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Asset manager

Ruffer LLP

13F for the quarter to June 30, 2026, filed July 30, 2026 · SEC CIK 1426859

Reported value
$2.8bn
86% in companies we cover
Positions we cover
164
Largest AMZN 7.0%
Copy, a year
+17.2%
S&P 500 +13.9%
Copy Sharpe ratio
0.83
S&P 500 0.77

How copying its 13F would have done

$10.0k$20.0k$40.0k$80.0k 2013201520172019202120232025 $82.1k$55.9k
CopyS&P 500 $10,000 copying Ruffer LLP's filed holdings in companies we cover from August 9, 2013, buying on the first trading day after each 13F was filed and holding until the next, against the S&P 500 (total return). Marked weekly, log scale. Before costs and taxes; misses trading within each quarter and anything 13F does not show (shorts, cash, bonds, non-US holdings).

Biggest drop −35.2% (S&P 500 −31.8%); beta 0.98; alpha +3.6% a year (t = 1.26); last 12 months +18.2% against +12.1%.

Reported value by quarter

Ruffer LLP: 13F reported value Total value of all positions in each quarter's 13F, as filed (values before 2023 were filed in thousands of dollars and are converted).
$0 $500B $1T $1.5T Reported value, 2013-06-30: $1.9B Reported value, 2013-09-30: $2.2B Reported value, 2013-12-31: $5.4B Reported value, 2014-03-31: $3.3B Reported value, 2014-06-30: $3.1B Reported value, 2014-09-30: $2.8B Reported value, 2014-12-31: $3B Reported value, 2015-03-31: $2.3B Reported value, 2015-06-30: $2.3B Reported value, 2015-09-30: $2.3B Reported value, 2015-12-31: $2.3B Reported value, 2016-03-31: $2.4B Reported value, 2016-06-30: $2.2B Reported value, 2016-09-30: $1.7B Reported value, 2016-12-31: $1.7B Reported value, 2017-03-31: $1.7B Reported value, 2017-06-30: $2.1B Reported value, 2017-09-30: $2.3B Reported value, 2017-12-31: $2.5B Reported value, 2018-03-31: $2B Reported value, 2018-06-30: $2.7B Reported value, 2018-09-30: $3B Reported value, 2018-12-31: $3.2B Reported value, 2019-03-31: $3.9B Reported value, 2019-06-30: $4.3B Reported value, 2019-09-30: $3.5B Reported value, 2019-12-31: $3.4B Reported value, 2020-03-31: $2.2B Reported value, 2020-06-30: $2.6B Reported value, 2020-09-30: $2.2B Reported value, 2020-12-31: $2.9B Reported value, 2021-03-31: $3.3B Reported value, 2021-06-30: $3.6B Reported value, 2021-09-30: $3.2B Reported value, 2021-12-31: $4.2B Reported value, 2022-03-31: $4.3B Reported value, 2022-06-30: $2.5B Reported value, 2022-09-30: $1.6B Reported value, 2022-12-31: $1.5T Reported value, 2023-03-31: $2.9B Reported value, 2023-06-30: $1.7B Reported value, 2023-09-30: $1.8B Reported value, 2023-12-31: $2.7B Reported value, 2024-03-31: $2.6B Reported value, 2024-06-30: $2.3B Reported value, 2024-09-30: $3.2B Reported value, 2024-12-31: $2.8B Reported value, 2025-03-31: $2.6B Reported value, 2025-06-30: $2.3B Reported value, 2025-09-30: $1.8B Reported value, 2025-12-31: $2.2B Reported value, 2026-03-31: $2.4B Reported value, 2026-06-30: $2.8B 2013-06-30 2016-03-31 2018-12-31 2021-09-30 2026-06-30 $2.8B
View chart data
Period Reported value
2013-06-30 $1.9B
2013-09-30 $2.2B
2013-12-31 $5.4B
2014-03-31 $3.3B
2014-06-30 $3.1B
2014-09-30 $2.8B
2014-12-31 $3B
2015-03-31 $2.3B
2015-06-30 $2.3B
2015-09-30 $2.3B
2015-12-31 $2.3B
2016-03-31 $2.4B
2016-06-30 $2.2B
2016-09-30 $1.7B
2016-12-31 $1.7B
2017-03-31 $1.7B
2017-06-30 $2.1B
2017-09-30 $2.3B
2017-12-31 $2.5B
2018-03-31 $2B
2018-06-30 $2.7B
2018-09-30 $3B
2018-12-31 $3.2B
2019-03-31 $3.9B
2019-06-30 $4.3B
2019-09-30 $3.5B
2019-12-31 $3.4B
2020-03-31 $2.2B
2020-06-30 $2.6B
2020-09-30 $2.2B
2020-12-31 $2.9B
2021-03-31 $3.3B
2021-06-30 $3.6B
2021-09-30 $3.2B
2021-12-31 $4.2B
2022-03-31 $4.3B
2022-06-30 $2.5B
2022-09-30 $1.6B
2022-12-31 $1.5T
2023-03-31 $2.9B
2023-06-30 $1.7B
2023-09-30 $1.8B
2023-12-31 $2.7B
2024-03-31 $2.6B
2024-06-30 $2.3B
2024-09-30 $3.2B
2024-12-31 $2.8B
2025-03-31 $2.6B
2025-06-30 $2.3B
2025-09-30 $1.8B
2025-12-31 $2.2B
2026-03-31 $2.4B
2026-06-30 $2.8B

