Q1 2026 · 13F-HR
Ruffer LLPholdings as filed
Filed 2026-05-13 · accession 0001426859-26-000005
$2.44B
Reported value
176
Positions
2026-03-31
Period end
The Brief · Ruffer LLP · Q1 2026
AI · grounded in 13F
Ruffer LLP established a new position in MSFT worth $116.4M. The fund also opened a new stake in BF/B for $72.4M and increased its holdings in BABA by 143.5%. On the sell side, the fund closed its position in EXR, reducing its exposure by $50.3M.
Holdings as filed
| CUSIP | Ticker | Issuer | Value | % port. | Shares | Class | Voting |
|---|---|---|---|---|---|---|---|
| 19260Q107 | COIN | COINBASE GLOBAL INC | $251.5M | 10.3% | 1,435,990 | Common | SOLE |
| 01609W102 | BABA | ALIBABA GROUP HLDG LTD | $147.4M | 6.03% | 1,171,229 | Common | SOLE |
| 023135106 | AMZN | AMAZON COM INC | $117.3M | 4.80% | 561,527 | Common | SOLE |
| 594918104 | MSFT | MICROSOFT CORP | $116.4M | 4.76% | 313,446 | Common | SOLE |
| G8267P108 | SW | SMURFIT WESTROCK PLC | $111.3M | 4.56% | 2,786,197 | Common | SOLE |
| 055622104 | BP | BP PLC | $98.9M | 4.05% | 2,098,006 | Common | SOLE |
| 806857108 | SLB | SLB LIMITED | $79.5M | 3.25% | 1,542,086 | Common | SOLE |
| 115637209 | BF/B | BROWN FORMAN CORP | $72.4M | 2.96% | 2,731,876 | Common | SOLE |
| 867224107 | SU | SUNCOR ENERGY INC NEW | $66.4M | 2.72% | 1,004,062 | Common | SOLE |
| 060505104 | BAC | BANK AMERICA CORP | $64.3M | 2.63% | 1,315,860 | Common | SOLE |
| 29446Y502 | EQX | EQUINOX GOLD CORP | $59.7M | 2.44% | 4,126,835 | Common | SOLE |
| 83444M101 | SOLV | SOLVENTUM CORP | $56.3M | 2.30% | 859,993 | Common | SOLE |
| 339750101 | FND | FLOOR & DECOR HLDGS INC | $56.1M | 2.29% | 1,100,725 | Common | SOLE |
| 30231G102 | XOM | EXXON MOBIL CORP | $54.7M | 2.24% | 321,706 | Common | SOLE |
| 512816109 | LAMR | LAMAR ADVERTISING CO NEW | $43.0M | 1.76% | 338,490 | Common | SOLE |
| 907818108 | UNP | UNION PAC CORP | $41.2M | 1.68% | 169,256 | Common | SOLE |
| 92837L109 | VIST | VISTA ENERGY S.A.B. DE C.V. | $40.3M | 1.65% | 532,920 | Common | SOLE |
| 04040Y109 | ARIS | ARIS MNG CORP | $34.8M | 1.42% | 1,872,533 | Common | SOLE |
| 369604301 | GE | GE AEROSPACE | $33.6M | 1.37% | 118,042 | Common | SOLE |
| 36352H100 | GAU | GALIANO GOLD INC | $33.1M | 1.35% | 13,224,532 | Common | SOLE |
| 717081103 | PFE | PFIZER INC | $32.4M | 1.32% | 1,149,753 | Common | SOLE |
| 284902509 | EGO | ELDORADO GOLD CORP NEW | $31.0M | 1.27% | 899,358 | Common | SOLE |
| 693475105 | PNC | PNC FINL SVCS GROUP INC | $30.8M | 1.26% | 147,395 | Common | SOLE |
