13F HOLDINGS REPORT
Ruffer LLP
Quarter ended Q4 2025 · Filed January 28, 2026 · Accession 0001426859-26-000001
Total Value
$2.20B
Positions
154
Other Managers
0
Confidential Omitted
No
Holdings (154)
| # | Issuer | Ticker / CUSIP | Shares | Value | % of Filing |
|---|---|---|---|---|---|
| 1 | SMURFIT WESTROCK PLC | SW | 4,504,151 | $174.4M | 7.94% |
| 2 | COINBASE GLOBAL INC | COIN | 735,190 | $166.5M | 7.58% |
| 3 | AMAZON COM INC | AMZN | 671,466 | $155.2M | 7.07% |
| 4 | BANK AMERICA CORP | 060505104 | 1,668,030 | $91.9M | 4.18% |
| 5 | EQUINOX GOLD CORP | EQX | 5,791,948 | $81.5M | 3.71% |
| 6 | BP PLC | BPPFF | 2,235,750 | $77.8M | 3.54% |
| 7 | ALIBABA GROUP HLDG LTD | BBAAY | 481,064 | $70.6M | 3.22% |
| 8 | DISNEY WALT CO | 254687106 | 567,615 | $64.7M | 2.94% |
| 9 | ELDORADO GOLD CORP NEW | 284902509 | 1,611,656 | $58.0M | 2.64% |
| 10 | EXTRA SPACE STORAGE INC | EXR | 385,535 | $50.3M | 2.29% |
| 11 | SOLVENTUM CORP | SOLV | 614,558 | $48.8M | 2.22% |
| 12 | FLOOR & DECOR HLDGS INC | FND | 774,470 | $47.2M | 2.15% |
| 13 | CENTERRA GOLD INC | CGAU | 3,255,131 | $47.0M | 2.14% |
| 14 | SUNCOR ENERGY INC NEW | SU | 999,168 | $44.5M | 2.02% |
| 15 | SCHLUMBERGER LTD | SLB | 1,146,543 | $44.1M | 2.01% |
| 16 | ARIS MNG CORP | 04040Y109 | 2,647,139 | $43.1M | 1.96% |
| 17 | EXXON MOBIL CORP | XOM | 320,081 | $38.6M | 1.76% |
| 18 | GALIANO GOLD INC | GAU | 14,305,507 | $36.5M | 1.66% |
| 19 | GE AEROSPACE | 369604301 | 117,301 | $36.2M | 1.65% |
| 20 | PFIZER INC | PFE | 1,324,096 | $33.0M | 1.50% |
| 21 | PAN AMERN SILVER CORP | 697900108 | 608,328 | $31.6M | 1.44% |
| 22 | PNC FINL SVCS GROUP INC | 693475105 | 150,102 | $31.4M | 1.43% |
| 23 | UNION PAC CORP | UNP | 133,430 | $30.9M | 1.41% |
| 24 | PHILIP MORRIS INTL INC | 718172109 | 189,305 | $30.4M | 1.38% |
| 25 | LAMAR ADVERTISING CO NEW | LAMR | 239,820 | $30.4M | 1.38% |
| 26 | BARRICK MNG CORP | 06849F108 | 650,660 | $28.4M | 1.29% |
| 27 | ANGLOGOLD ASHANTI PLC | AU | 320,997 | $27.4M | 1.25% |
| 28 | NOMAD FOODS LTD | NOMD | 2,140,876 | $26.8M | 1.22% |
| 29 | COOPER COS INC | 216648501 | 312,164 | $25.6M | 1.17% |
| 30 | TECK RESOURCES LTD | TCKRF | 447,145 | $21.4M | 0.98% |
| 31 | SKEENA RES LTD NEW | 83056P715 | 814,056 | $19.4M | 0.88% |
| 32 | VISTA ENERGY S.A.B. DE C.V. | VSOGF | 394,510 | $19.2M | 0.88% |
| 33 | NEWMONT CORP | NEMCL | 164,819 | $16.5M | 0.75% |
| 34 | INTERNATIONAL FLAVORS&FRAGRA | 459506101 | 237,473 | $16.0M | 0.73% |
| 35 | SIGNET JEWELERS LIMITED | SIG | 185,192 | $15.4M | 0.70% |
