Ruffer LLP

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed January 28, 2026), Ruffer LLP reported 154 stock positions worth $2.2 billion. Its top holding was Smurfit Westrock (SW) at 7.9% of the portfolio, followed by Coinbase Global Class A (COIN, 7.6%) and Amazon.com (AMZN, 7.1%). Compared with Q3 2025, it opened 83 new positions, sold out of 30, added to 28 and reduced 34. The biggest buy was a new position in Coinbase Global Class A (COIN) and the biggest sale Cooper Cos (COO, shares −77%).

Most Recent 13F
Q2 2026
Location
LONDON, X0
CIK
0001426859
Portfolio Value
$2.2B (Q4 2025)
SEC Filing
0001426859-26-000001 ↗ filed Jan 28, 2026

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 Q3 2025 Q4 2025: $2.2B $2.2B Q4 2025 Q1 2026: $2.4B Q1 2026 Q2 2026: $2.8B Q2 2026

Holdings 154 stocks · $2.2B
SW Smurfit Westrock PLC 7.94% 4,504,151 $174.4M Add +473.4%
COIN Coinbase Global Inc. Class A 7.58% 735,190 $166.5M New
AMZN Amazon.com Inc. 7.07% 671,466 $155.2M Reduce -0.2%
BAC Bank of America Corp. filed as BANK AMERICA CORP 4.18% 1,668,030 $91.9M Reduce -10.9%
EQX Equinox Gold Corp. 3.71% 5,791,948 $81.5M Reduce -33.1%
BP BP PLC-Spons ADR 3.54% 2,235,750 $77.8M Reduce -2.6%
BABA Alibaba Group Holding-SP ADR 3.22% 481,064 $70.6M Add +25.0%
DIS The Walt Disney Co. filed as DISNEY WALT CO 2.94% 567,615 $64.7M New
EGO Eldorado Gold Corp. 2.64% 1,611,656 $58.0M Add +14.1%
EXR Extra Space Storage Inc. 2.29% 385,535 $50.3M Add +14.4%
SOLV Solventum Corp. 2.22% 614,558 $48.8M Add +196.1%
FND Floor & Decor Holdings Inc. Class A 2.15% 774,470 $47.2M New
CGAU Centerra Gold Inc. 2.14% 3,255,131 $47.0M Reduce -44.9%
SU Suncor Energy Inc. 2.02% 999,168 $44.5M Add +6.9%
SLB SLB Ltd. filed as SLB LIMITED 2.01% 1,146,543 $44.1M New
ARIS Aris Mining Corp. filed as ARIS MNG CORP 1.96% 2,647,139 $43.1M Reduce -35.7%
XOM Exxon Mobil Corp. 1.76% 320,081 $38.6M Add +15.0%
GAU Galiano Gold Inc. 1.66% 14,305,507 $36.5M Reduce -13.9%
GE General Electric filed as GE AEROSPACE 1.65% 117,301 $36.2M Add +16.9%
PFE Pfizer Inc. 1.50% 1,324,096 $33.0M Reduce -34.5%
PAAS Pan American Silver Corp. 1.44% 608,328 $31.6M Reduce -32.5%
PNC PNC Financial Services Group 1.43% 150,102 $31.4M Add +13.8%
UNP Union Pacific Corp. 1.41% 133,430 $30.9M New
PM Philip Morris International 1.38% 189,305 $30.4M Add +99.1%
LAMR Lamar Advertising Co. Class A 1.38% 239,820 $30.4M New
B Barrick Mining Corp. 1.29% 650,660 $28.4M Reduce -63.9%
AU Anglogold Ashanti PLC 1.25% 320,997 $27.4M Reduce -45.7%
NOMD Nomad Foods Ltd. 1.22% 2,140,876 $26.8M New
COO The Cooper Cos Inc. 1.17% 312,164 $25.6M Reduce -76.8%
TECK Teck Resources Ltd.-CLS B 0.98% 447,145 $21.4M Reduce -11.0%
SKE Skeena Resources Ltd. 0.88% 814,056 $19.4M Reduce -35.9%
VIST Vista Energy Sab DE CV 0.88% 394,510 $19.2M New