| 13646K108 | CP | CANADIAN PACIFIC KANSAS CITY | $29.5M | 1.21% | 374,542 | Common | SOLE |
| 09857L108 | BKNG | BOOKING HOLDINGS INC | $26.0M | 1.06% | 6,147 | Common | SOLE |
| 06849F108 | B | BARRICK GOLD CORP | $23.4M | 0.96% | 571,425 | Common | SOLE |
| 784730103 | SSRM | SSR MINING IN | $21.6M | 0.88% | 731,624 | Common | SOLE |
| 459506101 | IFF | INTERNATIONAL FLAVORS&FRAGRA | $21.2M | 0.87% | 291,613 | Common | SOLE |
| G81276100 | SIG | SIGNET JEWELERS LIMITED | $19.3M | 0.79% | 227,635 | Common | SOLE |
| 216648501 | COO | COOPER COS INC | $15.5M | 0.63% | 216,171 | Common | SOLE |
| 934423104 | WBD | WARNER BROS DISCOVERY INC | $15.5M | 0.63% | 561,089 | Common | SOLE |
| 651639106 | NEM | NEWMONT CORP | $14.6M | 0.60% | 134,459 | Common | SOLE |
| 608190104 | MHK | MOHAWK INDS INC | $14.2M | 0.58% | 144,300 | Common | SOLE |
| 023586506 | UHAL/B | U HAUL HOLDING COMPANY | $13.4M | 0.55% | 299,133 | Common | SOLE |
| 152006102 | CGAU | CENTERRA GOLD INC | $13.0M | 0.53% | 730,816 | Common | SOLE |
| 718172109 | PM | PHILIP MORRIS INTL INC | $11.9M | 0.49% | 71,879 | Common | SOLE |
| 83056P715 | SKE | SKEENA RES LTD NEW | $11.9M | 0.49% | 399,036 | Common | SOLE |
| 780287108 | RGLD | ROYAL GOLD INC | $11.8M | 0.48% | 46,270 | Common | SOLE |
| N5505D105 | MICC | MAGNUM ICE CREAM CO NV | $11.1M | 0.45% | 755,564 | Common | SOLE |
| 45826T509 | ITRG | INTEGRA RES CORP | $10.8M | 0.44% | 3,985,025 | Common | SOLE |
| 496902404 | KGC | KINROSS GOLD CORP | $10.2M | 0.42% | 332,440 | Common | SOLE |
| G0378L100 | AU | ANGLOGOLD ASHANTI PLC | $9.6M | 0.39% | 98,228 | Common | SOLE |
| 697900108 | PAAS | PAN AMERN SILVER CORP | $9.3M | 0.38% | 170,303 | Common | SOLE |
| 50012A108 | KGS | KODIAK GAS SVCS INC | $8.6M | 0.35% | 147,870 | Common | SOLE |
| 03676B102 | AM | ANTERO MIDSTREAM CORP | $8.0M | 0.33% | 350,360 | Common | SOLE |
| 636180101 | NFG | NATIONAL FUEL GAS CO | $7.8M | 0.32% | 82,360 | Common | SOLE |
| 87807B107 | TRP | TC ENERGY CORP | $7.7M | 0.31% | 123,040 | Common | SOLE |
| 92333F101 | VG | VENTURE GLOBAL INC | $7.3M | 0.30% | 460,805 | Common | SOLE |
| 192108504 | CDE | COEUR MNG INC | $7.2M | 0.30% | 384,032 | Common | SOLE |
| 05534B760 | BCE | BCE INC | $7.1M | 0.29% | 280,040 | Common | SOLE |
| 704326107 | PAYX | PAYCHEX INC | $7.1M | 0.29% | 76,426 | Common | SOLE |
| 70432V102 | PAYC | PAYCOM SOFTWARE INC | $6.7M | 0.28% | 55,224 | Common | SOLE |
| 87162W100 | SNX | TD SYNNEX CORPORATION | $6.5M | 0.27% | 38,663 | Common | SOLE |
