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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
ABRArbor Realty Trust IncCOM13,677$106.3K<0.1%+13,677NewHistory
ORCOrchid Island Capital, Inc.COM NEW14,790$106.7K<0.1%+14,790NewHistory
DRHDiamondRock Hospitality CoCOM11,963$107.4K<0.1%+11,963NewHistory
PKPark Hotels & Resorts Inc.COM10,603$111.1K<0.1%+10,603NewHistory
RITMRithm Capital Corp.REIT10,367$113.2K<0.1%+10,367NewHistory
DAVAEndava plcADS32,000$202.6K<0.1%−32,000−50.0%ReducedHistory
PRPermian Resources CorpCLASS A COM14,661$206.0K<0.1%−189,100−92.8%ReducedHistory
PSAPublic StorageCOM1,380$358.7K<0.1%+230+20.0%AddedHistory
EPREpr PropertiesCOM SH BEN INT7,255$362.6K<0.1%+7,255NewHistory
SBRASabra Health Care REIT, Inc.REIT23,094$438.1K<0.1%+4,208+22.3%AddedHistory
WFCWells Fargo & CompanyStock5,000$466.7K<0.1%00.0%UnchangedHistory
AGNCAGNC Investment Corp.REIT46,517$499.4K<0.1%+46,517NewHistory
GLDGGoldMining Inc.COM401,996$505.2K<0.1%00.0%UnchangedHistory
CPERUnited States Commodity Index Funds TrustCM REP COPP FD22,400$784.3K<0.1%+22,400NewHistory
MTBM&T Bank CorpCOM4,000$807.2K<0.1%−7,240−64.4%ReducedHistory
FMXMexican Economic Development IncSPON ADR UNITS8,000$809.8K<0.1%00.0%UnchangedHistory
GILDGilead Sciences, Inc.Stock6,918$850.4K<0.1%−175,425−96.2%ReducedHistory
ARCOArcos Dorados Holdings Inc.SHS CLASS -A -127,142$934.7K<0.1%00.0%UnchangedHistory
CENXCentury Aluminum CoCOM23,851$935.9K<0.1%+23,851NewHistory
AEMAgnico Eagle Mines LtdStock5,791$983.3K<0.1%+5,791NewHistory
GOOGLAlphabet Inc.Stock3,900$1.22M0.1%−18,550−82.6%ReducedHistory
FNVFranco Nevada CorpStock6,220$1.29M0.1%−3,100−33.3%ReducedHistory
NGNovagold Resources IncCOM NEW152,710$1.43M0.1%+12,230+8.7%AddedHistory
HRMYHarmony Biosciences Holdings, Inc.COM40,993$1.54M0.1%+40,993NewHistory
RIGLRigel Pharmaceuticals IncCOM37,244$1.60M0.1%+37,244NewHistory
CCitigroup IncStock13,850$1.62M0.1%−7,120−34.0%ReducedHistory
CPRXCatalyst Pharmaceuticals, Inc.COM70,807$1.66M0.1%−37,809−34.8%ReducedHistory
CVXChevron CorpStock11,000$1.68M0.1%00.0%UnchangedHistory
SUPNSupernus Pharmaceuticals, Inc.COM34,327$1.71M0.1%−21,058−38.0%ReducedHistory
HALOHalozyme Therapeutics, Inc.COM26,121$1.76M0.1%−4,078−13.5%ReducedHistory
EXELExelixis, Inc.COM46,500$2.04M0.1%−35,196−43.1%ReducedHistory
BTGB2GOLD CorpCOM454,824$2.05M0.1%+454,824NewHistory
PLAYDave & Buster's Entertainment, Inc.COM130,065$2.11M0.1%+130,065NewHistory
PSIXPower Solutions International, Inc.Stock38,063$2.18M0.1%+38,063NewHistory
JPMJPMorgan Chase & CoStock7,000$2.26M0.1%00.0%UnchangedHistory
JAZZJazz Pharmaceuticals plcSHS USD14,242$2.42M0.1%+14,242NewHistory
NBIXNeurocrine Biosciences IncStock17,453$2.48M0.1%+17,453NewHistory
DORMDorman Products, Inc.COM20,247$2.50M0.1%−2,145−9.6%ReducedHistory
INCYIncyte CorpCOM25,342$2.51M0.1%−18,793−42.6%ReducedHistory
CARTMaplebear Inc.COM56,987$2.57M0.1%+56,987NewHistory
KSSKOHLS CorpStock128,343$2.62M0.1%+128,343NewHistory
Osisko Development Corp68828E809COM NEW754,799$2.64M0.1%+754,799New–
MHOM/I Homes, Inc.COM21,832$2.80M0.1%+21,832NewHistory
WALWestern Alliance BancorporationCOM33,236$2.80M0.1%+33,236NewHistory
CZRCaesars Entertainment, Inc.COM120,390$2.82M0.1%+120,390NewHistory
ONBOld National BancorpStock128,478$2.87M0.1%+128,478NewHistory
BUDAnheuser-Busch InBev SA/NVADR45,000$2.89M0.1%00.0%UnchangedHistory
HASIHA Sustainable Infrastructure Capital, Inc.COM91,948$2.89M0.1%+91,948NewHistory
