Q4 2025 · 13F-HR
Ruffer LLPholdings as filed
Filed 2026-01-28 · accession 0001426859-26-000001
$2.20B
Reported value
154
Positions
2025-12-31
Period end
The Brief · Ruffer LLP · Q4 2025
AI · grounded in 13F
Ruffer LLP established a new position in COIN valued at $166.5M. The fund also opened new stakes in DIS for $64.7M and FND for $47.2M. On the sell side, the fund closed its positions in FSLR and MRK, while trimming its holdings in TSM by 84.7%.
Holdings as filed
| CUSIP | Ticker | Issuer | Value | % port. | Shares | Class | Voting |
|---|---|---|---|---|---|---|---|
| G8267P108 | SW | SMURFIT WESTROCK PLC | $174.4M | 7.94% | 4,504,151 | Common | SOLE |
| 19260Q107 | COIN | COINBASE GLOBAL INC | $166.5M | 7.58% | 735,190 | Common | SOLE |
| 023135106 | AMZN | AMAZON COM INC | $155.2M | 7.07% | 671,466 | Common | SOLE |
| 060505104 | BAC | BANK AMERICA CORP | $91.9M | 4.18% | 1,668,030 | Common | SOLE |
| 29446Y502 | EQX | EQUINOX GOLD CORP | $81.5M | 3.71% | 5,791,948 | Common | SOLE |
| 055622104 | BP | BP PLC | $77.8M | 3.54% | 2,235,750 | Common | SOLE |
| 01609W102 | BABA | ALIBABA GROUP HLDG LTD | $70.6M | 3.22% | 481,064 | Common | SOLE |
| 254687106 | DIS | DISNEY WALT CO | $64.7M | 2.94% | 567,615 | Common | SOLE |
| 284902509 | EGO | ELDORADO GOLD CORP NEW | $58.0M | 2.64% | 1,611,656 | Common | SOLE |
| 30225T102 | EXR | EXTRA SPACE STORAGE INC | $50.3M | 2.29% | 385,535 | Common | SOLE |
| 83444M101 | SOLV | SOLVENTUM CORP | $48.8M | 2.22% | 614,558 | Common | SOLE |
| 339750101 | FND | FLOOR & DECOR HLDGS INC | $47.2M | 2.15% | 774,470 | Common | SOLE |
| 152006102 | CGAU | CENTERRA GOLD INC | $47.0M | 2.14% | 3,255,131 | Common | SOLE |
| 867224107 | SU | SUNCOR ENERGY INC NEW | $44.5M | 2.02% | 999,168 | Common | SOLE |
| 806857108 | SLB | SCHLUMBERGER LTD | $44.1M | 2.01% | 1,146,543 | Common | SOLE |
| 04040Y109 | ARIS | ARIS MNG CORP | $43.1M | 1.96% | 2,647,139 | Common | SOLE |
| 30231G102 | XOM | EXXON MOBIL CORP | $38.6M | 1.76% | 320,081 | Common | SOLE |
| 36352H100 | GAU | GALIANO GOLD INC | $36.5M | 1.66% | 14,305,507 | Common | SOLE |
| 369604301 | GE | GE AEROSPACE | $36.2M | 1.65% | 117,301 | Common | SOLE |
| 717081103 | PFE | PFIZER INC | $33.0M | 1.50% | 1,324,096 | Common | SOLE |
| 697900108 | PAAS | PAN AMERN SILVER CORP | $31.6M | 1.44% | 608,328 | Common | SOLE |
| 693475105 | PNC | PNC FINL SVCS GROUP INC | $31.4M | 1.43% | 150,102 | Common | SOLE |
| 907818108 | UNP | UNION PAC CORP | $30.9M | 1.41% | 133,430 | Common | SOLE |
| 718172109 | PM | PHILIP MORRIS INTL INC | $30.4M | 1.38% | 189,305 | Common | SOLE |
| 512816109 | LAMR | LAMAR ADVERTISING CO NEW | $30.4M | 1.38% | 239,820 | Common | SOLE |
| 06849F108 | B | BARRICK MNG CORP | $28.4M | 1.29% | 650,660 | Common | SOLE |