| 136375102 | CNI | CANADIAN NATL RY CO | $6.5M | 0.27% | 63,110 | Common | SOLE |
| 55305B101 | MHO | M/I HOMES INC | $6.4M | 0.26% | 52,259 | Common | SOLE |
| N53745100 | LYB | LYONDELLBASELL INDUSTRIES NV | $6.3M | 0.26% | 77,910 | Common | SOLE |
| 35137L105 | FOXA | FOX CORP | $6.2M | 0.25% | 105,568 | Common | SOLE |
| 013872106 | AA | ALCOA CORP | $6.2M | 0.25% | 92,720 | Common | SOLE |
| 126408103 | CSX | CSX CORP | $6.1M | 0.25% | 148,210 | Common | SOLE |
| 254687106 | DIS | DISNEY WALT CO | $5.9M | 0.24% | 61,280 | Common | SOLE |
| 25862V105 | DV | DOUBLEVERIFY HLDGS INC | $5.8M | 0.24% | 612,017 | Common | SOLE |
| 874039100 | TSM | TAIWAN SEMICONDUCTOR MFG LTD | $5.3M | 0.22% | 15,625 | Common | SOLE |
| 74144T108 | TROW | PRICE T ROWE GROUP INC | $5.1M | 0.21% | 56,256 | Common | SOLE |
| 30161Q104 | EXEL | EXELIXIS INC | $5.1M | 0.21% | 117,923 | Common | SOLE |
| P31076105 | CPA | COPA HOLDINGS SA | $5.0M | 0.21% | 44,099 | Common | SOLE |
| Y2065G121 | DHT | DHT HOLDINGS INC | $4.9M | 0.20% | 265,737 | Common | SOLE |
| 042735100 | ARW | ARROW ELECTRS INC | $4.9M | 0.20% | 33,745 | Common | SOLE |
| 201723103 | CMC | COMMERCIAL METALS CO | $4.8M | 0.20% | 78,194 | Common | SOLE |
| 64125C109 | NBIX | NEUROCRINE BIOSCIENCES INC | $4.8M | 0.20% | 36,133 | Common | SOLE |
| 314211103 | FHI | FEDERATED HERMES INC | $4.7M | 0.19% | 82,909 | Common | SOLE |
| 668771108 | GEN | GEN DIGITAL INC | $4.7M | 0.19% | 249,636 | Common | SOLE |
| 403949100 | DINO | HF SINCLAIR CORP | $4.7M | 0.19% | 75,170 | Common | SOLE |
| 577933104 | MMS | MAXIMUS INC | $4.7M | 0.19% | 73,047 | Common | SOLE |
| 521865204 | LEA | LEAR CORP | $4.7M | 0.19% | 38,448 | Common | SOLE |
| 00182C103 | ANIP | ANI PHARMACEUTICALS INC | $4.6M | 0.19% | 60,191 | Common | SOLE |
| 086516101 | BBY | BEST BUY INC | $4.6M | 0.19% | 70,792 | Common | SOLE |
| 45337C102 | INCY | INCYTE CORP | $4.5M | 0.18% | 47,368 | Common | SOLE |
| 084670702 | BRK/B | BERKSHIRE HATHAWAY INC DEL | $4.3M | 0.18% | 9,000 | Common | SOLE |
| G35947202 | FLNG | FLEX LNG LTD | $4.3M | 0.18% | 144,610 | Common | SOLE |
| 82900L102 | SMPL | SIMPLY GOOD FOODS CO | $4.3M | 0.18% | 299,062 | Common | SOLE |
| 34959E109 | FTNT | FORTINET INC | $4.3M | 0.18% | 52,456 | Common | SOLE |
| 192446102 | CTSH | COGNIZANT TECHNOLOGY SOLUTIO | $4.3M | 0.17% | 69,284 | Common | SOLE |
| G54950103 | LIN | LINDE PLC | $4.3M | 0.17% | 8,560 | Common | SOLE |
| 366651107 | IT | GARTNER INC | $4.2M | 0.17% | 26,408 | Common | SOLE |
