Ruffer LLP
In its 13F for Q2 2026 (holdings as of June 30, 2026, filed July 30, 2026), Ruffer LLP reported 187 stock positions worth $2.8 billion. Its top holding was Amazon.com (AMZN) at 7.0% of the portfolio, followed by Microsoft (MSFT, 6.0%) and Alibaba Group Holding-SP ADR (BABA, 4.3%). Compared with Q1 2026, it opened 42 new positions, sold out of 31, added to 66 and reduced 71. The biggest buy was a new position in Netease Inc.-ADR (NTES) and the biggest sale Coinbase Global Class A (COIN, shares −65%).
- Most Recent 13F
- Q2 2026
- Location
- LONDON, X0
- CIK
- 0001426859
- Portfolio Value
- $2.8B (Q2 2026)
- SEC Filing
- 0001426859-26-000008 ↗ filed Jul 30, 2026
Holdings Value
Holdings 187 stocks · $2.8B
| AMZN Amazon.com Inc. | 6.98% | 829,118 | $197.4M | Add +47.6% |
| MSFT Microsoft Corp. | 5.99% | 454,873 | $169.5M | Add +45.1% |
| BABA Alibaba Group Holding-SP ADR | 4.29% | 1,265,069 | $121.3M | Add +8.0% |
| SW Smurfit Westrock PLC | 3.98% | 2,438,889 | $112.7M | Reduce -12.5% |
| BAC Bank of America Corp. | 2.62% | 1,304,202 | $74.2M | Reduce -0.9% |
| FND Floor & Decor Holdings Inc. Class A | 2.59% | 1,235,490 | $73.3M | Add +12.2% |
| COIN Coinbase Global Inc. Class A | 2.58% | 499,000 | $72.9M | Reduce -65.3% |
| NTES Netease Inc.-ADR | 2.21% | 487,913 | $62.5M | New |
| SLB SLB Ltd. filed as SLB LIMITED | 2.20% | 1,341,534 | $62.3M | Reduce -13.0% |
| BP BP PLC-Spons ADR | 2.12% | 1,624,940 | $60.0M | Reduce -22.6% |
| SOLV Solventum Corp. | 2.12% | 776,468 | $59.8M | Reduce -9.7% |
| SU Suncor Energy Inc. | 1.92% | 1,009,746 | $54.2M | Add +0.6% |
| LAMR Lamar Advertising Co. Class A | 1.86% | 338,207 | $52.7M | Reduce -0.1% |
| BF.B Brown-Forman Corp. Class B | 1.82% | 1,931,956 | $51.4M | Reduce -29.3% |
| YMM Full Truck Alliance -SPN ADR | 1.64% | 5,724,180 | $46.4M | New |
| EQX Equinox Gold Corp. | 1.63% | 4,736,428 | $46.0M | Add +14.8% |
| XOM Exxon Mobil Corp. | 1.52% | 314,224 | $42.9M | Reduce -2.3% |
| TCOM Trip.com Group Ltd.-ADR | 1.51% | 1,075,096 | $42.8M | New |
| JD Jd.com Inc.-ADR | 1.38% | 1,537,181 | $39.1M | New |
| BKNG Booking Holdings Inc. | 1.36% | 215,996 | $38.5M | Add +40.5% |
| EXE Expand Energy Corp. | 1.35% | 420,557 | $38.3M | New |
| SPGI S&P Global Inc. | 1.35% | 93,768 | $38.1M | New |
| UNP Union Pacific Corp. | 1.34% | 140,019 | $38.0M | Reduce -17.3% |
| TTE Totalenergies SE | 1.30% | 474,930 | $36.9M | New |
| BRK.B Berkshire Hathaway Inc. Class B | 1.29% | 72,990 | $36.5M | Add +711.0% |
| PNC PNC Financial Services Group | 1.27% | 145,485 | $35.8M | Reduce -1.3% |
| CP Canadian Pacific Kansas City | 1.18% | 386,182 | $33.4M | Add +3.1% |
| SCHW Schwab (charles) Corp. | 1.17% | 358,432 | $33.0M | New |
| VIST Vista Energy Sab DE CV | 1.17% | 518,201 | $33.0M | Reduce -2.8% |
