Ruffer LLP

In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 13, 2026), Ruffer LLP reported 176 stock positions worth $2.4 billion. Its top holding was Coinbase Global Class A (COIN) at 10.3% of the portfolio, followed by Alibaba Group Holding-SP ADR (BABA, 6.0%) and Amazon.com (AMZN, 4.8%). Compared with Q4 2025, it opened 90 new positions, sold out of 68, added to 34 and reduced 42. The biggest buy was a new position in Microsoft (MSFT) and the biggest sale Smurfit Westrock (SW, shares −38%).

Most Recent 13F
Q2 2026
Location
LONDON, X0
CIK
0001426859
Portfolio Value
$2.4B (Q1 2026)
SEC Filing
0001426859-26-000005 ↗ filed May 13, 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 Q4 2025 Q1 2026: $2.4B $2.4B Q1 2026 Q2 2026: $2.8B Q2 2026

Holdings 176 stocks · $2.4B
COIN Coinbase Global Inc. Class A 10.29% 1,435,990 $251.5M Add +95.3%
BABA Alibaba Group Holding-SP ADR 6.03% 1,171,229 $147.4M Add +143.5%
AMZN Amazon.com Inc. 4.80% 561,527 $117.3M Reduce -16.4%
MSFT Microsoft Corp. 4.76% 313,446 $116.4M New
SW Smurfit Westrock PLC 4.56% 2,786,197 $111.3M Reduce -38.1%
BP BP PLC-Spons ADR 4.05% 2,098,006 $98.9M Reduce -6.2%
SLB SLB Ltd. filed as SLB LIMITED 3.25% 1,542,086 $79.5M Add +34.5%
BF.B Brown-Forman Corp. Class B 2.96% 2,731,876 $72.4M New
SU Suncor Energy Inc. 2.72% 1,004,062 $66.4M Add +0.5%
BAC Bank of America Corp. filed as BANK AMERICA CORP 2.63% 1,315,860 $64.3M Reduce -21.1%
EQX Equinox Gold Corp. 2.44% 4,126,835 $59.7M Reduce -28.8%
SOLV Solventum Corp. 2.30% 859,993 $56.3M Add +39.9%
FND Floor & Decor Holdings Inc. Class A 2.29% 1,100,725 $56.1M Add +42.1%
XOM Exxon Mobil Corp. 2.24% 321,706 $54.7M Add +0.5%
LAMR Lamar Advertising Co. Class A 1.76% 338,490 $43.0M Add +41.1%
UNP Union Pacific Corp. 1.68% 169,256 $41.2M Add +26.9%
VIST Vista Energy Sab DE CV 1.65% 532,920 $40.3M Add +35.1%
ARIS Aris Mining Corp. 1.42% 1,872,533 $34.8M Reduce -29.3%
GE General Electric filed as GE AEROSPACE 1.37% 118,042 $33.6M Add +0.6%
GAU Galiano Gold Inc. 1.35% 13,224,532 $33.1M Reduce -7.6%
PFE Pfizer Inc. 1.32% 1,149,753 $32.4M Reduce -13.2%
EGO Eldorado Gold Corp. 1.27% 899,358 $31.0M Reduce -44.2%
PNC PNC Financial Services Group 1.26% 147,395 $30.8M Reduce -1.8%
CP Canadian Pacific Kansas City 1.21% 374,542 $29.5M Add +81.4%
BKNG Booking Holdings Inc. 1.06% 6,147 $26.0M New
B Barrick Mining Corp. 0.96% 571,425 $23.4M Reduce -12.2%
SSRM SSR Mining Inc. 0.88% 731,624 $21.6M New
IFF Intl Flavors & Fragrances filed as INTERNATIONAL FLAVORS&FRAGRA 0.87% 291,613 $21.2M Add +22.8%