NEM Newmont Corp. 0.75% 164,819 $16.5M Reduce -81.4%
IFF Intl Flavors & Fragrances filed as INTERNATIONAL FLAVORS&FRAGRA 0.73% 237,473 $16.0M Add +7.8%
SIG Signet Jewelers Ltd. 0.70% 185,192 $15.4M New
CP Canadian Pacific Kansas City 0.69% 206,459 $15.2M New
RGLD Royal Gold Inc. 0.67% 65,900 $14.7M Reduce -20.5%
UHAL.B U-Haul Holding Co.-Non Voting 0.65% 304,952 $14.3M Add +109.3%
AA Alcoa Corp. 0.64% 265,910 $14.2M New
ITRG Integra Resources Corp. 0.55% 3,006,453 $12.1M Reduce -4.8%
TSM Taiwan Semiconductor-SP ADR 0.43% 31,175 $9.5M Reduce -84.8%
FHI Federated Hermes Inc. 0.36% 149,689 $7.8M Add +28.2%
FOXA Fox Corp. Class A 0.34% 103,210 $7.6M Add +18.4%
DV Doubleverify Holdings Inc. 0.34% 645,691 $7.4M New
MMS Maximus Inc. 0.32% 80,396 $7.0M New
JHG Janus Henderson Group PLC 0.30% 139,713 $6.7M Add +42.3%
CDE Coeur Mining Inc. 0.30% 366,238 $6.5M New
TROW T Rowe Price Group Inc. filed as PRICE T ROWE GROUP INC 0.29% 61,083 $6.3M Add +44.9%
CPA Copa Holdings SA Class A 0.27% 48,819 $5.9M Add +32.9%
SAIC Science Applications Inte 0.26% 57,664 $5.8M New
SNX TD Synnex Corp. 0.25% 36,770 $5.5M Add +35.2%
MICC The Magnum Ice Cream Co. NV 0.25% 340,183 $5.4M New
TFX Teleflex Inc. 0.23% 42,166 $5.2M New
HRB H&R Block Inc. filed as BLOCK H & R INC 0.23% 118,033 $5.2M Add +28.4%
VIRT Virtu Financial Inc. Class A 0.23% 149,707 $5.0M Add +45.0%
DINO HF Sinclair Corp. 0.21% 102,340 $4.7M Add +36.7%
CALM Cal-Maine Foods Inc. 0.21% 58,210 $4.6M Add +52.8%
CNYA iShares MSCI China A ETF 0.21% 131,000 $4.5M New
BRK.B Berkshire Hathaway Inc. Class B 0.21% 9,000 $4.5M No change
PBI Pitney Bowes Inc. 0.20% 423,474 $4.5M New
MU Micron Technology Inc. 0.20% 15,569 $4.5M Reduce -39.3%
LEA Lear Corp. 0.20% 38,300 $4.4M New
DHT DHT Holdings Inc. 0.20% 358,738 $4.4M New
STNG Scorpio Tankers Inc. 0.20% 85,914 $4.4M New
BWA Borgwarner Inc. 0.19% 91,926 $4.1M Add +0.8%
BN Brookfield Corp. 0.18% 84,750 $3.9M No change
BBY Best Buy Co. Inc. 0.18% 57,606 $3.9M Add +376.3%
OSK Oshkosh Corp. 0.17% 29,982 $3.8M Add +57.9%
TNK Teekay Tankers Ltd. Class A 0.17% 69,863 $3.7M New
CROX Crocs Inc. 0.17% 42,877 $3.7M New
GM General Motors Co. 0.17% 44,694 $3.6M New
PRKS United Parks & Resorts Inc. 0.16% 97,970 $3.6M New
RPRX Royalty Pharma PLC Class A 0.16% 90,432 $3.5M Reduce -30.5%
RH RH 0.16% 19,219 $3.4M New
BBT Beacon Financial Corp. 0.16% 130,048 $3.4M New
BBWI Bath & Body Works Inc. 0.16% 170,505 $3.4M New
VAC Marriott Vacations World 0.15% 58,907 $3.4M New
TGT Target Corp. 0.15% 34,456 $3.4M New
ACI Albertsons Cos Inc. Class A 0.15% 195,920 $3.4M New
ALIT Alight Inc. Class A 0.15% 1,710,398 $3.3M New
GTX Garrett Motion Inc. 0.15% 186,239 $3.3M Reduce -31.1%
LTH Life Time Group Holdings Inc. 0.15% 121,167 $3.2M New
JACK Jack in the Box Inc. 0.15% 169,792 $3.2M New