| 268150109 | DT | DYNATRACE INC | $4.2M | 0.17% | 113,055 | Common | SOLE |
| 277432100 | EMN | EASTMAN CHEM CO | $4.2M | 0.17% | 54,740 | Common | SOLE |
| G1151C101 | ACN | ACCENTURE PLC IRELAND | $4.2M | 0.17% | 20,983 | Common | SOLE |
| M46528101 | FRO | FRONTLINE PLC | $4.2M | 0.17% | 119,152 | Common | SOLE |
| 808625107 | SAIC | SCIENCE APPLICATIONS INTL CO | $4.1M | 0.17% | 43,455 | Common | SOLE |
| 456788108 | INFY | INFOSYS LTD | $4.1M | 0.17% | 304,957 | Common | SOLE |
| G02602103 | DOX | AMDOCS LTD | $4.1M | 0.17% | 62,880 | Common | SOLE |
| 79466L302 | CRM | SALESFORCE INC | $4.1M | 0.17% | 21,898 | Common | SOLE |
| 37045V100 | GM | GENERAL MTRS CO | $4.1M | 0.17% | 54,616 | Common | SOLE |
| G3922B107 | G | GENPACT LIMITED | $4.1M | 0.17% | 109,092 | Common | SOLE |
| 26614N102 | DD | DUPONT DE NEMOURS INC | $4.0M | 0.17% | 88,140 | Common | SOLE |
| 461202103 | INTU | INTUIT | $4.0M | 0.16% | 9,271 | Common | SOLE |
| 258278100 | DORM | DORMAN PRODS INC | $4.0M | 0.16% | 38,011 | Common | SOLE |
| 78467J100 | SSNC | SS&C TECH HLDGS | $4.0M | 0.16% | 58,535 | Common | SOLE |
| G7738W106 | SFL | SFL CORPORATION LTD | $3.8M | 0.15% | 350,080 | Common | SOLE |
| 366505105 | GTX | GARRETT MOTION INC | $3.8M | 0.15% | 205,949 | Common | SOLE |
| G4474Y214 | JHG | JANUS HENDERSON GROUP PLC | $3.7M | 0.15% | 72,374 | Common | SOLE |
| 724479100 | PBI | PITNEY BOWES INC | $3.6M | 0.15% | 328,645 | Common | SOLE |
| 28618M106 | ESI | ELEMENT SOLUTIONS INC | $3.6M | 0.15% | 105,820 | Common | SOLE |
| 04316A108 | APAM | ARTISAN PARTNERS ASSET MGMT | $3.6M | 0.15% | 98,783 | Common | SOLE |
| 044186104 | ASH | ASHLAND INC | $3.6M | 0.15% | 64,533 | Common | SOLE |
| 928254101 | VIRT | VIRTU FINL INC | $3.6M | 0.15% | 81,146 | Common | SOLE |
| 354613101 | BEN | FRANKLIN RESOURCES INC | $3.5M | 0.14% | 146,037 | Common | SOLE |
| 11271J107 | BN | BROOKFIELD CORP | $3.4M | 0.14% | 84,750 | Common | SOLE |
| 830879102 | SKYW | SKYWEST | $3.2M | 0.13% | 35,030 | Common | SOLE |
| 143130102 | KMX | CARMAX INC | $3.2M | 0.13% | 75,625 | Common | SOLE |
| 03524A108 | BUD | ANHEUSER BUSCH INBEV SA/NV | $3.1M | 0.13% | 45,000 | Common | SOLE |
| 68828E809 | ODV | OSISKO DEVELOPMENT CORP | $3.1M | 0.13% | 957,579 | Common | SOLE |
| 21874C102 | CNM | CORE & MAIN INC | $3.1M | 0.13% | 62,938 | Common | SOLE |
| 53190C102 | LTH | LIFE TIME GROUP HOLDINGS INC | $3.1M | 0.13% | 115,235 | Common | SOLE |
| 169905106 | CHH | CHOICE HOTELS INTL INC | $3.1M | 0.12% | 29,389 | Common | SOLE |
| 336433107 | FSLR | FIRST SOLAR INC | $3.0M | 0.12% | 15,099 | Common | SOLE |