SIG Signet Jewelers Ltd. 0.79% 227,635 $19.3M Add +22.9%
COO The Cooper Cos Inc. 0.63% 216,171 $15.5M Reduce -30.8%
WBD Warner Bros Discovery Inc. 0.63% 561,089 $15.5M New
NEM Newmont Corp. 0.60% 134,459 $14.6M Reduce -18.4%
MHK Mohawk Industries Inc. 0.58% 144,300 $14.2M New
UHAL.B U-Haul Holding Co.-Non Voting 0.55% 299,133 $13.4M Reduce -1.9%
CGAU Centerra Gold Inc. 0.53% 730,816 $13.0M Reduce -77.5%
PM Philip Morris International 0.49% 71,879 $11.9M Reduce -62.0%
SKE Skeena Resources Ltd. 0.49% 399,036 $11.9M Reduce -51.0%
RGLD Royal Gold Inc. 0.48% 46,270 $11.8M Reduce -29.8%
MICC The Magnum Ice Cream Co. NV 0.45% 755,564 $11.1M Add +122.1%
ITRG Integra Resources Corp. 0.44% 3,985,025 $10.8M Add +32.5%
KGC Kinross Gold Corp. 0.42% 332,440 $10.2M New
AU Anglogold Ashanti PLC 0.39% 98,228 $9.6M Reduce -69.4%
PAAS Pan American Silver Corp. 0.38% 170,303 $9.3M Reduce -72.0%
KGS Kodiak Gas Services Inc. 0.35% 147,870 $8.6M New
AM Antero Midstream Corp. 0.33% 350,360 $8.0M New
NFG National Fuel Gas Co. 0.32% 82,360 $7.8M New
TRP TC Energy Corp. 0.32% 123,040 $7.7M New
VG Venture Global Inc. Class A 0.30% 460,805 $7.3M New
CDE Coeur Mining Inc. 0.30% 384,032 $7.2M Add +4.9%
BCE Bce Inc. 0.29% 280,040 $7.1M New
PAYX Paychex Inc. 0.29% 76,426 $7.1M New
PAYC Paycom Software Inc. 0.28% 55,224 $6.7M Add +182.0%
SNX TD Synnex Corp. 0.27% 38,663 $6.5M Add +5.2%
CNI Canadian Natl Railway Co. 0.27% 63,110 $6.5M New
MHO M/I Homes Inc. 0.26% 52,259 $6.4M Add +139.4%
LYB Lyondellbasell Indu Class A 0.26% 77,910 $6.3M New
FOXA Fox Corp. Class A 0.25% 105,568 $6.2M Add +2.3%
AA Alcoa Corp. 0.25% 92,720 $6.2M Reduce -65.1%
CSX CSX Corp. 0.25% 148,210 $6.1M New
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.24% 61,280 $5.9M Reduce -89.2%
DV Doubleverify Holdings Inc. 0.24% 612,017 $5.8M Reduce -5.2%
TSM Taiwan Semiconductor-SP ADR 0.22% 15,625 $5.3M Reduce -49.9%
TROW T Rowe Price Group Inc. filed as PRICE T ROWE GROUP INC 0.21% 56,256 $5.1M Reduce -7.9%
EXEL Exelixis Inc. 0.21% 117,923 $5.1M Add +153.6%
CPA Copa Holdings SA Class A 0.21% 44,099 $5.0M Reduce -9.7%
DHT DHT Holdings Inc. 0.20% 265,737 $4.9M Reduce -25.9%
ARW Arrow Electronics Inc. 0.20% 33,745 $4.9M New
CMC Commercial Metals Co. 0.20% 78,194 $4.8M New
NBIX Neurocrine Biosciences Inc. 0.20% 36,133 $4.8M Add +107.0%
FHI Federated Hermes Inc. 0.19% 82,909 $4.7M Reduce -44.6%
GEN Gen Digital Inc. 0.19% 249,636 $4.7M New
DINO HF Sinclair Corp. 0.19% 75,170 $4.7M Reduce -26.6%
