Ruffer LLP
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 9, 2025), Ruffer LLP reported 94 stock positions worth $2.6 billion. Its top holding was Newmont (NEM) at 12.3% of the portfolio, followed by Amazon.com (AMZN, 9.6%) and Citigroup (C, 9.0%). Compared with Q4 2024, it opened 25 new positions, sold out of 32, added to 31 and reduced 33. The biggest buy was Amazon.com (AMZN, shares +50%) and the biggest sale Cigna (CI, shares −68%).
- Most Recent 13F
- Q2 2026
- Location
- LONDON, X0
- CIK
- 0001426859
- Portfolio Value
- $2.6B (Q1 2025)
- SEC Filing
- 0001426859-25-000005 ↗ filed May 9, 2025
Holdings Value
Holdings 94 stocks · $2.6B
| NEM Newmont Corp. | 12.26% | 6,596,949 | $318.5M | Reduce -6.9% |
| AMZN Amazon.com Inc. | 9.57% | 1,305,979 | $248.5M | Add +50.4% |
| C Citigroup Inc. | 8.98% | 3,286,401 | $233.3M | Reduce -6.2% |
| B Barrick Gold Corp. | 7.80% | 10,426,795 | $202.7M | Add +1.5% |
| BABA Alibaba Group Holding-SP ADR | 6.16% | 1,210,409 | $160.1M | Reduce -24.8% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 3.56% | 2,214,789 | $92.4M | Reduce -18.8% |
| BP BP PLC-Spons ADR | 3.17% | 2,439,040 | $82.4M | Add +14.1% |
| CI The Cigna Group | 2.43% | 192,000 | $63.2M | Reduce -68.1% |
| RYAAY Ryanair Holdings PLC-SP ADR | 2.16% | 1,322,779 | $56.0M | Reduce -9.3% |
| PFE Pfizer Inc. | 2.14% | 2,192,298 | $55.6M | Reduce -47.9% |
| DE Deere & Co. | 2.03% | 112,511 | $52.8M | Reduce -39.5% |
| ADM Archer-Daniels-Midland Co. | 1.86% | 1,008,738 | $48.4M | Reduce -13.0% |
| KGC Kinross Gold Corp. | 1.75% | 3,613,816 | $45.6M | Reduce -51.4% |
| TSM Taiwan Semiconductor-SP ADR | 1.74% | 272,911 | $45.3M | Reduce -17.3% |
| CGAU Centerra Gold Inc. | 1.73% | 7,089,239 | $45.0M | Reduce -0.7% |
| X United States Steel Corp. | 1.70% | 1,046,043 | $44.2M | New |
| CTVA Corteva Inc. | 1.53% | 629,548 | $39.6M | Reduce -19.9% |
| SU Suncor Energy Inc. | 1.45% | 973,447 | $37.7M | Add +3.4% |
| NTR Nutrien Ltd. | 1.44% | 753,298 | $37.4M | Reduce -23.4% |
| MOS The Mosaic Co. | 1.44% | 1,381,628 | $37.3M | Reduce -17.9% |
| CF CF Industries Holdings Inc. filed as CF INDS HLDGS INC | 1.37% | 454,018 | $35.5M | Reduce -19.9% |
| XOM Exxon Mobil Corp. | 1.13% | 245,930 | $29.2M | Reduce -15.1% |
| ARIS Aris Mining Corp. filed as ARIS MNG CORP | 1.01% | 5,666,748 | $26.2M | Reduce -0.4% |
| PAAS Pan American Silver Corp. | 0.97% | 980,044 | $25.3M | Reduce -9.6% |
| GAU Galiano Gold Inc. | 0.90% | 18,943,252 | $23.3M | Add +2.7% |
| WPM Wheaton Precious Metals Corp. | 0.87% | 289,744 | $22.5M | Add +44.1% |
