Ruffer LLP

In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 7, 2025), Ruffer LLP reported 101 stock positions worth $2.8 billion. Its top holding was Newmont (NEM) at 9.5% of the portfolio, followed by Citigroup (C, 8.9%) and Amazon.com (AMZN, 6.9%). Compared with Q3 2024, it opened 48 new positions, sold out of 3, added to 20 and reduced 29. The biggest buy was Citigroup (C, shares +4%) and the biggest sale Smurfit Westrock (SW, shares −100%).

Most Recent 13F
Q2 2026
Location
LONDON, X0
CIK
0001426859
Portfolio Value
$2.8B (Q4 2024)
SEC Filing
0001426859-25-000002 ↗ filed Feb 7, 2025

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 Q3 2024 Q4 2024: $2.8B $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 101 stocks · $2.8B
NEM Newmont Corp. 9.52% 7,085,101 $263.7M Add +19.7%
C Citigroup Inc. 8.90% 3,501,834 $246.5M Add +4.3%
AMZN Amazon.com Inc. 6.88% 868,184 $190.5M Add +8.9%
CI The Cigna Group 5.99% 601,066 $166.0M Add +1.7%
B Barrick Gold Corp. 5.75% 10,269,848 $159.2M Add +14.8%
BABA Alibaba Group Holding-SP ADR 4.93% 1,609,404 $136.5M Reduce -38.8%
BAC Bank of America Corp. filed as BANK AMERICA CORP 4.33% 2,727,336 $119.9M Add +3.7%
PFE Pfizer Inc. 4.03% 4,206,387 $111.6M Reduce -35.5%
DE Deere & Co. 2.85% 186,051 $78.8M Add +2.3%
KGC Kinross Gold Corp. 2.49% 7,427,970 $68.9M Reduce -31.2%
TSM Taiwan Semiconductor-SP ADR 2.35% 329,971 $65.2M Reduce -24.4%
RYAAY Ryanair Holdings PLC-SP ADR 2.30% 1,458,141 $63.6M Add +39.6%
BP BP PLC-Spons ADR 2.28% 2,137,420 $63.2M Reduce -8.1%
AGNC AGNC Investment Corp. 2.13% 6,399,815 $58.9M Reduce -9.6%
ADM Archer-Daniels-Midland Co. 2.12% 1,159,618 $58.6M Reduce -11.5%
CF CF Industries Holdings Inc. filed as CF INDS HLDGS INC 1.75% 566,458 $48.3M Reduce -12.5%
ABEV Ambev SA-ADR 1.72% 25,776,672 $47.7M Reduce -47.0%
CTVA Corteva Inc. 1.62% 785,918 $44.8M Reduce -13.2%
NTR Nutrien Ltd. 1.59% 982,728 $44.0M Reduce -13.1%
MOS The Mosaic Co. 1.49% 1,683,588 $41.4M Reduce -13.5%
CGAU Centerra Gold Inc. 1.47% 7,140,845 $40.6M Reduce -1.0%
PM Philip Morris International 1.46% 335,162 $40.3M Add +10.0%
AU Anglogold Ashanti PLC 1.38% 1,653,726 $38.2M Add +56.8%
SU Suncor Energy Inc. 1.21% 941,697 $33.6M Add +19.9%
XOM Exxon Mobil Corp. 1.12% 289,532 $31.1M Reduce -5.2%
GAU Galiano Gold Inc. 0.83% 18,438,262 $23.0M Add +4.8%
COTY Coty Inc. Class A 0.81% 3,225,675 $22.4M Reduce -1.8%
PAAS Pan American Silver Corp. 0.79% 1,084,516 $21.9M Reduce -7.2%
AEM Agnico Eagle Mines Ltd. 0.75% 265,927 $20.8M Reduce -2.6%
