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Livermore
Livermore
ZHEN

Ruffer LLP

SEC CIK
0001426859
Latest filing
Jul 30, 2026

Holdings in Q4 2025

Holdings as of Dec 31, 2025, filed Jan 28, 2026. Long positions only; changes compare share counts with Q3 2025.

Institution overview
Positions
154
+53 vs. Q3 2025
Portfolio value
$2.20B
+$397.4M (+22.1%) vs. Q3 2025
Filed
Jan 28, 2026
SEC
Holdings of Ruffer LLP in Q4 2025
SecurityClassSharesValue% of portfolioShare changeActionHistory
SWSmurfit Westrock plcStock4,504,151$174.4M7.9%+3,718,562+473.3%AddedHistory
COINCoinbase Global, Inc.COM CL A735,190$166.5M7.6%+735,190NewHistory
AMZNAmazon Com IncStock671,466$155.2M7.1%−1,330−0.2%ReducedHistory
BACBank of America CorpStock1,668,030$91.9M4.2%−203,612−10.9%ReducedHistory
EQXEquinox Gold Corp.COM5,791,948$81.5M3.7%−2,859,941−33.1%ReducedHistory
BPBP PLCADR2,235,750$77.8M3.5%−59,030−2.6%ReducedHistory
BABAAlibaba Group Holding LtdADR481,064$70.6M3.2%+96,178+25.0%AddedHistory
DISWalt Disney CoStock567,615$64.7M2.9%+567,615NewHistory
EGOEldorado Gold CorpCOM1,611,656$58.0M2.6%+198,916+14.1%AddedHistory
EXRExtra Space Storage Inc.COM385,535$50.3M2.3%+48,593+14.4%AddedHistory
SOLVSolventum CorpStock614,558$48.8M2.2%+407,001+196.1%AddedHistory
FNDFloor & Decor Holdings, Inc.CL A774,470$47.2M2.2%+774,470NewHistory
CGAUCenterra Gold Inc.COM3,255,131$47.0M2.1%−2,648,972−44.9%ReducedHistory
SUSuncor Energy IncStock999,168$44.5M2.0%+64,131+6.9%AddedHistory
SLBSLB LimitedStock1,146,543$44.1M2.0%+1,146,543NewHistory
ARISAris Mining CorpCOM2,647,139$43.1M2.0%−1,467,589−35.7%ReducedHistory
XOMExxonMobil Holdings CorpCOM320,081$38.6M1.8%+41,839+15.0%AddedHistory
GAUGaliano Gold Inc.COM14,305,507$36.5M1.7%−2,305,521−13.9%ReducedHistory
GEGeneral Electric CoStock117,301$36.2M1.6%+16,936+16.9%AddedHistory
PFEPfizer IncStock1,324,096$33.0M1.5%−698,969−34.6%ReducedHistory
PAASPan American Silver CorpStock608,328$31.6M1.4%−293,423−32.5%ReducedHistory
PNCPNC Financial Services Group, Inc.Stock150,102$31.4M1.4%+18,193+13.8%AddedHistory
UNPUnion Pacific CorpStock133,430$30.9M1.4%+133,430NewHistory
PMPhilip Morris International Inc.Stock189,305$30.4M1.4%+94,226+99.1%AddedHistory
LAMRLamar Advertising CoREIT239,820$30.4M1.4%+239,820NewHistory
BBarrick Mining CorpStock650,660$28.4M1.3%−1,149,975−63.9%ReducedHistory
AUAngloGold Ashanti PLCCOM SHS320,997$27.4M1.2%−269,966−45.7%ReducedHistory
NOMDNomad Foods LtdUSD ORD SHS2,140,876$26.8M1.2%+2,140,876NewHistory
COOCooper Companies, Inc.COM312,164$25.6M1.2%−1,035,686−76.8%ReducedHistory
TECKTeck Resources LtdCL B447,145$21.4M1.0%−55,457−11.0%ReducedHistory
SKESkeena Resources LtdCommon Stock814,056$19.4M0.9%−455,999−35.9%ReducedHistory
VISTVista Energy, S.A.B. de C.V.SPONSORED ADS394,510$19.2M0.9%+394,510NewHistory
NEMNEWMONT CorpStock164,819$16.5M0.8%−719,198−81.4%ReducedHistory
IFFInternational Flavors & Fragrances IncCOM237,473$16.0M0.7%+17,263+7.8%AddedHistory
SIGSignet Jewelers LtdSHS185,192$15.4M0.7%+185,192NewHistory
CPCanadian Pacific Kansas City LtdCOM206,459$15.2M0.7%+206,459NewHistory
RGLDRoyal Gold IncStock65,900$14.7M0.7%−17,040−20.5%ReducedHistory
UHAL.BU-Haul Holding CoCOM SER N304,952$14.3M0.6%+159,283+109.3%AddedHistory
AAAlcoa CorpStock265,910$14.2M0.6%+265,910NewHistory
ITRGIntegra Resources Corp.COM3,006,453$12.1M0.6%−150,000−4.8%ReducedHistory
TSMTaiwan Semiconductor Manufacturing Co LtdADR31,175$9.49M0.4%−173,212−84.7%ReducedHistory
FHIFederated Hermes, Inc.CL B149,689$7.81M0.4%+32,908+28.2%AddedHistory
FOXAFox CorpCL A COM103,210$7.55M0.3%+16,046+18.4%AddedHistory
