Ruffer LLP
In its 13F for Q2 2024 (holdings as of June 30, 2024, filed August 8, 2024), Ruffer LLP reported 53 stock positions worth $2.3 billion. Its top holding was Newmont (NEM) at 10.5% of the portfolio, followed by Citigroup (C, 9.1%) and Cigna (CI, 8.0%). Compared with Q1 2024, it opened 2 new positions, sold out of 9, added to 14 and reduced 33. The biggest buy was Citigroup (C, shares +37%) and the biggest sale East West Bancorp (EWBC, shares −99%).
- Most Recent 13F
- Q2 2026
- Location
- LONDON, X0
- CIK
- 0001426859
- Portfolio Value
- $2.3B (Q2 2024)
- SEC Filing
- 0001426859-24-000007 ↗ filed Aug 8, 2024
Holdings Value
Holdings 53 stocks · $2.3B
| NEM Newmont Corp. | 10.48% | 5,834,224 | $244.1M | Reduce -30.0% |
| C Citigroup Inc. | 9.05% | 3,320,839 | $210.8M | Add +37.0% |
| CI The Cigna Group | 8.04% | 566,608 | $187.1M | Add +43.6% |
| BABA Alibaba Group Holding-SP ADR | 7.19% | 2,326,258 | $167.5M | Reduce -16.0% |
| PFE Pfizer Inc. | 6.88% | 5,728,695 | $160.3M | Reduce -3.0% |
| AMZN Amazon.com Inc. | 6.35% | 764,248 | $147.8M | Add +15.4% |
| B Barrick Gold Corp. | 6.32% | 8,824,252 | $147.1M | Reduce -27.4% |
| KGC Kinross Gold Corp. | 4.61% | 12,890,881 | $107.3M | Reduce -42.1% |
| TSM Taiwan Semiconductor-SP ADR | 4.41% | 590,935 | $102.7M | Reduce -44.9% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 4.03% | 2,360,233 | $93.9M | Add +5.6% |
| ABEV Ambev SA-ADR | 3.58% | 40,805,158 | $83.4M | Reduce -4.8% |
| RYAAY Ryanair Holdings PLC-SP ADR | 3.23% | 645,881 | $75.2M | Reduce -6.5% |
| AGNC AGNC Investment Corp. | 2.89% | 7,047,336 | $67.2M | Add +464.7% |
| COTY Coty Inc. Class A | 2.66% | 6,196,261 | $62.1M | Add +12.7% |
| BP BP PLC-Spons ADR | 2.15% | 1,385,690 | $50.0M | Add +34.2% |
| CGAU Centerra Gold Inc. | 2.14% | 7,360,845 | $50.0M | Reduce -16.2% |
| GE General Electric filed as GE AEROSPACE | 1.34% | 196,022 | $31.2M | Reduce -11.1% |
| SU Suncor Energy Inc. | 1.29% | 787,401 | $30.0M | Add +7.1% |
| GAU Galiano Gold Inc. | 1.28% | 17,340,962 | $29.7M | Reduce -28.6% |
| XOM Exxon Mobil Corp. | 1.27% | 257,797 | $29.7M | Add +6.1% |
| PM Philip Morris International | 1.06% | 242,638 | $24.6M | Add +108.3% |
| MTB M & T Bank Corp. filed as M & T BK CORP | 0.99% | 152,475 | $23.1M | Reduce -4.4% |
| PAAS Pan American Silver Corp. | 0.96% | 1,127,805 | $22.4M | Reduce -26.4% |
| PNC PNC Financial Services Group | 0.89% | 132,950 | $20.7M | Add +18.5% |
| AEM Agnico Eagle Mines Ltd. | 0.85% | 304,080 | $19.9M | Reduce -49.6% |
| ARIS Aris Mining Corp. filed as ARIS MNG CORP | 0.83% | 5,145,800 | $19.4M | Reduce -0.2% |
| SHEL Shell PLC-ADR | 0.68% | 220,000 | $15.9M | New |
