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Livermore
Livermore
ZHEN

Ruffer LLP

SEC CIK
0001426859
Latest filing
Jul 30, 2026

Holdings in Q3 2025

Holdings as of Sep 30, 2025, filed Nov 3, 2025. Long positions only; changes compare share counts with Q2 2025.

Institution overview
Positions
101
+3 vs. Q2 2025
Portfolio value
$1.80B
−$461.2M (−20.4%) vs. Q2 2025
Filed
Nov 3, 2025
SEC
Holdings of Ruffer LLP in Q3 2025
SecurityClassSharesValue% of portfolioShare changeActionHistory
AMZNAmazon Com IncStock672,796$147.7M8.2%−57,669−7.9%ReducedHistory
EQXEquinox Gold Corp.COM8,651,889$97.0M5.4%+1,152,288+15.4%AddedHistory
BACBank of America CorpStock1,871,642$96.6M5.4%−1,012,107−35.1%ReducedHistory
COOCooper Companies, Inc.COM1,347,850$92.4M5.1%+1,100,188+444.2%AddedHistory
BPBP PLCADR2,294,780$79.1M4.4%+4500.0%AddedHistory
NEMNEWMONT CorpStock884,017$74.5M4.1%−4,115,915−82.3%ReducedHistory
BABAAlibaba Group Holding LtdADR384,886$68.8M3.8%+42,214+12.3%AddedHistory
CGAUCenterra Gold Inc.COM5,904,103$63.3M3.5%−1,249,206−17.5%ReducedHistory
BBarrick Mining CorpStock1,800,635$59.0M3.3%+1,800,635NewHistory
TSMTaiwan Semiconductor Manufacturing Co LtdADR204,387$57.1M3.2%+73,676+56.4%AddedHistory
PFEPfizer IncStock2,023,065$51.5M2.9%+623,552+44.6%AddedHistory
EXRExtra Space Storage Inc.COM336,942$47.5M2.6%+336,942NewHistory
AUAngloGold Ashanti PLCCOM SHS590,963$41.6M2.3%−556,005−48.5%ReducedHistory
EGOEldorado Gold CorpCOM1,412,740$40.8M2.3%+319,187+29.2%AddedHistory
ARISAris Mining CorpCOM4,114,728$40.3M2.2%−1,124,520−21.5%ReducedHistory
SUSuncor Energy IncStock935,037$39.1M2.2%+5,780+0.6%AddedHistory
GAUGaliano Gold Inc.COM16,611,028$36.2M2.0%−2,332,224−12.3%ReducedHistory
PAASPan American Silver CorpStock901,751$34.9M1.9%−11,578−1.3%ReducedHistory
FSLRFirst Solar, Inc.Stock157,055$34.6M1.9%+157,055NewHistory
SWSmurfit Westrock plcStock785,589$33.4M1.9%−3,759,121−82.7%ReducedHistory
XOMExxonMobil Holdings CorpCOM278,242$31.4M1.7%+1,525+0.6%AddedHistory
MRKMerck & Co., Inc.Stock368,848$31.0M1.7%+277,916+305.6%AddedHistory
GEGeneral Electric CoStock100,365$30.2M1.7%+8,190+8.9%AddedHistory
PNCPNC Financial Services Group, Inc.Stock131,909$26.5M1.5%+1,290+1.0%AddedHistory
SKESkeena Resources LtdCommon Stock1,270,055$23.4M1.3%−241,600−16.0%ReducedHistory
TECKTeck Resources LtdCL B502,602$22.1M1.2%+502,602NewHistory
UTHRUnited Therapeutics CorpCOM48,545$20.3M1.1%+37,782+351.0%AddedHistory
GILDGilead Sciences, Inc.Stock182,343$20.2M1.1%+137,246+304.3%AddedHistory
IQVIQVIA Holdings Inc.Stock102,970$19.6M1.1%−104,917−50.5%ReducedHistory
UHSUniversal Health Services IncCL B88,680$18.1M1.0%+88,680NewHistory
RGLDRoyal Gold IncStock82,940$16.6M0.9%+82,940NewHistory
RYAAYRyanair Holdings PLCSPONSORED ADR259,683$15.6M0.9%−672,116−72.1%ReducedHistory
PMPhilip Morris International Inc.Stock95,079$15.4M0.9%+970+1.0%AddedHistory
SOLVSolventum CorpStock207,557$15.2M0.8%+207,557NewHistory
CAKECheesecake Factory IncCOM265,599$14.5M0.8%−32,030−10.8%ReducedHistory
IFFInternational Flavors & Fragrances IncCOM220,210$13.6M0.8%+220,210NewHistory
REGNRegeneron Pharmaceuticals, Inc.COM21,540$12.1M0.7%+21,540NewHistory
ITRGIntegra Resources Corp.COM3,156,453$9.21M0.5%−86,700−2.7%ReducedHistory
AAUCAllied Gold CorpCOM NEW498,940$8.72M0.5%−295,000−37.2%ReducedHistory
NENoble Corp plcORD SHS A289,439$8.19M0.5%+3,720+1.3%AddedHistory
UHAL.BU-Haul Holding CoCOM SER N145,669$7.41M0.4%+145,669NewHistory
BMYBristol Myers Squibb CoStock151,760$6.84M0.4%+151,760NewHistory
FHIFederated Hermes, Inc.CL B116,781$6.06M0.3%+116,781NewHistory
FOXAFox CorpCL A COM87,164$5.50M0.3%−143,094−62.1%ReducedHistory
GOOGLAlphabet Inc.Stock22,450$5.46M0.3%−314,396−93.3%ReducedHistory
