Ruffer LLP
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed July 16, 2025), Ruffer LLP reported 98 stock positions worth $2.3 billion. Its top holding was Newmont (NEM) at 12.9% of the portfolio, followed by Smurfit Westrock (SW, 8.7%) and Barrick Gold (B, 8.5%). Compared with Q1 2025, it opened 29 new positions, sold out of 25, added to 24 and reduced 36. The biggest buy was a new position in Smurfit Westrock (SW) and the biggest sale Citigroup (C, shares −71%).
- Most Recent 13F
- Q2 2026
- Location
- LONDON, X0
- CIK
- 0001426859
- Portfolio Value
- $2.3B (Q2 2025)
- SEC Filing
- 0001426859-25-000007 ↗ filed Jul 16, 2025
Holdings Value
Holdings 98 stocks · $2.3B
| NEM Newmont Corp. | 12.89% | 4,999,932 | $291.3M | Reduce -24.2% |
| SW Smurfit Westrock PLC | 8.68% | 4,544,710 | $196.1M | New |
| B Barrick Gold Corp. | 8.49% | 9,216,104 | $191.9M | Reduce -11.6% |
| AMZN Amazon.com Inc. | 7.09% | 730,465 | $160.3M | Reduce -44.1% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 6.04% | 2,883,749 | $136.5M | Add +30.2% |
| C Citigroup Inc. | 3.57% | 948,652 | $80.7M | Reduce -71.1% |
| BP BP PLC-Spons ADR | 3.04% | 2,294,330 | $68.7M | Reduce -5.9% |
| GOOGL Alphabet Inc. Class A | 2.63% | 336,846 | $59.4M | New |
| RYAAY Ryanair Holdings PLC-SP ADR | 2.38% | 931,799 | $53.7M | Reduce -29.6% |
| AU Anglogold Ashanti PLC | 2.31% | 1,146,968 | $52.3M | New |
| CGAU Centerra Gold Inc. | 2.28% | 7,153,309 | $51.6M | Add +0.9% |
| EQX Equinox Gold Corp. | 1.91% | 7,499,601 | $43.3M | Add +322.1% |
| BABA Alibaba Group Holding-SP ADR | 1.72% | 342,672 | $38.9M | Reduce -71.7% |
| ARIS Aris Mining Corp. filed as ARIS MNG CORP | 1.56% | 5,239,248 | $35.3M | Reduce -7.5% |
| SU Suncor Energy Inc. | 1.54% | 929,257 | $34.8M | Reduce -4.5% |
| PFE Pfizer Inc. | 1.50% | 1,399,513 | $33.9M | Reduce -36.2% |
| IQV Iqvia Holdings Inc. | 1.45% | 207,887 | $32.8M | New |
| CDE Coeur Mining Inc. | 1.43% | 3,644,401 | $32.3M | Add +22.1% |
| XOM Exxon Mobil Corp. | 1.32% | 276,717 | $29.8M | Add +12.5% |
| TSM Taiwan Semiconductor-SP ADR | 1.31% | 130,711 | $29.6M | Reduce -52.1% |
| ALC Alcon Inc. filed as ALCON AG | 1.21% | 308,649 | $27.3M | New |
| PAAS Pan American Silver Corp. | 1.15% | 913,329 | $25.9M | Reduce -6.8% |
| PNC PNC Financial Services Group | 1.08% | 130,619 | $24.3M | Add +49.2% |
| GAU Galiano Gold Inc. | 1.07% | 18,943,252 | $24.1M | No change |
| SKE Skeena Resources Ltd. | 1.06% | 1,511,655 | $24.1M | Reduce -1.5% |
| GE General Electric filed as GE AEROSPACE | 1.05% | 92,175 | $23.7M | Reduce -7.5% |
| EGO Eldorado Gold Corp. | 0.98% | 1,093,553 | $22.2M | Add +10.2% |