| SIG Signet Jewelers Ltd. | 1.10% | 360,278 | $31.0M | Add +58.3% |
| EXP Eagle Materials Inc. | 1.05% | 131,978 | $29.7M | Add +1138.0% |
| PFE Pfizer Inc. | 0.96% | 1,126,006 | $27.1M | Reduce -2.1% |
| WBD Warner Bros Discovery Inc. | 0.87% | 920,507 | $24.5M | Add +64.1% |
| GAU Galiano Gold Inc. | 0.86% | 12,994,532 | $24.2M | Reduce -1.7% |
| ARIS Aris Mining Corp. | 0.85% | 1,605,529 | $23.9M | Reduce -14.3% |
| EGO Eldorado Gold Corp. | 0.74% | 674,029 | $20.9M | Reduce -25.1% |
| KGC Kinross Gold Corp. | 0.73% | 874,179 | $20.6M | Add +163.0% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.72% | 211,815 | $20.4M | Add +245.7% |
| ABNB Airbnb Inc. Class A | 0.71% | 139,870 | $20.0M | New |
| VG Venture Global Inc. Class A | 0.70% | 1,789,003 | $19.9M | Add +288.2% |
| FLR Fluor Corp. | 0.69% | 375,643 | $19.7M | New |
| COO The Cooper Cos Inc. | 0.68% | 268,591 | $19.2M | Add +24.3% |
| CDE Coeur Mining Inc. | 0.67% | 1,168,748 | $19.1M | Add +204.3% |
| MICC The Magnum Ice Cream Co. NV | 0.67% | 1,082,605 | $18.8M | Add +43.3% |
| IFF Intl Flavors & Fragrances filed as INTERNATIONAL FLAVORS&FRAGRA | 0.64% | 228,297 | $18.1M | Reduce -21.7% |
| WSE Wise Group PLC Class A | 0.60% | 1,415,047 | $17.0M | New |
| OGC Oceanagold Corp. | 0.59% | 667,801 | $16.7M | New |
| SSRM SSR Mining Inc. | 0.58% | 583,120 | $16.5M | Reduce -20.3% |
| ALV Autoliv Inc. | 0.56% | 137,005 | $15.9M | New |
| B Barrick Mining Corp. | 0.56% | 431,774 | $15.8M | Reduce -24.4% |
| GE General Electric filed as GE AEROSPACE | 0.56% | 42,402 | $15.8M | Reduce -64.1% |
| NEM Newmont Corp. | 0.54% | 163,583 | $15.3M | Add +21.7% |
| PM Philip Morris International | 0.45% | 70,063 | $12.7M | Reduce -2.5% |
| PAYC Paycom Software Inc. | 0.39% | 87,209 | $10.9M | Add +57.9% |
| PAYX Paychex Inc. | 0.36% | 102,561 | $10.1M | Add +34.2% |
| RRR Red Rock Resorts Inc. Class A | 0.36% | 154,858 | $10.1M | Add +227.7% |
| AEM Agnico Eagle Mines Ltd. | 0.35% | 63,411 | $9.8M | New |
| ITRG Integra Resources Corp. | 0.35% | 4,433,503 | $9.8M | Add +11.3% |
| DT Dynatrace Inc. | 0.33% | 211,477 | $9.3M | Add +87.1% |
| RGLD Royal Gold Inc. | 0.31% | 44,600 | $8.9M | Reduce -3.6% |
| AM Antero Midstream Corp. | 0.31% | 384,010 | $8.7M | Add +9.6% |
| CPA Copa Holdings SA Class A | 0.29% | 52,227 | $8.1M | Add +18.4% |
| FTNT Fortinet Inc. | 0.28% | 52,054 | $8.0M | Reduce -0.8% |
| CGAU Centerra Gold Inc. | 0.28% | 504,233 | $8.0M | Reduce -31.0% |
| SKE Skeena Resources Ltd. | 0.27% | 283,866 | $7.6M | Reduce -28.9% |
| ADM Archer-Daniels-Midland Co. | 0.26% | 96,890 | $7.4M | New |
| INTU Intuit Inc. | 0.26% | 28,336 | $7.4M | Add +205.6% |
| MHO M/I Homes Inc. | 0.26% | 45,809 | $7.4M | Reduce -12.3% |
| DTM DT Midstream Inc. | 0.26% | 49,640 | $7.3M | New |
