13F HOLDINGS REPORT
Ruffer LLP
Quarter ended Q2 2025 · Filed July 16, 2025 · Accession 0001426859-25-000007
Total Value
$2.26B
Positions
98
Other Managers
0
Confidential Omitted
No
Holdings (98)
| # | Issuer | Ticker / CUSIP | Shares | Value | % of Filing |
|---|---|---|---|---|---|
| 1 | NEWMONT CORP | NEMCL | 4,999,932 | $291.3M | 12.89% |
| 2 | SMURFIT WESTROCK PLC | SW | 4,544,710 | $196.1M | 8.68% |
| 3 | BARRICK GOLD CORP | 067901108 | 9,216,104 | $191.9M | 8.49% |
| 4 | AMAZON COM INC | AMZN | 730,465 | $160.3M | 7.09% |
| 5 | BANK AMERICA CORP | 060505104 | 2,883,749 | $136.5M | 6.04% |
| 6 | CITIGROUP INC | C-PR | 948,652 | $80.7M | 3.57% |
| 7 | BP PLC | BPPFF | 2,294,330 | $68.7M | 3.04% |
| 8 | ALPHABET INC | GOOG | 336,846 | $59.4M | 2.63% |
| 9 | RYANAIR HOLDINGS PLC | RYAOF | 931,799 | $53.7M | 2.38% |
| 10 | ANGLOGOLD ASHANTI PLC | AU | 1,146,968 | $52.3M | 2.31% |
| 11 | CENTERRA GOLD INC | CGAU | 7,153,309 | $51.6M | 2.28% |
| 12 | EQUINOX GOLD CORP | EQX | 7,499,601 | $43.3M | 1.91% |
| 13 | ALIBABA GROUP HLDG LTD | BBAAY | 342,672 | $38.9M | 1.72% |
| 14 | ARIS MNG CORP | 04040Y109 | 5,239,248 | $35.3M | 1.56% |
| 15 | SUNCOR ENERGY INC NEW | SU | 929,257 | $34.8M | 1.54% |
| 16 | PFIZER INC | PFE | 1,399,513 | $33.9M | 1.50% |
| 17 | IQVIA HLDGS INC | IQV | 207,887 | $32.8M | 1.45% |
| 18 | COEUR MNG INC | 192108504 | 3,644,401 | $32.3M | 1.43% |
| 19 | EXXON MOBIL CORP | XOM | 276,717 | $29.8M | 1.32% |
| 20 | TAIWAN SEMICONDUCTOR MFG LTD | 874039100 | 130,711 | $29.6M | 1.31% |
| 21 | ALCON AG | ALC | 308,649 | $27.3M | 1.21% |
| 22 | PAN AMERN SILVER CORP | 697900108 | 913,329 | $25.9M | 1.15% |
| 23 | PNC FINL SVCS GROUP INC | 693475105 | 130,619 | $24.3M | 1.08% |
| 24 | GALIANO GOLD INC | GAU | 18,943,252 | $24.1M | 1.07% |
| 25 | SKEENA RES LTD NEW | 83056P715 | 1,511,655 | $24.1M | 1.06% |
| 26 | GE AEROSPACE | 369604301 | 92,175 | $23.7M | 1.05% |
| 27 | ELDORADO GOLD CORP NEW | 284902509 | 1,093,553 | $22.2M | 0.98% |
| 28 | CHEESECAKE FACTORY INC | CAKE | 297,629 | $18.6M | 0.83% |
| 29 | COOPER COS INC | 216648501 | 247,662 | $17.6M | 0.78% |
| 30 | PHILIP MORRIS INTL INC | 718172109 | 94,109 | $17.1M | 0.76% |
| 31 | WHEATON PRECIOUS METALS CORP | WPM | 189,484 | $17.0M | 0.75% |
| 32 | KINROSS GOLD CORP | KGCRF | 940,837 | $14.7M | 0.65% |
| 33 | FOX CORP | FOX | 230,258 | $12.9M | 0.57% |
| 34 | ARROW ELECTRS INC | 042735100 | 96,253 | $12.3M | 0.54% |
| 35 | B2GOLD CORP | BTG | 3,395,988 | $12.3M | 0.54% |
| 36 | INTERPUBLIC GROUP COS INC | INTR | 497,484 | $12.2M | 0.54% |
| 37 | TD SYNNEX CORPORATION | SNX | 85,976 | $11.7M | 0.52% |
| 38 | ALLIED GOLD CORP | AAUC | 793,940 | $10.7M | 0.47% |
| 39 | GEN DIGITAL INC | GENVR | 357,900 | $10.5M | 0.47% |
| 40 | PILGRIMS PRIDE CORP | PPC | 226,137 | $10.2M | 0.45% |
| 41 | OVINTIV INC | OVV | 256,076 | $9.7M | 0.43% |
| 42 | HEWLETT PACKARD ENTERPRISE C | HPE-PC | 440,760 | $9.0M | 0.40% |
| 43 | CHAMPIONX CORPORATION | 15872M104 | 359,032 | $8.9M | 0.39% |
| 44 | MATCH GROUP INC NEW | MTCH | 285,867 | $8.8M | 0.39% |
| 45 | MOLSON COORS BEVERAGE CO | TAP-A | 183,014 | $8.8M | 0.39% |
| 46 | NOBLE CORP PLC | NE-WT | 285,719 | $7.6M | 0.34% |
