# Ruffer LLP

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 1426859. Source: https://holderbook.com/funds/1426859-ruffer-llp/

- Reported value: $2.8B
- Positions: 187
- Weight of the ten largest: 35.6%
- Filed: 2026-07-30

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| AMAZON COM INC | [AMZN](https://holderbook.com/stocks/AMZN/) | $197.4M | 829,118 | 7.0% | 16 |
| MICROSOFT CORP | [MSFT](https://holderbook.com/stocks/MSFT/) | $169.5M | 454,873 | 6.0% | 2 |
| ALIBABA GROUP HLDG LTD | [BABA](https://holderbook.com/stocks/BABA/) | $121.3M | 1,265,069 | 4.3% | 17 |
| SMURFIT WESTROCK PLC | [SW](https://holderbook.com/stocks/SW/) | $112.7M | 2,438,889 | 4.0% | 5 |
| BANK OF AMER CORP | [BAC](https://holderbook.com/stocks/BAC/) | $74.2M | 1,304,202 | 2.6% | 13 |
| FLOOR & DECOR HLDGS INC | [FND](https://holderbook.com/stocks/FND/) | $73.3M | 1,235,490 | 2.6% | 3 |
| COINBASE GLOBAL INC | [COIN](https://holderbook.com/stocks/COIN/) | $72.9M | 499,000 | 2.6% | 3 |
| NETEASE COM INC | [NTES](https://holderbook.com/stocks/NTES/) | $62.5M | 487,913 | 2.2% | 1 |
| SLB LIMITED | [SLB](https://holderbook.com/stocks/SLB/) | $62.3M | 1,341,534 | 2.2% | 3 |
| BP PLC | [BP](https://holderbook.com/stocks/BP/) | $60.0M | 1,624,940 | 2.1% | 19 |
| SOLVENTUM CORP | [SOLV](https://holderbook.com/stocks/SOLV/) | $59.8M | 776,468 | 2.1% | 4 |
| SUNCOR ENERGY INC NEW | [SU](https://holderbook.com/stocks/SU/) | $54.2M | 1,009,746 | 1.9% | 14 |
| LAMAR ADVERTISING CO | [LAMR](https://holderbook.com/stocks/LAMR/) | $52.7M | 338,207 | 1.9% | 3 |
| BROWN FORMAN CORP | [BFB](https://holderbook.com/stocks/BFB/) | $51.4M | 1,931,956 | 1.8% | 2 |
| FULL TRUCK ALLIANCE CO LTD | [YMM](https://holderbook.com/stocks/YMM/) | $46.4M | 5,724,180 | 1.6% | 1 |
| EQUINOX GOLD CORP | [EQX](https://holderbook.com/stocks/EQX/) | $46.0M | 4,736,428 | 1.6% | 8 |
| EXXON MOBIL CORP | [XOMXXXX](https://holderbook.com/stocks/XOMXXXX/) | $42.9M | 314,224 | 1.5% | 31 |
| TRIP COM GROUP LTD | [TCOM](https://holderbook.com/stocks/TCOM/) | $42.8M | 1,075,096 | 1.5% | 1 |
| JD.COM INC | [JD](https://holderbook.com/stocks/JD/) | $39.1M | 1,537,181 | 1.4% | 1 |
| BOOKING HOLDINGS INC | [BKNG](https://holderbook.com/stocks/BKNG/) | $38.5M | 215,996 | 1.4% | 2 |
| EXPAND ENERGY CORPORATION | [EXE](https://holderbook.com/stocks/EXE/) | $38.3M | 420,557 | 1.4% | 1 |
| S&P GLOBAL INC | [SPGI](https://holderbook.com/stocks/SPGI/) | $38.1M | 93,768 | 1.3% | 1 |
| UNION PAC CORP | [UNP](https://holderbook.com/stocks/UNP/) | $38.0M | 140,019 | 1.3% | 3 |
| TOTALENERGIES SE | [TTE](https://holderbook.com/stocks/TTE/) | $36.9M | 474,930 | 1.3% | 1 |