WEN The Wendy's Co. 0.15% 382,890 $3.2M New
KMX Carmax Inc. 0.14% 82,204 $3.2M New
VOYA Voya Financial Inc. 0.14% 42,265 $3.2M New
OZK Bank Ozk 0.14% 68,063 $3.1M New
RDN Radian Group Inc. 0.14% 86,970 $3.1M New
ASB Associated Banc-Corp. 0.14% 121,477 $3.1M New
UBSI United Bankshares Inc. 0.14% 81,408 $3.1M New
PAYC Paycom Software Inc. 0.14% 19,584 $3.1M New
BOH Bank of Hawaii Corp. filed as BANK HAWAII CORP 0.14% 45,370 $3.1M New
SSB Southstate Bank Corp. 0.14% 32,661 $3.1M New
FULT Fulton Financial Corp. 0.14% 158,786 $3.1M New
GO Grocery Outlet Holding Corp. 0.14% 302,619 $3.1M New
UCB United Community Banks 0.14% 97,641 $3.1M New
FHB First Hawaiian Inc. 0.14% 119,509 $3.0M New
SKYW Skywest Inc. 0.14% 30,038 $3.0M New
BNO United States Brent Oil Fund 0.14% 106,450 $3.0M New
HOMB Home Bancshares Inc. 0.14% 108,357 $3.0M New
AUB Atlantic Union Bankshares Co. 0.14% 84,181 $3.0M New
PB Prosperity Bancshares Inc. 0.14% 42,828 $3.0M New
EBC Eastern Bankshares Inc. 0.13% 160,133 $3.0M New
APTV Aptiv PLC 0.13% 38,692 $2.9M New
CRBG Corebridge Financial Inc. 0.13% 97,176 $2.9M New
SNV Synovus Financial Corp. 0.13% 58,348 $2.9M New
HASI Ha Sustainable Infrastructur 0.13% 91,948 $2.9M New
BUD Anheuser-Busch Inbev-SPN ADR 0.13% 45,000 $2.9M No change
ONB Old National Bancorp 0.13% 128,478 $2.9M New
CZR Caesars Entertainment Inc. 0.13% 120,390 $2.8M New
WAL Western Alliance Bancorp 0.13% 33,236 $2.8M New
MHO M/I Homes Inc. 0.13% 21,832 $2.8M New
OSISKO DEVELOPMENT CORP 0.12% 754,799 $2.6M New
KSS Kohls Corp. 0.12% 128,343 $2.6M New
CART Maplebear Inc. 0.12% 56,987 $2.6M New
INCY Incyte Corp. 0.11% 25,342 $2.5M Reduce -42.6%
DORM Dorman Products Inc. 0.11% 20,247 $2.5M Reduce -9.6%
NBIX Neurocrine Biosciences Inc. 0.11% 17,453 $2.5M New
JAZZ Jazz Pharmaceuticals PLC 0.11% 14,242 $2.4M New
JPM JPMorgan Chase & Co. 0.10% 7,000 $2.3M No change
PSIX Power Solutions Internationa 0.10% 38,063 $2.2M New
PLAY Dave & Buster's Entertainmen 0.10% 130,065 $2.1M New
BTG B2GOLD Corp. 0.09% 454,824 $2.1M New
EXEL Exelixis Inc. 0.09% 46,500 $2.0M Reduce -43.1%
HALO Halozyme Therapeutics Inc. 0.08% 26,121 $1.8M Reduce -13.5%
SUPN Supernus Pharmaceuticals Inc. 0.08% 34,327 $1.7M Reduce -38.0%
CVX Chevron Corp. 0.08% 11,000 $1.7M No change
CPRX Catalyst Pharmaceuticals Inc. 0.08% 70,807 $1.7M Reduce -34.8%
C Citigroup Inc. 0.07% 13,850 $1.6M Reduce -34.0%
RIGL Rigel Pharmaceuticals Inc. 0.07% 37,244 $1.6M New
HRMY Harmony Biosciences Holdings 0.07% 40,993 $1.5M New
NG Novagold Resources Inc. 0.06% 152,710 $1.4M Add +8.7%
FNV Franco-Nevada Corp. 0.06% 6,220 $1.3M Reduce -33.3%
GOOGL Alphabet Inc. Class A 0.06% 3,900 $1.2M Reduce -82.6%
AEM Agnico Eagle Mines Ltd. 0.04% 5,791 $983K New
CENX Century Aluminum Company 0.04% 23,851 $936K New
ARCO Arcos Dorados Holdings Inc. Class A 0.04% 127,142 $935K No change