| 36 | CANADIAN PACIFIC KANSAS CITY | CP | 206,459 | $15.2M | 0.69% |
| 37 | ROYAL GOLD INC | RGLD | 65,900 | $14.7M | 0.67% |
| 38 | U HAUL HOLDING COMPANY | UHAL-B | 304,952 | $14.3M | 0.65% |
| 39 | ALCOA CORP | AA | 265,910 | $14.2M | 0.64% |
| 40 | INTEGRA RES CORP | ITRG | 3,006,453 | $12.1M | 0.55% |
| 41 | TAIWAN SEMICONDUCTOR MFG LTD | 874039100 | 31,175 | $9.5M | 0.43% |
| 42 | FEDERATED HERMES INC | FHI | 149,689 | $7.8M | 0.36% |
| 43 | FOX CORP | FOX | 103,210 | $7.6M | 0.34% |
| 44 | DOUBLEVERIFY HLDGS INC | DV | 645,691 | $7.4M | 0.34% |
| 45 | MAXIMUS INC | MMS | 80,396 | $7.0M | 0.32% |
| 46 | JANUS HENDERSON GROUP PLC | JHG | 139,713 | $6.7M | 0.30% |
| 47 | COEUR MNG INC | 192108504 | 366,238 | $6.5M | 0.30% |
| 48 | PRICE T ROWE GROUP INC | TROW | 61,083 | $6.3M | 0.29% |
| 49 | COPA HOLDINGS SA | CPA | 48,819 | $5.9M | 0.27% |
| 50 | SCIENCE APPLICATIONS INTL CO | 808625107 | 57,664 | $5.8M | 0.26% |
| 51 | TD SYNNEX CORPORATION | SNX | 36,770 | $5.5M | 0.25% |
| 52 | MAGNUM ICE CREAM CO NV | MICC | 340,183 | $5.4M | 0.25% |
| 53 | TELEFLEX INCORPORATED | TFX | 42,166 | $5.2M | 0.23% |
| 54 | BLOCK H & R INC | BSQKZ | 118,033 | $5.2M | 0.23% |
| 55 | VIRTU FINL INC | 928254101 | 149,707 | $5.0M | 0.23% |
| 56 | HF SINCLAIR CORP | DINO | 102,340 | $4.7M | 0.22% |
| 57 | CAL MAINE FOODS INC | CALM | 58,210 | $4.6M | 0.21% |
| 58 | ISHARES TR | 46434V514 | 131,000 | $4.5M | 0.21% |
| 59 | BERKSHIRE HATHAWAY INC DEL | BRK-A | 9,000 | $4.5M | 0.21% |
| 60 | PITNEY BOWES INC | PBI-PB | 423,474 | $4.5M | 0.20% |
| 61 | MICRON TECHNOLOGY INC | MU | 15,569 | $4.5M | 0.20% |
| 62 | LEAR CORP | LEA | 38,300 | $4.4M | 0.20% |
| 63 | DHT HOLDINGS INC | DHT | 358,738 | $4.4M | 0.20% |
| 64 | SCORPIO TANKERS INC | STNG | 85,914 | $4.4M | 0.20% |
| 65 | BORGWARNER INC | BWA | 91,926 | $4.1M | 0.19% |
| 66 | BROOKFIELD CORP | 11271J107 | 84,750 | $3.9M | 0.18% |
| 67 | BEST BUY INC | BBY | 57,606 | $3.9M | 0.18% |
| 68 | OSHKOSH CORP | OSK | 29,982 | $3.8M | 0.17% |
| 69 | TEEKAY TANKERS LTD | TNK | 69,863 | $3.7M | 0.17% |
| 70 | CROCS INC | CROX | 42,877 | $3.7M | 0.17% |
| 71 | GENERAL MTRS CO | 37045V100 | 44,694 | $3.6M | 0.17% |
| 72 | UNITED PARKS & RESORTS INC | PRKS | 97,970 | $3.6M | 0.16% |
| 73 | ROYALTY PHARMA PLC | RPRX | 90,432 | $3.5M | 0.16% |
| 74 | RH | RH | 19,219 | $3.4M | 0.16% |
| 75 | BERKSHIRE HILLS BANCORP INC | BBT | 130,048 | $3.4M | 0.16% |
| 76 | BATH & BODY WORKS INC | BBWI | 170,505 | $3.4M | 0.16% |