| G0378L100 | AU | ANGLOGOLD ASHANTI PLC | $27.4M | 1.25% | 320,997 | Common | SOLE |
| G6564A105 | NOMD | NOMAD FOODS LTD | $26.8M | 1.22% | 2,140,876 | Common | SOLE |
| 216648501 | COO | COOPER COS INC | $25.6M | 1.17% | 312,164 | Common | SOLE |
| 878742204 | TECK | TECK RESOURCES LTD | $21.4M | 0.98% | 447,145 | Common | SOLE |
| 83056P715 | SKE | SKEENA RES LTD NEW | $19.4M | 0.88% | 814,056 | Common | SOLE |
| 92837L109 | VIST | VISTA ENERGY S.A.B. DE C.V. | $19.2M | 0.88% | 394,510 | Common | SOLE |
| 651639106 | NEM | NEWMONT CORP | $16.5M | 0.75% | 164,819 | Common | SOLE |
| 459506101 | IFF | INTERNATIONAL FLAVORS&FRAGRA | $16.0M | 0.73% | 237,473 | Common | SOLE |
| G81276100 | SIG | SIGNET JEWELERS LIMITED | $15.4M | 0.70% | 185,192 | Common | SOLE |
| 13646K108 | CP | CANADIAN PACIFIC KANSAS CITY | $15.2M | 0.69% | 206,459 | Common | SOLE |
| 780287108 | RGLD | ROYAL GOLD INC | $14.7M | 0.67% | 65,900 | Common | SOLE |
| 023586506 | UHAL/B | U HAUL HOLDING COMPANY | $14.3M | 0.65% | 304,952 | Common | SOLE |
| 013872106 | AA | ALCOA CORP | $14.2M | 0.64% | 265,910 | Common | SOLE |
| 45826T509 | ITRG | INTEGRA RES CORP | $12.1M | 0.55% | 3,006,453 | Common | SOLE |
| 874039100 | TSM | TAIWAN SEMICONDUCTOR MFG LTD | $9.5M | 0.43% | 31,175 | Common | SOLE |
| 314211103 | FHI | FEDERATED HERMES INC | $7.8M | 0.36% | 149,689 | Common | SOLE |
| 35137L105 | FOXA | FOX CORP | $7.6M | 0.34% | 103,210 | Common | SOLE |
| 25862V105 | DV | DOUBLEVERIFY HLDGS INC | $7.4M | 0.34% | 645,691 | Common | SOLE |
| 577933104 | MMS | MAXIMUS INC | $7.0M | 0.32% | 80,396 | Common | SOLE |
| G4474Y214 | JHG | JANUS HENDERSON GROUP PLC | $6.7M | 0.30% | 139,713 | Common | SOLE |
| 192108504 | CDE | COEUR MNG INC | $6.5M | 0.30% | 366,238 | Common | SOLE |
| 74144T108 | TROW | PRICE T ROWE GROUP INC | $6.3M | 0.29% | 61,083 | Common | SOLE |
| P31076105 | CPA | COPA HOLDINGS SA | $5.9M | 0.27% | 48,819 | Common | SOLE |
| 808625107 | SAIC | SCIENCE APPLICATIONS INTL CO | $5.8M | 0.26% | 57,664 | Common | SOLE |
| 87162W100 | SNX | TD SYNNEX CORPORATION | $5.5M | 0.25% | 36,770 | Common | SOLE |
| N5505D105 | MICC | MAGNUM ICE CREAM CO NV | $5.4M | 0.25% | 340,183 | Common | SOLE |
| 879369106 | TFX | TELEFLEX INCORPORATED | $5.2M | 0.23% | 42,166 | Common | SOLE |
| 093671105 | HRB | BLOCK H & R INC | $5.2M | 0.23% | 118,033 | Common | SOLE |
| 928254101 | VIRT | VIRTU FINL INC | $5.0M | 0.23% | 149,707 | Common | SOLE |
| 403949100 | DINO | HF SINCLAIR CORP | $4.7M | 0.22% | 102,340 | Common | SOLE |
| 128030202 | CALM | CAL MAINE FOODS INC | $4.6M | 0.21% | 58,210 | Common | SOLE |
| 46434V514 | CNYA | ISHARES TR | $4.5M | 0.21% | 131,000 | Common | SOLE |
