HolderBook

Ruffer LLP

Reported holdings as of Q2 2026, from 31 quarterly filings.

CIK
1426859
Reported value
$2.8B
Positions
187
Top 10 weight
35.6%
Filed
2026-07-30
Days after quarter end
30

Holdings

SecurityTickerValue SharesWeightWeight change Held Change
AMAZON COM INCAMZN$197.4M829,1186.98%+2.18pp16q+47.7%+$63.7M
MICROSOFT CORPMSFT$169.5M454,8735.99%+1.23pp2q+45.1%+$52.7M
ALIBABA GROUP HLDG LTDBABA$121.3M1,265,0694.29%-1.74pp17q+8.0%+$9.0M
SMURFIT WESTROCK PLCSW$112.7M2,438,8893.98%-0.57pp5q-12.5%-$16.0M
BANK OF AMER CORPBAC$74.2M1,304,2022.62%-0.01pp13q-0.9%-$663.5K
FLOOR & DECOR HLDGS INCFND$73.3M1,235,4902.59%+0.30pp3q+12.2%+$8.0M
COINBASE GLOBAL INCCOIN$72.9M499,0002.58%-7.71pp3q-65.3%-$136.8M
NETEASE COM INCNTES$62.5M487,9132.21%-newNEW
SLB LIMITEDSLB$62.3M1,341,5342.20%-1.05pp3q-13.0%-$9.3M
BP PLCBP$60.0M1,624,9402.12%-1.93pp19q-22.5%-$17.5M
SOLVENTUM CORPSOLV$59.8M776,4682.12%-0.19pp4q-9.7%-$6.4M
SUNCOR ENERGY INC NEWSU$54.2M1,009,7461.92%-0.80pp14q+0.6%+$305.3K
LAMAR ADVERTISING COLAMR$52.7M338,2071.86%+0.10pp3qHELD
BROWN FORMAN CORPBFB$51.4M1,931,9561.82%-1.15pp2q-29.3%-$21.3M
FULL TRUCK ALLIANCE CO LTDYMM$46.4M5,724,1801.64%-newNEW
EQUINOX GOLD CORPEQX$46.0M4,736,4281.63%-0.81pp8q+14.8%+$5.9M
EXXON MOBIL CORPXOMXXXX$42.9M314,2241.52%-0.72pp31q-2.3%-$1.0M
TRIP COM GROUP LTDTCOM$42.8M1,075,0961.51%-newNEW
JD.COM INCJD$39.1M1,537,1811.38%-newNEW
BOOKING HOLDINGS INCBKNG$38.5M215,9961.36%+0.30pp2q+3413.8%+$37.4M
EXPAND ENERGY CORPORATIONEXE$38.3M420,5571.35%-newNEW
S&P GLOBAL INCSPGI$38.1M93,7681.35%-newNEW
UNION PAC CORPUNP$38.0M140,0191.35%-0.34pp3q-17.3%-$7.9M
TOTALENERGIES SETTE$36.9M474,9301.30%-newNEW
BERKSHIRE HATHAWAY INC DELBRKB$36.5M72,9901.29%+1.11pp25q+711.0%+$32.0M
PNC FINL SVCS GROUP INCPNC$35.8M145,4851.27%+0.01pp14q-1.3%-$469.7K
CANADIAN PACIFIC KANSAS CITYCP$33.4M386,1821.18%-0.03pp3q+3.1%+$1.0M
SCHWAB CHARLES CORPSCHW$33.0M358,4321.17%-newNEW
VISTA ENERGY S.A.B. DE C.V.VIST$33.0M518,2011.17%-0.48pp3q-2.8%-$938.0K
SIGNET JEWELERS LIMITEDSIG$31.0M360,2781.10%+0.31pp3q+58.3%+$11.4M
EAGLE MATLS INCEXP$29.7M131,9781.05%+0.97pp2q+1138.0%+$27.3M
PFIZER INCPFE$27.1M1,126,0060.96%-0.37pp21q-2.1%-$571.2K
