Ruffer LLP

In its 13F for Q3 2024 (holdings as of September 30, 2024, filed November 8, 2024), Ruffer LLP reported 56 stock positions worth $3.2 billion. Its top holding was Newmont (NEM) at 10.0% of the portfolio, followed by Alibaba Group Holding-SP ADR (BABA, 8.8%) and Citigroup (C, 6.6%). Compared with Q2 2024, it opened 9 new positions, sold out of 6, added to 21 and reduced 20. The biggest buy was a new position in Smurfit Westrock (SW) and the biggest sale Taiwan Semiconductor-SP ADR (TSM, shares −26%).

Most Recent 13F
Q2 2026
Location
LONDON, X0
CIK
0001426859
Portfolio Value
$3.2B (Q3 2024)
SEC Filing
0001426859-24-000010 ↗ filed Nov 8, 2024

Holdings Value

0$1.0B$2.0B$3.0B$4.0B Q1 2024: $2.6B Q1 2024 Q2 2024: $2.3B Q2 2024 Q3 2024: $3.2B $3.2B Q3 2024 Q4 2024: $2.8B Q4 2024 Q1 2025: $2.6B Q1 2025 Q2 2025: $2.3B Q2 2025 Q3 2025: $1.8B Q3 2025 Q4 2025: $2.2B Q4 2025 Q1 2026: $2.4B Q1 2026 Q2 2026: $2.8B Q2 2026