GILD Gilead Sciences Inc. 0.04% 6,918 $850K Reduce -96.2%
FMX Fomento Economico Mex-SP ADR 0.04% 8,000 $810K No change
MTB M & T Bank Corp. filed as M & T BK CORP 0.04% 4,000 $807K Reduce -64.4%
CPER United States Copper Index 0.04% 22,400 $784K New
GLDG Goldmining Inc. 0.02% 401,996 $505K No change
AGNC AGNC Investment Corp. 0.02% 46,517 $499K New
WFC Wells Fargo & Co. 0.02% 5,000 $467K No change
SBRA Sabra Health Care REIT Inc. 0.02% 23,094 $438K Add +22.3%
EPR Epr Properties filed as EPR PPTYS 0.02% 7,255 $363K New
PSA Public Storage 0.02% 1,380 $359K Add +20.0%
PR Permian Resources Corp. Class A 0.01% 14,661 $206K Reduce -92.8%
DAVA Endava PLC- Spon ADR 0.01% 32,000 $203K Reduce -50.0%
RITM Rithm Capital Corp. 0.01% 10,367 $113K New
PK Park Hotels & Resorts Inc. 0.01% 10,603 $111K New
DRH Diamondrock Hospitality Co. 0.00% 11,963 $107K New
ORC Orchid Island Capital Inc. 0.00% 14,790 $107K New
ABR Arbor Realty Trust Inc. 0.00% 13,677 $106K New

Portfolio Sells Q3 2025 → Q4 2025
COO The Cooper Cos Inc. Reduce -76.8% 1.17% −3.97
NEM Newmont Corp. Reduce -81.4% 0.75% −3.39
TSM Taiwan Semiconductor-SP ADR Reduce -84.8% 0.43% −2.74
B Barrick Mining Corp. Reduce -63.9% 1.29% −1.99
FSLR First Solar Inc. Sold out 0.00% −1.93
MRK Merck & Co. Inc. Sold out 0.00% −1.72
EQX Equinox Gold Corp. Reduce -33.1% 3.71% −1.68
CGAU Centerra Gold Inc. Reduce -44.9% 2.14% −1.38
PFE Pfizer Inc. Reduce -34.5% 1.50% −1.36
BAC Bank of America Corp. Reduce -10.9% 4.18% −1.18
AMZN Amazon.com Inc. Reduce -0.2% 7.07% −1.14
UTHR United Therapeutics Corp. Sold out 0.00% −1.13
IQV Iqvia Holdings Inc. Sold out 0.00% −1.09
GILD Gilead Sciences Inc. Reduce -96.2% 0.04% −1.09
AU Anglogold Ashanti PLC Reduce -45.7% 1.25% −1.06
UHS Universal Health Services-B Sold out 0.00% −1.01
RYAAY Ryanair Holdings PLC-SP ADR Sold out 0.00% −0.87
BP BP PLC-Spons ADR Reduce -2.6% 3.54% −0.85
CAKE The Cheesecake Factory Inc. Sold out 0.00% −0.81
REGN Regeneron Pharmaceuticals Sold out 0.00% −0.67
PAAS Pan American Silver Corp. Reduce -32.5% 1.44% −0.50
AAUC Allied Gold Corp. Sold out 0.00% −0.48
NE Noble Corp. PLC Sold out 0.00% −0.46
SKE Skeena Resources Ltd. Reduce -35.9% 0.88% −0.42
BMY Bristol-Myers Squibb Co. Sold out 0.00% −0.38
GAU Galiano Gold Inc. Reduce -13.9% 1.66% −0.35
ARIS Aris Mining Corp. Reduce -35.7% 1.96% −0.28
MLI Mueller Industries Inc. Sold out 0.00% −0.27
ENS Enersys Sold out 0.00% −0.26
RGLD Royal Gold Inc. Reduce -20.5% 0.67% −0.26
TECK Teck Resources Ltd.-CLS B Reduce -11.0% 0.98% −0.25
ARW Arrow Electronics Inc. Sold out 0.00% −0.25
GOOGL Alphabet Inc. Class A Reduce -82.6% 0.06% −0.25
CMCSA Comcast Corp. Class A Sold out 0.00% −0.24
HPE Hewlett Packard Enterprise Sold out 0.00% −0.22
LKQ LKQ Corp. Sold out 0.00% −0.21
TNL Travel + Leisure Co. Sold out 0.00% −0.21