| BERKSHIRE HATHAWAY INC DEL | [BRKB](https://holderbook.com/stocks/BRKB/) | $36.5M | 72,990 | 1.3% | 25 |
| PNC FINL SVCS GROUP INC | [PNC](https://holderbook.com/stocks/PNC/) | $35.8M | 145,485 | 1.3% | 14 |
| CANADIAN PACIFIC KANSAS CITY | [CP](https://holderbook.com/stocks/CP/) | $33.4M | 386,182 | 1.2% | 3 |
| SCHWAB CHARLES CORP | [SCHW](https://holderbook.com/stocks/SCHW/) | $33.0M | 358,432 | 1.2% | 1 |
| VISTA ENERGY S.A.B. DE C.V. | [VIST](https://holderbook.com/stocks/VIST/) | $33.0M | 518,201 | 1.2% | 3 |
| SIGNET JEWELERS LIMITED | [SIG](https://holderbook.com/stocks/SIG/) | $31.0M | 360,278 | 1.1% | 3 |
| EAGLE MATLS INC | [EXP](https://holderbook.com/stocks/EXP/) | $29.7M | 131,978 | 1.0% | 2 |
| PFIZER INC | [PFE](https://holderbook.com/stocks/PFE/) | $27.1M | 1,126,006 | 1.0% | 21 |
| WARNER BROS DISCOVERY INC | [WBD](https://holderbook.com/stocks/WBD/) | $24.5M | 920,507 | 0.9% | 2 |
| GALIANO GOLD INC | [GAU](https://holderbook.com/stocks/GAU/) | $24.2M | 12,994,532 | 0.9% | 25 |
| ARIS MINING CORPORATION | [ARIS](https://holderbook.com/stocks/ARIS/) | $23.9M | 1,605,529 | 0.8% | 12 |
| ELDORADO GOLD CORP NEW | [EGO](https://holderbook.com/stocks/EGO/) | $20.9M | 674,029 | 0.7% | 6 |
| KINROSS GOLD CORP | [KGC](https://holderbook.com/stocks/KGC/) | $20.6M | 874,179 | 0.7% | 2 |
| DISNEY WALT CO | [DIS](https://holderbook.com/stocks/DIS/) | $20.4M | 211,815 | 0.7% | 3 |
| AIRBNB INC | [ABNB](https://holderbook.com/stocks/ABNB/) | $20.0M | 139,870 | 0.7% | 1 |
| VENTURE GLOBAL INC | [VG](https://holderbook.com/stocks/VG/) | $19.9M | 1,789,003 | 0.7% | 2 |
| FLUOR CORP | [FLR](https://holderbook.com/stocks/FLR/) | $19.7M | 375,643 | 0.7% | 1 |
| COOPER COS INC | [COO](https://holderbook.com/stocks/COO/) | $19.2M | 268,591 | 0.7% | 5 |
| COEUR MNG INC | [CDE](https://holderbook.com/stocks/CDE/) | $19.1M | 1,168,748 | 0.7% | 3 |
| MAGNUM ICE CREAM CO NV | [MICC](https://holderbook.com/stocks/MICC/) | $18.8M | 1,082,605 | 0.7% | 3 |
| INTERNATIONAL FLAVORS&FRAGRA | [IFF](https://holderbook.com/stocks/IFF/) | $18.1M | 228,297 | 0.6% | 4 |
| WISE GROUP PLC | [WSE](https://holderbook.com/stocks/WSE/) | $17.0M | 1,415,047 | 0.6% | 1 |
| OCEANAGOLD CORP | [OGC](https://holderbook.com/stocks/OGC/) | $16.7M | 667,801 | 0.6% | 1 |
| SSR MINING IN | [SSRM](https://holderbook.com/stocks/SSRM/) | $16.5M | 583,120 | 0.6% | 2 |
| AUTOLIV INC | [ALV](https://holderbook.com/stocks/ALV/) | $15.9M | 137,005 | 0.6% | 1 |
| BARRICK MNG CORP | [B](https://holderbook.com/stocks/B/) | $15.8M | 431,774 | 0.6% | 4 |
| GE AEROSPACE | [GE](https://holderbook.com/stocks/GE/) | $15.8M | 42,402 | 0.6% | 20 |
| NEWMONT CORP | [NEM](https://holderbook.com/stocks/NEM/) | $15.3M | 163,583 | 0.5% | 31 |
