Ruffer LLP
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 SPYHypothetical 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, 2025Top 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 |
|---|---|---|
| Consumer Cyclical | 24.3% | $571,454,181 |
| Energy | 17.0% | $399,537,347 |
| Financial Services | 16.3% | $384,198,092 |
| Basic Materials | 15.8% | $371,047,002 |
| Technology | 9.1% | $213,874,860 |
| Industrials | 6.5% | $153,744,777 |
| Healthcare | 5.6% | $132,245,536 |
| Real Estate | 1.8% | $43,300,262 |
| Communication Services | 1.8% | $42,821,282 |
| Consumer Defensive | 1.7% | $39,269,770 |
Last Quarter's Activity
Export CSVAdded To
Positions the filer increased
25 positions
| Ticker | Company | Δ Shares | Shares | Value | Open |
|---|---|---|---|---|---|
| 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 | Open |
|---|---|---|---|---|---|
| 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 | Open |
|---|---|---|---|---|
| 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 | Open |
|---|---|---|---|---|
| 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. | ||||
32 positions ·
$371,047,002 total
· Basic Materials only
· as of Mar 31, 2026
All sectors
Basic Materials
Communication Services
Consumer Cyclical
Consumer Defensive
Energy
Financial Services
Healthcare
Industrials
Real Estate
Technology
| Ticker | Company | Type | Shares | Value (USD) | % of Portfolio | History |
|---|---|---|---|---|---|---|
| EQX |
Equinox Gold Corp.
Basic Materials
|
Reduced | 4,126,835 | $59,674,034 | 16.08% | |
| ARIS |
Aris Mining Corp
Basic Materials
|
Reduced | 1,872,533 | $34,772,937 | 9.37% | |
| GAU |
Galiano Gold Inc.
Basic Materials
|
Reduced | 13,224,532 | $33,193,575 | 8.95% | |
| EGO |
Eldorado Gold Corp /Fi
Basic Materials
|
Reduced | 899,358 | $30,874,960 | 8.32% | |
| B |
Barrick Mining Corp
Basic Materials
|
Reduced | 571,425 | $23,308,425 | 6.28% | |
| SSRM |
Ssr Mining Inc.
Basic Materials
|
NEW | 731,624 | $21,509,745 | 5.80% | |
| IFF |
International Flavors & Fragrances Inc
Basic Materials
|
Added | 291,613 | $21,156,523 | 5.70% | |
| NEM |
NEWMONT Corp /DE/
Basic Materials
|
Reduced | 134,459 | $14,555,186 | 3.92% | |
| CGAU |
Centerra Gold Inc.
Basic Materials
|
Reduced | 730,816 | $13,001,216 | 3.50% | |
| SKE |
Skeena Resources Ltd
Basic Materials
|
Reduced | 399,036 | $11,859,349 | 3.20% | |
| RGLD |
Royal Gold Inc
Basic Materials
|
Reduced | 46,270 | $11,775,252 | 3.17% | |
| ITRG |
Integra Resources Corp.
Basic Materials
|
Added | 3,985,025 | $10,879,118 | 2.93% | |
| KGC |
Kinross Gold Corp
Basic Materials
|
NEW | 332,440 | $10,146,068 | 2.73% | |
| AU |
AngloGold Ashanti PLC
Basic Materials
|
Reduced | 98,228 | $9,563,478 | 2.58% | |
| PAAS |
Pan American Silver Corp
Basic Materials
|
Reduced | 170,303 | $9,303,652 | 2.51% | |
| CDE |
Coeur Mining, Inc.
Basic Materials
|
Added | 384,032 | $7,208,280 | 1.94% | |
| LYB |
LyondellBasell Industries N.V.
Basic Materials
|
NEW | 77,910 | $6,276,429 | 1.69% | |
| AA |
Alcoa Corp
Basic Materials
|
Reduced | 92,720 | $6,150,117 | 1.66% | |
| LIN |
Linde PLC
Basic Materials
|
NEW | 8,560 | $4,243,705 | 1.14% | |
| EMN |
Eastman Chemical Co
Basic Materials
|
NEW | 54,740 | $4,177,756 | 1.13% | |
| DD |
DuPont de Nemours, Inc.
Basic Materials
|
NEW | 88,140 | $4,036,812 | 1.09% | |
| ESI |
Element Solutions Inc
Basic Materials
|
NEW | 105,820 | $3,612,694 | 0.97% | |
| ASH |
Ashland Inc.
Basic Materials
|
NEW | 64,533 | $3,588,680 | 0.97% | |
| ODV |
Osisko Development Corp.
Basic Materials
|
Added | 957,579 | $3,112,131 | 0.84% | |
| CENX |
Century Aluminum Co
Basic Materials
|
Added | 49,850 | $2,925,696 | 0.79% | |
| BCC |
BOISE CASCADE Co
Basic Materials
|
NEW | 32,680 | $2,478,778 | 0.67% | |
| EXP |
Eagle Materials Inc
Basic Materials
|
NEW | 10,661 | $2,019,726 | 0.54% | |
| VZLA |
Vizsla Silver Corp.
Basic Materials
|
NEW | 499,777 | $1,649,264 | 0.44% | |
| HMY |
Harmony Gold Mining Co Ltd
Basic Materials
|
NEW | 96,152 | $1,477,856 | 0.40% | |
| FNV |
FRANCO NEVADA Corp
Basic Materials
|
Reduced | 4,320 | $1,067,256 | 0.29% | |
| NG |
Novagold Resources Inc
Basic Materials
|
Reduced | 108,010 | $969,929 | 0.26% | |
| GLDG |
GoldMining Inc.
Basic Materials
|
Held | 401,996 | $478,375 | 0.13% |