ARIS Aris Mining Corp. filed as ARIS MNG CORP 0.72% 5,687,273 $19.9M Add +15.2%
STLA Stellantis NV 0.70% 1,479,686 $19.3M Add +64.7%
GE General Electric filed as GE AEROSPACE 0.61% 101,939 $17.0M Reduce -4.7%
PNC PNC Financial Services Group 0.61% 87,640 $16.9M Reduce -11.2%
SKE Skeena Resources Ltd. 0.55% 1,745,382 $15.2M Reduce -16.1%
BRK.B Berkshire Hathaway Inc. Class B 0.53% 32,390 $14.7M Reduce -3.0%
MTB M & T Bank Corp. filed as M & T BK CORP 0.50% 72,992 $13.7M Reduce -47.6%
FOXA Fox Corp. Class A 0.43% 246,175 $12.0M New
CSGP Costar Group Inc. 0.42% 162,179 $11.6M New
WPM Wheaton Precious Metals Corp. 0.41% 201,024 $11.3M Reduce -9.4%
BTG B2GOLD Corp. 0.37% 4,213,062 $10.3M Add +15.5%
MMS Maximus Inc. 0.37% 137,517 $10.3M New
SNX TD Synnex Corp. 0.37% 86,425 $10.1M New
NE Noble Corp. PLC 0.34% 304,210 $9.6M Add +2.5%
CAKE The Cheesecake Factory Inc. 0.34% 198,179 $9.4M New
HPE Hewlett Packard Enterprise 0.32% 410,231 $8.8M New
BG Bunge Global SA 0.30% 108,214 $8.4M New
PPC Pilgrim's Pride Corp. 0.30% 184,649 $8.4M New
LIVN Livanova PLC 0.29% 172,357 $8.0M New
ZD Ziff Davis Inc. 0.29% 146,224 $7.9M New
GPOR Gulfport Energy Corp. 0.27% 40,753 $7.5M New
JAZZ Jazz Pharmaceuticals PLC 0.26% 58,767 $7.2M New
MRK Merck & Co. Inc. 0.26% 72,672 $7.2M New
CPA Copa Holdings SA Class A 0.24% 76,658 $6.7M New
TS Tenaris SA-ADR 0.24% 173,666 $6.6M Reduce -22.6%
GILD Gilead Sciences Inc. 0.23% 70,399 $6.5M New
COKE Coca-Cola Consolidated Inc. 0.22% 4,793 $6.0M New
GTES Gates Industrial Corp. UK Ltd. 0.21% 285,062 $5.9M New
INCY Incyte Corp. 0.20% 80,059 $5.5M New
BN Brookfield Corp. 0.20% 94,000 $5.4M Reduce -9.6%
FSLR First Solar Inc. 0.19% 30,480 $5.4M New
GFI Gold Fields Ltd.-Spons ADR 0.19% 402,084 $5.3M Add +98.9%
OC Owens Corning 0.19% 30,741 $5.2M New
DORM Dorman Products Inc. 0.16% 33,297 $4.3M New
PAGS Pagseguro Digital Ltd. Class A 0.15% 678,261 $4.2M New
HRB H&R Block Inc. filed as BLOCK H & R INC 0.15% 79,547 $4.2M New
AMR Alpha Metallurgical Resource 0.15% 20,485 $4.1M New
LRN Stride Inc. 0.15% 39,141 $4.1M New
ATKR Atkore Inc. 0.15% 48,660 $4.1M New
UTHR United Therapeutics Corp. 0.15% 11,449 $4.0M New
NXT Nextpower Inc. filed as NEXTRACKER INC 0.14% 108,230 $4.0M New
BBY Best Buy Co. Inc. 0.14% 44,367 $3.8M New
EXEL Exelixis Inc. 0.13% 110,757 $3.7M New
ASO Academy Sports & Outdoors Inc. 0.13% 63,888 $3.7M New
HRI Herc Holdings Inc. filed as HERC HLDGS INC 0.13% 19,361 $3.7M New
GM General Motors Co. 0.12% 60,515 $3.2M New
LEN Lennar Corp. Class A 0.12% 23,617 $3.2M New