MLIMueller Industries IncCOM47,988$4.85M0.3%−22,088−31.5%ReducedHistory
ENSEnerSysCOM41,526$4.69M0.3%−23,818−36.5%ReducedHistory
HRBH&R Block IncCOM91,950$4.65M0.3%−33,647−26.8%ReducedHistory
RPRXRoyalty Pharma plcSHS CLASS A130,184$4.59M0.3%−47,747−26.8%ReducedHistory
BRK.BBerkshire Hathaway IncStock9,000$4.52M0.3%00.0%UnchangedHistory
ARWArrow Electronics, Inc.COM36,923$4.47M0.2%−59,330−61.6%ReducedHistory
SNXTD Synnex CorpCOM27,194$4.45M0.2%−58,782−68.4%ReducedHistory
CMCSAComcast CorpStock139,073$4.37M0.2%+64,198+85.7%AddedHistory
JHGJanus Henderson Group Ltd.ORD SHS98,157$4.37M0.2%+98,157NewHistory
CPACopa Holdings, S.A.CL A36,729$4.36M0.2%−19,759−35.0%ReducedHistory
TROWPrice T Rowe Group IncStock42,144$4.33M0.2%+42,144NewHistory
MUMicron Technology IncStock25,664$4.29M0.2%+25,664NewHistory
HPEHewlett Packard Enterprise CoCOM164,531$4.04M0.2%−276,229−62.7%ReducedHistory
BWABorgwarner IncCOM91,181$4.01M0.2%−122,326−57.3%ReducedHistory
DINOHF Sinclair CorpCOM74,875$3.92M0.2%+74,875NewHistory
BNBROOKFIELD CorpCL A LTD VT SH56,500$3.87M0.2%00.0%UnchangedHistory
LKQLKQ CorpCOM124,210$3.79M0.2%+124,210NewHistory
TNLTravel & Leisure Co.COM63,583$3.78M0.2%+63,583NewHistory
INCYIncyte CorpCOM44,135$3.74M0.2%−25,190−36.3%ReducedHistory
GTXGarrett Motion Inc.Stock270,470$3.68M0.2%+270,470NewHistory
VIRTVirtu Financial, Inc.CL A103,237$3.66M0.2%+103,237NewHistory
CALMCal-Maine Foods IncCOM NEW38,089$3.58M0.2%+38,089NewHistory
DORMDorman Products, Inc.COM22,392$3.49M0.2%−33,224−59.7%ReducedHistory
TIGOMillicom International Cellular SACOM STK71,312$3.46M0.2%+71,312NewHistory
OCOwens CorningStock24,382$3.45M0.2%−4,182−14.6%ReducedHistory
EXELExelixis, Inc.COM81,696$3.37M0.2%+5,386+7.1%AddedHistory
TOLToll Brothers, Inc.COM23,670$3.27M0.2%−35,009−59.7%ReducedHistory
APAMArtisan Partners Asset Management Inc.CL A70,061$3.04M0.2%+70,061NewHistory
FROFrontline plcCOM124,843$2.85M0.2%+124,843NewHistory
ATKRAtkore Inc.COM44,841$2.81M0.2%+44,841NewHistory
SHLSShoals Technologies Group, Inc.CL A369,142$2.74M0.2%+369,142NewHistory
UPWKUpwork, IncCOM146,239$2.72M0.2%+146,239NewHistory
MTCHMatch Group, Inc.COM76,595$2.71M0.2%−209,272−73.2%ReducedHistory
BUDAnheuser-Busch InBev SA/NVADR45,000$2.68M0.1%00.0%UnchangedHistory
SUPNSupernus Pharmaceuticals, Inc.COM55,385$2.65M0.1%+55,385NewHistory
PRPermian Resources CorpCLASS A COM203,761$2.61M0.1%+203,761NewHistory
OSKOshkosh CorpCOM18,991$2.46M0.1%−15,895−45.6%ReducedHistory
MTBM&T Bank CorpCOM11,240$2.22M0.1%−1,780−13.7%ReducedHistory
HALOHalozyme Therapeutics, Inc.COM30,199$2.21M0.1%−13,229−30.5%ReducedHistory
JPMJPMorgan Chase & CoStock7,000$2.21M0.1%00.0%UnchangedHistory
CPRXCatalyst Pharmaceuticals, Inc.COM108,616$2.14M0.1%+108,616NewHistory
CCitigroup IncStock20,970$2.13M0.1%−927,682−97.8%ReducedHistory
TSTenaris SASPONSORED ADS59,349$2.12M0.1%00.0%UnchangedHistory
FNVFranco Nevada CorpStock9,320$2.08M0.1%+9,320NewHistory
CVXChevron CorpStock11,000$1.71M0.1%00.0%UnchangedHistory
NGNovagold Resources IncCOM NEW140,480$1.24M0.1%−283,190−66.8%ReducedHistory
KGCKinross Gold CorpCOM43,604$1.08M0.1%−897,233−95.4%ReducedHistory
BBYBest Buy Co IncStock12,094$914.5K0.1%−8,313−40.7%ReducedHistory
ARCOArcos Dorados Holdings Inc.SHS CLASS -A -127,142$858.2K<0.1%00.0%UnchangedHistory
FMXMexican Economic Development IncSPON ADR UNITS8,000$789.0K<0.1%00.0%UnchangedHistory
DAVAEndava plcADS64,000$582.4K<0.1%−145,187−69.4%ReducedHistory
GLDGGoldMining Inc.COM401,996$491.1K<0.1%−500,000−55.4%ReducedHistory
WFCWells Fargo & CompanyStock5,000$419.1K<0.1%00.0%UnchangedHistory
SBRASabra Health Care REIT, Inc.REIT18,886$352.0K<0.1%+18,886NewHistory
PSAPublic StorageCOM1,150$332.2K<0.1%+1,150NewHistory