| CSGP Costar Group Inc. | 0.82% | 270,412 | $21.4M | Add +66.7% |
| GE General Electric filed as GE AEROSPACE | 0.77% | 99,615 | $19.9M | Reduce -2.3% |
| CDE Coeur Mining Inc. | 0.68% | 2,985,354 | $17.7M | New |
| PM Philip Morris International | 0.67% | 109,997 | $17.5M | Reduce -67.2% |
| EGO Eldorado Gold Corp. | 0.64% | 992,097 | $16.7M | New |
| AGNC AGNC Investment Corp. | 0.62% | 1,685,570 | $16.1M | Reduce -73.7% |
| SKE Skeena Resources Ltd. | 0.60% | 1,534,883 | $15.5M | Reduce -12.1% |
| PNC PNC Financial Services Group | 0.59% | 87,537 | $15.4M | Reduce -0.1% |
| CAKE The Cheesecake Factory Inc. | 0.59% | 313,046 | $15.2M | Add +58.0% |
| FOXA Fox Corp. Class A | 0.58% | 264,235 | $15.0M | Add +7.3% |
| BTG B2GOLD Corp. | 0.51% | 4,663,540 | $13.3M | Add +10.7% |
| COTY Coty Inc. Class A | 0.51% | 2,405,843 | $13.2M | Reduce -25.4% |
| FIS Fidelity National Info Serv | 0.48% | 167,077 | $12.5M | New |
| PPC Pilgrim's Pride Corp. | 0.48% | 228,365 | $12.4M | Add +23.7% |
| EQX Equinox Gold Corp. | 0.47% | 1,776,730 | $12.2M | Add +194.5% |
| NGD New Gold Inc. | 0.46% | 3,203,070 | $11.9M | Add +166.9% |
| TAP Molson Coors Beverage Co. Class B | 0.44% | 188,711 | $11.5M | New |
| SNX TD Synnex Corp. | 0.40% | 100,345 | $10.4M | Add +16.1% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.40% | 19,480 | $10.4M | Reduce -39.9% |
| HPE Hewlett Packard Enterprise | 0.40% | 665,491 | $10.3M | Add +62.2% |
| AEM Agnico Eagle Mines Ltd. | 0.38% | 90,897 | $9.9M | Reduce -65.8% |
| LNG Cheniere Energy Inc. | 0.37% | 41,799 | $9.7M | New |
| MMS Maximus Inc. | 0.37% | 141,566 | $9.7M | Add +2.9% |
| SAND Sandstorm Gold Ltd. | 0.32% | 1,102,950 | $8.3M | New |
| MRK Merck & Co. Inc. | 0.31% | 90,727 | $8.1M | Add +24.8% |
| CACI Caci International Inc. Class A | 0.31% | 21,658 | $7.9M | New |
| CTRA Coterra Energy Inc. | 0.26% | 235,701 | $6.8M | New |
| KFY Korn Ferry | 0.26% | 99,283 | $6.7M | New |
| MGY Magnolia Oil & Gas Corp. Class A | 0.25% | 260,373 | $6.6M | New |
| ENS Enersys | 0.23% | 64,334 | $5.9M | New |
| HRB H&R Block Inc. filed as BLOCK H & R INC | 0.21% | 98,621 | $5.4M | Add +24.0% |
| MAT Mattel Inc. | 0.21% | 275,609 | $5.4M | New |
| CHX Championx Corp. | 0.21% | 178,819 | $5.3M | New |
| BWA Borgwarner Inc. | 0.20% | 178,152 | $5.1M | New |
| OC Owens Corning | 0.19% | 34,864 | $5.0M | Add +13.4% |
| PR Permian Resources Corp. Class A | 0.19% | 358,620 | $5.0M | New |
| INCY Incyte Corp. | 0.18% | 79,313 | $4.8M | Reduce -0.9% |
| DORM Dorman Products Inc. | 0.18% | 39,556 | $4.8M | Add +18.8% |