WARNER BROS DISCOVERY INCWBD$24.5M920,5070.87%+0.23pp2q+64.1%+$9.6M
GALIANO GOLD INCGAU$24.2M12,994,5320.86%-0.50pp25q-1.7%-$429.1K
ARIS MINING CORPORATIONARIS$23.9M1,605,5290.85%-0.58pp12q-14.3%-$4.0M
ELDORADO GOLD CORP NEWEGO$20.9M674,0290.74%-0.53pp6q-25.1%-$7.0M
KINROSS GOLD CORPKGC$20.6M874,1790.73%+0.31pp2q+163.0%+$12.8M
DISNEY WALT CODIS$20.4M211,8150.72%+0.48pp3q+245.7%+$14.5M
AIRBNB INCABNB$20.0M139,8700.71%-newNEW
VENTURE GLOBAL INCVG$19.9M1,789,0030.70%+0.41pp2q+288.2%+$14.8M
FLUOR CORPFLR$19.7M375,6430.70%-newNEW
COOPER COS INCCOO$19.2M268,5910.68%+0.05pp5q+24.2%+$3.8M
COEUR MNG INCCDE$19.1M1,168,7480.67%+0.38pp3q+204.3%+$12.8M
MAGNUM ICE CREAM CO NVMICC$18.8M1,082,6050.67%+0.21pp3q+43.3%+$5.7M
INTERNATIONAL FLAVORS&FRAGRAIFF$18.1M228,2970.64%-0.23pp4q-21.7%-$5.0M
WISE GROUP PLCWSE$17.0M1,415,0470.60%-newNEW
OCEANAGOLD CORPOGC$16.7M667,8010.59%-newNEW
SSR MINING INSSRM$16.5M583,1200.58%-0.30pp2q-20.3%-$4.2M
AUTOLIV INCALV$15.9M137,0050.56%-newNEW
BARRICK MNG CORPB$15.8M431,7740.56%-0.40pp4q-24.4%-$5.1M
GE AEROSPACEGE$15.8M42,4020.56%-0.81pp20q-64.1%-$28.2M
NEWMONT CORPNEM$15.3M163,5830.54%-0.06pp31q+21.7%+$2.7M
PHILIP MORRIS INTL INCPM$12.7M70,0630.45%-0.04pp31q-2.5%-$328.2K
PAYCOM SOFTWARE INCPAYC$10.9M87,2090.39%+0.11pp3q+57.9%+$4.0M
PAYCHEX INCPAYX$10.1M102,5610.36%+0.07pp2q+34.2%+$2.6M
RED ROCK RESORTS INCRRR$10.1M154,8580.36%+0.25pp2q+227.7%+$7.0M
AGNICO EAGLE MINES LTDAEM$9.8M63,4110.35%-newNEW
INTEGRA RES CORPITRG$9.8M4,433,5030.35%-0.09pp12q+11.3%+$994.7K
DYNATRACE INCDT$9.3M211,4770.33%+0.16pp2q+87.1%+$4.3M
ROYAL GOLD INCRGLD$8.9M44,6000.31%-0.17pp4q-3.6%-$333.0K
ANTERO MIDSTREAM CORPAM$8.7M384,0100.31%-0.02pp2q+9.6%+$764.7K
COPA HOLDINGS SACPA$8.1M52,2270.29%+0.08pp5q+18.4%+$1.3M
FORTINET INCFTNT$8.0M52,0540.28%+0.11pp2q-0.8%-$61.7K
CENTERRA GOLD INCCGAU$8.0M504,2330.28%-0.25pp21q-31.0%-$3.6M
SKEENA RES LTD NEWSKE$7.6M283,8660.27%-0.22pp17q-28.9%-$3.1M
ARCHER DANIELS MIDLAND COADM$7.4M96,8900.26%-newNEW
INTUITINTU$7.4M28,3360.26%+0.10pp2q+205.6%+$5.0M
M/I HOMES INCMHO$7.4M45,8090.26%flat3q-12.3%-$1.0M
DT MIDSTREAM INCDTM$7.3M49,6400.26%-newNEW
SS&C TECH HLDGSSSNC$7.3M117,0220.26%+0.09pp2q+99.9%+$3.6M