| 084670702 | BRK/B | BERKSHIRE HATHAWAY INC DEL | $4.5M | 0.21% | 9,000 | Common | SOLE |
| 724479100 | PBI | PITNEY BOWES INC | $4.5M | 0.20% | 423,474 | Common | SOLE |
| 595112103 | MU | MICRON TECHNOLOGY INC | $4.5M | 0.20% | 15,569 | Common | SOLE |
| 521865204 | LEA | LEAR CORP | $4.4M | 0.20% | 38,300 | Common | SOLE |
| Y2065G121 | DHT | DHT HOLDINGS INC | $4.4M | 0.20% | 358,738 | Common | SOLE |
| Y7542C130 | STNG | SCORPIO TANKERS INC | $4.4M | 0.20% | 85,914 | Common | SOLE |
| 099724106 | BWA | BORGWARNER INC | $4.1M | 0.19% | 91,926 | Common | SOLE |
| 11271J107 | BN | BROOKFIELD CORP | $3.9M | 0.18% | 84,750 | Common | SOLE |
| 086516101 | BBY | BEST BUY INC | $3.9M | 0.18% | 57,606 | Common | SOLE |
| 688239201 | OSK | OSHKOSH CORP | $3.8M | 0.17% | 29,982 | Common | SOLE |
| G8726X106 | TNK | TEEKAY TANKERS LTD | $3.7M | 0.17% | 69,863 | Common | SOLE |
| 227046109 | CROX | CROCS INC | $3.7M | 0.17% | 42,877 | Common | SOLE |
| 37045V100 | GM | GENERAL MTRS CO | $3.6M | 0.17% | 44,694 | Common | SOLE |
| 81282V100 | PRKS | UNITED PARKS & RESORTS INC | $3.6M | 0.16% | 97,970 | Common | SOLE |
| G7709Q104 | RPRX | ROYALTY PHARMA PLC | $3.5M | 0.16% | 90,432 | Common | SOLE |
| 74967X103 | RH | RH | $3.4M | 0.16% | 19,219 | Common | SOLE |
| 084680107 | BBT | BERKSHIRE HILLS BANCORP INC | $3.4M | 0.16% | 130,048 | Common | SOLE |
| 070830104 | BBWI | BATH & BODY WORKS INC | $3.4M | 0.16% | 170,505 | Common | SOLE |
| 57164Y107 | VAC | MARRIOTT VACATIONS WORLDWIDE | $3.4M | 0.15% | 58,907 | Common | SOLE |
| 87612E106 | TGT | TARGET CORP | $3.4M | 0.15% | 34,456 | Common | SOLE |
| 013091103 | ACI | ALBERTSONS COS INC | $3.4M | 0.15% | 195,920 | Common | SOLE |
| 01626W101 | ALIT | ALIGHT INC | $3.3M | 0.15% | 1,710,398 | Common | SOLE |
| 366505105 | GTX | GARRETT MOTION INC | $3.3M | 0.15% | 186,239 | Common | SOLE |
| 53190C102 | LTH | LIFE TIME GROUP HOLDINGS INC | $3.2M | 0.15% | 121,167 | Common | SOLE |
| 466367109 | JACK | JACK IN THE BOX INC | $3.2M | 0.15% | 169,792 | Common | SOLE |
| 95058W100 | WEN | WENDYS CO | $3.2M | 0.15% | 382,890 | Common | SOLE |
| 143130102 | KMX | CARMAX INC | $3.2M | 0.14% | 82,204 | Common | SOLE |
| 929089100 | VOYA | VOYA FINANCIAL INC | $3.2M | 0.14% | 42,265 | Common | SOLE |
| 06417N103 | OZK | BANK OZK LITTLE ROCK ARK | $3.1M | 0.14% | 68,063 | Common | SOLE |
| 750236101 | RDN | RADIAN GROUP INC | $3.1M | 0.14% | 86,970 | Common | SOLE |
| 045487105 | ASB | ASSOCIATED BANC CORP | $3.1M | 0.14% | 121,477 | Common | SOLE |
| 909907107 | UBSI | UNITED BANKSHARES INC WEST V | $3.1M | 0.14% | 81,408 | Common | SOLE |
| 70432V102 | PAYC | PAYCOM SOFTWARE INC | $3.1M | 0.14% | 19,584 | Common | SOLE |
| 062540109 | BOH | BANK HAWAII CORP | $3.1M | 0.14% | 45,370 | Common | SOLE |
