Ruffer LLP

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 3, 2025), Ruffer LLP reported 101 stock positions worth $1.8 billion. Its top holding was Amazon.com (AMZN) at 8.2% of the portfolio, followed by Equinox Gold (EQX, 5.4%) and Bank of America (BAC, 5.4%). Compared with Q2 2025, it opened 33 new positions, sold out of 30, added to 18 and reduced 41. The biggest buy was Cooper Cos (COO, shares +444%) and the biggest sale Newmont (NEM, shares −82%).

Most Recent 13F
Q2 2026
Location
LONDON, X0
CIK
0001426859
Portfolio Value
$1.8B (Q3 2025)
SEC Filing
0001426859-25-000012 ↗ filed Nov 3, 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 Q4 2024 Q1 2025: $2.6B Q1 2025 Q2 2025: $2.3B Q2 2025 Q3 2025: $1.8B $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 · $1.8B
AMZN Amazon.com Inc. 8.21% 672,796 $147.7M Reduce -7.9%
EQX Equinox Gold Corp. 5.39% 8,651,889 $97.0M Add +15.4%
BAC Bank of America Corp. filed as BANK AMERICA CORP 5.37% 1,871,642 $96.6M Reduce -35.1%
COO The Cooper Cos Inc. 5.14% 1,347,850 $92.4M Add +444.2%
BP BP PLC-Spons ADR 4.40% 2,294,780 $79.1M Add +0.0%
NEM Newmont Corp. 4.14% 884,017 $74.5M Reduce -82.3%
BABA Alibaba Group Holding-SP ADR 3.82% 384,886 $68.8M Add +12.3%
CGAU Centerra Gold Inc. 3.52% 5,904,103 $63.3M Reduce -17.5%
B Barrick Mining Corp. 3.28% 1,800,635 $59.0M New
TSM Taiwan Semiconductor-SP ADR 3.17% 204,387 $57.1M Add +56.4%
PFE Pfizer Inc. 2.87% 2,023,065 $51.5M Add +44.5%
EXR Extra Space Storage Inc. 2.64% 336,942 $47.5M New
AU Anglogold Ashanti PLC 2.31% 590,963 $41.6M Reduce -48.5%
EGO Eldorado Gold Corp. 2.27% 1,412,740 $40.8M Add +29.2%
ARIS Aris Mining Corp. filed as ARIS MNG CORP 2.24% 4,114,728 $40.3M Reduce -21.5%
SU Suncor Energy Inc. 2.18% 935,037 $39.1M Add +0.6%
GAU Galiano Gold Inc. 2.01% 16,611,028 $36.2M Reduce -12.3%
PAAS Pan American Silver Corp. 1.94% 901,751 $34.9M Reduce -1.3%
FSLR First Solar Inc. 1.93% 157,055 $34.6M New
SW Smurfit Westrock PLC 1.86% 785,589 $33.4M Reduce -82.7%
XOM Exxon Mobil Corp. 1.74% 278,242 $31.4M Add +0.6%
MRK Merck & Co. Inc. 1.72% 368,848 $31.0M Add +305.6%
GE General Electric filed as GE AEROSPACE 1.68% 100,365 $30.2M Add +8.9%
PNC PNC Financial Services Group 1.47% 131,909 $26.5M Add +1.0%
SKE Skeena Resources Ltd. 1.30% 1,270,055 $23.4M Reduce -16.0%
TECK Teck Resources Ltd.-CLS B 1.23% 502,602 $22.1M New
UTHR United Therapeutics Corp. 1.13% 48,545 $20.3M Add +351.0%
GILD Gilead Sciences Inc. 1.13% 182,343 $20.2M Add +304.3%
IQV Iqvia Holdings Inc. 1.09% 102,970 $19.6M Reduce -50.5%
UHS Universal Health Services-B 1.01% 88,680 $18.1M New
RGLD Royal Gold Inc. 0.92% 82,940 $16.6M New
RYAAY Ryanair Holdings PLC-SP ADR 0.87% 259,683 $15.6M Reduce -72.1%
PM Philip Morris International 0.86% 95,079 $15.4M Add +1.0%
SOLV Solventum Corp. 0.84% 207,557 $15.2M New