| 77 | MARRIOTT VACATIONS WORLDWIDE | VAC | 58,907 | $3.4M | 0.15% |
| 78 | TARGET CORP | TGT | 34,456 | $3.4M | 0.15% |
| 79 | ALBERTSONS COS INC | 013091103 | 195,920 | $3.4M | 0.15% |
| 80 | ALIGHT INC | ALIT | 1,710,398 | $3.3M | 0.15% |
| 81 | GARRETT MOTION INC | GTX | 186,239 | $3.3M | 0.15% |
| 82 | LIFE TIME GROUP HOLDINGS INC | LTH | 121,167 | $3.2M | 0.15% |
| 83 | JACK IN THE BOX INC | JACK | 169,792 | $3.2M | 0.15% |
| 84 | WENDYS CO | 95058W100 | 382,890 | $3.2M | 0.15% |
| 85 | CARMAX INC | KMX | 82,204 | $3.2M | 0.14% |
| 86 | VOYA FINANCIAL INC | VOYA-PB | 42,265 | $3.2M | 0.14% |
| 87 | BANK OZK LITTLE ROCK ARK | OZKAP | 68,063 | $3.1M | 0.14% |
| 88 | RADIAN GROUP INC | RDN | 86,970 | $3.1M | 0.14% |
| 89 | ASSOCIATED BANC CORP | ASBA | 121,477 | $3.1M | 0.14% |
| 90 | UNITED BANKSHARES INC WEST V | UNTCW | 81,408 | $3.1M | 0.14% |
| 91 | PAYCOM SOFTWARE INC | PAYC | 19,584 | $3.1M | 0.14% |
| 92 | BANK HAWAII CORP | 062540109 | 45,370 | $3.1M | 0.14% |
| 93 | SOUTHSTATE BK CORP | 84472E102 | 32,661 | $3.1M | 0.14% |
| 94 | FULTON FINL CORP PA | 360271100 | 158,786 | $3.1M | 0.14% |
| 95 | GROCERY OUTLET HLDG CORP | GO | 302,619 | $3.1M | 0.14% |
| 96 | UNITED CMNTY BKS BLAIRSVLE G | UNTCW | 97,641 | $3.1M | 0.14% |
| 97 | FIRST HAWAIIAN INC | FHB | 119,509 | $3.0M | 0.14% |
| 98 | SKYWEST INC | SKYW | 30,038 | $3.0M | 0.14% |
| 99 | UNITED STS BRENT OIL FD LP | UNTCW | 106,450 | $3.0M | 0.14% |
| 100 | HOME BANCSHARES INC | HOMB | 108,357 | $3.0M | 0.14% |
| 101 | ATLANTIC UN BANKSHARES CORP | 04911A107 | 84,181 | $3.0M | 0.14% |
| 102 | PROSPERITY BANCSHARES INC | PB | 42,828 | $3.0M | 0.13% |
| 103 | EASTERN BANKSHARES INC | EBC | 160,133 | $3.0M | 0.13% |
| 104 | APTIV PLC | APTV | 38,692 | $2.9M | 0.13% |
| 105 | COREBRIDGE FINL INC | 21871X109 | 97,176 | $2.9M | 0.13% |
| 106 | SYNOVUS FINL CORP | 87161C501 | 58,348 | $2.9M | 0.13% |
| 107 | HA SUSTAINABLE INFRA CAP INC | 41068X100 | 91,948 | $2.9M | 0.13% |
| 108 | ANHEUSER BUSCH INBEV SA/NV | BUDFF | 45,000 | $2.9M | 0.13% |
| 109 | OLD NATL BANCORP IND | 680033107 | 128,478 | $2.9M | 0.13% |
| 110 | CAESARS ENTERTAINMENT INC NE | 12769G100 | 120,390 | $2.8M | 0.13% |
| 111 | WESTERN ALLIANCE BANCORP | WAL-PA | 33,236 | $2.8M | 0.13% |
| 112 | M/I HOMES INC | MHO | 21,832 | $2.8M | 0.13% |
| 113 | OSISKO DEVELOPMENT CORP | OSDVF | 754,799 | $2.6M | 0.12% |
| 114 | KOHLS CORP | KSS | 128,343 | $2.6M | 0.12% |
| 115 | MAPLEBEAR INC | CART | 56,987 | $2.6M | 0.12% |
| 116 | INCYTE CORP | INCY | 25,342 | $2.5M | 0.11% |