MMS Maximus Inc. 0.19% 73,047 $4.7M Reduce -9.1%
LEA Lear Corp. 0.19% 38,448 $4.7M Add +0.4%
ANIP Ani Pharmaceuticals Inc. 0.19% 60,191 $4.6M New
BBY Best Buy Co. Inc. 0.19% 70,792 $4.6M Add +22.9%
INCY Incyte Corp. 0.18% 47,368 $4.5M Add +86.9%
BRK.B Berkshire Hathaway Inc. Class B 0.18% 9,000 $4.3M No change
FLNG Flex LNG Ltd. 0.18% 144,610 $4.3M New
SMPL The Simply Good Foods Co. 0.18% 299,062 $4.3M New
FTNT Fortinet Inc. 0.18% 52,456 $4.3M New
CTSH Cognizant Tech Solutions-A 0.17% 69,284 $4.3M New
LIN Linde PLC 0.17% 8,560 $4.3M New
IT Gartner Inc. 0.17% 26,408 $4.2M New
DT Dynatrace Inc. 0.17% 113,055 $4.2M New
EMN Eastman Chemical Co. 0.17% 54,740 $4.2M New
ACN Accenture PLC Class A 0.17% 20,983 $4.2M New
FRO Frontline PLC 0.17% 119,152 $4.2M New
SAIC Science Applications Inte 0.17% 43,455 $4.1M Reduce -24.6%
INFY Infosys Ltd.-SP ADR 0.17% 304,957 $4.1M New
DOX Amdocs Ltd. 0.17% 62,880 $4.1M New
CRM Salesforce Inc. 0.17% 21,898 $4.1M New
GM General Motors Co. 0.17% 54,616 $4.1M Add +22.2%
G Genpact Ltd. 0.17% 109,092 $4.1M New
DD Dupont DE Nemours Inc. 0.17% 88,140 $4.0M New
INTU Intuit Inc. 0.16% 9,271 $4.0M New
DORM Dorman Products Inc. 0.16% 38,011 $4.0M Add +87.7%
SSNC Ss&c Technologies Holdings 0.16% 58,535 $4.0M New
SFL SFL Corp. Ltd. 0.15% 350,080 $3.8M New
GTX Garrett Motion Inc. 0.15% 205,949 $3.8M Add +10.6%
JHG Janus Henderson Group PLC 0.15% 72,374 $3.7M Reduce -48.2%
PBI Pitney Bowes Inc. 0.15% 328,645 $3.6M Reduce -22.4%
ESI Element Solutions Inc. 0.15% 105,820 $3.6M New
APAM Artisan Partners Asset Ma -A 0.15% 98,783 $3.6M New
ASH Ashland Inc. 0.15% 64,533 $3.6M New
VIRT Virtu Financial Inc. Class A 0.15% 81,146 $3.6M Reduce -45.8%
BEN Franklin Templeton Inc. 0.14% 146,037 $3.5M New
BN Brookfield Corp. 0.14% 84,750 $3.4M No change
SKYW Skywest Inc. 0.13% 35,030 $3.2M Add +16.6%
KMX Carmax Inc. 0.13% 75,625 $3.2M Reduce -8.0%
BUD Anheuser-Busch Inbev-SPN ADR 0.13% 45,000 $3.1M No change
OSISKO DEVELOPMENT CORP 0.13% 957,579 $3.1M Add +26.9%
CNM Core & Main Inc. Class A 0.13% 62,938 $3.1M New
LTH Life Time Group Holdings Inc. 0.13% 115,235 $3.1M Reduce -4.9%
CHH Choice Hotels Intl Inc. 0.12% 29,389 $3.1M New
FSLR First Solar Inc. 0.12% 15,099 $3.0M New
TGT Target Corp. 0.12% 24,408 $3.0M Reduce -29.2%
EAT Brinker International Inc. 0.12% 20,676 $3.0M New
HRMY Harmony Biosciences Holdings 0.12% 104,658 $2.9M Add +155.3%
CENX Century Aluminum Company 0.12% 49,850 $2.9M Add +109.0%
SFM Sprouts Farmers Market Inc. 0.12% 36,695 $2.8M New