CANADIAN NATL RY COCNI$7.2M60,2500.25%-0.01pp2q-4.5%-$340.8K
BCE INCBCE$7.1M329,7900.25%-0.04pp2q+17.8%+$1.1M
DEVON ENERGY CORP NEWDVN$7.1M171,4600.25%-newNEW
PINNACLE WEST CAP CORPPNW$7.0M65,1800.25%-newNEW
GENPACT LIMITEDG$6.9M252,9920.25%+0.08pp2q+131.9%+$4.0M
DOUBLEVERIFY HLDGS INCDV$6.8M623,6080.24%flat3q+1.9%+$125.5K
GOLD FIELDS LTDGFI$6.7M200,6400.24%-newNEW
TC ENERGY CORPTRP$6.6M99,8100.23%-0.08pp2q-18.9%-$1.5M
TRAVEL PLUS LEISURE COTNL$6.4M83,5020.23%+0.20pp2q+1014.0%+$5.8M
OSISKO DEVELOPMENT CORPODV$6.4M2,591,1800.23%+0.10pp3q+170.6%+$4.0M
SOUTH BOW CORPSOBO$6.3M179,9200.22%-newNEW
HAPPEN INCHAPN$6.2M298,0950.22%-newNEW
FEDERATED HERMES INCFHI$6.2M111,6520.22%+0.02pp4q+34.7%+$1.6M
EASTMAN CHEM COEMN$6.1M90,9600.22%+0.04pp2q+66.2%+$2.4M
GARTNER INCIT$6.1M46,7800.21%+0.04pp2q+77.1%+$2.6M
PRICE T ROWE GROUP INCTROW$5.9M52,2700.21%flat4q-7.1%-$452.7K
INCYTE CORPINCY$5.9M52,2910.21%+0.03pp7q+10.4%+$557.5K
JAZZ PHARMACEUTICALS PLCJAZZ$5.9M24,5670.21%-newNEW
FOX CORPFOXA$5.9M112,9720.21%-0.04pp7q+7.0%+$385.7K
AMDOCS LTDDOX$5.9M116,1210.21%+0.04pp2q+84.7%+$2.7M
AVNET INCAVT$5.9M65,9390.21%+0.19pp2q+1296.1%+$5.4M
NEUROCRINE BIOSCIENCES INCNBIX$5.8M34,5410.21%+0.01pp3q-4.4%-$268.0K
ACCENTURE PLC IRELANDACN$5.8M46,3740.20%+0.03pp2q+121.0%+$3.2M
ANI PHARMACEUTICALS INCANIP$5.7M69,4260.20%+0.01pp2q+15.3%+$763.6K
INFOSYS LTDINFY$5.7M545,6910.20%+0.03pp2q+78.9%+$2.5M
STRATEGIC ED INCSTRA$5.7M74,4540.20%-newNEW
GEN DIGITAL INCGEN$5.7M228,4980.20%+0.01pp2q-8.5%-$525.5K
SCIENCE APPLICATIONS INTL COSAIC$5.6M50,6460.20%+0.03pp3q+16.5%+$793.1K
COGNIZANT TECHNOLOGY SOLUTIOCTSH$5.5M142,6410.20%+0.02pp2q+105.9%+$2.8M
CANADIAN NAT RES LTD MED TERCNQ$5.4M136,7200.19%-newNEW
MAXIMUS INCMMS$5.4M99,9330.19%flat3q+36.8%+$1.4M
JANUS HENDERSON GROUP PLCJHG$5.0M97,0990.18%+0.03pp4q+34.2%+$1.3M
DORMAN PRODS INCDORM$5.0M36,9680.18%+0.02pp7q-2.7%-$142.2K
ALCOA CORPAA$4.8M92,8300.17%-0.08pp3qHELD
COMMERCIAL METALS COCMC$4.8M76,9110.17%-0.03pp2q-1.6%-$80.4K
LEAR CORPLEA$4.5M33,6630.16%-0.03pp3q-12.4%-$640.7K
SALESFORCE INCCRM$4.5M28,5820.16%-0.01pp2q+30.5%+$1.0M
ISHARES TRCNYA$4.4M114,5300.15%+0.10pp3q+181.1%+$2.8M
FIRST SOLAR INCFSLR$4.4M18,4610.15%+0.03pp2q+22.3%+$792.4K
