Ruffer LLP
In its 13F for Q1 2024 (holdings as of March 31, 2024, filed May 8, 2024), Ruffer LLP reported 60 stock positions worth $2.6 billion. Its top holding was Newmont (NEM) at 11.5% of the portfolio, followed by Barrick Gold (B, 7.8%) and Alibaba Group Holding-SP ADR (BABA, 7.7%). Compared with Q4 2023, it opened 3 new positions, sold out of 10, added to 18 and reduced 24. The biggest buy was Citigroup (C, shares +46%) and the biggest sale an exit from Kenvue (KVUE).
- Most Recent 13F
- Q2 2026
- Location
- LONDON, X0
- CIK
- 0001426859
- Portfolio Value
- $2.6B (Q1 2024)
- SEC Filing
- 0001426859-24-000004 ↗ filed May 8, 2024
Holdings Value
Holdings 60 stocks · $2.6B
| NEM Newmont Corp. | 11.50% | 8,336,676 | $298.7M | Add +36.6% |
| B Barrick Gold Corp. | 7.79% | 12,159,357 | $202.3M | Add +26.6% |
| BABA Alibaba Group Holding-SP ADR | 7.71% | 2,768,017 | $200.3M | Reduce -11.9% |
| PFE Pfizer Inc. | 6.31% | 5,907,658 | $163.8M | Add +1.9% |
| C Citigroup Inc. | 5.90% | 2,423,502 | $153.2M | Add +46.1% |
| TSM Taiwan Semiconductor-SP ADR | 5.62% | 1,072,361 | $145.9M | Reduce -35.0% |
| CI The Cigna Group | 5.52% | 394,432 | $143.3M | Add +3.6% |
| KGC Kinross Gold Corp. | 5.26% | 22,278,134 | $136.7M | Add +11.6% |
| AMZN Amazon.com Inc. | 4.60% | 662,299 | $119.4M | Reduce -12.8% |
| ABEV Ambev SA-ADR | 4.08% | 42,862,892 | $106.1M | Reduce -16.8% |
| RYAAY Ryanair Holdings PLC-SP ADR | 3.88% | 690,815 | $100.6M | Reduce -27.7% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 3.26% | 2,235,813 | $84.8M | Add +64.7% |
| EWBC East West Bancorp Inc. | 3.23% | 1,060,884 | $83.9M | Add +5.0% |
| COTY Coty Inc. Class A | 2.53% | 5,498,125 | $65.7M | Reduce -7.2% |
| CGAU Centerra Gold Inc. | 1.99% | 8,781,545 | $51.8M | Add +4.5% |
| BP BP PLC-Spons ADR | 1.50% | 1,032,570 | $38.9M | Reduce -8.3% |
| GE General Electric | 1.49% | 220,578 | $38.7M | Reduce -31.6% |
| AEM Agnico Eagle Mines Ltd. | 1.39% | 603,982 | $36.0M | Reduce -23.7% |
| GAU Galiano Gold Inc. | 1.29% | 24,289,459 | $33.5M | Reduce -7.9% |
| HES Hess Corp. | 1.24% | 211,256 | $32.2M | New |
| JXN Jackson Financial Inc. Class A | 1.23% | 481,709 | $31.9M | Reduce -59.1% |
| XOM Exxon Mobil Corp. | 1.09% | 243,037 | $28.2M | Reduce -26.8% |
| SU Suncor Energy Inc. | 1.04% | 735,401 | $27.1M | Reduce -3.0% |
| WPM Wheaton Precious Metals Corp. | 0.96% | 530,715 | $25.0M | Add +164.4% |
| MTB M & T Bank Corp. filed as M & T BK CORP | 0.89% | 159,440 | $23.2M | Add +0.5% |
| PAAS Pan American Silver Corp. | 0.89% | 1,532,247 | $23.1M | Add +23.1% |
| CPRI Capri Holdings Ltd. | 0.86% | 490,397 | $22.2M | Add +41.2% |
| ARIS Aris Mining Corp. filed as ARIS MNG CORP | 0.71% | 5,155,500 | $18.5M | No change |