| 87612E106 | TGT | TARGET CORP | $3.0M | 0.12% | 24,408 | Common | SOLE |
| 109641100 | EAT | BRINKER INTL INC | $3.0M | 0.12% | 20,676 | Common | SOLE |
| 413197104 | HRMY | HARMONY BIOSCIENCES HLDGS IN | $2.9M | 0.12% | 104,658 | Common | SOLE |
| 156431108 | CENX | CENTURY ALUM CO | $2.9M | 0.12% | 49,850 | Common | SOLE |
| 85208M102 | SFM | SPROUTS FMRS MKT INC | $2.8M | 0.12% | 36,695 | Common | SOLE |
| 70438V106 | PCTY | PAYLOCITY HLDG CORP | $2.8M | 0.11% | 25,914 | Common | SOLE |
| 002896207 | ANF | ABERCROMBIE & FITCO CO | $2.8M | 0.11% | 30,270 | Common | SOLE |
| 917047102 | URBN | URBAN OUTFITTERS INC | $2.8M | 0.11% | 43,543 | Common | SOLE |
| 053015103 | ADP | AUTOMATIC DATA PROCESSING IN | $2.8M | 0.11% | 13,546 | Common | SOLE |
| 103304101 | BYD | BOYD GAMING CORP | $2.8M | 0.11% | 33,481 | Common | SOLE |
| 45579U109 | INDV | INDIVIOR PHARMACEUTICALS INC | $2.8M | 0.11% | 90,247 | Common | SOLE |
| G3265R107 | APTV | APTIV PLC | $2.7M | 0.11% | 39,310 | Common | SOLE |
| G491BT108 | IVZ | INVESCO LTD | $2.7M | 0.11% | 112,202 | Common | SOLE |
| 92047W101 | VVV | VALVOLINE INC | $2.7M | 0.11% | 80,326 | Common | SOLE |
| G8588X103 | SGHC | SUPER GROUP SGHC LIMITED | $2.7M | 0.11% | 248,002 | Common | SOLE |
| 75700L108 | RRR | RED ROCK RESORTS INC | $2.5M | 0.10% | 47,257 | Common | SOLE |
| 82982L103 | SITE | SITEONE LANDSCAPE SUPPLY INC | $2.5M | 0.10% | 18,718 | Common | SOLE |
| 09739D100 | BCC | BOISE CASCADE CO DEL | $2.5M | 0.10% | 32,680 | Common | SOLE |
| 88339J105 | TTD | THE TRADE DESK INC | $2.5M | 0.10% | 108,421 | Common | SOLE |
| 23834J201 | DAVE | DAVE INC | $2.4M | 0.10% | 13,841 | Common | SOLE |
| 94419L101 | W | WAYFAIR INC | $2.4M | 0.10% | 31,465 | Common | SOLE |
| 166764100 | CVX | CHEVRON CORP NEW | $2.3M | 0.09% | 11,000 | Common | SOLE |
| 34964C106 | FBIN | FORTUNE BRANDS INNOVATIONS I | $2.3M | 0.09% | 58,029 | Common | SOLE |
| 04247X102 | AWI | ARMSTRONG WORLD INDS INC NEW | $2.3M | 0.09% | 13,615 | Common | SOLE |
| 626755102 | MUSA | MURPHY USA INC | $2.2M | 0.09% | 4,522 | Common | SOLE |
| 25754A201 | DPZ | DOMINOS PIZZA INC | $2.2M | 0.09% | 6,153 | Common | SOLE |
| 93403J106 | WRBY | WARBY PARKER INC | $2.2M | 0.09% | 104,274 | Common | SOLE |
| 00402L107 | ASO | ACADEMY SPORTS & OUTDOORS IN | $2.2M | 0.09% | 38,700 | Common | SOLE |
| 892356106 | TSCO | TRACTOR SUPPLY CO | $2.1M | 0.09% | 46,191 | Common | SOLE |
| 46625H100 | JPM | JPMORGAN CHASE & CO | $2.1M | 0.08% | 7,000 | Common | SOLE |