| SSNC Ss&c Technologies Holdings | 0.26% | 117,022 | $7.3M | Add +99.9% |
| CNI Canadian Natl Railway Co. | 0.25% | 60,250 | $7.2M | Reduce -4.5% |
| BCE Bce Inc. | 0.25% | 329,790 | $7.1M | Add +17.8% |
| DVN Devon Energy Corp. | 0.25% | 171,460 | $7.1M | New |
| PNW Pinnacle West Capital | 0.25% | 65,180 | $7.0M | New |
| G Genpact Ltd. | 0.25% | 252,992 | $6.9M | Add +131.9% |
| DV Doubleverify Holdings Inc. | 0.24% | 623,608 | $6.8M | Add +1.9% |
| GFI Gold Fields Ltd.-Spons ADR | 0.24% | 200,640 | $6.7M | New |
| TRP TC Energy Corp. | 0.23% | 99,810 | $6.6M | Reduce -18.9% |
| TNL Travel + Leisure Co. | 0.23% | 83,502 | $6.4M | Add +1014.0% |
| OSISKO DEVELOPMENT CORP | 0.23% | 2,591,180 | $6.4M | Add +170.6% |
| SOBO South Bow Corp. | 0.22% | 179,920 | $6.3M | New |
| HAPN Happen Inc. | 0.22% | 298,095 | $6.2M | New |
| FHI Federated Hermes Inc. | 0.22% | 111,652 | $6.2M | Add +34.7% |
| EMN Eastman Chemical Co. | 0.22% | 90,960 | $6.1M | Add +66.2% |
| IT Gartner Inc. | 0.21% | 46,780 | $6.1M | Add +77.1% |
| TROW T Rowe Price Group Inc. filed as PRICE T ROWE GROUP INC | 0.21% | 52,270 | $5.9M | Reduce -7.1% |
| INCY Incyte Corp. | 0.21% | 52,291 | $5.9M | Add +10.4% |
| JAZZ Jazz Pharmaceuticals PLC | 0.21% | 24,567 | $5.9M | New |
| FOXA Fox Corp. Class A | 0.21% | 112,972 | $5.9M | Add +7.0% |
| DOX Amdocs Ltd. | 0.21% | 116,121 | $5.9M | Add +84.7% |
| AVT Avnet Inc. | 0.21% | 65,939 | $5.9M | Add +1296.1% |
| NBIX Neurocrine Biosciences Inc. | 0.21% | 34,541 | $5.8M | Reduce -4.4% |
| ACN Accenture PLC Class A | 0.20% | 46,374 | $5.8M | Add +121.0% |
| ANIP Ani Pharmaceuticals Inc. | 0.20% | 69,426 | $5.7M | Add +15.3% |
| INFY Infosys Ltd.-SP ADR | 0.20% | 545,691 | $5.7M | Add +78.9% |
| STRA Strategic Education Inc. | 0.20% | 74,454 | $5.7M | New |
| GEN Gen Digital Inc. | 0.20% | 228,498 | $5.7M | Reduce -8.5% |
| SAIC Science Applications Inte | 0.20% | 50,646 | $5.6M | Add +16.6% |
| CTSH Cognizant Tech Solutions-A | 0.20% | 142,641 | $5.5M | Add +105.9% |
| CNQ Canadian Natural Resources | 0.19% | 136,720 | $5.4M | New |
Portfolio Sells Q1 2026 → Q2 2026
| COIN Coinbase Global Inc. Class A | Reduce -65.3% | 2.58% | −7.71 |
| BP BP PLC-Spons ADR | Reduce -22.6% | 2.12% | −1.93 |
| BF.B Brown-Forman Corp. Class B | Reduce -29.3% | 1.82% | −1.15 |
| SLB SLB Ltd. | Reduce -13.0% | 2.20% | −1.05 |
| GE General Electric | Reduce -64.1% | 0.56% | −0.81 |
| XOM Exxon Mobil Corp. | Reduce -2.3% | 1.52% | −0.72 |
| ARIS Aris Mining Corp. | Reduce -14.3% | 0.85% | −0.58 |
| SW Smurfit Westrock PLC | Reduce -12.5% | 3.98% | −0.57 |
| UHAL.B U-Haul Holding Co.-Non Voting | Sold out | 0.00% | −0.55 |
| EGO Eldorado Gold Corp. | Reduce -25.1% | 0.74% | −0.53 |
| MHK Mohawk Industries Inc. | Reduce -88.8% | 0.07% | −0.51 |
