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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
TMHCTaylor Morrison Home CorpCOM3,363$222.0K<0.1%−98,157−96.7%ReducedHistory
PSAPublic StorageCOM1,150$332.2K<0.1%+1,150NewHistory
SBRASabra Health Care REIT, Inc.REIT18,886$352.0K<0.1%+18,886NewHistory
WFCWells Fargo & CompanyStock5,000$419.1K<0.1%00.0%UnchangedHistory
GLDGGoldMining Inc.COM401,996$491.1K<0.1%−500,000−55.4%ReducedHistory
DAVAEndava plcADS64,000$582.4K<0.1%−145,187−69.4%ReducedHistory
FMXMexican Economic Development IncSPON ADR UNITS8,000$789.0K<0.1%00.0%UnchangedHistory
ARCOArcos Dorados Holdings Inc.SHS CLASS -A -127,142$858.2K<0.1%00.0%UnchangedHistory
BBYBest Buy Co IncStock12,094$914.5K0.1%−8,313−40.7%ReducedHistory
KGCKinross Gold CorpCOM43,604$1.08M0.1%−897,233−95.4%ReducedHistory
NGNovagold Resources IncCOM NEW140,480$1.24M0.1%−283,190−66.8%ReducedHistory
CVXChevron CorpStock11,000$1.71M0.1%00.0%UnchangedHistory
FNVFranco Nevada CorpStock9,320$2.08M0.1%+9,320NewHistory
TSTenaris SASPONSORED ADS59,349$2.12M0.1%00.0%UnchangedHistory
CCitigroup IncStock20,970$2.13M0.1%−927,682−97.8%ReducedHistory
CPRXCatalyst Pharmaceuticals, Inc.COM108,616$2.14M0.1%+108,616NewHistory
JPMJPMorgan Chase & CoStock7,000$2.21M0.1%00.0%UnchangedHistory
HALOHalozyme Therapeutics, Inc.COM30,199$2.21M0.1%−13,229−30.5%ReducedHistory
MTBM&T Bank CorpCOM11,240$2.22M0.1%−1,780−13.7%ReducedHistory
OSKOshkosh CorpCOM18,991$2.46M0.1%−15,895−45.6%ReducedHistory
PRPermian Resources CorpCLASS A COM203,761$2.61M0.1%+203,761NewHistory
SUPNSupernus Pharmaceuticals, Inc.COM55,385$2.65M0.1%+55,385NewHistory
BUDAnheuser-Busch InBev SA/NVADR45,000$2.68M0.1%00.0%UnchangedHistory
MTCHMatch Group, Inc.COM76,595$2.71M0.2%−209,272−73.2%ReducedHistory
UPWKUpwork, IncCOM146,239$2.72M0.2%+146,239NewHistory
SHLSShoals Technologies Group, Inc.CL A369,142$2.74M0.2%+369,142NewHistory
ATKRAtkore Inc.COM44,841$2.81M0.2%+44,841NewHistory
FROFrontline plcCOM124,843$2.85M0.2%+124,843NewHistory
APAMArtisan Partners Asset Management Inc.CL A70,061$3.04M0.2%+70,061NewHistory
TOLToll Brothers, Inc.COM23,670$3.27M0.2%−35,009−59.7%ReducedHistory
EXELExelixis, Inc.COM81,696$3.37M0.2%+5,386+7.1%AddedHistory
OCOwens CorningStock24,382$3.45M0.2%−4,182−14.6%ReducedHistory
TIGOMillicom International Cellular SACOM STK71,312$3.46M0.2%+71,312NewHistory
DORMDorman Products, Inc.COM22,392$3.49M0.2%−33,224−59.7%ReducedHistory
CALMCal-Maine Foods IncCOM NEW38,089$3.58M0.2%+38,089NewHistory
VIRTVirtu Financial, Inc.CL A103,237$3.66M0.2%+103,237NewHistory
GTXGarrett Motion Inc.Stock270,470$3.68M0.2%+270,470NewHistory
INCYIncyte CorpCOM44,135$3.74M0.2%−25,190−36.3%ReducedHistory
TNLTravel & Leisure Co.COM63,583$3.78M0.2%+63,583NewHistory
LKQLKQ CorpCOM124,210$3.79M0.2%+124,210NewHistory
BNBROOKFIELD CorpCL A LTD VT SH56,500$3.87M0.2%00.0%UnchangedHistory
DINOHF Sinclair CorpCOM74,875$3.92M0.2%+74,875NewHistory
BWABorgwarner IncCOM91,181$4.01M0.2%−122,326−57.3%ReducedHistory
HPEHewlett Packard Enterprise CoCOM164,531$4.04M0.2%−276,229−62.7%ReducedHistory
MUMicron Technology IncStock25,664$4.29M0.2%+25,664NewHistory
TROWPrice T Rowe Group IncStock42,144$4.33M0.2%+42,144NewHistory
CPACopa Holdings, S.A.CL A36,729$4.36M0.2%−19,759−35.0%ReducedHistory
JHGJanus Henderson Group Ltd.ORD SHS98,157$4.37M0.2%+98,157NewHistory
CMCSAComcast CorpStock139,073$4.37M0.2%+64,198+85.7%AddedHistory
SNXTD Synnex CorpCOM27,194$4.45M0.2%−58,782−68.4%ReducedHistory
ARWArrow Electronics, Inc.COM36,923$4.47M0.2%−59,330−61.6%ReducedHistory