| 47 | MAXIMUS INC | MMS | 104,359 | $7.3M | 0.32% |
| 48 | MERCK & CO INC | MRK | 90,932 | $7.2M | 0.32% |
| 49 | BORGWARNER INC | BWA | 213,507 | $7.1M | 0.32% |
| 50 | BLOCK H & R INC | BSQKZ | 125,597 | $6.9M | 0.30% |
| 51 | ACM RESH INC | 00108J109 | 264,706 | $6.9M | 0.30% |
| 52 | DORMAN PRODS INC | 258278100 | 55,616 | $6.8M | 0.30% |
| 53 | TOLL BROTHERS INC | TOL | 58,679 | $6.7M | 0.30% |
| 54 | PULTE GROUP INC | 745867101 | 62,701 | $6.6M | 0.29% |
| 55 | GENPACT LIMITED | G | 147,560 | $6.5M | 0.29% |
| 56 | BOYD GAMING CORP | BYD | 82,717 | $6.5M | 0.29% |
| 57 | ROYALTY PHARMA PLC | RPRX | 177,931 | $6.4M | 0.28% |
| 58 | TAYLOR MORRISON HOME CORP | TMHC | 101,520 | $6.2M | 0.28% |
| 59 | COPA HOLDINGS SA | CPA | 56,488 | $6.2M | 0.27% |
| 60 | NEW GOLD INC CDA | 644535106 | 1,200,134 | $5.9M | 0.26% |
| 61 | KB HOME | KBH | 107,751 | $5.7M | 0.25% |
| 62 | ENERSYS | ENS | 65,344 | $5.6M | 0.25% |
| 63 | MUELLER INDS INC | 624756102 | 70,076 | $5.6M | 0.25% |
| 64 | GILEAD SCIENCES INC | GILD | 45,097 | $5.0M | 0.22% |
| 65 | ARCHER DANIELS MIDLAND CO | ADM | 93,910 | $5.0M | 0.22% |
| 66 | INTEGRA RES CORP | ITRG | 3,243,153 | $4.9M | 0.22% |
| 67 | REV GROUP INC | 749527107 | 102,398 | $4.9M | 0.22% |
| 68 | INCYTE CORP | INCY | 69,325 | $4.7M | 0.21% |
| 69 | BERKSHIRE HATHAWAY INC DEL | BRK-A | 9,000 | $4.4M | 0.19% |
| 70 | OSHKOSH CORP | OSK | 34,886 | $4.0M | 0.18% |
| 71 | OWENS CORNING NEW | OC | 28,564 | $3.9M | 0.17% |
| 72 | POWELL INDS INC | 739128106 | 17,271 | $3.6M | 0.16% |
| 73 | BROOKFIELD CORP | 11271J107 | 56,500 | $3.5M | 0.15% |
| 74 | MATSON INC | MATX | 30,740 | $3.4M | 0.15% |
| 75 | EXELIXIS INC | EXEL | 76,310 | $3.4M | 0.15% |
| 76 | ENDAVA PLC | DAVA | 209,187 | $3.2M | 0.14% |
| 77 | UNITED THERAPEUTICS CORP DEL | UTHR | 10,763 | $3.1M | 0.14% |
| 78 | ANHEUSER BUSCH INBEV SA/NV | BUDFF | 45,000 | $3.1M | 0.14% |
| 79 | GRIFFON CORP | GFF | 41,320 | $3.0M | 0.13% |
| 80 | HARMONY BIOSCIENCES HLDGS IN | HRMY | 86,211 | $2.7M | 0.12% |
| 81 | AGNICO EAGLE MINES LTD | AEM | 22,679 | $2.7M | 0.12% |
| 82 | COMCAST CORP NEW | CCZ | 74,875 | $2.7M | 0.12% |
| 83 | M & T BK CORP | 55261F104 | 13,020 | $2.5M | 0.11% |
| 84 | HALOZYME THERAPEUTICS INC | HALO | 43,428 | $2.3M | 0.10% |
| 85 | TENARIS S A | 88031M109 | 59,349 | $2.2M | 0.10% |
| 86 | JPMORGAN CHASE & CO. | VYLD | 7,000 | $2.0M | 0.09% |
| 87 | SANDSTORM GOLD LTD | 80013R206 | 210,090 | $2.0M | 0.09% |
| 88 | IAMGOLD CORP | IAG | 258,300 | $1.9M | 0.08% |
| 89 | NOVAGOLD RES INC | 66987E206 | 423,670 | $1.7M | 0.08% |
| 90 | AXCELIS TECHNOLOGIES INC | ACLS | 24,731 | $1.7M | 0.08% |
| 91 | CHEVRON CORP NEW | CVX | 11,000 | $1.6M | 0.07% |
| 92 | BEST BUY INC | BBY | 20,407 | $1.4M | 0.06% |
| 93 | ARCOS DORADOS HOLDINGS INC | ARCO | 127,142 | $1.0M | 0.04% |
| 94 | FLUOR CORP NEW | FLR | 18,590 | $953,109 | 0.04% |
| 95 | FOMENTO ECONOMICO MEXICANO S | 344419106 | 8,000 | $823,840 | 0.04% |
| 96 | GOLDMINING INC | GLDG | 901,996 | $649,862 | 0.03% |
| 97 | WELLS FARGO CO NEW | 949746101 | 5,000 | $400,600 | 0.02% |
| 98 | EAST WEST BANCORP INC | EWBC | 3,890 | $392,812 | 0.02% |