Ruffer LLP

CIK

1426859

Location

London, X0

Portfolio Value

Mid $2,351,493,110

Diversification

Diversified

Filing Date

Global Rank

#1,094 / 8,622 ▲ 61 · as of Mar 2026

Top Industry

Gold 12.2%

3Y Alpha vs SPY

+12.1%

Period ended 4 months ago

Filed May 13, 2026 · 3mo

25 quarters · since Mar 2020

Clone Performance

Jul 2023–Jul 2026 · vs SPY

Hypothetical growth of buying every stock this filer reported holding, rebalancing on each filing and indexed to the same start. Option positions cannot be bought this way and are left out.

Cloned portfolio

+134.3%

SPY

+67.9%

Annualised alpha

+14.0%

Max drawdown

−14.5%

Estimate. 13F holdings are quarter-lagged, so the clone rebalances about 45 days after each period end — when the filing becomes public — and it excludes option and short positions. It tracks 100% of reported value on average across 13 quarters. Past performance does not predict future results.

Portfolio Concentration

173 tracked positions · as of Mar 31, 2026 · Δ vs Dec 31, 2025

Top Position

10.7%

+2.6 pts

Top 5

31.5%

+0.7 pts

Top 10

47.2%

+1.6 pts

HHI

326

Diversified+12

Portfolio Trend

25 quarters · across all stocks

Sector Breakdown

As of Mar 31, 2026

Sector	% Portfolio	Value	Positions
Consumer Cyclical	24.3%	$571,454,183	40
Energy	17.0%	$399,537,347	16
Financial Services	16.3%	$384,198,092	16
Basic Materials	15.8%	$371,047,001	32
Technology	9.1%	$213,874,860	25
Industrials	6.5%	$153,744,777	16
Healthcare	5.6%	$132,245,536	11
Real Estate	1.8%	$43,300,262	3
Communication Services	1.8%	$42,821,282	6
Consumer Defensive	1.7%	$39,269,770	8

Last Quarter's Activity

Export CSV

Mar 31, 2026 vs Dec 31, 2025

Added To

Positions the filer increased

25 positions

Ticker	Company	Δ Shares	Shares	Value
ITRG	Integra Resources Corp.	+978,572	3,985,025	$10,879,118
COIN	Coinbase Global, Inc.	+700,800	1,435,990	$250,738,213
BABA	Alibaba Group Holding Ltd	+690,165	1,171,229	$146,942,390
MICC	Magnum Ice Cream Co N.V.	+415,381	755,564	$11,295,681
SLB	Slb Limited/Nv	+395,543	1,542,086	$79,247,799
FND	Floor & Decor Holdings, Inc.	+326,255	1,100,725	$55,916,830
SOLV	Solventum Corp	+245,435	859,993	$56,157,542
OGG	Osisko Gold Group Inc.	+202,780	957,579	$3,112,131
CP	Canadian Pacific Kansas City Ltd/Cn	+168,083	374,542	$29,461,473
VIST	Vista Energy, S.A.B. de C.V.	+138,410	532,920	$40,219,472
LAMR	Lamar Advertising Co/New	+98,670	338,490	$42,873,143
EXEL	Exelixis, Inc.	+71,423	117,923	$5,057,717
HRMY	Harmony Biosciences Holdings, Inc.	+63,665	104,658	$2,931,470
IFF	International Flavors & Fragrances Inc	+54,140	291,613	$21,156,523
SIG	Signet Jewelers Ltd	+42,443	227,635	$19,267,026
UNP	Union Pacific Corp	+35,826	169,256	$41,064,890
PAYC	Paycom Software, Inc.	+35,640	55,224	$6,711,924
MHO	M/I Homes, Inc.	+30,427	52,259	$6,399,114
CENX	Century Aluminum Co	+25,999	49,850	$2,925,696
INCY	Incyte Corp	+22,026	47,368	$4,458,276
GTX	Garrett Motion Inc.	+19,710	205,949	$3,742,093
NBIX	Neurocrine Biosciences Inc	+18,680	36,133	$4,760,161
CDE	Coeur Mining, Inc.	+17,794	384,032	$7,208,280
DORM	Dorman Products, Inc.	+17,764	38,011	$3,966,827
BBY	Best Buy Co Inc	+13,186	70,792	$4,544,846
No positions match the current search.