Sold out since Q2 2025 (30)

Positions held at the end of Q2 2025 that are gone from this filing.

Positions of Ruffer LLP sold out since Q2 2025
SecurityClassShares in Q2 2025Value in Q2 2025% of portfolio in Q2 2025History
Barrick Gold Corp067901108COM9,216,104$191.9M8.5%–
CDECoeur Mining, Inc.COM NEW3,644,401$32.3M1.4%History
ALCAlcon IncStock308,649$27.3M1.2%History
WPMWheaton Precious Metals Corp.COM189,484$17.0M0.8%History
BTGB2GOLD CorpCOM3,395,988$12.3M0.5%History
IPGInterpublic Group of Companies, Inc.COM497,484$12.2M0.5%History
GENGen Digital Inc.Stock357,900$10.5M0.5%History
PPCPilgrims Pride CorpStock226,137$10.2M0.5%History
OVVOvintiv Inc.COM256,076$9.74M0.4%History
CHXChampionX CorpCOM359,032$8.92M0.4%History
TAPMolson Coors Beverage CoCL B183,014$8.80M0.4%History
MMSMaximus, Inc.COM104,359$7.33M0.3%History
ACMRACM Research, Inc.Stock264,706$6.86M0.3%History
PHMPultegroup IncCOM62,701$6.61M0.3%History
GGenpact LTDSHS147,560$6.49M0.3%History
BYDBoyd Gaming CorpCOM82,717$6.47M0.3%History
New Gold Inc Cda644535106COM1,200,134$5.94M0.3%–
KBHKB HomeCOM107,751$5.71M0.3%History
ADMArcher-Daniels-Midland CoStock93,910$4.96M0.2%History
REVGREV Group, Inc.COM102,398$4.87M0.2%History
POWLPowell Industries IncStock17,271$3.63M0.2%History
MATXMatson, Inc.COM30,740$3.42M0.2%History
GFFGriffon CorpCOM41,320$2.99M0.1%History
HRMYHarmony Biosciences Holdings, Inc.COM86,211$2.72M0.1%History
AEMAgnico Eagle Mines LtdStock22,679$2.70M0.1%History
Sandstorm Gold Ltd Com New80013R206Stock210,090$1.97M0.1%–
IAGIamgold CorpCOM258,300$1.90M0.1%History
ACLSAxcelis Technologies IncStock24,731$1.72M0.1%History
FLRFluor CorpStock18,590$953.1K<0.1%History
EWBCEast West Bancorp IncCOM3,890$392.8K<0.1%History