Holdings and moves

CompanyShare of portfolioValueSharesChange in shares
AMZNAmazon6.98%$197.4m829.1K+47.7% Added
MSFTMicrosoft Corporation5.99%$169.5m454.9K+45.1% Added
BABAAlibaba Group Holding Ltd4.29%$121.3m1.27M+8.0% Added
SWSmurfit Westrock3.98%$112.7m2.44M−12.5% Reduced
BACBank of America2.63%$74.2m1.30M−0.9% Reduced
FNDFloor & Decor Holdings, Inc.2.59%$73.3m1.24M+12.2% Added
COINCoinbase2.58%$72.9m499.0K−65.3% Reduced
NTESNetease, Inc.2.21%$62.5m487.9KNew
SLBSchlumberger2.20%$62.3m1.34M−13.0% Reduced
SOLVSolventum2.12%$59.8m776.5K−9.7% Reduced
SUSuncor Energy Inc1.92%$54.2m1.01M+0.6% Added
LAMRLamar Advertising Co1.86%$52.7m338.2K−0.1%
YMMFull Truck Alliance Co. Ltd.1.64%$46.4m5.72MNew
EQXEquinox Gold Corp.1.63%$46.0m4.74M+14.8% Added
TCOMTrip.com Group Ltd1.51%$42.8m1.08MNew
JDJd.com, Inc.1.38%$39.1m1.54MNew
BKNGBooking Holdings1.36%$38.5m216.0K+3413.8% Added
EXEExpand Energy1.35%$38.3m420.6KNew
SPGIS&P Global1.35%$38.1m93.8KNew
UNPUnion Pacific Corporation1.34%$38.0m140.0K−17.3% Reduced
PNCPNC Financial Services1.26%$35.8m145.5K−1.3% Reduced
CPCanadian Pacific Kansas City LTD1.18%$33.4m386.2K+3.1% Added
SCHWCharles Schwab Corporation1.17%$33.0m358.4KNew
SIGSignet Jewelers LTD1.10%$31.0m360.3K+58.3% Added
EXPEagle Materials Inc1.05%$29.7m132.0K+1138.0% Added
PFEPfizer0.96%$27.1m1.13M−2.1% Reduced
GAUGaliano Gold Inc.0.86%$24.2m12.99M−1.7% Reduced
ARISAris Mining Corp0.84%$23.9m1.61M−14.3% Reduced
EGOEldorado Gold Corp0.74%$20.9m674.0K−25.1% Reduced
DISThe Walt Disney Company0.72%$20.4m211.8K+245.7% Added
ABNBAirbnb0.71%$20.0m139.9KNew
VGVenture Global, Inc.0.70%$19.9m1.79M+288.2% Added
FLRFluor Corp0.69%$19.7m375.6KNew
COOThe Cooper Companies0.68%$19.2m268.6K+24.2% Added
CDECoeur Mining, Inc.0.67%$19.1m1.17M+204.3% Added
MICCMagnum Ice Cream Co N.V.0.67%$18.8m1.08M+43.3% Added
IFFInternational Flavors & Fragrances0.64%$18.1m228.3K−21.7% Reduced
WSEWise Group plc0.60%$17.0m1.42MNew
SSRMSSR Mining Inc.0.58%$16.5m583.1K−20.3% Reduced
ALVAutoliv Inc0.56%$15.9m137.0KNew
BBarrick Mining Corp0.56%$15.8m431.8K−24.4% Reduced
GEGE Aerospace0.56%$15.8m42.4K−64.1% Reduced
NEMNewmont0.54%$15.3m163.6K+21.7% Added
PMPhilip Morris International0.45%$12.7m70.1K−2.5% Reduced
PAYCPaycom Software, Inc.0.39%$10.9m87.2K+57.9% Added
PAYXPaychex0.36%$10.1m102.6K+34.2% Added