| GAU Galiano Gold Inc. | Reduce -1.7% | 0.86% | −0.50 |
| VIST Vista Energy Sab DE CV | Reduce -2.8% | 1.17% | −0.48 |
| B Barrick Mining Corp. | Reduce -24.4% | 0.56% | −0.40 |
| PFE Pfizer Inc. | Reduce -2.1% | 0.96% | −0.37 |
| KGS Kodiak Gas Services Inc. | Sold out | 0.00% | −0.35 |
| UNP Union Pacific Corp. | Reduce -17.3% | 1.34% | −0.34 |
| NFG National Fuel Gas Co. | Sold out | 0.00% | −0.32 |
| SSRM SSR Mining Inc. | Reduce -20.3% | 0.58% | −0.30 |
| PAAS Pan American Silver Corp. | Reduce -64.3% | 0.10% | −0.29 |
| AU Anglogold Ashanti PLC | Reduce -52.3% | 0.13% | −0.26 |
| LYB Lyondellbasell Indu Class A | Sold out | 0.00% | −0.26 |
| CSX CSX Corp. | Sold out | 0.00% | −0.25 |
| CGAU Centerra Gold Inc. | Reduce -31.0% | 0.28% | −0.25 |
| IFF Intl Flavors & Fragrances | Reduce -21.7% | 0.64% | −0.23 |
| SKE Skeena Resources Ltd. | Reduce -28.9% | 0.27% | −0.22 |
| SNX TD Synnex Corp. | Reduce -86.2% | 0.05% | −0.22 |
| EXEL Exelixis Inc. | Sold out | 0.00% | −0.21 |
| DHT DHT Holdings Inc. | Reduce -95.7% | 0.01% | −0.19 |
| ARW Arrow Electronics Inc. | Reduce -96.5% | 0.01% | −0.19 |
| SOLV Solventum Corp. | Reduce -9.7% | 2.12% | −0.19 |
| FLNG Flex LNG Ltd. | Sold out | 0.00% | −0.18 |
| SMPL The Simply Good Foods Co. | Sold out | 0.00% | −0.18 |
| LIN Linde PLC | Sold out | 0.00% | −0.17 |
| RGLD Royal Gold Inc. | Reduce -3.6% | 0.31% | −0.17 |
| GM General Motors Co. | Sold out | 0.00% | −0.17 |
| DD Dupont DE Nemours Inc. | Sold out | 0.00% | −0.17 |
| TSM Taiwan Semiconductor-SP ADR | Reduce -77.4% | 0.06% | −0.16 |
| SFL SFL Corp. Ltd. | Sold out | 0.00% | −0.15 |
| GTX Garrett Motion Inc. | Sold out | 0.00% | −0.15 |
| PBI Pitney Bowes Inc. | Sold out | 0.00% | −0.15 |
| ESI Element Solutions Inc. | Sold out | 0.00% | −0.15 |
| ASH Ashland Inc. | Sold out | 0.00% | −0.15 |
| VIRT Virtu Financial Inc. Class A | Sold out | 0.00% | −0.15 |
| HRMY Harmony Biosciences Holdings | Sold out | 0.00% | −0.12 |
| ANF Abercrombie & Fitch Co. Class A | Sold out | 0.00% | −0.11 |
| INDV Indivior Pharmaceuticals Inc. | Sold out | 0.00% | −0.11 |
| VVV Valvoline Inc. | Sold out | 0.00% | −0.11 |
| SGHC Super Group SGHC Ltd. | Sold out | 0.00% | −0.11 |
| W Wayfair Inc. Class A | Sold out | 0.00% | −0.10 |
Portfolio Buys Q1 2026 → Q2 2026
| NTES Netease Inc.-ADR | New | 2.21% | +2.21 |
| AMZN Amazon.com Inc. | Add +47.6% | 6.98% | +2.18 |
| YMM Full Truck Alliance -SPN ADR | New | 1.64% | +1.64 |
| TCOM Trip.com Group Ltd.-ADR | New | 1.51% | +1.51 |
| JD Jd.com Inc.-ADR | New | 1.38% | +1.38 |
| EXE Expand Energy Corp. | New | 1.35% | +1.35 |
| SPGI S&P Global Inc. | New | 1.35% | +1.35 |
| TTE Totalenergies SE | New | 1.30% | +1.30 |
| MSFT Microsoft Corp. | Add +45.1% | 5.99% | +1.23 |
| SCHW Schwab (charles) Corp. | New | 1.17% | +1.17 |