Holdings 56 stocks · $3.2B
NEM Newmont Corp. 9.97% 5,920,231 $316.4M Add +1.5%
BABA Alibaba Group Holding-SP ADR 8.80% 2,630,839 $279.2M Add +13.1%
C Citigroup Inc. 6.62% 3,356,067 $210.1M Add +1.1%
CI The Cigna Group 6.45% 590,764 $204.7M Add +4.3%
SW Smurfit Westrock PLC 6.05% 3,839,068 $192.0M New
PFE Pfizer Inc. 5.95% 6,526,288 $188.8M Add +13.9%
B Barrick Gold Corp. 5.60% 8,944,729 $177.9M Add +1.4%
AMZN Amazon.com Inc. 4.68% 797,350 $148.6M Add +4.3%
ABEV Ambev SA-ADR 3.73% 48,636,921 $118.4M Add +19.2%
BAC Bank of America Corp. filed as BANK AMERICA CORP 3.29% 2,628,916 $104.4M Add +11.4%
KGC Kinross Gold Corp. 3.19% 10,799,949 $101.1M Reduce -16.2%
ADM Archer-Daniels-Midland Co. 2.46% 1,310,678 $78.2M New
DE Deere & Co. 2.39% 181,851 $75.9M New
TSM Taiwan Semiconductor-SP ADR 2.39% 436,730 $75.9M Reduce -26.1%
AGNC AGNC Investment Corp. 2.33% 7,078,876 $74.1M Add +0.5%
BP BP PLC-Spons ADR 2.30% 2,325,690 $73.0M Add +67.8%
CF CF Industries Holdings Inc. filed as CF INDS HLDGS INC 1.75% 647,108 $55.5M New
NTR Nutrien Ltd. 1.71% 1,131,318 $54.4M Add +18661.5%
CTVA Corteva Inc. 1.68% 905,828 $53.2M New
MOS The Mosaic Co. 1.64% 1,946,288 $52.1M New
CGAU Centerra Gold Inc. 1.63% 7,210,845 $51.7M Reduce -2.0%
RYAAY Ryanair Holdings PLC-SP ADR 1.49% 1,044,414 $47.2M Add +61.7%
PM Philip Morris International 1.17% 304,799 $37.0M Add +25.6%
XOM Exxon Mobil Corp. 1.13% 305,490 $35.8M Add +18.5%
COTY Coty Inc. Class A 0.97% 3,284,891 $30.8M Reduce -47.0%
SU Suncor Energy Inc. 0.91% 785,201 $29.0M Reduce -0.3%
AU Anglogold Ashanti PLC 0.88% 1,054,460 $28.1M Add +514.3%
MTB M & T Bank Corp. filed as M & T BK CORP 0.78% 139,255 $24.8M Reduce -8.7%
GAU Galiano Gold Inc. 0.78% 17,599,962 $24.8M Add +1.5%
PAAS Pan American Silver Corp. 0.77% 1,168,791 $24.4M Add +3.6%
ARIS Aris Mining Corp. filed as ARIS MNG CORP 0.71% 4,935,800 $22.5M Reduce -4.1%
AEM Agnico Eagle Mines Ltd. 0.69% 273,107 $22.0M Reduce -10.2%
GE General Electric filed as GE AEROSPACE 0.64% 106,982 $20.2M Reduce -45.4%
PNC PNC Financial Services Group 0.58% 98,730 $18.3M Reduce -25.7%
SKE Skeena Resources Ltd. 0.56% 2,079,770 $17.7M Reduce -18.7%
BRK.B Berkshire Hathaway Inc. Class B 0.48% 33,390 $15.4M Reduce -4.3%
WPM Wheaton Precious Metals Corp. 0.43% 221,949 $13.6M Reduce -0.5%
STLA Stellantis NV 0.39% 898,300 $12.4M New
BTG B2GOLD Corp. 0.36% 3,647,676 $11.3M Reduce -4.0%
NE Noble Corp. PLC 0.34% 296,851 $10.7M Reduce -0.2%
FNV Franco-Nevada Corp. 0.31% 80,500 $10.0M New
TS Tenaris SA-ADR 0.22% 224,336 $7.1M Reduce -0.8%
BN Brookfield Corp. 0.17% 104,000 $5.5M Reduce -5.5%
GFI Gold Fields Ltd.-Spons ADR 0.10% 202,198 $3.1M Reduce -50.4%
FMX Fomento Economico Mex-SP ADR 0.07% 24,000 $2.4M No change
JPM JPMorgan Chase & Co. 0.07% 9,850 $2.1M Reduce -51.4%
BUD Anheuser-Busch Inbev-SPN ADR 0.06% 30,000 $2.0M Add +200.0%
CVX Chevron Corp. 0.05% 11,000 $1.6M No change
ITRG Integra Resources Corp. 0.05% 1,646,053 $1.6M Add +72.6%
ALB Albemarle Corp. 0.05% 15,400 $1.5M No change
DNOW Dnow Inc. 0.04% 100,000 $1.3M No change
ARCO Arcos Dorados Holdings Inc. Class A 0.03% 127,142 $1.1M No change
EWBC East West Bancorp Inc. 0.03% 12,760 $1.1M Add +26.1%
EQX Equinox Gold Corp. 0.03% 150,000 $913K New
GLDG Goldmining Inc. 0.03% 901,996 $847K No change
WFC Wells Fargo & Co. 0.01% 5,000 $282K Reduce -72.2%

Portfolio Sells Q2 2024 → Q3 2024
TSM Taiwan Semiconductor-SP ADR Reduce -26.1% 2.39% −2.02
COTY Coty Inc. Class A Reduce -47.0% 0.97% −1.69
KGC Kinross Gold Corp. Reduce -16.2% 3.19% −1.42
GE General Electric Reduce -45.4% 0.64% −0.70
SHEL Shell PLC-ADR Sold out 0.00% −0.68
CGAU Centerra Gold Inc. Reduce -2.0% 1.63% −0.52
SU Suncor Energy Inc. Reduce -0.3% 0.91% −0.37
PNC PNC Financial Services Group Reduce -25.7% 0.58% −0.31
NE Noble Corp. PLC Reduce -0.2% 0.34% −0.23
MTB M & T Bank Corp. Reduce -8.7% 0.78% −0.21
GFI Gold Fields Ltd.-Spons ADR Reduce -50.4% 0.10% −0.16
AEM Agnico Eagle Mines Ltd. Reduce -10.2% 0.69% −0.16
BRK.B Berkshire Hathaway Inc. Class B Reduce -4.3% 0.48% −0.13
ARIS Aris Mining Corp. Reduce -4.1% 0.71% −0.12
JPM JPMorgan Chase & Co. Reduce -51.4% 0.07% −0.11
BTG B2GOLD Corp. Reduce -4.0% 0.36% −0.08
WPM Wheaton Precious Metals Corp. Reduce -0.5% 0.43% −0.07
TS Tenaris SA-ADR Reduce -0.8% 0.22% −0.07
DD Dupont DE Nemours Inc. Sold out 0.00% −0.07
WFC Wells Fargo & Co. Reduce -72.2% 0.01% −0.04
MKL Markel Group Inc. Sold out 0.00% −0.03
SKE Skeena Resources Ltd. Reduce -18.7% 0.56% −0.03
MLM Martin Marietta Materials Sold out 0.00% −0.02
DOW Dow Inc. Sold out 0.00% −0.02
BN Brookfield Corp. Reduce -5.5% 0.17% −0.02
SB Safe Bulkers Inc. Sold out 0.00% −0.02