CAKE The Cheesecake Factory Inc. 0.81% 265,599 $14.5M Reduce -10.8%
IFF Intl Flavors & Fragrances filed as INTERNATIONAL FLAVORS&FRAGRA 0.75% 220,210 $13.6M New
REGN Regeneron Pharmaceuticals 0.67% 21,540 $12.1M New
ITRG Integra Resources Corp. 0.51% 3,156,453 $9.2M Reduce -2.7%
AAUC Allied Gold Corp. 0.48% 498,940 $8.7M Reduce -37.2%
NE Noble Corp. PLC 0.46% 289,439 $8.2M Add +1.3%
UHAL.B U-Haul Holding Co.-Non Voting 0.41% 145,669 $7.4M New
BMY Bristol-Myers Squibb Co. 0.38% 151,760 $6.8M New
FHI Federated Hermes Inc. 0.34% 116,781 $6.1M New
FOXA Fox Corp. Class A 0.31% 87,164 $5.5M Reduce -62.1%
GOOGL Alphabet Inc. Class A 0.30% 22,450 $5.5M Reduce -93.3%
MLI Mueller Industries Inc. 0.27% 47,988 $4.9M Reduce -31.5%
ENS Enersys 0.26% 41,526 $4.7M Reduce -36.5%
HRB H&R Block Inc. filed as BLOCK H & R INC 0.26% 91,950 $4.6M Reduce -26.8%
RPRX Royalty Pharma PLC Class A 0.26% 130,184 $4.6M Reduce -26.8%
BRK.B Berkshire Hathaway Inc. Class B 0.25% 9,000 $4.5M No change
ARW Arrow Electronics Inc. 0.25% 36,923 $4.5M Reduce -61.6%
SNX TD Synnex Corp. 0.25% 27,194 $4.5M Reduce -68.4%
CMCSA Comcast Corp. Class A 0.24% 139,073 $4.4M Add +85.7%
JHG Janus Henderson Group PLC 0.24% 98,157 $4.4M New
CPA Copa Holdings SA Class A 0.24% 36,729 $4.4M Reduce -35.0%
TROW T Rowe Price Group Inc. filed as PRICE T ROWE GROUP INC 0.24% 42,144 $4.3M New
MU Micron Technology Inc. 0.24% 25,664 $4.3M New
HPE Hewlett Packard Enterprise 0.22% 164,531 $4.0M Reduce -62.7%
BWA Borgwarner Inc. 0.22% 91,181 $4.0M Reduce -57.3%
DINO HF Sinclair Corp. 0.22% 74,875 $3.9M New
BN Brookfield Corp. 0.22% 56,500 $3.9M No change
LKQ LKQ Corp. 0.21% 124,210 $3.8M New
TNL Travel + Leisure Co. 0.21% 63,583 $3.8M New
INCY Incyte Corp. 0.21% 44,135 $3.7M Reduce -36.3%
GTX Garrett Motion Inc. 0.20% 270,470 $3.7M New
VIRT Virtu Financial Inc. Class A 0.20% 103,237 $3.7M New
CALM Cal-Maine Foods Inc. 0.20% 38,089 $3.6M New
DORM Dorman Products Inc. 0.19% 22,392 $3.5M Reduce -59.7%
TIGO Millicom Intl Cellular S.A. 0.19% 71,312 $3.5M New
OC Owens Corning 0.19% 24,382 $3.4M Reduce -14.6%
EXEL Exelixis Inc. 0.19% 81,696 $3.4M Add +7.1%
TOL Toll Brothers Inc. 0.18% 23,670 $3.3M Reduce -59.7%
APAM Artisan Partners Asset Ma -A 0.17% 70,061 $3.0M New
FRO Frontline PLC 0.16% 124,843 $2.8M New
ATKR Atkore Inc. 0.16% 44,841 $2.8M New
SHLS Shoals Technologies Group -A 0.15% 369,142 $2.7M New
UPWK Upwork Inc. 0.15% 146,239 $2.7M New
MTCH Match Group Inc. 0.15% 76,595 $2.7M Reduce -73.2%
BUD Anheuser-Busch Inbev-SPN ADR 0.15% 45,000 $2.7M No change
SUPN Supernus Pharmaceuticals Inc. 0.15% 55,385 $2.6M New
PR Permian Resources Corp. Class A 0.14% 203,761 $2.6M New
OSK Oshkosh Corp. 0.14% 18,991 $2.5M Reduce -45.6%
MTB M & T Bank Corp. filed as M & T BK CORP 0.12% 11,240 $2.2M Reduce -13.7%
HALO Halozyme Therapeutics Inc. 0.12% 30,199 $2.2M Reduce -30.5%