| BRK.B Berkshire Hathaway Inc. Class B | 0.61% | 34,890 | $14.2M | Reduce -19.7% |
| SKE Skeena Resources Ltd. | 0.59% | 2,558,170 | $13.7M | Add +0.4% |
| NE Noble Corp. PLC | 0.57% | 297,451 | $13.3M | Reduce -0.4% |
| WPM Wheaton Precious Metals Corp. | 0.50% | 222,947 | $11.7M | Reduce -58.0% |
| BTG B2GOLD Corp. | 0.44% | 3,797,676 | $10.2M | No change |
| TS Tenaris SA-ADR | 0.30% | 226,221 | $6.9M | Reduce -30.9% |
| GFI Gold Fields Ltd.-Spons ADR | 0.26% | 407,392 | $6.1M | New |
| BN Brookfield Corp. | 0.20% | 110,000 | $4.6M | Reduce -8.3% |
| AU Anglogold Ashanti PLC | 0.19% | 171,655 | $4.3M | Reduce -67.0% |
| JPM JPMorgan Chase & Co. | 0.18% | 20,265 | $4.1M | Add +30.4% |
| FMX Fomento Economico Mex-SP ADR | 0.11% | 24,000 | $2.6M | Reduce -11.1% |
| CVX Chevron Corp. | 0.07% | 11,000 | $1.7M | Reduce -50.0% |
| DD Dupont DE Nemours Inc. | 0.07% | 20,000 | $1.6M | Reduce -9.1% |
| ALB Albemarle Corp. | 0.06% | 15,400 | $1.5M | Add +6.9% |
| DNOW Dnow Inc. | 0.06% | 100,000 | $1.4M | No change |
| ARCO Arcos Dorados Holdings Inc. Class A | 0.05% | 127,142 | $1.1M | Reduce -16.4% |
| WFC Wells Fargo & Co. | 0.05% | 18,000 | $1.1M | Reduce -18.2% |
| ITRG Integra Resources Corp. | 0.04% | 953,831 | $935K | No change |
| GLDG Goldmining Inc. | 0.03% | 901,996 | $805K | No change |
| MKL Markel Group Inc. | 0.03% | 500 | $788K | Reduce -44.4% |
| EWBC East West Bancorp Inc. | 0.03% | 10,115 | $740K | Reduce -99.0% |
| BUD Anheuser-Busch Inbev-SPN ADR | 0.03% | 10,000 | $582K | Reduce -41.2% |
| MLM Martin Marietta Materials | 0.02% | 1,000 | $542K | Reduce -50.0% |
| DOW Dow Inc. | 0.02% | 9,972 | $529K | Reduce -37.6% |
| SB Safe Bulkers Inc. | 0.02% | 80,000 | $464K | Reduce -27.3% |
| NTR Nutrien Ltd. | 0.01% | 6,030 | $307K | Reduce -3.4% |
Portfolio Sells Q1 2024 → Q2 2024
| EWBC East West Bancorp Inc. | Reduce -99.0% | 0.03% | −3.20 |
| B Barrick Gold Corp. | Reduce -27.4% | 6.32% | −1.47 |
| HES Hess Corp. | Sold out | 0.00% | −1.24 |
| JXN Jackson Financial Inc. Class A | Sold out | 0.00% | −1.23 |
| TSM Taiwan Semiconductor-SP ADR | Reduce -44.9% | 4.41% | −1.21 |
| NEM Newmont Corp. | Reduce -30.0% | 10.48% | −1.02 |
| CPRI Capri Holdings Ltd. | Sold out | 0.00% | −0.86 |
| KGC Kinross Gold Corp. | Reduce -42.1% | 4.61% | −0.65 |
| RYAAY Ryanair Holdings PLC-SP ADR | Reduce -6.5% | 3.23% | −0.65 |
| AEM Agnico Eagle Mines Ltd. | Reduce -49.6% | 0.85% | −0.53 |
| BABA Alibaba Group Holding-SP ADR | Reduce -16.0% | 7.19% | −0.52 |
| ABEV Ambev SA-ADR | Reduce -4.8% | 3.58% | −0.50 |
| WPM Wheaton Precious Metals Corp. | Reduce -58.0% | 0.50% | −0.46 |
| AU Anglogold Ashanti PLC | Reduce -67.0% | 0.19% | −0.26 |
