$2.67M0.1%+74,875NewHistory
MTBM&T Bank CorpCOM13,020$2.53M0.1%+470+3.7%AddedHistory
HALOHalozyme Therapeutics, Inc.COM43,428$2.26M0.1%−6,986−13.9%ReducedHistory
TSTenaris SASPONSORED ADS59,349$2.22M0.1%00.0%UnchangedHistory
JPMJPMorgan Chase & CoStock7,000$2.03M0.1%00.0%UnchangedHistory
Sandstorm Gold Ltd Com New80013R206Stock210,090$1.97M0.1%−892,860−81.0%Reduced–
IAGIamgold CorpCOM258,300$1.90M0.1%+258,300NewHistory
NGNovagold Resources IncCOM NEW423,670$1.73M0.1%+423,670NewHistory
ACLSAxcelis Technologies IncStock24,731$1.72M0.1%+24,731NewHistory
CVXChevron CorpStock11,000$1.58M0.1%00.0%UnchangedHistory
BBYBest Buy Co IncStock20,407$1.37M0.1%+20,407NewHistory
ARCOArcos Dorados Holdings Inc.SHS CLASS -A -127,142$1.00M<0.1%+127,142NewHistory
FLRFluor CorpStock18,590$953.1K<0.1%+12,013+182.7%AddedHistory
FMXMexican Economic Development IncSPON ADR UNITS8,000$823.8K<0.1%00.0%UnchangedHistory
GLDGGoldMining Inc.COM901,996$649.9K<0.1%00.0%UnchangedHistory
WFCWells Fargo & CompanyStock5,000$400.6K<0.1%00.0%UnchangedHistory
EWBCEast West Bancorp IncCOM3,890$392.8K<0.1%−7,310−65.3%ReducedHistory

Sold out since Q1 2025 (25)

Positions held at the end of Q1 2025 that are gone from this filing.

Positions of Ruffer LLP sold out since Q1 2025
SecurityClassShares in Q1 2025Value in Q1 2025% of portfolio in Q1 2025History
CICigna GroupStock192,000$63.2M2.4%History
DEDeere & CoStock112,511$52.8M2.0%History
XUnited States Steel CorpCOM1,046,043$44.2M1.7%History
CTVACorteva, Inc.Stock629,548$39.6M1.5%History
NTRNutrien Ltd.COM753,298$37.4M1.4%History
MOSMosaic CoCOM1,381,628$37.3M1.4%History
CFCF Industries Holdings, Inc.COM454,018$35.5M1.4%History
CSGPCostar Group, Inc.COM270,412$21.4M0.8%History
AGNCAGNC Investment Corp.REIT1,685,570$16.1M0.6%History
COTYCoty Inc.COM CL A2,405,843$13.2M0.5%History
FISFidelity National Information Services, Inc.Stock167,077$12.5M0.5%History
LNGCheniere Energy, Inc.COM NEW41,799$9.67M0.4%History
CACICACI International IncCL A21,658$7.95M0.3%History
CTRACoterra Energy Inc.Stock235,701$6.81M0.3%History
KFYKorn FerryCOM NEW99,283$6.73M0.3%History
MGYMagnolia Oil & Gas CorpCL A260,373$6.58M0.3%History
MATMattel IncCOM275,609$5.35M0.2%History
PRPermian Resources CorpCLASS A COM358,620$4.97M0.2%History
GMGeneral Motors CoCOM91,281$4.29M0.2%History
PTENPatterson Uti Energy IncCOM520,448$4.28M0.2%History
ASOAcademy Sports & Outdoors, Inc.COM76,637$3.50M0.1%History
AVTAvnet IncCOM65,133$3.13M0.1%History
CROXCrocs, Inc.COM26,406$2.80M0.1%History
BLBDBlue Bird CorpCOM79,018$2.56M0.1%History
ANFAbercrombie & Fitch CoCL A26,830$2.05M0.1%History