PCTY Paylocity Holding Corp. 0.11% 25,914 $2.8M New
ANF Abercrombie & Fitch Co. Class A 0.11% 30,270 $2.8M New
URBN Urban Outfitters Inc. 0.11% 43,543 $2.8M New
ADP Automatic Data Processing 0.11% 13,546 $2.8M New
BYD Boyd Gaming Corp. 0.11% 33,481 $2.8M New
INDV Indivior Pharmaceuticals Inc. 0.11% 90,247 $2.8M New
APTV Aptiv PLC 0.11% 39,310 $2.7M Add +1.6%
IVZ Invesco Ltd. 0.11% 112,202 $2.7M New
VVV Valvoline Inc. 0.11% 80,326 $2.7M New
SGHC Super Group SGHC Ltd. 0.11% 248,002 $2.7M New
RRR Red Rock Resorts Inc. Class A 0.10% 47,257 $2.5M New
SITE Siteone Landscape Supply Inc. 0.10% 18,718 $2.5M New
BCC Boise Cascade Co. 0.10% 32,680 $2.5M New
TTD Trade Desk Inc./the Class A filed as THE TRADE DESK INC 0.10% 108,421 $2.5M New
DAVE Dave Inc. 0.10% 13,841 $2.4M New
W Wayfair Inc. Class A 0.10% 31,465 $2.4M New
CVX Chevron Corp. 0.09% 11,000 $2.3M No change
FBIN Fortune Brands Innovations I 0.09% 58,029 $2.3M New
AWI Armstrong World Industries 0.09% 13,615 $2.3M New
MUSA Murphy USA Inc. 0.09% 4,522 $2.2M New
DPZ Domino's Pizza Inc. 0.09% 6,153 $2.2M New
WRBY Warby Parker Inc. Class A 0.09% 104,274 $2.2M New
ASO Academy Sports & Outdoors Inc. 0.09% 38,700 $2.2M New
TSCO Tractor Supply Company 0.09% 46,191 $2.1M New
JPM JPMorgan Chase & Co. 0.08% 7,000 $2.1M No change
EXP Eagle Materials Inc. 0.08% 10,661 $2.0M New
DG Dollar General Corp. 0.08% 16,840 $2.0M New
PAGS Pagseguro Digital Ltd. Class A 0.08% 199,225 $2.0M New
DDS Dillards Inc. Class A 0.08% 3,433 $2.0M New
BLD Topbuild Corp. 0.08% 5,478 $1.9M New
BOOT Boot Barn Holdings Inc. 0.08% 12,935 $1.9M New
LEN Lennar Corp. Class A 0.07% 20,580 $1.8M New
DRI Darden Restaurants Inc. 0.07% 8,978 $1.8M New
VZLA Vizsla Silver Corp. 0.07% 499,777 $1.7M New
CAKE The Cheesecake Factory Inc. 0.07% 29,180 $1.6M New
SLNO Soleno Therapeutics Inc. 0.06% 46,673 $1.6M New
HMY Harmony Gold MNG-Spon ADR 0.06% 96,152 $1.5M New
CNYA iShares MSCI China A ETF 0.06% 40,740 $1.4M Reduce -68.9%
FNV Franco-Nevada Corp. 0.04% 4,320 $1.1M Reduce -30.6%
ARCO Arcos Dorados Holdings Inc. Class A 0.04% 127,142 $1.1M No change
NG Novagold Resources Inc. 0.04% 108,010 $973K Reduce -29.3%
INSW International Seaways Inc. 0.04% 12,606 $921K New
FMX Fomento Economico Mex-SP ADR 0.04% 8,000 $891K No change
MTB M & T Bank Corp. filed as M & T BK CORP 0.03% 4,000 $829K No change
MKL Markel Group Inc. 0.03% 410 $787K New
TNL Travel + Leisure Co. 0.02% 7,496 $520K New
GLDG Goldmining Inc. 0.02% 401,996 $480K No change