JPM JPMorgan Chase & Co. 0.12% 7,000 $2.2M No change
CPRX Catalyst Pharmaceuticals Inc. 0.12% 108,616 $2.1M New
C Citigroup Inc. 0.12% 20,970 $2.1M Reduce -97.8%
TS Tenaris SA-ADR 0.12% 59,349 $2.1M No change
FNV Franco-Nevada Corp. 0.12% 9,320 $2.1M New
CVX Chevron Corp. 0.09% 11,000 $1.7M No change
NG Novagold Resources Inc. 0.07% 140,480 $1.2M Reduce -66.8%
KGC Kinross Gold Corp. 0.06% 43,604 $1.1M Reduce -95.4%
BBY Best Buy Co. Inc. 0.05% 12,094 $915K Reduce -40.7%
ARCO Arcos Dorados Holdings Inc. Class A 0.05% 127,142 $858K No change
FMX Fomento Economico Mex-SP ADR 0.04% 8,000 $789K No change
DAVA Endava PLC- Spon ADR 0.03% 64,000 $582K Reduce -69.4%
GLDG Goldmining Inc. 0.03% 401,996 $491K Reduce -55.4%
WFC Wells Fargo & Co. 0.02% 5,000 $419K No change
SBRA Sabra Health Care REIT Inc. 0.02% 18,886 $352K New
PSA Public Storage 0.02% 1,150 $332K New
TMHC Taylor Morrison Home Corp. 0.01% 3,363 $222K Reduce -96.7%

Portfolio Sells Q2 2025 → Q3 2025
NEM Newmont Corp. Reduce -82.3% 4.14% −8.74
B Barrick Gold Corp. Sold out 0.00% −8.49
SW Smurfit Westrock PLC Reduce -82.7% 1.86% −6.82
C Citigroup Inc. Reduce -97.8% 0.12% −3.45
GOOGL Alphabet Inc. Class A Reduce -93.3% 0.30% −2.32
RYAAY Ryanair Holdings PLC-SP ADR Reduce -72.1% 0.87% −1.51
CDE Coeur Mining Inc. Sold out 0.00% −1.43
ALC Alcon Inc. Sold out 0.00% −1.21
WPM Wheaton Precious Metals Corp. Sold out 0.00% −0.75
BAC Bank of America Corp. Reduce -35.1% 5.37% −0.67
KGC Kinross Gold Corp. Reduce -95.4% 0.06% −0.59
BTG B2GOLD Corp. Sold out 0.00% −0.54
IPG Interpublic Group of Cos Inc. Sold out 0.00% −0.54
GEN Gen Digital Inc. Sold out 0.00% −0.47
PPC Pilgrim's Pride Corp. Sold out 0.00% −0.45
OVV Ovintiv Inc. Sold out 0.00% −0.43
CHX Championx Corp. Sold out 0.00% −0.39
TAP Molson Coors Beverage Co. Class B Sold out 0.00% −0.39
IQV Iqvia Holdings Inc. Reduce -50.5% 1.09% −0.36
MMS Maximus Inc. Sold out 0.00% −0.32
ACMR Acm Research Inc. Class A Sold out 0.00% −0.30
ARW Arrow Electronics Inc. Reduce -61.6% 0.25% −0.29
PHM Pultegroup Inc. Sold out 0.00% −0.29
G Genpact Ltd. Sold out 0.00% −0.29
BYD Boyd Gaming Corp. Sold out 0.00% −0.29
SNX TD Synnex Corp. Reduce -68.4% 0.25% −0.27
FOXA Fox Corp. Class A Reduce -62.1% 0.31% −0.27
TMHC Taylor Morrison Home Corp. Reduce -96.7% 0.01% −0.26
NGD New Gold Inc. Sold out 0.00% −0.26
KBH KB Home Sold out 0.00% −0.25
MTCH Match Group Inc. Reduce -73.2% 0.15% −0.24
ADM Archer-Daniels-Midland Co. Sold out 0.00% −0.22
REVG Rev Group Inc. Sold out 0.00% −0.22
HPE Hewlett Packard Enterprise Reduce -62.7% 0.22% −0.17
POWL Powell Industries Inc. Sold out 0.00% −0.16
MATX Matson Inc. Sold out 0.00% −0.15
GFF Griffon Corp. Sold out 0.00% −0.13
HRMY Harmony Biosciences Holdings Sold out 0.00% −0.12
AEM Agnico Eagle Mines Ltd. Sold out 0.00% −0.12
TOL Toll Brothers Inc. Reduce -59.7% 0.18% −0.11