| CAKE The Cheesecake Factory Inc. | 0.83% | 297,629 | $18.6M | Reduce -4.9% |
| COO The Cooper Cos Inc. | 0.78% | 247,662 | $17.6M | New |
| PM Philip Morris International | 0.76% | 94,109 | $17.1M | Reduce -14.4% |
| WPM Wheaton Precious Metals Corp. | 0.75% | 189,484 | $17.0M | Reduce -34.6% |
| KGC Kinross Gold Corp. | 0.65% | 940,837 | $14.7M | Reduce -74.0% |
| FOXA Fox Corp. Class A | 0.57% | 230,258 | $12.9M | Reduce -12.9% |
| ARW Arrow Electronics Inc. | 0.54% | 96,253 | $12.3M | New |
| BTG B2GOLD Corp. | 0.54% | 3,395,988 | $12.3M | Reduce -27.2% |
| IPG Interpublic Group of Cos Inc. | 0.54% | 497,484 | $12.2M | New |
| SNX TD Synnex Corp. | 0.52% | 85,976 | $11.7M | Reduce -14.3% |
| AAUC Allied Gold Corp. | 0.47% | 793,940 | $10.7M | New |
| GEN Gen Digital Inc. | 0.47% | 357,900 | $10.5M | New |
| PPC Pilgrim's Pride Corp. | 0.45% | 226,137 | $10.2M | Reduce -1.0% |
| OVV Ovintiv Inc. | 0.43% | 256,076 | $9.7M | New |
| HPE Hewlett Packard Enterprise | 0.40% | 440,760 | $9.0M | Reduce -33.8% |
| CHX Championx Corp. | 0.39% | 359,032 | $8.9M | Add +100.8% |
| MTCH Match Group Inc. | 0.39% | 285,867 | $8.8M | New |
| TAP Molson Coors Beverage Co. Class B | 0.39% | 183,014 | $8.8M | Reduce -3.0% |
| NE Noble Corp. PLC | 0.34% | 285,719 | $7.6M | New |
| MMS Maximus Inc. | 0.32% | 104,359 | $7.3M | Reduce -26.3% |
| MRK Merck & Co. Inc. | 0.32% | 90,932 | $7.2M | Add +0.2% |
| BWA Borgwarner Inc. | 0.32% | 213,507 | $7.1M | Add +19.9% |
| HRB H&R Block Inc. filed as BLOCK H & R INC | 0.30% | 125,597 | $6.9M | Add +27.4% |
| ACMR Acm Research Inc. Class A | 0.30% | 264,706 | $6.9M | New |
| DORM Dorman Products Inc. | 0.30% | 55,616 | $6.8M | Add +40.6% |
| TOL Toll Brothers Inc. | 0.30% | 58,679 | $6.7M | Add +47.5% |
| PHM Pultegroup Inc. | 0.29% | 62,701 | $6.6M | Add +48.4% |
| G Genpact Ltd. | 0.29% | 147,560 | $6.5M | New |
| BYD Boyd Gaming Corp. | 0.29% | 82,717 | $6.5M | New |
| RPRX Royalty Pharma PLC Class A | 0.28% | 177,931 | $6.4M | New |
| TMHC Taylor Morrison Home Corp. | 0.28% | 101,520 | $6.2M | Add +42.9% |
| CPA Copa Holdings SA Class A | 0.27% | 56,488 | $6.2M | New |
| NGD New Gold Inc. | 0.26% | 1,200,134 | $5.9M | Reduce -62.5% |
| KBH KB Home | 0.25% | 107,751 | $5.7M | Add +66.9% |
| ENS Enersys | 0.25% | 65,344 | $5.6M | Add +1.6% |
| MLI Mueller Industries Inc. | 0.25% | 70,076 | $5.6M | New |
| GILD Gilead Sciences Inc. | 0.22% | 45,097 | $5.0M | New |
| ADM Archer-Daniels-Midland Co. | 0.22% | 93,910 | $5.0M | Reduce -90.7% |
| ITRG Integra Resources Corp. | 0.22% | 3,243,153 | $4.9M | Add +0.1% |