WFC Wells Fargo & Co. 0.02% 5,000 $399K No change
EPR Epr Properties filed as EPR PPTYS 0.01% 6,480 $325K Reduce -10.7%
AVT Avnet Inc. 0.01% 4,723 $292K New
FIVE Five Below 0.01% 1,254 $287K New
SKY Champion Homes Inc. 0.01% 3,548 $265K New
TOL Toll Brothers Inc. 0.01% 1,924 $263K New
DHI D.R. Horton Inc. 0.01% 1,911 $263K New
DRH Diamondrock Hospitality Co. 0.00% 11,033 $104K Reduce -7.8%

Portfolio Sells Q4 2025 → Q1 2026
SW Smurfit Westrock PLC Reduce -38.1% 4.56% −3.39
DIS The Walt Disney Co. Reduce -89.2% 0.24% −2.70
EXR Extra Space Storage Inc. Sold out 0.00% −2.29
AMZN Amazon.com Inc. Reduce -16.4% 4.80% −2.27
CGAU Centerra Gold Inc. Reduce -77.5% 0.53% −1.61
BAC Bank of America Corp. Reduce -21.1% 2.63% −1.55
EGO Eldorado Gold Corp. Reduce -44.2% 1.27% −1.37
EQX Equinox Gold Corp. Reduce -28.8% 2.44% −1.27
NOMD Nomad Foods Ltd. Sold out 0.00% −1.22
PAAS Pan American Silver Corp. Reduce -72.0% 0.38% −1.06
TECK Teck Resources Ltd.-CLS B Sold out 0.00% −0.98
PM Philip Morris International Reduce -62.0% 0.49% −0.90
AU Anglogold Ashanti PLC Reduce -69.4% 0.39% −0.86
ARIS Aris Mining Corp. Reduce -29.3% 1.42% −0.54
COO The Cooper Cos Inc. Reduce -30.8% 0.63% −0.53
SKE Skeena Resources Ltd. Reduce -51.0% 0.49% −0.40
AA Alcoa Corp. Reduce -65.1% 0.25% −0.39
B Barrick Mining Corp. Reduce -12.2% 0.96% −0.34
GAU Galiano Gold Inc. Reduce -7.6% 1.35% −0.31
TFX Teleflex Inc. Sold out 0.00% −0.23
HRB H&R Block Inc. Sold out 0.00% −0.23
TSM Taiwan Semiconductor-SP ADR Reduce -49.9% 0.22% −0.22
CALM Cal-Maine Foods Inc. Sold out 0.00% −0.21
MU Micron Technology Inc. Sold out 0.00% −0.20
STNG Scorpio Tankers Inc. Sold out 0.00% −0.20
BWA Borgwarner Inc. Sold out 0.00% −0.19
RGLD Royal Gold Inc. Reduce -29.8% 0.48% −0.18
PFE Pfizer Inc. Reduce -13.2% 1.32% −0.18
OSK Oshkosh Corp. Sold out 0.00% −0.17
PNC PNC Financial Services Group Reduce -1.8% 1.26% −0.17
TNK Teekay Tankers Ltd. Class A Sold out 0.00% −0.17
CROX Crocs Inc. Sold out 0.00% −0.17
FHI Federated Hermes Inc. Reduce -44.6% 0.19% −0.16
PRKS United Parks & Resorts Inc. Sold out 0.00% −0.16
RPRX Royalty Pharma PLC Class A Sold out 0.00% −0.16
RH RH Sold out 0.00% −0.16
BBT Beacon Financial Corp. Sold out 0.00% −0.16
BBWI Bath & Body Works Inc. Sold out 0.00% −0.16
VAC Marriott Vacations World Sold out 0.00% −0.15
ACI Albertsons Cos Inc. Class A Sold out 0.00% −0.15
NEM Newmont Corp. Reduce -18.4% 0.60% −0.15
ALIT Alight Inc. Class A Sold out 0.00% −0.15
JHG Janus Henderson Group PLC Reduce -48.2% 0.15% −0.15