Trimmed

Positions the filer reduced

25 positions

Ticker	Company	Δ Shares	Shares	Value
CGAU	Centerra Gold Inc.	−2,524,315	730,816	$13,001,216
SW	Smurfit Westrock plc	−1,717,954	2,786,197	$111,029,950
EQX	Equinox Gold Corp.	−1,665,113	4,126,835	$59,674,034
GAU	Galiano Gold Inc.	−1,080,975	13,224,532	$33,193,575
ARIS	Aris Mining Corp	−774,606	1,872,533	$34,772,937
EGO	Eldorado Gold Corp /Fi	−712,298	899,358	$30,874,960
DIS	Walt Disney Co	−506,335	61,280	$5,906,166
PAAS	Pan American Silver Corp	−438,025	170,303	$9,303,652
SKE	Skeena Resources Ltd	−415,020	399,036	$11,859,349
BAC	Bank Of America Corp /De/	−352,170	1,315,860	$64,148,175
AU	AngloGold Ashanti PLC	−222,769	98,228	$9,563,478
PFE	Pfizer Inc	−174,343	1,149,753	$32,285,064
AA	Alcoa Corp	−173,190	92,720	$6,150,117
BP	Bp PLC	−137,744	2,098,006	$98,606,282
PM	Philip Morris International Inc.	−117,426	71,879	$11,884,473
AMZN	Amazon Com Inc	−109,939	561,527	$116,949,228
COO	Cooper Companies, Inc.	−95,993	216,171	$15,456,226
PBI	Pitney Bowes Inc /De/	−94,829	328,645	$3,631,527
DHT	DHT Holdings, Inc.	−93,001	265,737	$4,855,014
B	Barrick Mining Corp	−79,235	571,425	$23,308,425
VIRT	Virtu Financial, Inc.	−68,561	81,146	$3,568,801
JHG	Janus Henderson Group Ltd.	−67,339	72,374	$3,717,852
FHI	Federated Hermes, Inc.	−66,780	82,909	$4,701,769
NG	Novagold Resources Inc	−44,700	108,010	$969,929
DV	DoubleVerify Holdings, Inc.	−33,674	612,017	$5,814,161
No positions match the current search.

New Positions

Positions the filer opened this quarter

25 positions

Ticker	Company	Shares	Value
MSFT	Microsoft Corp	313,446	$116,028,305
BKNG	Booking Holdings Inc.	6,147	$25,880,837
SSRM	Ssr Mining Inc.	731,624	$21,509,745
WBD	Warner Bros. Discovery, Inc.	561,089	$15,407,503
MHK	Mohawk Industries Inc	144,300	$14,207,778
KGC	Kinross Gold Corp	332,440	$10,146,068
KGS	Kodiak Gas Services, Inc.	147,870	$8,623,778
AM	Antero Midstream Corp	350,360	$7,988,208
NFG	National Fuel Gas Co	82,360	$7,738,545
TRP	Tc Energy Corp	123,040	$7,702,304
VG	Venture Global, Inc.	460,805	$7,262,286
BCE	Bce Inc	280,040	$7,068,209
PAYX	Paychex Inc	76,426	$7,040,363
CNI	Canadian National Railway Co	63,110	$6,485,814
LYB	LyondellBasell Industries N.V.	77,910	$6,276,429
CSX	Csx Corp	148,210	$6,084,020
ARW	Arrow Electronics, Inc.	33,745	$4,839,370
CMC	COMMERCIAL METALS Co	78,194	$4,803,457
GEN	Gen Digital Inc.	249,636	$4,700,645
ANIP	Ani Pharmaceuticals Inc	60,191	$4,628,687
FLNG	Flex LNG Ltd.	144,610	$4,296,363
SMPL	Simply Good Foods Co	299,062	$4,291,539
FTNT	Fortinet, Inc.	52,456	$4,286,704
CTSH	Cognizant Technology Solutions Corp	69,284	$4,250,573
LIN	Linde PLC	8,560	$4,243,705
No positions match the current search.