BEST BUY INCBBY$4.3M57,0160.15%-0.03pp5q-19.5%-$1.0M
FRANKLIN RESOURCES INCBEN$4.3M128,3240.15%+0.01pp2q-12.1%-$588.7K
ARTISAN PARTNERS ASSET MGMTAPAM$4.2M122,2110.15%flat2q+23.7%+$808.1K
APTIV PLCAPTV$4.1M66,8960.15%+0.03pp3q+70.2%+$1.7M
PERDOCEO ED CORPPRDO$3.9M122,5340.14%-newNEW
DAVE INCDAVE$3.8M10,1870.13%+0.04pp2q-26.4%-$1.4M
ANGLOGOLD ASHANTI PLCAU$3.8M46,8950.13%-0.26pp5q-52.3%-$4.1M
BROOKFIELD CORPBN$3.6M84,7500.13%-0.01pp11qHELD
OVINTIV INCOVV$3.6M68,0260.13%-newNEW
ADMA BIOLOGICS INCADMA$3.5M422,9580.13%-newNEW
AURA MINERALS INCAUGO$3.4M54,5960.12%-newNEW
SKYWEST INCSKYW$3.3M33,7040.12%-0.01pp3q-3.8%-$131.6K
INVESCO LTDIVZ$3.2M122,6380.11%flat2q+9.3%+$275.1K
WARBY PARKER INCWRBY$3.2M105,1040.11%+0.02pp2q+0.8%+$25.2K
MATADOR RES COMTDR$3.1M63,2900.11%-newNEW
ANHEUSER BUSCH INBEV SA/NVBUD$3.1M38,0000.11%-0.02pp17q-15.6%-$576.2K
INTERNATIONAL SEAWAYS INCINSW$3.1M40,7300.11%+0.07pp2q+223.1%+$2.2M
FRONTLINE PLCFRO$3.0M85,9690.11%-0.06pp2q-27.8%-$1.2M
OKEANIS ECO TANKERS CORECO$3.0M59,1370.10%-newNEW
BRINKER INTL INCEAT$2.9M17,2590.10%-0.02pp2q-16.5%-$573.4K
DOLLAR GEN CORPDG$2.9M25,1300.10%+0.02pp2q+49.2%+$953.2K
HF SINCLAIR CORPDINO$2.9M41,1460.10%-0.09pp4q-45.3%-$2.4M
TARGET CORPTGT$2.8M21,6440.10%-0.02pp3q-11.3%-$360.6K
CHEVRON CORPORATIONCVX$2.8M17,0000.10%+0.01pp20q+54.5%+$993.5K
BOISE CASCADE CO DELBCC$2.8M36,0540.10%flat2q+10.3%+$261.6K
CHOICE HOTELS INTL INCCHH$2.8M25,0190.10%-0.03pp2q-14.9%-$481.4K
CARMAX INCKMX$2.7M51,9100.10%-0.03pp3q-31.4%-$1.3M
PAN AMERN SILVER CORPPAAS$2.7M60,7450.10%-0.29pp14q-64.3%-$4.9M
SCORPIO TANKERS INCSTNG$2.7M38,4910.09%-newNEW
CHEWY INCCHWY$2.6M133,9080.09%-newNEW
ELECTRONIC ARTS INCEA$2.6M12,8180.09%-newNEW
OLLIES BARGAIN OUTLET HLDGSOLLI$2.6M33,9640.09%-newNEW
AUTOMATIC DATA PROCESSING INADP$2.6M11,5730.09%-0.02pp2q-14.6%-$441.4K
PAYLOCITY HLDG CORPPCTY$2.5M23,7860.09%-0.03pp2q-8.2%-$222.2K
SPROUTS FMRS MKT INCSFM$2.5M29,0580.09%-0.03pp2q-20.8%-$645.2K
CORE & MAIN INCCNM$2.4M50,7700.09%-0.04pp2q-19.3%-$586.5K
ULTA BEAUTY INCULTA$2.4M5,4200.09%-newNEW
ARMSTRONG WORLD INDS INC NEWAWI$2.4M15,0820.09%-0.01pp2q+10.8%+$235.1K
THE TRADE DESK INCTTD$2.4M133,7880.09%-0.02pp2q+23.4%+$458.1K