| BRK.B Berkshire Hathaway Inc. Class B | Add +711.0% | 1.29% | +1.11 |
| EXP Eagle Materials Inc. | Add +1138.0% | 1.05% | +0.97 |
| ABNB Airbnb Inc. Class A | New | 0.71% | +0.71 |
| FLR Fluor Corp. | New | 0.69% | +0.69 |
| WSE Wise Group PLC Class A | New | 0.60% | +0.60 |
| OGC Oceanagold Corp. | New | 0.59% | +0.59 |
| ALV Autoliv Inc. | New | 0.56% | +0.56 |
| DIS The Walt Disney Co. | Add +245.7% | 0.72% | +0.48 |
| VG Venture Global Inc. Class A | Add +288.2% | 0.70% | +0.41 |
| CDE Coeur Mining Inc. | Add +204.3% | 0.67% | +0.38 |
| AEM Agnico Eagle Mines Ltd. | New | 0.35% | +0.35 |
| KGC Kinross Gold Corp. | Add +163.0% | 0.73% | +0.31 |
| SIG Signet Jewelers Ltd. | Add +58.3% | 1.10% | +0.31 |
| BKNG Booking Holdings Inc. | Add +40.5% | 1.36% | +0.30 |
| FND Floor & Decor Holdings Inc. Class A | Add +12.2% | 2.59% | +0.30 |
| ADM Archer-Daniels-Midland Co. | New | 0.26% | +0.26 |
| DTM DT Midstream Inc. | New | 0.26% | +0.26 |
| RRR Red Rock Resorts Inc. Class A | Add +227.7% | 0.36% | +0.25 |
| DVN Devon Energy Corp. | New | 0.25% | +0.25 |
| PNW Pinnacle West Capital | New | 0.25% | +0.25 |
| GFI Gold Fields Ltd.-Spons ADR | New | 0.24% | +0.24 |
| WBD Warner Bros Discovery Inc. | Add +64.1% | 0.87% | +0.23 |
| SOBO South Bow Corp. | New | 0.22% | +0.22 |
| HAPN Happen Inc. | New | 0.22% | +0.22 |
| MICC The Magnum Ice Cream Co. NV | Add +43.3% | 0.67% | +0.21 |
| JAZZ Jazz Pharmaceuticals PLC | New | 0.21% | +0.21 |
| TNL Travel + Leisure Co. | Add +1014.0% | 0.23% | +0.20 |
| STRA Strategic Education Inc. | New | 0.20% | +0.20 |
| AVT Avnet Inc. | Add +1296.1% | 0.21% | +0.19 |
| CNQ Canadian Natural Resources | New | 0.19% | +0.19 |
| DT Dynatrace Inc. | Add +87.1% | 0.33% | +0.16 |
| PRDO Perdoceo Education Corp. | New | 0.14% | +0.14 |
| OVV Ovintiv Inc. | New | 0.13% | +0.13 |
| ADMA Adma Biologics Inc. | New | 0.13% | +0.13 |
| AUGO Aura Minerals Inc. | New | 0.12% | +0.12 |
| PAYC Paycom Software Inc. | Add +57.9% | 0.39% | +0.11 |
| MTDR Matador Resources Co. | New | 0.11% | +0.11 |
| ECO Okeanis Eco Tankers Corp. | New | 0.10% | +0.10 |
| CNYA iShares MSCI China A ETF | Add +181.1% | 0.15% | +0.10 |
| OSISKO DEVELOPMENT CORP | Add +170.6% | 0.23% | +0.10 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 187 | $2.8B | AMZN, MSFT, BABA, SW, BAC |
| Q1 2026 | 176 | $2.4B | COIN, BABA, AMZN, MSFT, SW |
| Q4 2025 | 154 | $2.2B | SW, COIN, AMZN, BAC, EQX |
| Q3 2025 | 101 | $1.8B | AMZN, EQX, BAC, COO, BP |
| Q2 2025 | 98 | $2.3B | NEM, SW, B, AMZN, BAC |
| Q1 2025 | 94 | $2.6B | NEM, AMZN, C, B, BABA |
| Q4 2024 | 101 | $2.8B | NEM, C, AMZN, CI, B |
| Q3 2024 | 56 | $3.2B | NEM, BABA, C, CI, SW |
| Q2 2024 | 53 | $2.3B | NEM, C, CI, BABA, PFE |
| Q1 2024 | 60 | $2.6B | NEM, B, BABA, PFE, C |