Sold Out

Positions the filer fully exited

25 positions

Ticker	Company	Shares	Value
EXR	Extra Space Storage Inc.	385,535	$50,204,367
NOMD	Nomad Foods Ltd	2,140,876	$26,782,358
TECK	Teck Resources Ltd	447,145	$21,413,774
TFX	Teleflex Inc	42,166	$5,145,938
HRB	H&R Block Inc	118,033	$5,143,878
CALM	Cal-Maine Foods Inc	58,210	$4,631,769
MU	Micron Technology Inc	15,569	$4,443,548
STNG	Scorpio Tankers Inc.	85,914	$4,367,008
BWA	Borgwarner Inc	91,926	$4,142,185
OSK	Oshkosh Corp	29,982	$3,766,638
TNK	Teekay Tankers Ltd.	69,863	$3,732,081
CROX	Crocs, Inc.	42,877	$3,666,841
PRKS	United Parks & Resorts Inc.	97,970	$3,556,311
RPRX	Royalty Pharma plc	90,432	$3,494,292
RH	Rh	19,219	$3,443,083
BBT	Beacon Financial Corp	130,048	$3,429,365
BBWI	Bath & Body Works, Inc.	170,505	$3,423,740
VAC	MARRIOTT VACATIONS WORLDWIDE Corp	58,907	$3,398,344
ACI	Albertsons Companies, Inc.	195,920	$3,363,946
ALIT	Alight, Inc. / Delaware	1,710,398	$3,335,276
JACK	Jack In The Box Inc	169,792	$3,217,558
WEN	Wendy's Co	382,890	$3,189,473
VOYA	Voya Financial, Inc.	42,265	$3,148,319
OZK	Bank OZK	68,063	$3,132,259
RDN	Radian Group Inc	86,970	$3,130,050
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

173 tracked positions · $2,351,493,110 total · as of Mar 31, 2026

All sectors Basic Materials Communication Services Consumer Cyclical Consumer Defensive Energy Financial Services Healthcare Industrials Real Estate Technology