| BRK.B Berkshire Hathaway Inc. Class B | 0.70% | 43,440 | $18.3M | Reduce -17.0% |
| PNC PNC Financial Services Group | 0.70% | 112,229 | $18.1M | Reduce -29.2% |
| NE Noble Corp. PLC | 0.56% | 298,672 | $14.5M | Reduce -2.3% |
| TS Tenaris SA-ADR | 0.50% | 327,545 | $12.9M | Add +84.7% |
| AGNC AGNC Investment Corp. | 0.47% | 1,248,043 | $12.3M | New |
| SKE Skeena Resources Ltd. | 0.45% | 2,546,870 | $11.7M | Add +8.9% |
| AU Anglogold Ashanti PLC | 0.44% | 520,655 | $11.6M | Reduce -56.3% |
| PM Philip Morris International | 0.41% | 116,500 | $10.7M | Add +177.4% |
| BTG B2GOLD Corp. | 0.38% | 3,797,676 | $9.9M | Add +8.6% |
| GRFS Grifols SA-ADR | 0.22% | 850,000 | $5.7M | Reduce -21.0% |
| BN Brookfield Corp. | 0.19% | 120,000 | $5.0M | No change |
| GM General Motors Co. | 0.17% | 96,670 | $4.4M | Reduce -93.9% |
| FMX Fomento Economico Mex-SP ADR | 0.14% | 27,000 | $3.5M | No change |
| CVX Chevron Corp. | 0.13% | 22,000 | $3.5M | No change |
| JPM JPMorgan Chase & Co. | 0.12% | 15,536 | $3.1M | Reduce -0.9% |
| ALB Albemarle Corp. | 0.07% | 14,400 | $1.9M | New |
| ARCO Arcos Dorados Holdings Inc. Class A | 0.07% | 152,142 | $1.7M | No change |
| DD Dupont DE Nemours Inc. | 0.06% | 22,000 | $1.7M | No change |
| DNOW Dnow Inc. | 0.06% | 100,000 | $1.5M | No change |
| MKL Markel Group Inc. | 0.05% | 900 | $1.4M | Reduce -30.8% |
| WFC Wells Fargo & Co. | 0.05% | 22,000 | $1.3M | No change |
| MLM Martin Marietta Materials | 0.05% | 2,000 | $1.2M | Reduce -33.3% |
| BUD Anheuser-Busch Inbev-SPN ADR | 0.04% | 17,000 | $1.0M | No change |
| JAZZ Jazz Pharmaceuticals PLC | 0.04% | 7,702 | $927K | No change |
| DOW Dow Inc. | 0.04% | 15,972 | $925K | No change |
| GLDG Goldmining Inc. | 0.03% | 901,996 | $790K | No change |
| ITRG Integra Resources Corp. | 0.03% | 953,831 | $684K | No change |
| SB Safe Bulkers Inc. | 0.02% | 110,000 | $546K | No change |
| DRIL-QUIP INC | 0.02% | 20,000 | $450K | No change |
| NTR Nutrien Ltd. | 0.01% | 6,242 | $339K | Add +34.9% |
| SBLK Star Bulk Carriers Corp. | 0.01% | 10,995 | $263K | Reduce -32.9% |
| META Meta Platforms Inc. Class A | 0.01% | 510 | $248K | Reduce -99.3% |
Portfolio Sells Q4 2023 → Q1 2024
| KVUE Kenvue Inc. | Sold out | 0.00% | −2.76 |
| GM General Motors Co. | Reduce -93.9% | 0.17% | −1.93 |
| BABA Alibaba Group Holding-SP ADR | Reduce -11.9% | 7.71% | −1.33 |
| ABEV Ambev SA-ADR | Reduce -16.8% | 4.08% | −1.28 |
| JXN Jackson Financial Inc. Class A | Reduce -59.1% | 1.23% | −1.01 |
| META Meta Platforms Inc. Class A | Reduce -99.3% | 0.01% | −0.97 |
| RYAAY Ryanair Holdings PLC-SP ADR | Reduce -27.7% | 3.88% | −0.86 |
| TSM Taiwan Semiconductor-SP ADR | Reduce -35.0% | 5.62% | −0.75 |
| NOV Nov Inc. | Sold out | 0.00% | −0.54 |