DVDoubleVerify Holdings, Inc.COM645,691$7.40M0.3%+645,691NewHistory
MMSMaximus, Inc.COM80,396$6.95M0.3%+80,396NewHistory
JHGJanus Henderson Group Ltd.ORD SHS139,713$6.66M0.3%+41,556+42.3%AddedHistory
CDECoeur Mining, Inc.COM NEW366,238$6.54M0.3%+366,238NewHistory
TROWPrice T Rowe Group IncStock61,083$6.26M0.3%+18,939+44.9%AddedHistory
CPACopa Holdings, S.A.CL A48,819$5.90M0.3%+12,090+32.9%AddedHistory
SAICScience Applications International CorpCOM57,664$5.81M0.3%+57,664NewHistory
SNXTD Synnex CorpCOM36,770$5.53M0.3%+9,576+35.2%AddedHistory
MICCMagnum Ice Cream Co N.V.ORD SHS340,183$5.40M0.2%+340,183NewHistory
TFXTeleflex IncCOM42,166$5.15M0.2%+42,166NewHistory
HRBH&R Block IncCOM118,033$5.15M0.2%+26,083+28.4%AddedHistory
VIRTVirtu Financial, Inc.CL A149,707$5.00M0.2%+46,470+45.0%AddedHistory
DINOHF Sinclair CorpCOM102,340$4.72M0.2%+27,465+36.7%AddedHistory
CALMCal-Maine Foods IncCOM NEW58,210$4.64M0.2%+20,121+52.8%AddedHistory
iShares Tr46434V514MSCI CHINA A131,000$4.54M0.2%+131,000New–
BRK.BBerkshire Hathaway IncStock9,000$4.53M0.2%00.0%UnchangedHistory
PBIPitney Bowes IncCOM423,474$4.48M0.2%+423,474NewHistory
MUMicron Technology IncStock15,569$4.45M0.2%−10,095−39.3%ReducedHistory
LEALear CorpCOM NEW38,300$4.40M0.2%+38,300NewHistory
DHTDHT Holdings, Inc.SHS NEW358,738$4.39M0.2%+358,738NewHistory
STNGScorpio Tankers Inc.SHS85,914$4.37M0.2%+85,914NewHistory
BWABorgwarner IncCOM91,926$4.15M0.2%+745+0.8%AddedHistory
BNBROOKFIELD CorpCL A LTD VT SH84,750$3.90M0.2%+28,250+50.0%AddedHistory
BBYBest Buy Co IncStock57,606$3.86M0.2%+45,512+376.3%AddedHistory
OSKOshkosh CorpCOM29,982$3.77M0.2%+10,991+57.9%AddedHistory
TNKTeekay Tankers Ltd.CL A69,863$3.74M0.2%+69,863NewHistory
CROXCrocs, Inc.COM42,877$3.67M0.2%+42,877NewHistory
GMGeneral Motors CoCOM44,694$3.64M0.2%+44,694NewHistory
PRKSUnited Parks & Resorts Inc.COM97,970$3.56M0.2%+97,970NewHistory
RPRXRoyalty Pharma plcSHS CLASS A90,432$3.50M0.2%−39,752−30.5%ReducedHistory
RHRHCOM19,219$3.45M0.2%+19,219NewHistory
BBTBeacon Financial CorpCOM130,048$3.43M0.2%+130,048NewHistory
BBWIBath & Body Works, Inc.COM170,505$3.43M0.2%+170,505NewHistory
VACMarriott Vacations Worldwide CorpCOM58,907$3.40M0.2%+58,907NewHistory
TGTTarget CorpStock34,456$3.37M0.2%+34,456NewHistory
ACIAlbertsons Companies, Inc.COMMON STOCK195,920$3.37M0.2%+195,920NewHistory
ALITAlight, Inc. / DelawareCOM CL A1,710,398$3.34M0.2%+1,710,398NewHistory
GTXGarrett Motion Inc.Stock186,239$3.25M0.1%−84,231−31.1%ReducedHistory
LTHLife Time Group Holdings, Inc.COMMON STOCK121,167$3.23M0.1%+121,167NewHistory
JACKJack in the Box IncCOM169,792$3.22M0.1%+169,792NewHistory
WENWendy's CoStock382,890$3.19M0.1%+382,890NewHistory
KMXCarMax IncCOM82,204$3.18M0.1%+82,204NewHistory
VOYAVoya Financial, Inc.COM42,265$3.15M0.1%+42,265NewHistory
OZKBank OZKCOM68,063$3.14M0.1%+68,063NewHistory
RDNRadian Group IncCOM86,970$3.13M0.1%+86,970NewHistory
ASBAssociated Banc-CorpCOM121,477$3.13M0.1%+121,477NewHistory
UBSIUnited Bankshares IncCOM81,408$3.13M0.1%+81,408NewHistory
PAYCPaycom Software, Inc.Stock19,584$3.13M0.1%+19,584NewHistory
BOHBank of Hawaii CorpCOM45,370$3.11M0.1%+45,370NewHistory
SSBSouthState Bank CorpCOM32,661$3.08M0.1%+32,661NewHistory
FULTFulton Financial CorpCOM158,786$3.07M0.1%+158,786NewHistory
GOGrocery Outlet Holding Corp.COM302,619$3.06M0.1%+302,619NewHistory
UCBUnited Community Banks IncCOM97,641$3.05M0.1%+97,641NewHistory
FHBFirst Hawaiian, Inc.COM119,509$3.03M0.1%+119,509NewHistory
SKYWSkywest IncCOM30,038$3.02M0.1%+30,038NewHistory
BNOUnited States Brent Oil Fund, LPETF106,450$3.02M0.1%+106,450NewHistory
HOMBHome Bancshares IncCOM108,357$3.01M0.1%+108,357NewHistory