| 26969P108 | EXP | EAGLE MATLS INC | $2.0M | 0.08% | 10,661 | Common | SOLE |
| 256677105 | DG | DOLLAR GEN CORP | $2.0M | 0.08% | 16,840 | Common | SOLE |
| G68707101 | PAGS | PAGSEGURO DIGITAL LTD | $2.0M | 0.08% | 199,225 | Common | SOLE |
| 254067101 | DDS | DILLARDS INC | $2.0M | 0.08% | 3,433 | Common | SOLE |
| 89055F103 | BLD | TOPBUILD COR | $1.9M | 0.08% | 5,478 | Common | SOLE |
| 099406100 | BOOT | BOOT BARN HLDGS INC | $1.9M | 0.08% | 12,935 | Common | SOLE |
| 526057104 | LEN | LENNAR CORP | $1.8M | 0.07% | 20,580 | Common | SOLE |
| 237194105 | DRI | DARDEN RESTAURANTS INC | $1.8M | 0.07% | 8,978 | Common | SOLE |
| 92859G608 | VZLA | VIZSLA SILVER CORP | $1.7M | 0.07% | 499,777 | Common | SOLE |
| 163072101 | CAKE | CHEESECAKE FACTORY INC | $1.6M | 0.07% | 29,180 | Common | SOLE |
| 834203309 | SLNO | SOLENO THERAPEUTICS INC | $1.6M | 0.06% | 46,673 | Common | SOLE |
| 413216300 | HMY | HARMONY GOLD MNG LTD | $1.5M | 0.06% | 96,152 | Common | SOLE |
| 46434V514 | CNYA | ISHARES TR | $1.4M | 0.06% | 40,740 | Common | SOLE |
| 351858105 | FNV | FRANCO NEV CORP | $1.1M | 0.04% | 4,320 | Common | SOLE |
| G0457F107 | ARCO | ARCOS DORADOS HOLDINGS INC | $1.1M | 0.04% | 127,142 | Common | SOLE |
| 66987E206 | NG | NOVAGOLD RES INC | $972,725 | 0.04% | 108,010 | Common | SOLE |
| Y41053102 | INSW | INTERNATIONAL SEAWAYS INC | $921,373 | 0.04% | 12,606 | Common | SOLE |
| 344419106 | FMX | FOMENTO ECONOMICO MEXICANO S | $891,040 | 0.04% | 8,000 | Common | SOLE |
| 55261F104 | MTB | M & T BK CORP | $829,263 | 0.03% | 4,000 | Common | SOLE |
| 570535104 | MKL | MARKEL GROUP INC | $787,030 | 0.03% | 410 | Common | SOLE |
| 894164102 | TNL | TRAVEL PLUS LEISURE CO | $520,143 | 0.02% | 7,496 | Common | SOLE |
| 38149E101 | GLDG | GOLDMINING INC | $479,550 | 0.02% | 401,996 | Common | SOLE |
| 949746101 | WMT2 | WELLS FARGO CO NEW | $399,197 | 0.02% | 5,000 | Common | SOLE |
| 26884U109 | EPR | EPR PPTYS | $324,674 | 0.01% | 6,480 | Common | SOLE |
| 053807103 | AVT | AVNET INC | $291,870 | 0.01% | 4,723 | Common | SOLE |
| 33829M101 | FIVE | FIVE BELOW INC | $287,340 | 0.01% | 1,254 | Common | SOLE |
| 830830105 | SKY | CHAMPION HOMES INC | $264,625 | 0.01% | 3,548 | Common | SOLE |
| 889478103 | TOL | TOLL BROTHERS INC | $263,325 | 0.01% | 1,924 | Common | SOLE |
| 23331A109 | DHI | D R HORTON INC | $262,983 | 0.01% | 1,911 | Common | SOLE |
| 252784301 | DRH | DIAMONDROCK HOSPITALITY CO | $103,677 | 0.00% | 11,033 | 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.