| 84472E102 | SSB | SOUTHSTATE BK CORP | $3.1M | 0.14% | 32,661 | Common | SOLE |
| 360271100 | FULT | FULTON FINL CORP PA | $3.1M | 0.14% | 158,786 | Common | SOLE |
| 39874R101 | GO | GROCERY OUTLET HLDG CORP | $3.1M | 0.14% | 302,619 | Common | SOLE |
| 90984P303 | UCB | UNITED CMNTY BKS BLAIRSVLE G | $3.1M | 0.14% | 97,641 | Common | SOLE |
| 32051X108 | FHB | FIRST HAWAIIAN INC | $3.0M | 0.14% | 119,509 | Common | SOLE |
| 830879102 | SKYW | SKYWEST INC | $3.0M | 0.14% | 30,038 | Common | SOLE |
| 91167Q100 | BNO | UNITED STS BRENT OIL FD LP | $3.0M | 0.14% | 106,450 | Common | SOLE |
| 436893200 | HOMB | HOME BANCSHARES INC | $3.0M | 0.14% | 108,357 | Common | SOLE |
| 04911A107 | AUB | ATLANTIC UN BANKSHARES CORP | $3.0M | 0.14% | 84,181 | Common | SOLE |
| 743606105 | PB | PROSPERITY BANCSHARES INC | $3.0M | 0.13% | 42,828 | Common | SOLE |
| 27627N105 | EBC | EASTERN BANKSHARES INC | $3.0M | 0.13% | 160,133 | Common | SOLE |
| G3265R107 | APTV | APTIV PLC | $2.9M | 0.13% | 38,692 | Common | SOLE |
| 21871X109 | CRBG | COREBRIDGE FINL INC | $2.9M | 0.13% | 97,176 | Common | SOLE |
| 87161C501 | SYU1 | SYNOVUS FINL CORP | $2.9M | 0.13% | 58,348 | Common | SOLE |
| 41068X100 | HASI | HA SUSTAINABLE INFRA CAP INC | $2.9M | 0.13% | 91,948 | Common | SOLE |
| 03524A108 | BUD | ANHEUSER BUSCH INBEV SA/NV | $2.9M | 0.13% | 45,000 | Common | SOLE |
| 680033107 | ONB | OLD NATL BANCORP IND | $2.9M | 0.13% | 128,478 | Common | SOLE |
| 12769G100 | CZR | CAESARS ENTERTAINMENT INC NE | $2.8M | 0.13% | 120,390 | Common | SOLE |
| 957638109 | WAL | WESTERN ALLIANCE BANCORP | $2.8M | 0.13% | 33,236 | Common | SOLE |
| 55305B101 | MHO | M/I HOMES INC | $2.8M | 0.13% | 21,832 | Common | SOLE |
| 68828E809 | ODV | OSISKO DEVELOPMENT CORP | $2.6M | 0.12% | 754,799 | Common | SOLE |
| 500255104 | KSS | KOHLS CORP | $2.6M | 0.12% | 128,343 | Common | SOLE |
| 565394103 | CART | MAPLEBEAR INC | $2.6M | 0.12% | 56,987 | Common | SOLE |
| 45337C102 | INCY | INCYTE CORP | $2.5M | 0.11% | 25,342 | Common | SOLE |
| 258278100 | DORM | DORMAN PRODS INC | $2.5M | 0.11% | 20,247 | Common | SOLE |
| 64125C109 | NBIX | NEUROCRINE BIOSCIENCES INC | $2.5M | 0.11% | 17,453 | Common | SOLE |
| G50871105 | JAZZ | JAZZ PHARMACEUTICALS PLC | $2.4M | 0.11% | 14,242 | Common | SOLE |
| 46625H100 | JPM | JPMORGAN CHASE & CO. | $2.3M | 0.10% | 7,000 | Common | SOLE |
| 73933G202 | PSIX | POWER SOLUTIONS INTL INC | $2.2M | 0.10% | 38,063 | Common | SOLE |
| 238337109 | PLAY | DAVE & BUSTERS ENTMT INC | $2.1M | 0.10% | 130,065 | Common | SOLE |
| 11777Q209 | BTG | B2GOLD CORP | $2.1M | 0.09% | 454,824 | Common | SOLE |
| 30161Q104 | EXEL | EXELIXIS INC | $2.0M | 0.09% | 46,500 | Common | SOLE |