| GRFS Grifols SA-ADR | Sold out | 0.00% | −0.22 |
| TS Tenaris SA-ADR | Reduce -30.9% | 0.30% | −0.20 |
| GM General Motors Co. | Sold out | 0.00% | −0.17 |
| GE General Electric | Reduce -11.1% | 1.34% | −0.15 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -19.7% | 0.61% | −0.09 |
| CVX Chevron Corp. | Reduce -50.0% | 0.07% | −0.06 |
| JAZZ Jazz Pharmaceuticals PLC | Sold out | 0.00% | −0.04 |
| FMX Fomento Economico Mex-SP ADR | Reduce -11.1% | 0.11% | −0.02 |
| MLM Martin Marietta Materials | Reduce -50.0% | 0.02% | −0.02 |
| MKL Markel Group Inc. | Reduce -44.4% | 0.03% | −0.02 |
| DRIL-QUIP INC | Sold out | 0.00% | −0.02 |
| ARCO Arcos Dorados Holdings Inc. Class A | Reduce -16.4% | 0.05% | −0.02 |
| BUD Anheuser-Busch Inbev-SPN ADR | Reduce -41.2% | 0.03% | −0.01 |
| DOW Dow Inc. | Reduce -37.6% | 0.02% | −0.01 |
| GAU Galiano Gold Inc. | Reduce -28.6% | 1.28% | −0.01 |
| SBLK Star Bulk Carriers Corp. | Sold out | 0.00% | −0.01 |
| META Meta Platforms Inc. Class A | Sold out | 0.00% | −0.01 |
| WFC Wells Fargo & Co. | Reduce -18.2% | 0.05% | −0.00 |
| SB Safe Bulkers Inc. | Reduce -27.3% | 0.02% | −0.00 |
| NTR Nutrien Ltd. | Reduce -3.4% | 0.01% | +0.00 |
| BN Brookfield Corp. | Reduce -8.3% | 0.20% | +0.00 |
| DD Dupont DE Nemours Inc. | Reduce -9.1% | 0.07% | +0.00 |
| NE Noble Corp. PLC | Reduce -0.4% | 0.57% | +0.01 |
| PAAS Pan American Silver Corp. | Reduce -26.4% | 0.96% | +0.07 |
| MTB M & T Bank Corp. | Reduce -4.4% | 0.99% | +0.10 |
| ARIS Aris Mining Corp. | Reduce -0.2% | 0.83% | +0.12 |
| CGAU Centerra Gold Inc. | Reduce -16.2% | 2.14% | +0.15 |
| PFE Pfizer Inc. | Reduce -3.0% | 6.88% | +0.57 |
Portfolio Buys Q1 2024 → Q2 2024
| C Citigroup Inc. | Add +37.0% | 9.05% | +3.15 |
| CI The Cigna Group | Add +43.6% | 8.04% | +2.52 |
| AGNC AGNC Investment Corp. | Add +464.7% | 2.89% | +2.41 |
| AMZN Amazon.com Inc. | Add +15.4% | 6.35% | +1.75 |
| BAC Bank of America Corp. | Add +5.6% | 4.03% | +0.77 |
| SHEL Shell PLC-ADR | New | 0.68% | +0.68 |
| BP BP PLC-Spons ADR | Add +34.2% | 2.15% | +0.65 |
| PM Philip Morris International | Add +108.3% | 1.06% | +0.64 |
| GFI Gold Fields Ltd.-Spons ADR | New | 0.26% | +0.26 |
| SU Suncor Energy Inc. | Add +7.1% | 1.29% | +0.24 |
| PNC PNC Financial Services Group | Add +18.5% | 0.89% | +0.19 |
| XOM Exxon Mobil Corp. | Add +6.1% | 1.27% | +0.19 |
| SKE Skeena Resources Ltd. | Add +0.4% | 0.59% | +0.14 |
| COTY Coty Inc. Class A | Add +12.7% | 2.66% | +0.13 |
| JPM JPMorgan Chase & Co. | Add +30.4% | 0.18% | +0.06 |
| ALB Albemarle Corp. | Add +6.9% | 0.06% | −0.01 |
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 |