PHM Pultegroup Inc. 0.11% 29,132 $3.2M New
TMHC Taylor Morrison Home Corp. 0.11% 49,849 $3.1M New
EQX Equinox Gold Corp. 0.11% 603,270 $3.0M Add +302.2%
NGD New Gold Inc. 0.11% 1,200,000 $3.0M New
TOL Toll Brothers Inc. 0.10% 22,885 $2.9M New
KBH KB Home 0.10% 42,664 $2.8M New
BLBD Blue Bird Corp. 0.10% 72,229 $2.8M New
ITRG Integra Resources Corp. 0.10% 3,126,053 $2.7M Add +89.9%
HRMY Harmony Biosciences Holdings 0.09% 75,501 $2.6M New
BUD Anheuser-Busch Inbev-SPN ADR 0.08% 45,000 $2.3M Add +50.0%
JPM JPMorgan Chase & Co. 0.07% 8,520 $2.0M Reduce -13.5%
CVX Chevron Corp. 0.06% 11,000 $1.6M No change
GEAR Revelyst Inc. 0.05% 65,944 $1.3M New
EWBC East West Bancorp Inc. 0.04% 12,280 $1.2M Reduce -3.8%
CMCSA Comcast Corp. Class A 0.04% 28,698 $1.1M New
STNG Scorpio Tankers Inc. 0.03% 19,353 $962K New
ARCO Arcos Dorados Holdings Inc. Class A 0.03% 127,142 $926K No change
DAVA Endava PLC- Spon ADR 0.03% 25,317 $782K New
SM SM Energy Co. 0.03% 18,783 $728K New
GLDG Goldmining Inc. 0.03% 901,996 $722K No change
FMX Fomento Economico Mex-SP ADR 0.02% 8,000 $684K Reduce -66.7%
CRI Carter's Inc. 0.02% 11,722 $635K New
STNE Stoneco Ltd. Class A 0.02% 70,222 $560K New
SW Smurfit Westrock PLC 0.02% 8,300 $447K Reduce -99.8%
WFC Wells Fargo & Co. 0.01% 5,000 $351K No change

Portfolio Sells Q3 2024 → Q4 2024
SW Smurfit Westrock PLC Reduce -99.8% 0.02% −6.03
BABA Alibaba Group Holding-SP ADR Reduce -38.8% 4.93% −3.87
ABEV Ambev SA-ADR Reduce -47.0% 1.72% −2.01
PFE Pfizer Inc. Reduce -35.5% 4.03% −1.92
KGC Kinross Gold Corp. Reduce -31.2% 2.49% −0.70
ADM Archer-Daniels-Midland Co. Reduce -11.5% 2.12% −0.35
FNV Franco-Nevada Corp. Sold out 0.00% −0.31
MTB M & T Bank Corp. Reduce -47.6% 0.50% −0.29
AGNC AGNC Investment Corp. Reduce -9.6% 2.13% −0.21
CGAU Centerra Gold Inc. Reduce -1.0% 1.47% −0.16
COTY Coty Inc. Class A Reduce -1.8% 0.81% −0.16
MOS The Mosaic Co. Reduce -13.5% 1.49% −0.15
NTR Nutrien Ltd. Reduce -13.1% 1.59% −0.12
CTVA Corteva Inc. Reduce -13.2% 1.62% −0.06
FMX Fomento Economico Mex-SP ADR Reduce -66.7% 0.02% −0.05
ALB Albemarle Corp. Sold out 0.00% −0.05
DNOW Dnow Inc. Sold out 0.00% −0.04
TSM Taiwan Semiconductor-SP ADR Reduce -24.4% 2.35% −0.04
GE General Electric Reduce -4.7% 0.61% −0.02
WPM Wheaton Precious Metals Corp. Reduce -9.4% 0.41% −0.02
BP BP PLC-Spons ADR Reduce -8.1% 2.28% −0.02
SKE Skeena Resources Ltd. Reduce -16.1% 0.55% −0.01
CF CF Industries Holdings Inc. Reduce -12.5% 1.75% −0.00
XOM Exxon Mobil Corp. Reduce -5.2% 1.12% −0.00
JPM JPMorgan Chase & Co. Reduce -13.5% 0.07% +0.01