| EXEL Exelixis Inc. | 0.17% | 120,204 | $4.4M | Add +8.5% |
| UTHR United Therapeutics Corp. | 0.17% | 14,374 | $4.4M | Add +25.6% |
| PHM Pultegroup Inc. | 0.17% | 42,245 | $4.3M | Add +45.0% |
| GM General Motors Co. | 0.17% | 91,281 | $4.3M | Add +50.8% |
| PTEN Patterson-Uti Energy Inc. | 0.16% | 520,448 | $4.3M | New |
| TMHC Taylor Morrison Home Corp. | 0.16% | 71,069 | $4.3M | Add +42.6% |
| TOL Toll Brothers Inc. | 0.16% | 39,769 | $4.2M | Add +73.8% |
| ITRG Integra Resources Corp. | 0.16% | 3,238,353 | $4.0M | Add +3.6% |
| KBH KB Home | 0.14% | 64,544 | $3.8M | Add +51.3% |
| ASO Academy Sports & Outdoors Inc. | 0.13% | 76,637 | $3.5M | Add +20.0% |
| HALO Halozyme Therapeutics Inc. | 0.12% | 50,414 | $3.2M | New |
| AVT Avnet Inc. | 0.12% | 65,133 | $3.1M | New |
| BN Brookfield Corp. | 0.11% | 56,500 | $3.0M | Reduce -39.9% |
| POWL Powell Industries Inc. | 0.11% | 16,809 | $2.9M | New |
| CROX Crocs Inc. | 0.11% | 26,406 | $2.8M | New |
| GFF Griffon Corp. | 0.11% | 39,054 | $2.8M | New |
| BUD Anheuser-Busch Inbev-SPN ADR | 0.11% | 45,000 | $2.8M | No change |
| BLBD Blue Bird Corp. | 0.10% | 79,018 | $2.6M | Add +9.4% |
| DAVA Endava PLC- Spon ADR | 0.10% | 130,317 | $2.5M | Add +414.7% |
| TS Tenaris SA-ADR | 0.09% | 59,349 | $2.3M | Reduce -65.8% |
| MTB M & T Bank Corp. filed as M & T BK CORP | 0.09% | 12,550 | $2.2M | Reduce -82.8% |
| ANF Abercrombie & Fitch Co. Class A | 0.08% | 26,830 | $2.0M | New |
| CVX Chevron Corp. | 0.07% | 11,000 | $1.8M | No change |
| JPM JPMorgan Chase & Co. | 0.07% | 7,000 | $1.7M | Reduce -17.8% |
| EWBC East West Bancorp Inc. | 0.04% | 11,200 | $1.0M | Reduce -8.8% |
| FMX Fomento Economico Mex-SP ADR | 0.03% | 8,000 | $781K | No change |
| GLDG Goldmining Inc. | 0.03% | 901,996 | $752K | No change |
| WFC Wells Fargo & Co. | 0.01% | 5,000 | $359K | No change |
| OSK Oshkosh Corp. | 0.01% | 2,759 | $260K | New |
| FLR Fluor Corp. | 0.01% | 6,577 | $236K | New |
Portfolio Sells Q4 2024 → Q1 2025
| CI The Cigna Group | Reduce -68.1% | 2.43% | −3.56 |
| PFE Pfizer Inc. | Reduce -47.9% | 2.14% | −1.89 |
| ABEV Ambev SA-ADR | Sold out | 0.00% | −1.72 |
| AGNC AGNC Investment Corp. | Reduce -73.7% | 0.62% | −1.51 |
| AU Anglogold Ashanti PLC | Sold out | 0.00% | −1.38 |
| DE Deere & Co. | Reduce -39.5% | 2.03% | −0.81 |
| PM Philip Morris International | Reduce -67.2% | 0.67% | −0.78 |
| BAC Bank of America Corp. | Reduce -18.8% | 3.56% | −0.77 |
| KGC Kinross Gold Corp. | Reduce -51.4% | 1.75% | −0.73 |
| STLA Stellantis NV | Sold out | 0.00% | −0.70 |