| REVG Rev Group Inc. | 0.22% | 102,398 | $4.9M | New |
| INCY Incyte Corp. | 0.21% | 69,325 | $4.7M | Reduce -12.6% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.19% | 9,000 | $4.4M | Reduce -53.8% |
| OSK Oshkosh Corp. | 0.18% | 34,886 | $4.0M | Add +1164.4% |
| OC Owens Corning | 0.17% | 28,564 | $3.9M | Reduce -18.1% |
| POWL Powell Industries Inc. | 0.16% | 17,271 | $3.6M | Add +2.8% |
| BN Brookfield Corp. | 0.15% | 56,500 | $3.5M | No change |
| MATX Matson Inc. | 0.15% | 30,740 | $3.4M | New |
| EXEL Exelixis Inc. | 0.15% | 76,310 | $3.4M | Reduce -36.5% |
| DAVA Endava PLC- Spon ADR | 0.14% | 209,187 | $3.2M | Add +60.5% |
| UTHR United Therapeutics Corp. | 0.14% | 10,763 | $3.1M | Reduce -25.1% |
| BUD Anheuser-Busch Inbev-SPN ADR | 0.14% | 45,000 | $3.1M | No change |
| GFF Griffon Corp. | 0.13% | 41,320 | $3.0M | Add +5.8% |
| HRMY Harmony Biosciences Holdings | 0.12% | 86,211 | $2.7M | New |
| AEM Agnico Eagle Mines Ltd. | 0.12% | 22,679 | $2.7M | Reduce -75.0% |
| CMCSA Comcast Corp. Class A | 0.12% | 74,875 | $2.7M | New |
| MTB M & T Bank Corp. filed as M & T BK CORP | 0.11% | 13,020 | $2.5M | Add +3.8% |
| HALO Halozyme Therapeutics Inc. | 0.10% | 43,428 | $2.3M | Reduce -13.9% |
| TS Tenaris SA-ADR | 0.10% | 59,349 | $2.2M | No change |
| JPM JPMorgan Chase & Co. | 0.09% | 7,000 | $2.0M | No change |
| SAND Sandstorm Gold Ltd. | 0.09% | 210,090 | $2.0M | Reduce -81.0% |
| IAG Iamgold Corp. | 0.08% | 258,300 | $1.9M | New |
| NG Novagold Resources Inc. | 0.08% | 423,670 | $1.7M | New |
| ACLS Axcelis Technologies Inc. | 0.08% | 24,731 | $1.7M | New |
| CVX Chevron Corp. | 0.07% | 11,000 | $1.6M | No change |
| BBY Best Buy Co. Inc. | 0.06% | 20,407 | $1.4M | New |
| ARCO Arcos Dorados Holdings Inc. Class A | 0.04% | 127,142 | $1.0M | New |
| FLR Fluor Corp. | 0.04% | 18,590 | $953K | Add +182.7% |
| FMX Fomento Economico Mex-SP ADR | 0.04% | 8,000 | $824K | No change |
| GLDG Goldmining Inc. | 0.03% | 901,996 | $650K | No change |
| WFC Wells Fargo & Co. | 0.02% | 5,000 | $401K | No change |
| EWBC East West Bancorp Inc. | 0.02% | 3,890 | $393K | Reduce -65.3% |
Portfolio Sells Q1 2025 → Q2 2025
| C Citigroup Inc. | Reduce -71.1% | 3.57% | −5.41 |
| BABA Alibaba Group Holding-SP ADR | Reduce -71.7% | 1.72% | −4.44 |
| AMZN Amazon.com Inc. | Reduce -44.1% | 7.09% | −2.48 |
| CI The Cigna Group | Sold out | 0.00% | −2.43 |
| DE Deere & Co. | Sold out | 0.00% | −2.03 |
| X United States Steel Corp. | Sold out | 0.00% | −1.70 |
| ADM Archer-Daniels-Midland Co. | Reduce -90.7% | 0.22% | −1.65 |
| CTVA Corteva Inc. | Sold out | 0.00% | −1.53 |