| 40637H109 | HALO | HALOZYME THERAPEUTICS INC | $1.8M | 0.08% | 26,121 | Common | SOLE |
| 868459108 | SUPN | SUPERNUS PHARMACEUTICALS INC | $1.7M | 0.08% | 34,327 | Common | SOLE |
| 166764100 | CVX | CHEVRON CORP NEW | $1.7M | 0.08% | 11,000 | Common | SOLE |
| 14888U101 | CPRX | CATALYST PHARMACEUTICALS INC | $1.7M | 0.08% | 70,807 | Common | SOLE |
| 172967424 | C | CITIGROUP INC | $1.6M | 0.07% | 13,850 | Common | SOLE |
| 766559702 | RIGL | RIGEL PHARMACEUTICALS INC | $1.6M | 0.07% | 37,244 | Common | SOLE |
| 413197104 | HRMY | HARMONY BIOSCIENCES HLDGS IN | $1.5M | 0.07% | 40,993 | Common | SOLE |
| 66987E206 | NG | NOVAGOLD RES INC | $1.4M | 0.06% | 152,710 | Common | SOLE |
| 351858105 | FNV | FRANCO NEV CORP | $1.3M | 0.06% | 6,220 | Common | SOLE |
| 02079K305 | GOOGL | ALPHABET INC | $1.2M | 0.06% | 3,900 | Common | SOLE |
| 008474108 | AEM | AGNICO EAGLE MINES LTD | $983,281 | 0.04% | 5,791 | Common | SOLE |
| 156431108 | CENX | CENTURY ALUM CO | $935,941 | 0.04% | 23,851 | Common | SOLE |
| G0457F107 | ARCO | ARCOS DORADOS HOLDINGS INC | $934,679 | 0.04% | 127,142 | Common | SOLE |
| 375558103 | GILD | GILEAD SCIENCES INC | $850,441 | 0.04% | 6,918 | Common | SOLE |
| 344419106 | FMX | FOMENTO ECONOMICO MEXICANO S | $809,822 | 0.04% | 8,000 | Common | SOLE |
| 55261F104 | MTB | M & T BK CORP | $807,178 | 0.04% | 4,000 | Common | SOLE |
| 911718104 | CPER | UNITED STS COMMODITY INDEX F | $784,327 | 0.04% | 22,400 | Common | SOLE |
| 38149E101 | GLDG | GOLDMINING INC | $505,207 | 0.02% | 401,996 | Common | SOLE |
| 00123Q104 | AGNC | AGNC INVT CORP | $499,441 | 0.02% | 46,517 | Common | SOLE |
| 949746101 | WMT2 | WELLS FARGO CO NEW | $466,728 | 0.02% | 5,000 | Common | SOLE |
| 78573L106 | SBRA | SABRA HEALTH CARE REIT INC | $438,083 | 0.02% | 23,094 | Common | SOLE |
| 26884U109 | EPR | EPR PPTYS | $362,590 | 0.02% | 7,255 | Common | SOLE |
| 74460D109 | PSA | PUBLIC STORAGE OPER CO | $358,669 | 0.02% | 1,380 | Common | SOLE |
| 71424F105 | PR | PERMIAN RESOURCES CORP | $206,015 | 0.01% | 14,661 | Common | SOLE |
| 29260V105 | DAVA | ENDAVA PLC | $202,556 | 0.01% | 32,000 | Common | SOLE |
| 64828T201 | RITM | RITHM CAPITAL CORP | $113,177 | 0.01% | 10,367 | Common | SOLE |
| 700517105 | PK | PARK HOTELS & RESORTS INC | $111,081 | 0.01% | 10,603 | Common | SOLE |
| 252784301 | DRH | DIAMONDROCK HOSPITALITY CO | $107,356 | 0.00% | 11,963 | Common | SOLE |
| 68571X301 | ORC | ORCHID IS CAP INC | $106,654 | 0.00% | 14,790 | Common | SOLE |
| 038923108 | ABR | ARBOR REALTY TRUST INC | $106,299 | 0.00% | 13,677 | Common | SOLE |
Source: SEC EDGAR · raw 13F holdings as filed. The Class column shows the option type when reported (Put/Call) or Common when the issuer's equity is held directly. 13F discloses long positions only.