SNVSynovus Financial CorpCOM NEW58,348$2.92M0.1%+58,348NewHistory
CRBGCorebridge Financial, Inc.COM97,176$2.94M0.1%+97,176NewHistory
APTVAptiv PLCStock38,692$2.95M0.1%+38,692NewHistory
EBCEastern Bankshares, Inc.COM160,133$2.96M0.1%+160,133NewHistory
PBProsperity Bancshares IncCOM42,828$2.96M0.1%+42,828NewHistory
AUBAtlantic Union Bankshares CorpCOM84,181$2.98M0.1%+84,181NewHistory
HOMBHome Bancshares IncCOM108,357$3.01M0.1%+108,357NewHistory
BNOUnited States Brent Oil Fund, LPETF106,450$3.02M0.1%+106,450NewHistory
SKYWSkywest IncCOM30,038$3.02M0.1%+30,038NewHistory
FHBFirst Hawaiian, Inc.COM119,509$3.03M0.1%+119,509NewHistory
UCBUnited Community Banks IncCOM97,641$3.05M0.1%+97,641NewHistory
GOGrocery Outlet Holding Corp.COM302,619$3.06M0.1%+302,619NewHistory
FULTFulton Financial CorpCOM158,786$3.07M0.1%+158,786NewHistory
SSBSouthState Bank CorpCOM32,661$3.08M0.1%+32,661NewHistory
BOHBank of Hawaii CorpCOM45,370$3.11M0.1%+45,370NewHistory
PAYCPaycom Software, Inc.Stock19,584$3.13M0.1%+19,584NewHistory
UBSIUnited Bankshares IncCOM81,408$3.13M0.1%+81,408NewHistory
ASBAssociated Banc-CorpCOM121,477$3.13M0.1%+121,477NewHistory
RDNRadian Group IncCOM86,970$3.13M0.1%+86,970NewHistory
OZKBank OZKCOM68,063$3.14M0.1%+68,063NewHistory
VOYAVoya Financial, Inc.COM42,265$3.15M0.1%+42,265NewHistory
KMXCarMax IncCOM82,204$3.18M0.1%+82,204NewHistory
WENWendy's CoStock382,890$3.19M0.1%+382,890NewHistory
JACKJack in the Box IncCOM169,792$3.22M0.1%+169,792NewHistory
LTHLife Time Group Holdings, Inc.COMMON STOCK121,167$3.23M0.1%+121,167NewHistory
GTXGarrett Motion Inc.Stock186,239$3.25M0.1%−84,231−31.1%ReducedHistory
ALITAlight, Inc. / DelawareCOM CL A1,710,398$3.34M0.2%+1,710,398NewHistory
ACIAlbertsons Companies, Inc.COMMON STOCK195,920$3.37M0.2%+195,920NewHistory
TGTTarget CorpStock34,456$3.37M0.2%+34,456NewHistory
VACMarriott Vacations Worldwide CorpCOM58,907$3.40M0.2%+58,907NewHistory
BBWIBath & Body Works, Inc.COM170,505$3.43M0.2%+170,505NewHistory
BBTBeacon Financial CorpCOM130,048$3.43M0.2%+130,048NewHistory
RHRHCOM19,219$3.45M0.2%+19,219NewHistory
RPRXRoyalty Pharma plcSHS CLASS A90,432$3.50M0.2%−39,752−30.5%ReducedHistory
PRKSUnited Parks & Resorts Inc.COM97,970$3.56M0.2%+97,970NewHistory
GMGeneral Motors CoCOM44,694$3.64M0.2%+44,694NewHistory
CROXCrocs, Inc.COM42,877$3.67M0.2%+42,877NewHistory
TNKTeekay Tankers Ltd.CL A69,863$3.74M0.2%+69,863NewHistory
OSKOshkosh CorpCOM29,982$3.77M0.2%+10,991+57.9%AddedHistory
BBYBest Buy Co IncStock57,606$3.86M0.2%+45,512+376.3%AddedHistory
BNBROOKFIELD CorpCL A LTD VT SH84,750$3.90M0.2%+28,250+50.0%AddedHistory
BWABorgwarner IncCOM91,926$4.15M0.2%+745+0.8%AddedHistory
STNGScorpio Tankers Inc.SHS85,914$4.37M0.2%+85,914NewHistory
DHTDHT Holdings, Inc.SHS NEW358,738$4.39M0.2%+358,738NewHistory
LEALear CorpCOM NEW38,300$4.40M0.2%+38,300NewHistory
MUMicron Technology IncStock15,569$4.45M0.2%−10,095−39.3%ReducedHistory
PBIPitney Bowes IncCOM423,474$4.48M0.2%+423,474NewHistory
BRK.BBerkshire Hathaway IncStock9,000$4.53M0.2%00.0%UnchangedHistory
iShares Tr46434V514MSCI CHINA A131,000$4.54M0.2%+131,000New–
CALMCal-Maine Foods IncCOM NEW58,210$4.64M0.2%+20,121+52.8%AddedHistory
DINOHF Sinclair CorpCOM102,340$4.72M0.2%+27,465+36.7%AddedHistory
VIRTVirtu Financial, Inc.CL A149,707$5.00M0.2%+46,470+45.0%AddedHistory

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