ACADEMY SPORTS & OUTDOORS INASO$2.4M50,7080.08%-0.01pp2q+31.0%+$565.3K
DOMINOS PIZZA INCDPZ$2.4M8,0560.08%-0.01pp2q+30.9%+$562.7K
JPMORGAN CHASE & COJPM$2.3M7,0000.08%flat31qHELD
CHURCHILL DOWNS INCCHDN$2.3M25,5610.08%-newNEW
CENTURY ALUM COCENX$2.3M49,4940.08%-0.04pp3q-0.7%-$16.4K
FIVE BELOW INCFIVE$2.2M12,5190.08%+0.07pp2q+898.3%+$2.0M
BOOT BARN HLDGS INCBOOT$2.2M13,2780.08%flat2q+2.7%+$56.3K
BUCKLE INCBKE$2.2M51,2300.08%-newNEW
LIFE TIME GROUP HOLDINGS INCLTH$2.1M52,0840.08%-0.05pp3q-54.8%-$2.6M
URBAN OUTFITTERS INCURBN$2.0M28,8190.07%-0.04pp2q-33.8%-$1.0M
MOHAWK INDS INCMHK$2.0M16,2200.07%-0.51pp2q-88.8%-$15.5M
KROGER COKR$1.9M34,5630.07%-newNEW
DARDEN RESTAURANTS INCDRI$1.8M8,7760.06%-0.01pp2q-2.2%-$41.6K
CHEESECAKE FACTORY INCCAKE$1.7M21,6910.06%flat2q-25.7%-$595.0K
TAIWAN SEMICONDUCTOR MANUFACTSM$1.7M3,5250.06%-0.16pp14q-77.4%-$5.8M
VIZSLA SILVER CORPVZLA$1.6M499,7770.06%-0.01pp2qHELD
GIGACLOUD TECHNOLOGY INCGCT$1.5M48,9210.05%-newNEW
BOYD GAMING CORPBYD$1.5M16,8670.05%-0.06pp2q-49.6%-$1.5M
TD SYNNEX CORPORATIONSNX$1.4M5,3470.05%-0.22pp7q-86.2%-$8.9M
DILLARDS INCDDS$1.4M2,5740.05%-0.03pp2q-25.0%-$453.4K
ARCOS DORADOS HLDGS INCARCO$1.0M127,1420.04%-0.01pp5qHELD
FOMENTO ECONOMICO MEXICANO SFMX$1.0M8,0000.04%flat16qHELD
M & T BK CORPMTB$951.0K4,0000.03%flat29qHELD
FRANCO NEV CORPFNV$837.0K4,0200.03%-0.01pp4q-6.9%-$62.5K
MARKEL GROUP INCMKL$821.3K4210.03%flat2q+2.7%+$21.5K
NOVAGOLD RESOURCES INCNG$615.2K103,1600.02%-0.02pp5q-4.5%-$28.9K
WELLS FARGO & COWFC$412.7K5,0000.01%flat26qHELD
GOLDMINING INCGLDG$362.3K401,9960.01%-0.01pp23qHELD
EPR PPTYSEPR$362.2K6,2510.01%flat3q-3.5%-$13.3K
CHIPOTLE MEXICAN GRILL INCCMG$327.3K9,6380.01%-newNEW
SITEONE LANDSCAPE SUPPLY INCSITE$318.9K2,7900.01%-0.09pp2q-85.1%-$1.8M
KB HOMEKBH$297.4K4,7560.01%-newNEW
TOLL BROTHERS INCTOL$276.8K1,6820.01%flat2q-12.6%-$39.8K
CHAMPION HOMES INCSKY$266.8K3,0310.01%flat2q-14.6%-$45.5K
BJS WHSL CLUB HLDGS INCBJ$261.0K2,9960.01%-newNEW
D R HORTON INCDHI$256.6K1,5770.01%flat2q-17.5%-$54.3K
ARROW ELECTRS INCARW$249.4K1,1700.01%-0.19pp2q-96.5%-$6.9M
DHT HOLDINGS INCDHT$189.0K11,4450.01%-0.19pp3q-95.7%-$4.2M
PAGSEGURO DIGITAL LTDPAGS$109.3K12,0950.00%-0.08pp2q-93.9%-$1.7M

