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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
HRBH&R Block IncCOM118,033$5.15M0.2%+26,083+28.4%AddedHistory
TFXTeleflex IncCOM42,166$5.15M0.2%+42,166NewHistory
MICCMagnum Ice Cream Co N.V.ORD SHS340,183$5.40M0.2%+340,183NewHistory
SNXTD Synnex CorpCOM36,770$5.53M0.3%+9,576+35.2%AddedHistory
SAICScience Applications International CorpCOM57,664$5.81M0.3%+57,664NewHistory
CPACopa Holdings, S.A.CL A48,819$5.90M0.3%+12,090+32.9%AddedHistory
TROWPrice T Rowe Group IncStock61,083$6.26M0.3%+18,939+44.9%AddedHistory
CDECoeur Mining, Inc.COM NEW366,238$6.54M0.3%+366,238NewHistory
JHGJanus Henderson Group Ltd.ORD SHS139,713$6.66M0.3%+41,556+42.3%AddedHistory
MMSMaximus, Inc.COM80,396$6.95M0.3%+80,396NewHistory
DVDoubleVerify Holdings, Inc.COM645,691$7.40M0.3%+645,691NewHistory
FOXAFox CorpCL A COM103,210$7.55M0.3%+16,046+18.4%AddedHistory
FHIFederated Hermes, Inc.CL B149,689$7.81M0.4%+32,908+28.2%AddedHistory
TSMTaiwan Semiconductor Manufacturing Co LtdADR31,175$9.49M0.4%−173,212−84.7%ReducedHistory
ITRGIntegra Resources Corp.COM3,006,453$12.1M0.6%−150,000−4.8%ReducedHistory
AAAlcoa CorpStock265,910$14.2M0.6%+265,910NewHistory
UHAL.BU-Haul Holding CoCOM SER N304,952$14.3M0.6%+159,283+109.3%AddedHistory
RGLDRoyal Gold IncStock65,900$14.7M0.7%−17,040−20.5%ReducedHistory
CPCanadian Pacific Kansas City LtdCOM206,459$15.2M0.7%+206,459NewHistory
SIGSignet Jewelers LtdSHS185,192$15.4M0.7%+185,192NewHistory
IFFInternational Flavors & Fragrances IncCOM237,473$16.0M0.7%+17,263+7.8%AddedHistory
NEMNEWMONT CorpStock164,819$16.5M0.8%−719,198−81.4%ReducedHistory
VISTVista Energy, S.A.B. de C.V.SPONSORED ADS394,510$19.2M0.9%+394,510NewHistory
SKESkeena Resources LtdCommon Stock814,056$19.4M0.9%−455,999−35.9%ReducedHistory
TECKTeck Resources LtdCL B447,145$21.4M1.0%−55,457−11.0%ReducedHistory
COOCooper Companies, Inc.COM312,164$25.6M1.2%−1,035,686−76.8%ReducedHistory
NOMDNomad Foods LtdUSD ORD SHS2,140,876$26.8M1.2%+2,140,876NewHistory
AUAngloGold Ashanti PLCCOM SHS320,997$27.4M1.2%−269,966−45.7%ReducedHistory
BBarrick Mining CorpStock650,660$28.4M1.3%−1,149,975−63.9%ReducedHistory
LAMRLamar Advertising CoREIT239,820$30.4M1.4%+239,820NewHistory
PMPhilip Morris International Inc.Stock189,305$30.4M1.4%+94,226+99.1%AddedHistory
UNPUnion Pacific CorpStock133,430$30.9M1.4%+133,430NewHistory
PNCPNC Financial Services Group, Inc.Stock150,102$31.4M1.4%+18,193+13.8%AddedHistory
PAASPan American Silver CorpStock608,328$31.6M1.4%−293,423−32.5%ReducedHistory
PFEPfizer IncStock1,324,096$33.0M1.5%−698,969−34.6%ReducedHistory
GEGeneral Electric CoStock117,301$36.2M1.6%+16,936+16.9%AddedHistory
GAUGaliano Gold Inc.COM14,305,507$36.5M1.7%−2,305,521−13.9%ReducedHistory
XOMExxonMobil Holdings CorpCOM320,081$38.6M1.8%+41,839+15.0%AddedHistory
ARISAris Mining CorpCOM2,647,139$43.1M2.0%−1,467,589−35.7%ReducedHistory
SLBSLB LimitedStock1,146,543$44.1M2.0%+1,146,543NewHistory
SUSuncor Energy IncStock999,168$44.5M2.0%+64,131+6.9%AddedHistory
CGAUCenterra Gold Inc.COM3,255,131$47.0M2.1%−2,648,972−44.9%ReducedHistory
FNDFloor & Decor Holdings, Inc.CL A774,470$47.2M2.2%+774,470NewHistory
SOLVSolventum CorpStock614,558$48.8M2.2%+407,001+196.1%AddedHistory
EXRExtra Space Storage Inc.COM385,535$50.3M2.3%+48,593+14.4%AddedHistory
EGOEldorado Gold CorpCOM1,611,656$58.0M2.6%+198,916+14.1%AddedHistory
DISWalt Disney CoStock567,615$64.7M2.9%+567,615NewHistory
BABAAlibaba Group Holding LtdADR481,064$70.6M3.2%+96,178+25.0%AddedHistory
BPBP PLCADR2,235,750$77.8M3.5%−59,030−2.6%ReducedHistory
EQXEquinox Gold Corp.COM5,791,948$81.5M3.7%−2,859,941−33.1%ReducedHistory
BACBank of America CorpStock1,668,030$91.9M4.2%−203,612−10.9%ReducedHistory
AMZNAmazon Com IncStock671,466$155.2M7.1%−1,330−0.2%ReducedHistory
COINCoinbase Global, Inc.COM CL A735,190$166.5M7.6%+735,190NewHistory
SWSmurfit Westrock plcStock4,504,151$174.4M7.9%+3,718,562+473.3%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