DAVA Endava PLC- Spon ADR Reduce -69.4% 0.03% −0.11
DORM Dorman Products Inc. Reduce -59.7% 0.19% −0.11
BWA Borgwarner Inc. Reduce -57.3% 0.22% −0.09
SAND Sandstorm Gold Ltd. Sold out 0.00% −0.09
IAG Iamgold Corp. Sold out 0.00% −0.08
ACLS Axcelis Technologies Inc. Sold out 0.00% −0.08
HRB H&R Block Inc. Reduce -26.8% 0.26% −0.05
FLR Fluor Corp. Sold out 0.00% −0.04
OSK Oshkosh Corp. Reduce -45.6% 0.14% −0.04
CPA Copa Holdings SA Class A Reduce -35.0% 0.24% −0.03

Portfolio Buys Q2 2025 → Q3 2025
COO The Cooper Cos Inc. Add +444.2% 5.14% +4.36
EQX Equinox Gold Corp. Add +15.4% 5.39% +3.48
B Barrick Mining Corp. New 3.28% +3.28
EXR Extra Space Storage Inc. New 2.64% +2.64
BABA Alibaba Group Holding-SP ADR Add +12.3% 3.82% +2.10
FSLR First Solar Inc. New 1.93% +1.93
TSM Taiwan Semiconductor-SP ADR Add +56.4% 3.17% +1.86
MRK Merck & Co. Inc. Add +305.6% 1.72% +1.40
PFE Pfizer Inc. Add +44.5% 2.87% +1.36
BP BP PLC-Spons ADR Add +0.0% 4.40% +1.36
EGO Eldorado Gold Corp. Add +29.2% 2.27% +1.28
TECK Teck Resources Ltd.-CLS B New 1.23% +1.23
UHS Universal Health Services-B New 1.01% +1.01
UTHR United Therapeutics Corp. Add +351.0% 1.13% +0.99
RGLD Royal Gold Inc. New 0.92% +0.92
GILD Gilead Sciences Inc. Add +304.3% 1.13% +0.90
SOLV Solventum Corp. New 0.84% +0.84
IFF Intl Flavors & Fragrances New 0.75% +0.75
REGN Regeneron Pharmaceuticals New 0.67% +0.67
SU Suncor Energy Inc. Add +0.6% 2.18% +0.63
GE General Electric Add +8.9% 1.68% +0.63
XOM Exxon Mobil Corp. Add +0.6% 1.74% +0.42
UHAL.B U-Haul Holding Co.-Non Voting New 0.41% +0.41
PNC PNC Financial Services Group Add +1.0% 1.47% +0.40
BMY Bristol-Myers Squibb Co. New 0.38% +0.38
FHI Federated Hermes Inc. New 0.34% +0.34
JHG Janus Henderson Group PLC New 0.24% +0.24
TROW T Rowe Price Group Inc. New 0.24% +0.24
MU Micron Technology Inc. New 0.24% +0.24
DINO HF Sinclair Corp. New 0.22% +0.22
LKQ LKQ Corp. New 0.21% +0.21
TNL Travel + Leisure Co. New 0.21% +0.21
GTX Garrett Motion Inc. New 0.20% +0.20
VIRT Virtu Financial Inc. Class A New 0.20% +0.20
CALM Cal-Maine Foods Inc. New 0.20% +0.20
TIGO Millicom Intl Cellular S.A. New 0.19% +0.19
APAM Artisan Partners Asset Ma -A New 0.17% +0.17
FRO Frontline PLC New 0.16% +0.16
ATKR Atkore Inc. New 0.16% +0.16
SHLS Shoals Technologies Group -A New 0.15% +0.15
UPWK Upwork Inc. New 0.15% +0.15
SUPN Supernus Pharmaceuticals Inc. New 0.15% +0.15
PR Permian Resources Corp. Class A New 0.14% +0.14
CMCSA Comcast Corp. Class A Add +85.7% 0.24% +0.12
NE Noble Corp. PLC Add +1.3% 0.46% +0.12
CPRX Catalyst Pharmaceuticals Inc. New 0.12% +0.12
FNV Franco-Nevada Corp. New 0.12% +0.12
PM Philip Morris International Add +1.0% 0.86% +0.10
EXEL Exelixis Inc. Add +7.1% 0.19% +0.04
SBRA Sabra Health Care REIT Inc. New 0.02% +0.02

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