| 117 | DORMAN PRODS INC | 258278100 | 20,247 | $2.5M | 0.11% |
| 118 | NEUROCRINE BIOSCIENCES INC | NBIX | 17,453 | $2.5M | 0.11% |
| 119 | JAZZ PHARMACEUTICALS PLC | JAZZ | 14,242 | $2.4M | 0.11% |
| 120 | JPMORGAN CHASE & CO. | VYLD | 7,000 | $2.3M | 0.10% |
| 121 | POWER SOLUTIONS INTL INC | 73933G202 | 38,063 | $2.2M | 0.10% |
| 122 | DAVE & BUSTERS ENTMT INC | 238337109 | 130,065 | $2.1M | 0.10% |
| 123 | B2GOLD CORP | BTG | 454,824 | $2.1M | 0.09% |
| 124 | EXELIXIS INC | EXEL | 46,500 | $2.0M | 0.09% |
| 125 | HALOZYME THERAPEUTICS INC | HALO | 26,121 | $1.8M | 0.08% |
| 126 | SUPERNUS PHARMACEUTICALS INC | SUPN | 34,327 | $1.7M | 0.08% |
| 127 | CHEVRON CORP NEW | CVX | 11,000 | $1.7M | 0.08% |
| 128 | CATALYST PHARMACEUTICALS INC | CPRX | 70,807 | $1.7M | 0.08% |
| 129 | CITIGROUP INC | C-PR | 13,850 | $1.6M | 0.07% |
| 130 | RIGEL PHARMACEUTICALS INC | RIGL | 37,244 | $1.6M | 0.07% |
| 131 | HARMONY BIOSCIENCES HLDGS IN | HRMY | 40,993 | $1.5M | 0.07% |
| 132 | NOVAGOLD RES INC | 66987E206 | 152,710 | $1.4M | 0.06% |
| 133 | FRANCO NEV CORP | FNV | 6,220 | $1.3M | 0.06% |
| 134 | ALPHABET INC | GOOG | 3,900 | $1.2M | 0.06% |
| 135 | AGNICO EAGLE MINES LTD | AEM | 5,791 | $983,281 | 0.04% |
| 136 | CENTURY ALUM CO | CENX | 23,851 | $935,941 | 0.04% |
| 137 | ARCOS DORADOS HOLDINGS INC | ARCO | 127,142 | $934,679 | 0.04% |
| 138 | GILEAD SCIENCES INC | GILD | 6,918 | $850,441 | 0.04% |
| 139 | FOMENTO ECONOMICO MEXICANO S | 344419106 | 8,000 | $809,822 | 0.04% |
| 140 | M & T BK CORP | 55261F104 | 4,000 | $807,178 | 0.04% |
| 141 | UNITED STS COMMODITY INDEX F | UNTCW | 22,400 | $784,327 | 0.04% |
| 142 | GOLDMINING INC | GLDG | 401,996 | $505,207 | 0.02% |
| 143 | AGNC INVT CORP | 00123Q104 | 46,517 | $499,441 | 0.02% |
| 144 | WELLS FARGO CO NEW | 949746101 | 5,000 | $466,728 | 0.02% |
| 145 | SABRA HEALTH CARE REIT INC | SBRA | 23,094 | $438,083 | 0.02% |
| 146 | EPR PPTYS | 26884U109 | 7,255 | $362,590 | 0.02% |
| 147 | PUBLIC STORAGE OPER CO | PSA-PS | 1,380 | $358,669 | 0.02% |
| 148 | PERMIAN RESOURCES CORP | PR | 14,661 | $206,015 | 0.01% |
| 149 | ENDAVA PLC | DAVA | 32,000 | $202,556 | 0.01% |
| 150 | RITHM CAPITAL CORP | RITM-PF | 10,367 | $113,177 | 0.01% |
| 151 | PARK HOTELS & RESORTS INC | PK | 10,603 | $111,081 | 0.01% |
| 152 | DIAMONDROCK HOSPITALITY CO | DRH | 11,963 | $107,356 | 0.00% |
| 153 | ORCHID IS CAP INC | 68571X301 | 14,790 | $106,654 | 0.00% |
| 154 | ARBOR REALTY TRUST INC | ABR-PF | 13,677 | $106,299 | 0.00% |