| TSM Taiwan Semiconductor-SP ADR | Reduce -17.3% | 1.74% | −0.61 |
| MTB M & T Bank Corp. | Reduce -82.8% | 0.09% | −0.41 |
| CF CF Industries Holdings Inc. | Reduce -19.9% | 1.37% | −0.38 |
| AEM Agnico Eagle Mines Ltd. | Reduce -65.8% | 0.38% | −0.37 |
| NE Noble Corp. PLC | Sold out | 0.00% | −0.34 |
| COTY Coty Inc. Class A | Reduce -25.4% | 0.51% | −0.30 |
| BG Bunge Global SA | Sold out | 0.00% | −0.30 |
| LIVN Livanova PLC | Sold out | 0.00% | −0.29 |
| ZD Ziff Davis Inc. | Sold out | 0.00% | −0.29 |
| GPOR Gulfport Energy Corp. | Sold out | 0.00% | −0.27 |
| JAZZ Jazz Pharmaceuticals PLC | Sold out | 0.00% | −0.26 |
| ADM Archer-Daniels-Midland Co. | Reduce -13.0% | 1.86% | −0.25 |
| CPA Copa Holdings SA Class A | Sold out | 0.00% | −0.24 |
| GILD Gilead Sciences Inc. | Sold out | 0.00% | −0.23 |
| COKE Coca-Cola Consolidated Inc. | Sold out | 0.00% | −0.22 |
| GTES Gates Industrial Corp. UK Ltd. | Sold out | 0.00% | −0.21 |
| FSLR First Solar Inc. | Sold out | 0.00% | −0.19 |
| GFI Gold Fields Ltd.-Spons ADR | Sold out | 0.00% | −0.19 |
| PAGS Pagseguro Digital Ltd. Class A | Sold out | 0.00% | −0.15 |
| AMR Alpha Metallurgical Resource | Sold out | 0.00% | −0.15 |
| NTR Nutrien Ltd. | Reduce -23.4% | 1.44% | −0.15 |
| TS Tenaris SA-ADR | Reduce -65.8% | 0.09% | −0.15 |
| LRN Stride Inc. | Sold out | 0.00% | −0.15 |
| ATKR Atkore Inc. | Sold out | 0.00% | −0.15 |
| NXT Nextpower Inc. | Sold out | 0.00% | −0.14 |
| RYAAY Ryanair Holdings PLC-SP ADR | Reduce -9.3% | 2.16% | −0.14 |
| BBY Best Buy Co. Inc. | Sold out | 0.00% | −0.14 |
| HRI Herc Holdings Inc. | Sold out | 0.00% | −0.13 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -39.9% | 0.40% | −0.13 |
| LEN Lennar Corp. Class A | Sold out | 0.00% | −0.12 |
| HRMY Harmony Biosciences Holdings | Sold out | 0.00% | −0.09 |
| CTVA Corteva Inc. | Reduce -19.9% | 1.53% | −0.09 |
| BN Brookfield Corp. | Reduce -39.9% | 0.11% | −0.08 |
| MOS The Mosaic Co. | Reduce -17.9% | 1.44% | −0.06 |
| GEAR Revelyst Inc. | Sold out | 0.00% | −0.05 |
| CMCSA Comcast Corp. Class A | Sold out | 0.00% | −0.04 |
| STNG Scorpio Tankers Inc. | Sold out | 0.00% | −0.03 |
| ARCO Arcos Dorados Holdings Inc. Class A | Sold out | 0.00% | −0.03 |
| SM SM Energy Co. | Sold out | 0.00% | −0.03 |
| CRI Carter's Inc. | Sold out | 0.00% | −0.02 |
Portfolio Buys Q4 2024 → Q1 2025
| AMZN Amazon.com Inc. | Add +50.4% | 9.57% | +2.69 |
| B Barrick Gold Corp. | Add +1.5% | 7.80% | +2.05 |
| X United States Steel Corp. | New | 1.70% | +1.70 |
| BP BP PLC-Spons ADR | Add +14.1% | 3.17% | +0.89 |