BRK.BBerkshire Hathaway IncStock9,000$4.52M0.3%00.0%UnchangedHistory
RPRXRoyalty Pharma plcSHS CLASS A130,184$4.59M0.3%−47,747−26.8%ReducedHistory
HRBH&R Block IncCOM91,950$4.65M0.3%−33,647−26.8%ReducedHistory
ENSEnerSysCOM41,526$4.69M0.3%−23,818−36.5%ReducedHistory
MLIMueller Industries IncCOM47,988$4.85M0.3%−22,088−31.5%ReducedHistory
GOOGLAlphabet Inc.Stock22,450$5.46M0.3%−314,396−93.3%ReducedHistory
FOXAFox CorpCL A COM87,164$5.50M0.3%−143,094−62.1%ReducedHistory
FHIFederated Hermes, Inc.CL B116,781$6.06M0.3%+116,781NewHistory
BMYBristol Myers Squibb CoStock151,760$6.84M0.4%+151,760NewHistory
UHAL.BU-Haul Holding CoCOM SER N145,669$7.41M0.4%+145,669NewHistory
NENoble Corp plcORD SHS A289,439$8.19M0.5%+3,720+1.3%AddedHistory
AAUCAllied Gold CorpCOM NEW498,940$8.72M0.5%−295,000−37.2%ReducedHistory
ITRGIntegra Resources Corp.COM3,156,453$9.21M0.5%−86,700−2.7%ReducedHistory
REGNRegeneron Pharmaceuticals, Inc.COM21,540$12.1M0.7%+21,540NewHistory
IFFInternational Flavors & Fragrances IncCOM220,210$13.6M0.8%+220,210NewHistory
CAKECheesecake Factory IncCOM265,599$14.5M0.8%−32,030−10.8%ReducedHistory
SOLVSolventum CorpStock207,557$15.2M0.8%+207,557NewHistory
PMPhilip Morris International Inc.Stock95,079$15.4M0.9%+970+1.0%AddedHistory
RYAAYRyanair Holdings PLCSPONSORED ADR259,683$15.6M0.9%−672,116−72.1%ReducedHistory
RGLDRoyal Gold IncStock82,940$16.6M0.9%+82,940NewHistory
UHSUniversal Health Services IncCL B88,680$18.1M1.0%+88,680NewHistory
IQVIQVIA Holdings Inc.Stock102,970$19.6M1.1%−104,917−50.5%ReducedHistory
GILDGilead Sciences, Inc.Stock182,343$20.2M1.1%+137,246+304.3%AddedHistory
UTHRUnited Therapeutics CorpCOM48,545$20.3M1.1%+37,782+351.0%AddedHistory
TECKTeck Resources LtdCL B502,602$22.1M1.2%+502,602NewHistory
SKESkeena Resources LtdCommon Stock1,270,055$23.4M1.3%−241,600−16.0%ReducedHistory
PNCPNC Financial Services Group, Inc.Stock131,909$26.5M1.5%+1,290+1.0%AddedHistory
GEGeneral Electric CoStock100,365$30.2M1.7%+8,190+8.9%AddedHistory
MRKMerck & Co., Inc.Stock368,848$31.0M1.7%+277,916+305.6%AddedHistory
XOMExxonMobil Holdings CorpCOM278,242$31.4M1.7%+1,525+0.6%AddedHistory
SWSmurfit Westrock plcStock785,589$33.4M1.9%−3,759,121−82.7%ReducedHistory
FSLRFirst Solar, Inc.Stock157,055$34.6M1.9%+157,055NewHistory
PAASPan American Silver CorpStock901,751$34.9M1.9%−11,578−1.3%ReducedHistory
GAUGaliano Gold Inc.COM16,611,028$36.2M2.0%−2,332,224−12.3%ReducedHistory
SUSuncor Energy IncStock935,037$39.1M2.2%+5,780+0.6%AddedHistory
ARISAris Mining CorpCOM4,114,728$40.3M2.2%−1,124,520−21.5%ReducedHistory
EGOEldorado Gold CorpCOM1,412,740$40.8M2.3%+319,187+29.2%AddedHistory
AUAngloGold Ashanti PLCCOM SHS590,963$41.6M2.3%−556,005−48.5%ReducedHistory
EXRExtra Space Storage Inc.COM336,942$47.5M2.6%+336,942NewHistory
PFEPfizer IncStock2,023,065$51.5M2.9%+623,552+44.6%AddedHistory
TSMTaiwan Semiconductor Manufacturing Co LtdADR204,387$57.1M3.2%+73,676+56.4%AddedHistory
BBarrick Mining CorpStock1,800,635$59.0M3.3%+1,800,635NewHistory
CGAUCenterra Gold Inc.COM5,904,103$63.3M3.5%−1,249,206−17.5%ReducedHistory
BABAAlibaba Group Holding LtdADR384,886$68.8M3.8%+42,214+12.3%AddedHistory
NEMNEWMONT CorpStock884,017$74.5M4.1%−4,115,915−82.3%ReducedHistory
BPBP PLCADR2,294,780$79.1M4.4%+4500.0%AddedHistory
COOCooper Companies, Inc.COM1,347,850$92.4M5.1%+1,100,188+444.2%AddedHistory
BACBank of America CorpStock1,871,642$96.6M5.4%−1,012,107−35.1%ReducedHistory
EQXEquinox Gold Corp.COM8,651,889$97.0M5.4%+1,152,288+15.4%AddedHistory

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