| PHILIP MORRIS INTL INC | [PM](https://holderbook.com/stocks/PM/) | $12.7M | 70,063 | 0.4% | 31 |
| PAYCOM SOFTWARE INC | [PAYC](https://holderbook.com/stocks/PAYC/) | $10.9M | 87,209 | 0.4% | 3 |
| PAYCHEX INC | [PAYX](https://holderbook.com/stocks/PAYX/) | $10.1M | 102,561 | 0.4% | 2 |
| RED ROCK RESORTS INC | [RRR](https://holderbook.com/stocks/RRR/) | $10.1M | 154,858 | 0.4% | 2 |
| AGNICO EAGLE MINES LTD | [AEM](https://holderbook.com/stocks/AEM/) | $9.8M | 63,411 | 0.3% | 1 |
| INTEGRA RES CORP | [ITRG](https://holderbook.com/stocks/ITRG/) | $9.8M | 4,433,503 | 0.3% | 12 |
| DYNATRACE INC | [DT](https://holderbook.com/stocks/DT/) | $9.3M | 211,477 | 0.3% | 2 |
| ROYAL GOLD INC | [RGLD](https://holderbook.com/stocks/RGLD/) | $8.9M | 44,600 | 0.3% | 4 |
| ANTERO MIDSTREAM CORP | [AM](https://holderbook.com/stocks/AM/) | $8.7M | 384,010 | 0.3% | 2 |
| COPA HOLDINGS SA | [CPA](https://holderbook.com/stocks/CPA/) | $8.1M | 52,227 | 0.3% | 5 |
| FORTINET INC | [FTNT](https://holderbook.com/stocks/FTNT/) | $8.0M | 52,054 | 0.3% | 2 |
| CENTERRA GOLD INC | [CGAU](https://holderbook.com/stocks/CGAU/) | $8.0M | 504,233 | 0.3% | 21 |
| SKEENA RES LTD NEW | [SKE](https://holderbook.com/stocks/SKE/) | $7.6M | 283,866 | 0.3% | 17 |
| ARCHER DANIELS MIDLAND CO | [ADM](https://holderbook.com/stocks/ADM/) | $7.4M | 96,890 | 0.3% | 1 |
| INTUIT | [INTU](https://holderbook.com/stocks/INTU/) | $7.4M | 28,336 | 0.3% | 2 |
| M/I HOMES INC | [MHO](https://holderbook.com/stocks/MHO/) | $7.4M | 45,809 | 0.3% | 3 |
| DT MIDSTREAM INC | [DTM](https://holderbook.com/stocks/DTM/) | $7.3M | 49,640 | 0.3% | 1 |
| SS&C TECH HLDGS | [SSNC](https://holderbook.com/stocks/SSNC/) | $7.3M | 117,022 | 0.3% | 2 |
| CANADIAN NATL RY CO | [CNI](https://holderbook.com/stocks/CNI/) | $7.2M | 60,250 | 0.3% | 2 |
| BCE INC | [BCE](https://holderbook.com/stocks/BCE/) | $7.1M | 329,790 | 0.3% | 2 |
| DEVON ENERGY CORP NEW | [DVN](https://holderbook.com/stocks/DVN/) | $7.1M | 171,460 | 0.3% | 1 |
| PINNACLE WEST CAP CORP | [PNW](https://holderbook.com/stocks/PNW/) | $7.0M | 65,180 | 0.2% | 1 |
| GENPACT LIMITED | [G](https://holderbook.com/stocks/G/) | $6.9M | 252,992 | 0.2% | 2 |
| DOUBLEVERIFY HLDGS INC | [DV](https://holderbook.com/stocks/DV/) | $6.8M | 623,608 | 0.2% | 3 |
| GOLD FIELDS LTD | [GFI](https://holderbook.com/stocks/GFI/) | $6.7M | 200,640 | 0.2% | 1 |
| TC ENERGY CORP | [TRP](https://holderbook.com/stocks/TRP/) | $6.6M | 99,810 | 0.2% | 2 |
| TRAVEL PLUS LEISURE CO | [TNL](https://holderbook.com/stocks/TNL/) | $6.4M | 83,502 | 0.2% | 2 |
| OSISKO DEVELOPMENT CORP | [ODV](https://holderbook.com/stocks/ODV/) | $6.4M | 2,591,180 | 0.2% | 3 |