Sold out since Q3 2025 (30)

Positions held at the end of Q3 2025 that are gone from this filing.

Positions of Ruffer LLP sold out since Q3 2025
SecurityClassShares in Q3 2025Value in Q3 2025% of portfolio in Q3 2025History
FSLRFirst Solar, Inc.Stock157,055$34.6M1.9%History
MRKMerck & Co., Inc.Stock368,848$31.0M1.7%History
UTHRUnited Therapeutics CorpCOM48,545$20.3M1.1%History
IQVIQVIA Holdings Inc.Stock102,970$19.6M1.1%History
UHSUniversal Health Services IncCL B88,680$18.1M1.0%History
RYAAYRyanair Holdings PLCSPONSORED ADR259,683$15.6M0.9%History
CAKECheesecake Factory IncCOM265,599$14.5M0.8%History
REGNRegeneron Pharmaceuticals, Inc.COM21,540$12.1M0.7%History
AAUCAllied Gold CorpCOM NEW498,940$8.72M0.5%History
NENoble Corp plcORD SHS A289,439$8.19M0.5%History
BMYBristol Myers Squibb CoStock151,760$6.84M0.4%History
MLIMueller Industries IncCOM47,988$4.85M0.3%History
ENSEnerSysCOM41,526$4.69M0.3%History
ARWArrow Electronics, Inc.COM36,923$4.47M0.2%History
CMCSAComcast CorpStock139,073$4.37M0.2%History
HPEHewlett Packard Enterprise CoCOM164,531$4.04M0.2%History
LKQLKQ CorpCOM124,210$3.79M0.2%History
TNLTravel & Leisure Co.COM63,583$3.78M0.2%History
TIGOMillicom International Cellular SACOM STK71,312$3.46M0.2%History
OCOwens CorningStock24,382$3.45M0.2%History
TOLToll Brothers, Inc.COM23,670$3.27M0.2%History
APAMArtisan Partners Asset Management Inc.CL A70,061$3.04M0.2%History
FROFrontline plcCOM124,843$2.85M0.2%History
ATKRAtkore Inc.COM44,841$2.81M0.2%History
SHLSShoals Technologies Group, Inc.CL A369,142$2.74M0.2%History
UPWKUpwork, IncCOM146,239$2.72M0.2%History
MTCHMatch Group, Inc.COM76,595$2.71M0.2%History
TSTenaris SASPONSORED ADS59,349$2.12M0.1%History
KGCKinross Gold CorpCOM43,604$1.08M0.1%History
TMHCTaylor Morrison Home CorpCOM3,363$222.0K<0.1%History