Ruffer LLP

CIK

1426859

Location

London, X0

Portfolio Value

Mid $2,351,493,109

Diversification

Diversified

Filing Date

Global Rank

#895 / 8,232 ▲ 118

Top Industry

Gold 12.2%

3Y Alpha vs SPY

+12.8%

Period ended 2 months ago

Filed May 13, 2026 · 32d

25 quarters · since Mar 2020

Clone Performance

Jun 2023–Jun 2026 · vs SPY

Hypothetical growth of cloning every reported 13F position and rebalancing on each filing, indexed to the same start.

Cloned portfolio

+138.8%

SPY

+76.3%

Annualised alpha

+12.8%

Max drawdown

−14.5%

Estimate. 13F holdings are quarter-lagged and long-only, so the clone rebalances about 45 days after each period end — when the filing becomes public — and excludes options and short positions. Past performance does not predict future results.

Portfolio Concentration

173 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%	$571,454,181	40
Energy	17.0%	$399,537,347	16
Financial Services	16.3%	$384,198,092	16
Basic Materials	15.8%	$371,047,002	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
ODV	Osisko Development Corp.	+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 PLC	−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	$25,880,835
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 positions · $2,351,493,109 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	Exxon Mobil 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	$25,880,835	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%