| NTR Nutrien Ltd. | Sold out | 0.00% | −1.44 |
| MOS The Mosaic Co. | Sold out | 0.00% | −1.44 |
| CF CF Industries Holdings Inc. | Sold out | 0.00% | −1.37 |
| KGC Kinross Gold Corp. | Reduce -74.0% | 0.65% | −1.10 |
| CSGP Costar Group Inc. | Sold out | 0.00% | −0.82 |
| PFE Pfizer Inc. | Reduce -36.2% | 1.50% | −0.64 |
| AGNC AGNC Investment Corp. | Sold out | 0.00% | −0.62 |
| COTY Coty Inc. Class A | Sold out | 0.00% | −0.51 |
| FIS Fidelity National Info Serv | Sold out | 0.00% | −0.48 |
| TSM Taiwan Semiconductor-SP ADR | Reduce -52.1% | 1.31% | −0.43 |
| LNG Cheniere Energy Inc. | Sold out | 0.00% | −0.37 |
| CACI Caci International Inc. Class A | Sold out | 0.00% | −0.31 |
| CTRA Coterra Energy Inc. | Sold out | 0.00% | −0.26 |
| AEM Agnico Eagle Mines Ltd. | Reduce -75.0% | 0.12% | −0.26 |
| KFY Korn Ferry | Sold out | 0.00% | −0.26 |
| MGY Magnolia Oil & Gas Corp. Class A | Sold out | 0.00% | −0.25 |
| SAND Sandstorm Gold Ltd. | Reduce -81.0% | 0.09% | −0.23 |
| MAT Mattel Inc. | Sold out | 0.00% | −0.21 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -53.8% | 0.19% | −0.21 |
| NGD New Gold Inc. | Reduce -62.5% | 0.26% | −0.19 |
| PR Permian Resources Corp. Class A | Sold out | 0.00% | −0.19 |
| GM General Motors Co. | Sold out | 0.00% | −0.17 |
| PTEN Patterson-Uti Energy Inc. | Sold out | 0.00% | −0.16 |
| BP BP PLC-Spons ADR | Reduce -5.9% | 3.04% | −0.13 |
| ASO Academy Sports & Outdoors Inc. | Sold out | 0.00% | −0.13 |
| AVT Avnet Inc. | Sold out | 0.00% | −0.12 |
| WPM Wheaton Precious Metals Corp. | Reduce -34.6% | 0.75% | −0.11 |
| CROX Crocs Inc. | Sold out | 0.00% | −0.11 |
| BLBD Blue Bird Corp. | Sold out | 0.00% | −0.10 |
| ANF Abercrombie & Fitch Co. Class A | Sold out | 0.00% | −0.08 |
| TAP Molson Coors Beverage Co. Class B | Reduce -3.0% | 0.39% | −0.05 |
| MMS Maximus Inc. | Reduce -26.3% | 0.32% | −0.05 |
| UTHR United Therapeutics Corp. | Reduce -25.1% | 0.14% | −0.03 |
| PPC Pilgrim's Pride Corp. | Reduce -1.0% | 0.45% | −0.03 |
| HALO Halozyme Therapeutics Inc. | Reduce -13.9% | 0.10% | −0.02 |
| EXEL Exelixis Inc. | Reduce -36.5% | 0.15% | −0.02 |
| EWBC East West Bancorp Inc. | Reduce -65.3% | 0.02% | −0.02 |
| OC Owens Corning | Reduce -18.1% | 0.17% | −0.02 |
| FOXA Fox Corp. Class A | Reduce -12.9% | 0.57% | −0.00 |
| HPE Hewlett Packard Enterprise | Reduce -33.8% | 0.40% | +0.00 |
| INCY Incyte Corp. | Reduce -12.6% | 0.21% | +0.02 |
| BTG B2GOLD Corp. | Reduce -27.2% | 0.54% | +0.03 |
Portfolio Buys Q1 2025 → Q2 2025
| SW Smurfit Westrock PLC | New | 8.68% | +8.68 |
| GOOGL Alphabet Inc. Class A | New | 2.63% | +2.63 |