| CDE Coeur Mining Inc. | New | 0.68% | +0.68 |
| EGO Eldorado Gold Corp. | New | 0.64% | +0.64 |
| FIS Fidelity National Info Serv | New | 0.48% | +0.48 |
| WPM Wheaton Precious Metals Corp. | Add +44.1% | 0.87% | +0.46 |
| TAP Molson Coors Beverage Co. Class B | New | 0.44% | +0.44 |
| CSGP Costar Group Inc. | Add +66.7% | 0.82% | +0.41 |
| LNG Cheniere Energy Inc. | New | 0.37% | +0.37 |
| EQX Equinox Gold Corp. | Add +194.5% | 0.47% | +0.36 |
| NGD New Gold Inc. | Add +166.9% | 0.46% | +0.35 |
| SAND Sandstorm Gold Ltd. | New | 0.32% | +0.32 |
| CACI Caci International Inc. Class A | New | 0.31% | +0.31 |
| CTRA Coterra Energy Inc. | New | 0.26% | +0.26 |
| KFY Korn Ferry | New | 0.26% | +0.26 |
| MGY Magnolia Oil & Gas Corp. Class A | New | 0.25% | +0.25 |
| CAKE The Cheesecake Factory Inc. | Add +58.0% | 0.59% | +0.25 |
| SU Suncor Energy Inc. | Add +3.4% | 1.45% | +0.24 |
| ENS Enersys | New | 0.23% | +0.23 |
| MAT Mattel Inc. | New | 0.21% | +0.21 |
| CHX Championx Corp. | New | 0.21% | +0.21 |
| BWA Borgwarner Inc. | New | 0.20% | +0.20 |
| PR Permian Resources Corp. Class A | New | 0.19% | +0.19 |
| PPC Pilgrim's Pride Corp. | Add +23.7% | 0.48% | +0.18 |
| PTEN Patterson-Uti Energy Inc. | New | 0.16% | +0.16 |
| FOXA Fox Corp. Class A | Add +7.3% | 0.58% | +0.14 |
| BTG B2GOLD Corp. | Add +10.7% | 0.51% | +0.14 |
| HALO Halozyme Therapeutics Inc. | New | 0.12% | +0.12 |
| AVT Avnet Inc. | New | 0.12% | +0.12 |
| POWL Powell Industries Inc. | New | 0.11% | +0.11 |
| CROX Crocs Inc. | New | 0.11% | +0.11 |
| GFF Griffon Corp. | New | 0.11% | +0.11 |
| HPE Hewlett Packard Enterprise | Add +62.2% | 0.40% | +0.08 |
| ANF Abercrombie & Fitch Co. Class A | New | 0.08% | +0.08 |
| DAVA Endava PLC- Spon ADR | Add +414.7% | 0.10% | +0.07 |
| GAU Galiano Gold Inc. | Add +2.7% | 0.90% | +0.07 |
| ITRG Integra Resources Corp. | Add +3.6% | 0.16% | +0.06 |
| TOL Toll Brothers Inc. | Add +73.8% | 0.16% | +0.06 |
| HRB H&R Block Inc. | Add +24.0% | 0.21% | +0.06 |
| TMHC Taylor Morrison Home Corp. | Add +42.6% | 0.16% | +0.05 |
| PHM Pultegroup Inc. | Add +45.0% | 0.17% | +0.05 |
| MRK Merck & Co. Inc. | Add +24.8% | 0.31% | +0.05 |
| GM General Motors Co. | Add +50.8% | 0.17% | +0.05 |
| KBH KB Home | Add +51.3% | 0.14% | +0.04 |
| EXEL Exelixis Inc. | Add +8.5% | 0.17% | +0.04 |
| SNX TD Synnex Corp. | Add +16.1% | 0.40% | +0.04 |
| DORM Dorman Products Inc. | Add +18.8% | 0.18% | +0.03 |
| UTHR United Therapeutics Corp. | Add +25.6% | 0.17% | +0.02 |
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 |