EWBC East West Bancorp Inc. Reduce -3.8% 0.04% +0.01
TS Tenaris SA-ADR Reduce -22.6% 0.24% +0.01
BN Brookfield Corp. Reduce -9.6% 0.20% +0.02
PAAS Pan American Silver Corp. Reduce -7.2% 0.79% +0.02
PNC PNC Financial Services Group Reduce -11.2% 0.61% +0.04
BRK.B Berkshire Hathaway Inc. Class B Reduce -3.0% 0.53% +0.05
AEM Agnico Eagle Mines Ltd. Reduce -2.6% 0.75% +0.06

Portfolio Buys Q3 2024 → Q4 2024
C Citigroup Inc. Add +4.3% 8.90% +2.28
AMZN Amazon.com Inc. Add +8.9% 6.88% +2.20
BAC Bank of America Corp. Add +3.7% 4.33% +1.04
RYAAY Ryanair Holdings PLC-SP ADR Add +39.6% 2.30% +0.81
AU Anglogold Ashanti PLC Add +56.8% 1.38% +0.49
DE Deere & Co. Add +2.3% 2.85% +0.46
FOXA Fox Corp. Class A New 0.43% +0.43
CSGP Costar Group Inc. New 0.42% +0.42
MMS Maximus Inc. New 0.37% +0.37
SNX TD Synnex Corp. New 0.37% +0.37
CAKE The Cheesecake Factory Inc. New 0.34% +0.34
HPE Hewlett Packard Enterprise New 0.32% +0.32
STLA Stellantis NV Add +64.7% 0.70% +0.31
BG Bunge Global SA New 0.30% +0.30
PPC Pilgrim's Pride Corp. New 0.30% +0.30
SU Suncor Energy Inc. Add +19.9% 1.21% +0.30
PM Philip Morris International Add +10.0% 1.46% +0.29
LIVN Livanova PLC New 0.29% +0.29
ZD Ziff Davis Inc. New 0.29% +0.29
GPOR Gulfport Energy Corp. New 0.27% +0.27
JAZZ Jazz Pharmaceuticals PLC New 0.26% +0.26
MRK Merck & Co. Inc. New 0.26% +0.26
CPA Copa Holdings SA Class A New 0.24% +0.24
GILD Gilead Sciences Inc. New 0.23% +0.23
COKE Coca-Cola Consolidated Inc. New 0.22% +0.22
GTES Gates Industrial Corp. UK Ltd. New 0.21% +0.21
INCY Incyte Corp. New 0.20% +0.20
FSLR First Solar Inc. New 0.19% +0.19
OC Owens Corning New 0.19% +0.19
DORM Dorman Products Inc. New 0.16% +0.16
PAGS Pagseguro Digital Ltd. Class A New 0.15% +0.15
HRB H&R Block Inc. New 0.15% +0.15
AMR Alpha Metallurgical Resource New 0.15% +0.15
LRN Stride Inc. New 0.15% +0.15
ATKR Atkore Inc. New 0.15% +0.15
UTHR United Therapeutics Corp. New 0.15% +0.15
B Barrick Gold Corp. Add +14.8% 5.75% +0.14
NXT Nextpower Inc. New 0.14% +0.14
BBY Best Buy Co. Inc. New 0.14% +0.14
EXEL Exelixis Inc. New 0.13% +0.13
ASO Academy Sports & Outdoors Inc. New 0.13% +0.13
HRI Herc Holdings Inc. New 0.13% +0.13
GM General Motors Co. New 0.12% +0.12
LEN Lennar Corp. Class A New 0.12% +0.12
PHM Pultegroup Inc. New 0.11% +0.11
TMHC Taylor Morrison Home Corp. New 0.11% +0.11
NGD New Gold Inc. New 0.11% +0.11
TOL Toll Brothers Inc. New 0.10% +0.10
KBH KB Home New 0.10% +0.10
BLBD Blue Bird Corp. New 0.10% +0.10

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