| BAC Bank of America Corp. | Add +30.2% | 6.04% | +2.48 |
| AU Anglogold Ashanti PLC | New | 2.31% | +2.31 |
| IQV Iqvia Holdings Inc. | New | 1.45% | +1.45 |
| EQX Equinox Gold Corp. | Add +322.1% | 1.91% | +1.44 |
| ALC Alcon Inc. | New | 1.21% | +1.21 |
| COO The Cooper Cos Inc. | New | 0.78% | +0.78 |
| CDE Coeur Mining Inc. | Add +22.1% | 1.43% | +0.75 |
| CGAU Centerra Gold Inc. | Add +0.9% | 2.28% | +0.55 |
| ARW Arrow Electronics Inc. | New | 0.54% | +0.54 |
| IPG Interpublic Group of Cos Inc. | New | 0.54% | +0.54 |
| PNC PNC Financial Services Group | Add +49.2% | 1.08% | +0.48 |
| AAUC Allied Gold Corp. | New | 0.47% | +0.47 |
| GEN Gen Digital Inc. | New | 0.47% | +0.47 |
| OVV Ovintiv Inc. | New | 0.43% | +0.43 |
| MTCH Match Group Inc. | New | 0.39% | +0.39 |
| EGO Eldorado Gold Corp. | Add +10.2% | 0.98% | +0.34 |
| NE Noble Corp. PLC | New | 0.34% | +0.34 |
| ACMR Acm Research Inc. Class A | New | 0.30% | +0.30 |
| G Genpact Ltd. | New | 0.29% | +0.29 |
| BYD Boyd Gaming Corp. | New | 0.29% | +0.29 |
| RPRX Royalty Pharma PLC Class A | New | 0.28% | +0.28 |
| CPA Copa Holdings SA Class A | New | 0.27% | +0.27 |
| MLI Mueller Industries Inc. | New | 0.25% | +0.25 |
| GILD Gilead Sciences Inc. | New | 0.22% | +0.22 |
| REVG Rev Group Inc. | New | 0.22% | +0.22 |
| XOM Exxon Mobil Corp. | Add +12.5% | 1.32% | +0.19 |
| CHX Championx Corp. | Add +100.8% | 0.39% | +0.19 |
| OSK Oshkosh Corp. | Add +1164.4% | 0.18% | +0.17 |
| MATX Matson Inc. | New | 0.15% | +0.15 |
| TOL Toll Brothers Inc. | Add +47.5% | 0.30% | +0.13 |
| PHM Pultegroup Inc. | Add +48.4% | 0.29% | +0.13 |
| HRMY Harmony Biosciences Holdings | New | 0.12% | +0.12 |
| BWA Borgwarner Inc. | Add +19.9% | 0.32% | +0.12 |
| DORM Dorman Products Inc. | Add +40.6% | 0.30% | +0.12 |
| CMCSA Comcast Corp. Class A | New | 0.12% | +0.12 |
| TMHC Taylor Morrison Home Corp. | Add +42.9% | 0.28% | +0.11 |
| KBH KB Home | Add +66.9% | 0.25% | +0.11 |
| HRB H&R Block Inc. | Add +27.4% | 0.30% | +0.10 |
| IAG Iamgold Corp. | New | 0.08% | +0.08 |
| NG Novagold Resources Inc. | New | 0.08% | +0.08 |
| ACLS Axcelis Technologies Inc. | New | 0.08% | +0.08 |
| ITRG Integra Resources Corp. | Add +0.1% | 0.22% | +0.06 |
| BBY Best Buy Co. Inc. | New | 0.06% | +0.06 |
| POWL Powell Industries Inc. | Add +2.8% | 0.16% | +0.05 |
| ARCO Arcos Dorados Holdings Inc. Class A | New | 0.04% | +0.04 |
| DAVA Endava PLC- Spon ADR | Add +60.5% | 0.14% | +0.04 |
| FLR Fluor Corp. | Add +182.7% | 0.04% | +0.03 |
| MTB M & T Bank Corp. | Add +3.8% | 0.11% | +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 |