Showing 1–50 of 173 positions by value · page 1 of 4

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	% of Portfolio
COIN	Coinbase Global, Inc. Financial Services	Added	1,435,990	+700,800	$250,738,213	+50.8%	10.66%
BABA	Alibaba Group Holding Ltd Consumer Cyclical	Added	1,171,229	+690,165	$146,942,390	+108.4%	6.25%
AMZN	Amazon Com Inc Consumer Cyclical	Reduced	561,527	-109,939	$116,949,228	−24.5%	4.97%
MSFT	Microsoft Corp Technology	NEW	313,446	NEW	$116,028,305	NEW	4.93%
SW	Smurfit Westrock plc Consumer Cyclical	Reduced	2,786,197	-1,717,954	$111,029,950	−36.3%	4.72%
BP	Bp PLC Energy	Reduced	2,098,006	-137,744	$98,606,282	+27.0%	4.19%
SLB	Slb Limited/Nv Energy	Added	1,542,086	+395,543	$79,247,799	+80.1%	3.37%
SU	Suncor Energy Inc Energy	Added	1,004,062	+4,894	$66,378,538	+49.8%	2.82%
BAC	Bank Of America Corp /De/ Financial Services	Reduced	1,315,860	-352,170	$64,148,175	−30.1%	2.73%
EQX	Equinox Gold Corp. Basic Materials	Reduced	4,126,835	-1,665,113	$59,674,034	−26.6%	2.54%
SOLV	Solventum Corp Healthcare	Added	859,993	+245,435	$56,157,542	+15.3%	2.39%
FND	Floor & Decor Holdings, Inc. Consumer Cyclical	Added	1,100,725	+326,255	$55,916,830	+18.6%	2.38%
XOM	ExxonMobil Holdings Corp Energy	Added	321,706	+1,625	$54,580,639	+41.7%	2.32%
LAMR	Lamar Advertising Co/New Real Estate	Added	338,490	+98,670	$42,873,143	+41.2%	1.82%
UNP	Union Pacific Corp Industrials	Added	169,256	+35,826	$41,064,890	+33.0%	1.75%
VIST	Vista Energy, S.A.B. de C.V. Energy	Added	532,920	+138,410	$40,219,472	+109.5%	1.71%
ARIS	Aris Mining Corp Basic Materials	Reduced	1,872,533	-774,606	$34,772,937	−19.1%	1.48%
GE	General Electric Co Industrials	Added	118,042	+741	$33,496,778	−7.3%	1.42%
GAU	Galiano Gold Inc. Basic Materials	Reduced	13,224,532	-1,080,975	$33,193,575	−8.3%	1.41%
PFE	Pfizer Inc Healthcare	Reduced	1,149,753	-174,343	$32,285,064	−2.1%	1.37%
EGO	Eldorado Gold Corp /Fi Basic Materials	Reduced	899,358	-712,298	$30,874,960	−46.7%	1.31%
PNC	Pnc Financial Services Group, Inc. Financial Services	Reduced	147,395	-2,707	$30,671,425	−2.1%	1.30%
CP	Canadian Pacific Kansas City Ltd/Cn Industrials	Added	374,542	+168,083	$29,461,473	+93.8%	1.25%
BKNG	Booking Holdings Inc. Consumer Cyclical	NEW	6,147	NEW	$25,880,837	NEW	1.10%
B	Barrick Mining Corp Basic Materials	Reduced	571,425	-79,235	$23,308,425	−17.7%	0.99%
SSRM	Ssr Mining Inc. Basic Materials	NEW	731,624	NEW	$21,509,745	NEW	0.91%
IFF	International Flavors & Fragrances Inc Basic Materials	Added	291,613	+54,140	$21,156,523	+32.2%	0.90%
SIG	Signet Jewelers Ltd Consumer Cyclical	Added	227,635	+42,443	$19,267,026	+25.5%	0.82%
COO	Cooper Companies, Inc. Healthcare	Reduced	216,171	-95,993	$15,456,226	−39.6%	0.66%
WBD	Warner Bros. Discovery, Inc. Communication Services	NEW	561,089	NEW	$15,407,503	NEW	0.66%
NEM	NEWMONT Corp /DE/ Basic Materials	Reduced	134,459	-30,360	$14,555,186	−11.6%	0.62%
MHK	Mohawk Industries Inc Consumer Cyclical	NEW	144,300	NEW	$14,207,778	NEW	0.60%
CGAU	Centerra Gold Inc. Basic Materials	Reduced	730,816	-2,524,315	$13,001,216	−72.2%	0.55%
PM	Philip Morris International Inc. Consumer Defensive	Reduced	71,879	-117,426	$11,884,473	−60.9%	0.51%
SKE	Skeena Resources Ltd Basic Materials	Reduced	399,036	-415,020	$11,859,349	−38.6%	0.50%
RGLD	Royal Gold Inc Basic Materials	Reduced	46,270	-19,630	$11,775,252	−19.6%	0.50%
MICC	Magnum Ice Cream Co N.V. Consumer Defensive	Added	755,564	+415,381	$11,295,681	+109.5%	0.48%
ITRG	Integra Resources Corp. Basic Materials	Added	3,985,025	+978,572	$10,879,118	−9.8%	0.46%
KGC	Kinross Gold Corp Basic Materials	NEW	332,440	NEW	$10,146,068	NEW	0.43%
AU	AngloGold Ashanti PLC Basic Materials	Reduced	98,228	-222,769	$9,563,478	−65.1%	0.41%
PAAS	Pan American Silver Corp Basic Materials	Reduced	170,303	-438,025	$9,303,652	−70.5%	0.40%
KGS	Kodiak Gas Services, Inc. Energy	NEW	147,870	NEW	$8,623,778	NEW	0.37%
AM	Antero Midstream Corp Energy	NEW	350,360	NEW	$7,988,208	NEW	0.34%
NFG	National Fuel Gas Co Energy	NEW	82,360	NEW	$7,738,545	NEW	0.33%
TRP	Tc Energy Corp Energy	NEW	123,040	NEW	$7,702,304	NEW	0.33%
VG	Venture Global, Inc. Energy	NEW	460,805	NEW	$7,262,286	NEW	0.31%
CDE	Coeur Mining, Inc. Basic Materials	Added	384,032	+17,794	$7,208,280	+10.4%	0.31%
BCE	Bce Inc Communication Services	NEW	280,040	NEW	$7,068,209	NEW	0.30%
PAYX	Paychex Inc Technology	NEW	76,426	NEW	$7,040,363	NEW	0.30%
PAYC	Paycom Software, Inc. Technology	Added	55,224	+35,640	$6,711,924	+115.1%	0.29%

Covers the securities this platform tracks: U.S.-listed common stock and the put/call positions reported on it. A 13F can also report security types outside that coverage — preferred shares, bonds, warrants, untracked share classes — so the filing's own declared total can exceed the figures above. The source filing is linked at the top of this table.