| FSM Fortuna Silver Mines Inc. | Sold out | 0.00% | −0.44 |
| AA Alcoa Corp. | Sold out | 0.00% | −0.42 |
| AU Anglogold Ashanti PLC | Reduce -56.3% | 0.44% | −0.38 |
| LTHM Livent Corp. | Sold out | 0.00% | −0.34 |
| SSRM SSR Mining Inc. | Sold out | 0.00% | −0.30 |
| GRFS Grifols SA-ADR | Reduce -21.0% | 0.22% | −0.24 |
| AEM Agnico Eagle Mines Ltd. | Reduce -23.7% | 1.39% | −0.23 |
| PNC PNC Financial Services Group | Reduce -29.2% | 0.70% | −0.21 |
| PXD Pioneer Natural Resources Co. | Sold out | 0.00% | −0.20 |
| COTY Coty Inc. Class A | Reduce -7.2% | 2.53% | −0.20 |
| TECK Teck Resources Ltd.-CLS B | Sold out | 0.00% | −0.18 |
| XOM Exxon Mobil Corp. | Reduce -26.8% | 1.09% | −0.14 |
| FHI Federated Hermes Inc. | Sold out | 0.00% | −0.04 |
| GE General Electric | Reduce -31.6% | 1.49% | −0.04 |
| DB Deutsche Bank AG-Registered | Sold out | 0.00% | −0.02 |
| MKL Markel Group Inc. | Reduce -30.8% | 0.05% | −0.02 |
| MLM Martin Marietta Materials | Reduce -33.3% | 0.05% | −0.01 |
| SBLK Star Bulk Carriers Corp. | Reduce -32.9% | 0.01% | −0.00 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -17.0% | 0.70% | +0.01 |
| NE Noble Corp. PLC | Reduce -2.3% | 0.56% | +0.01 |
| BP BP PLC-Spons ADR | Reduce -8.3% | 1.50% | +0.02 |
| JPM JPMorgan Chase & Co. | Reduce -0.9% | 0.12% | +0.02 |
| SU Suncor Energy Inc. | Reduce -3.0% | 1.04% | +0.14 |
| AMZN Amazon.com Inc. | Reduce -12.8% | 4.60% | +0.31 |
| GAU Galiano Gold Inc. | Reduce -7.9% | 1.29% | +0.36 |
Portfolio Buys Q4 2023 → Q1 2024
| C Citigroup Inc. | Add +46.1% | 5.90% | +2.73 |
| NEM Newmont Corp. | Add +36.6% | 11.50% | +2.12 |
| BAC Bank of America Corp. | Add +64.7% | 3.26% | +1.57 |
| B Barrick Gold Corp. | Add +26.6% | 7.79% | +1.33 |
| CI The Cigna Group | Add +3.6% | 5.52% | +1.28 |
| HES Hess Corp. | New | 1.24% | +1.24 |
| KGC Kinross Gold Corp. | Add +11.6% | 5.26% | +0.77 |
| WPM Wheaton Precious Metals Corp. | Add +164.4% | 0.96% | +0.54 |
| EWBC East West Bancorp Inc. | Add +5.0% | 3.23% | +0.53 |
| AGNC AGNC Investment Corp. | New | 0.47% | +0.47 |
| TS Tenaris SA-ADR | Add +84.7% | 0.50% | +0.27 |
| PM Philip Morris International | Add +177.4% | 0.41% | +0.26 |
| CPRI Capri Holdings Ltd. | Add +41.2% | 0.86% | +0.21 |
| PAAS Pan American Silver Corp. | Add +23.1% | 0.89% | +0.13 |
| CGAU Centerra Gold Inc. | Add +4.5% | 1.99% | +0.13 |
| PFE Pfizer Inc. | Add +1.9% | 6.31% | +0.11 |
| MTB M & T Bank Corp. | Add +0.5% | 0.89% | +0.09 |
| ALB Albemarle Corp. | New | 0.07% | +0.07 |
| SKE Skeena Resources Ltd. | Add +8.9% | 0.45% | +0.03 |
| NTR Nutrien Ltd. | Add +34.9% | 0.01% | +0.00 |
| BTG B2GOLD Corp. | Add +8.6% | 0.38% | −0.03 |
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 |