TIGO Millicom Intl Cellular S.A. Sold out 0.00% −0.19
OC Owens Corning Sold out 0.00% −0.19
TOL Toll Brothers Inc. Sold out 0.00% −0.18
APAM Artisan Partners Asset Ma -A Sold out 0.00% −0.17
FRO Frontline PLC Sold out 0.00% −0.16
ATKR Atkore Inc. Sold out 0.00% −0.16
SHLS Shoals Technologies Group -A Sold out 0.00% −0.15
UPWK Upwork Inc. Sold out 0.00% −0.15
MTCH Match Group Inc. Sold out 0.00% −0.15
PR Permian Resources Corp. Class A Reduce -92.8% 0.01% −0.14
TS Tenaris SA-ADR Sold out 0.00% −0.12
RPRX Royalty Pharma PLC Class A Reduce -30.5% 0.16% −0.10
EXEL Exelixis Inc. Reduce -43.1% 0.09% −0.09

Portfolio Buys Q3 2025 → Q4 2025
COIN Coinbase Global Inc. Class A New 7.58% +7.58
SW Smurfit Westrock PLC Add +473.4% 7.94% +6.08
DIS The Walt Disney Co. New 2.94% +2.94
FND Floor & Decor Holdings Inc. Class A New 2.15% +2.15
SLB SLB Ltd. New 2.01% +2.01
UNP Union Pacific Corp. New 1.41% +1.41
LAMR Lamar Advertising Co. Class A New 1.38% +1.38
SOLV Solventum Corp. Add +196.1% 2.22% +1.38
NOMD Nomad Foods Ltd. New 1.22% +1.22
VIST Vista Energy Sab DE CV New 0.88% +0.88
SIG Signet Jewelers Ltd. New 0.70% +0.70
CP Canadian Pacific Kansas City New 0.69% +0.69
AA Alcoa Corp. New 0.64% +0.64
PM Philip Morris International Add +99.1% 1.38% +0.53
EGO Eldorado Gold Corp. Add +14.1% 2.64% +0.37
DV Doubleverify Holdings Inc. New 0.34% +0.34
MMS Maximus Inc. New 0.32% +0.32
CDE Coeur Mining Inc. New 0.30% +0.30
SAIC Science Applications Inte New 0.26% +0.26
MICC The Magnum Ice Cream Co. NV New 0.25% +0.25
UHAL.B U-Haul Holding Co.-Non Voting Add +109.3% 0.65% +0.24
TFX Teleflex Inc. New 0.23% +0.23
CNYA iShares MSCI China A ETF New 0.21% +0.21
PBI Pitney Bowes Inc. New 0.20% +0.20
LEA Lear Corp. New 0.20% +0.20
DHT DHT Holdings Inc. New 0.20% +0.20
STNG Scorpio Tankers Inc. New 0.20% +0.20
TNK Teekay Tankers Ltd. Class A New 0.17% +0.17
CROX Crocs Inc. New 0.17% +0.17
GM General Motors Co. New 0.17% +0.17
PRKS United Parks & Resorts Inc. New 0.16% +0.16
RH RH New 0.16% +0.16
BBT Beacon Financial Corp. New 0.16% +0.16
BBWI Bath & Body Works Inc. New 0.16% +0.16
VAC Marriott Vacations World New 0.15% +0.15
TGT Target Corp. New 0.15% +0.15
ACI Albertsons Cos Inc. Class A New 0.15% +0.15
ALIT Alight Inc. Class A New 0.15% +0.15
LTH Life Time Group Holdings Inc. New 0.15% +0.15
JACK Jack in the Box Inc. New 0.15% +0.15
WEN The Wendy's Co. New 0.15% +0.15
KMX Carmax Inc. New 0.14% +0.14
VOYA Voya Financial Inc. New 0.14% +0.14
OZK Bank Ozk New 0.14% +0.14
ASB Associated Banc-Corp. New 0.14% +0.14
RDN Radian Group Inc. New 0.14% +0.14
UBSI United Bankshares Inc. New 0.14% +0.14
PAYC Paycom Software Inc. New 0.14% +0.14
BOH Bank of Hawaii Corp. New 0.14% +0.14
SSB Southstate Bank Corp. New 0.14% +0.14

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