Portfolio Buys Q2 2024 → Q3 2024
SW Smurfit Westrock PLC New 6.05% +6.05
ADM Archer-Daniels-Midland Co. New 2.46% +2.46
DE Deere & Co. New 2.39% +2.39
CF CF Industries Holdings Inc. New 1.75% +1.75
NTR Nutrien Ltd. Add +18661.5% 1.71% +1.70
CTVA Corteva Inc. New 1.68% +1.68
MOS The Mosaic Co. New 1.64% +1.64
BABA Alibaba Group Holding-SP ADR Add +13.1% 8.80% +1.60
AU Anglogold Ashanti PLC Add +514.3% 0.88% +0.70
STLA Stellantis NV New 0.39% +0.39
FNV Franco-Nevada Corp. New 0.31% +0.31
BP BP PLC-Spons ADR Add +67.8% 2.30% +0.15
ABEV Ambev SA-ADR Add +19.2% 3.73% +0.15
PM Philip Morris International Add +25.6% 1.17% +0.11
BUD Anheuser-Busch Inbev-SPN ADR Add +200.0% 0.06% +0.04
EQX Equinox Gold Corp. New 0.03% +0.03
ITRG Integra Resources Corp. Add +72.6% 0.05% +0.01
EWBC East West Bancorp Inc. Add +26.1% 0.03% +0.00
XOM Exxon Mobil Corp. Add +18.5% 1.13% −0.15
PAAS Pan American Silver Corp. Add +3.6% 0.77% −0.19
GAU Galiano Gold Inc. Add +1.5% 0.78% −0.50
NEM Newmont Corp. Add +1.5% 9.97% −0.51
AGNC AGNC Investment Corp. Add +0.5% 2.33% −0.55
B Barrick Gold Corp. Add +1.4% 5.60% −0.71
BAC Bank of America Corp. Add +11.4% 3.29% −0.74
PFE Pfizer Inc. Add +13.9% 5.95% −0.93
CI The Cigna Group Add +4.3% 6.45% −1.59
AMZN Amazon.com Inc. Add +4.3% 4.68% −1.66
RYAAY Ryanair Holdings PLC-SP ADR Add +61.7% 1.49% −1.74
C Citigroup Inc. Add +1.1% 6.62% −2.43

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 187$2.8BAMZN, MSFT, BABA, SW, BAC
Q1 2026 176$2.4BCOIN, BABA, AMZN, MSFT, SW
Q4 2025 154$2.2BSW, COIN, AMZN, BAC, EQX
Q3 2025 101$1.8BAMZN, EQX, BAC, COO, BP
Q2 2025 98$2.3BNEM, SW, B, AMZN, BAC
Q1 2025 94$2.6BNEM, AMZN, C, B, BABA
Q4 2024 101$2.8BNEM, C, AMZN, CI, B
Q3 2024 56$3.2BNEM, BABA, C, CI, SW
Q2 2024 53$2.3BNEM, C, CI, BABA, PFE
Q1 2024 60$2.6BNEM, B, BABA, PFE, C