CNYA iShares MSCI China A ETF Reduce -68.9% 0.06% −0.15
JACK Jack in the Box Inc. Sold out 0.00% −0.15
WEN The Wendy's Co. Sold out 0.00% −0.15
VOYA Voya Financial Inc. Sold out 0.00% −0.14
OZK Bank Ozk Sold out 0.00% −0.14
ASB Associated Banc-Corp. Sold out 0.00% −0.14
RDN Radian Group Inc. Sold out 0.00% −0.14

Portfolio Buys Q4 2025 → Q1 2026
MSFT Microsoft Corp. New 4.76% +4.76
BF.B Brown-Forman Corp. Class B New 2.96% +2.96
BABA Alibaba Group Holding-SP ADR Add +143.5% 6.03% +2.81
COIN Coinbase Global Inc. Class A Add +95.3% 10.29% +2.71
SLB SLB Ltd. Add +34.5% 3.25% +1.25
BKNG Booking Holdings Inc. New 1.06% +1.06
SSRM SSR Mining Inc. New 0.88% +0.88
VIST Vista Energy Sab DE CV Add +35.1% 1.65% +0.77
SU Suncor Energy Inc. Add +0.5% 2.72% +0.69
WBD Warner Bros Discovery Inc. New 0.63% +0.63
MHK Mohawk Industries Inc. New 0.58% +0.58
CP Canadian Pacific Kansas City Add +81.4% 1.21% +0.52
XOM Exxon Mobil Corp. Add +0.5% 2.24% +0.48
KGC Kinross Gold Corp. New 0.42% +0.42
LAMR Lamar Advertising Co. Class A Add +41.1% 1.76% +0.38
KGS Kodiak Gas Services Inc. New 0.35% +0.35
AM Antero Midstream Corp. New 0.33% +0.33
NFG National Fuel Gas Co. New 0.32% +0.32
TRP TC Energy Corp. New 0.32% +0.32
VG Venture Global Inc. Class A New 0.30% +0.30
BCE Bce Inc. New 0.29% +0.29
PAYX Paychex Inc. New 0.29% +0.29
UNP Union Pacific Corp. Add +26.9% 1.68% +0.28
CNI Canadian Natl Railway Co. New 0.27% +0.27
LYB Lyondellbasell Indu Class A New 0.26% +0.26
CSX CSX Corp. New 0.25% +0.25
MICC The Magnum Ice Cream Co. NV Add +122.1% 0.45% +0.21
ARW Arrow Electronics Inc. New 0.20% +0.20
CMC Commercial Metals Co. New 0.20% +0.20
GEN Gen Digital Inc. New 0.19% +0.19
ANIP Ani Pharmaceuticals Inc. New 0.19% +0.19
FLNG Flex LNG Ltd. New 0.18% +0.18
SMPL The Simply Good Foods Co. New 0.18% +0.18
FTNT Fortinet Inc. New 0.18% +0.18
CTSH Cognizant Tech Solutions-A New 0.17% +0.17
LIN Linde PLC New 0.17% +0.17
IT Gartner Inc. New 0.17% +0.17
DT Dynatrace Inc. New 0.17% +0.17
EMN Eastman Chemical Co. New 0.17% +0.17
ACN Accenture PLC Class A New 0.17% +0.17
FRO Frontline PLC New 0.17% +0.17
INFY Infosys Ltd.-SP ADR New 0.17% +0.17
DOX Amdocs Ltd. New 0.17% +0.17
CRM Salesforce Inc. New 0.17% +0.17
G Genpact Ltd. New 0.17% +0.17
DD Dupont DE Nemours Inc. New 0.17% +0.17
INTU Intuit Inc. New 0.16% +0.16
SSNC Ss&c Technologies Holdings New 0.16% +0.16
SFL SFL Corp. Ltd. New 0.15% +0.15
ESI Element Solutions Inc. New 0.15% +0.15

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