By sector

Industry comes from the SIC code on each company's own SEC filings, which is self-reported and sometimes out of date. Derivative exposure is counted with the shares. Securities the SEC assigns no industry - funds, trusts, foreign issues - are shown as not classified rather than dropped.

Retail & Consumer 13.8%Software & IT Services 12.8%Energy 12.3%Business Services 10.1%Mining & Metals 9.5%Banks & Lending 6.9%Transport & Logistics 5.3%Industrials 4.0%Food, Drink & Tobacco 3.3%Medical Devices 2.9%Telecom & Media 2.2%Construction & Building 2.0%Other sectors 12.0%Not classified 2.7%
 
SectorValueShare
Retail & Consumer$389.5M13.8%
Software & IT Services$363.0M12.8%
Energy$349.3M12.3%
Business Services$286.7M10.1%
Mining & Metals$269.9M9.5%
Banks & Lending$196.5M6.9%
Transport & Logistics$149.7M5.3%
Industrials$112.7M4.0%
Food, Drink & Tobacco$94.5M3.3%
Medical Devices$82.3M2.9%
Telecom & Media$62.3M2.2%
Construction & Building$57.8M2.0%
Other sectors$338.6M12.0%
Not classified$75.7M2.7%

Quarter by quarter

QuarterValuePositions NewAddedTrimmed ExitedTop 10 Days to file
Q2 2026$2.8B1874265703135.6%30
Q1 2026$2.4B1769032426846.0%43
Q4 2025$2.2B1548329333045.1%28
Q3 2025$1.8B1013317413046.4%34
Q2 2025$2.3B982922362557.1%16
Q1 2025$2.6B942531313258.2%39
Q4 2024$2.8B101482029355.7%38
Q3 2024$3.2B5692017661.1%39
Q2 2024$2.3B5321331967.4%39
Q1 2024$2.6B60317241064.3%38
Q4 2023$2.7B6742317360.6%43
Q3 2023$1.8B66618151053.5%44
Q2 2023$1.7B70310372058.2%41
Q1 2023$2.9B871531201949.8%41
Q4 2022$1.5B9142132851.2%41
Q3 2022$1.6B95812461049.2%41
Q2 2022$2.5B97821381258.7%36
Q1 2022$4.3B1011021411061.0%42
Q4 2021$4.2B101172726655.9%35
Q3 2021$3.2B90102526964.2%41
Q2 2021$3.6B89181833568.3%37
Q1 2021$3.3B76819311367.7%41
Q4 2020$2.9B8192427661.8%40
Q3 2020$2.2B78720351265.5%43
Q2 2020$2.6B831513401063.7%35
Q1 2020$2.2B78926291266.0%37
Q4 2019$3.4B81518381762.9%37
Q3 2019$3.5B93617501665.8%39
Q2 2019$4.3B103182033563.0%37
Q1 2019$3.9B901118381771.2%40
Q4 2018$3.2B96000070.8%38

Rows marked UNVERIFIED ID, PLACEHOLDER ID, TICKER AS ID or NON-CUSIP ID carry an identifier that is not a valid CUSIP. They are shown because the filer reported that money, but treat the security named with caution - hover the chip for what is wrong with it, and see the methodology.

Held counts consecutive filings in which this manager reported the position, and can reach further back than the quarters listed above: the tabs begin at Q4 2018 because earlier coverage is too sparse to describe a market, but tenure is counted over every filing we hold, some reaching to 2007. A position sold and later rebought starts again from one.

Weight change is the shift in this position's share of the whole book, in percentage points. It is the more useful column: when money flows into or out of a broad fund, almost every holding is bought or sold at once, so added and trimmed largely track flows. A weight that rose while the book shrank is a decision. Both compare with the previous quarter this filer reported, not the previous calendar quarter.