| SOUTH BOW CORP | [SOBO](https://holderbook.com/stocks/SOBO/) | $6.3M | 179,920 | 0.2% | 1 |
| HAPPEN INC | [HAPN](https://holderbook.com/stocks/HAPN/) | $6.2M | 298,095 | 0.2% | 1 |
| FEDERATED HERMES INC | [FHI](https://holderbook.com/stocks/FHI/) | $6.2M | 111,652 | 0.2% | 4 |
| EASTMAN CHEM CO | [EMN](https://holderbook.com/stocks/EMN/) | $6.1M | 90,960 | 0.2% | 2 |
| GARTNER INC | [IT](https://holderbook.com/stocks/IT/) | $6.1M | 46,780 | 0.2% | 2 |
| PRICE T ROWE GROUP INC | [TROW](https://holderbook.com/stocks/TROW/) | $5.9M | 52,270 | 0.2% | 4 |
| INCYTE CORP | [INCY](https://holderbook.com/stocks/INCY/) | $5.9M | 52,291 | 0.2% | 7 |
| JAZZ PHARMACEUTICALS PLC | [JAZZ](https://holderbook.com/stocks/JAZZ/) | $5.9M | 24,567 | 0.2% | 1 |
| FOX CORP | [FOXA](https://holderbook.com/stocks/FOXA/) | $5.9M | 112,972 | 0.2% | 7 |
| AMDOCS LTD | [DOX](https://holderbook.com/stocks/DOX/) | $5.9M | 116,121 | 0.2% | 2 |
| AVNET INC | [AVT](https://holderbook.com/stocks/AVT/) | $5.9M | 65,939 | 0.2% | 2 |
| NEUROCRINE BIOSCIENCES INC | [NBIX](https://holderbook.com/stocks/NBIX/) | $5.8M | 34,541 | 0.2% | 3 |
| ACCENTURE PLC IRELAND | [ACN](https://holderbook.com/stocks/ACN/) | $5.8M | 46,374 | 0.2% | 2 |
| ANI PHARMACEUTICALS INC | [ANIP](https://holderbook.com/stocks/ANIP/) | $5.7M | 69,426 | 0.2% | 2 |
| INFOSYS LTD | [INFY](https://holderbook.com/stocks/INFY/) | $5.7M | 545,691 | 0.2% | 2 |
| STRATEGIC ED INC | [STRA](https://holderbook.com/stocks/STRA/) | $5.7M | 74,454 | 0.2% | 1 |
| GEN DIGITAL INC | [GEN](https://holderbook.com/stocks/GEN/) | $5.7M | 228,498 | 0.2% | 2 |
| SCIENCE APPLICATIONS INTL CO | [SAIC](https://holderbook.com/stocks/SAIC/) | $5.6M | 50,646 | 0.2% | 3 |
| COGNIZANT TECHNOLOGY SOLUTIO | [CTSH](https://holderbook.com/stocks/CTSH/) | $5.5M | 142,641 | 0.2% | 2 |
| CANADIAN NAT RES LTD MED TER | [CNQ](https://holderbook.com/stocks/CNQ/) | $5.4M | 136,720 | 0.2% | 1 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q2 2026 | -1.5% | +14.8% | -16.3% | 100% |
| Q1 2026 | +1.1% | -4.6% | +5.7% | 100% |
| Q4 2025 | +12.5% | +2.4% | +10.1% | 100% |
| Q3 2025 | +23.5% | +7.8% | +15.6% | 91% |
| Q2 2025 | +11.9% | +10.5% | +1.5% | 100% |
| Q1 2025 | +11.2% | -4.6% | +15.8% | 100% |
| Q4 2024 | -8.4% | +2.1% | -10.5% | 100% |
| Q3 2024 | +10.4% | +5.4% | +5.0% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $2.8B | 187 |
| Q1 2026 | $2.4B | 176 |
| Q4 2025 | $2.2B | 154 |
| Q3 2025 | $1.8B | 101 |
| Q2 2025 | $2.3B | 98 |
| Q1 2025 | $2.6B | 94 |
| Q4 2024 | $2.8B | 101 |
| Q3 2024 | $3.2B | 56 |
| Q2 2024 | $2.3B | 53 |
| Q1 2024 | $2.6B | 60 |
| Q4 2023 | $2.7B | 67 |
| Q3 2023 | $1.8B | 66 |