RRRRed Rock Resorts, Inc.0.36%$10.1m154.9K+227.7% Added
AEMAgnico Eagle Mines LTD0.35%$9.8m63.4KNew
ITRGIntegra Resources Corp.0.35%$9.8m4.43M+11.3% Added
DTDynatrace, Inc.0.33%$9.3m211.5K+87.1% Added
RGLDRoyal Gold Inc0.31%$8.9m44.6K−3.6% Reduced
FTNTFortinet0.28%$8.0m52.1K−0.8% Reduced
CGAUCenterra Gold Inc.0.28%$8.0m504.2K−31.0% Reduced
SKESkeena Resources Ltd0.27%$7.6m283.9K−28.9% Reduced
ADMArcher Daniels Midland0.26%$7.4m96.9KNew
INTUIntuit0.26%$7.4m28.3K+205.6% Added
DTMDT Midstream, Inc.0.26%$7.3m49.6KNew
SSNCSS&C Technologies Holdings Inc0.26%$7.3m117.0K+99.9% Added
BCEBCE Inc0.25%$7.1m329.8K+17.8% Added
DVNDevon Energy0.25%$7.1m171.5KNew
PNWPinnacle West Capital0.25%$7.0m65.2KNew
GGenpact LTD0.25%$6.9m253.0K+131.9% Added
DVDoubleverify Holdings, Inc.0.24%$6.8m623.6K+1.9% Added
GFIGold Fields LTD0.24%$6.7m200.6KNew
TRPTC Energy Corp0.23%$6.6m99.8K−18.9% Reduced
TNLTravel & Leisure Co.0.23%$6.4m83.5K+1014.0% Added
SOBOSouth Bow Corp0.22%$6.3m179.9KNew
HAPNHappen, Inc.0.22%$6.2m298.1KNew
FHIFederated Hermes, Inc.0.22%$6.2m111.7K+34.7% Added
EMNEastman Chemical Co0.21%$6.1m91.0K+66.2% Added
ITGartner0.21%$6.1m46.8K+77.1% Added
TROWT. Rowe Price0.21%$5.9m52.3K−7.1% Reduced
INCYIncyte0.21%$5.9m52.3K+10.4% Added
JAZZJazz Pharmaceuticals plc0.21%$5.9m24.6KNew
FOXAFox Corporation (Class A)0.21%$5.9m113.0K+7.0% Added
DOXAmdocs LTD0.21%$5.9m116.1K+84.7% Added
AVTAvnet Inc0.21%$5.9m65.9K+1296.1% Added
NBIXNeurocrine Biosciences Inc0.21%$5.8m34.5K−4.4% Reduced
ACNAccenture0.20%$5.8m46.4K+121.0% Added
ANIPANI Pharmaceuticals Inc0.20%$5.7m69.4K+15.3% Added
STRAStrategic Education, Inc.0.20%$5.7m74.5KNew
GENGen Digital Inc.0.20%$5.7m228.5K−8.5% Reduced
SAICScience Applications International Corp0.20%$5.6m50.6K+16.5% Added
CTSHCognizant0.20%$5.5m142.6K+105.9% Added
CNQCanadian Natural Resources Ltd0.19%$5.4m136.7KNew
MMSMaximus, Inc.0.19%$5.4m99.9K+36.8% Added
DORMDorman Products, Inc.0.18%$5.0m37.0K−2.7% Reduced
AAAlcoa Corp0.17%$4.8m92.8K+0.1%
CMCCommercial Metals Co0.17%$4.8m76.9K−1.6% Reduced
LEALear Corp0.16%$4.5m33.7K−12.4% Reduced
CRMSalesforce0.16%$4.5m28.6K+30.5% Added
FSLRFirst Solar, Inc.0.15%$4.4m18.5K+22.3% Added
BBYBest Buy0.15%$4.3m57.0K−19.5% Reduced
BENFranklin Resources0.15%$4.3m128.3K−12.1% Reduced
APAMArtisan Partners Asset Management Inc.0.15%$4.2m122.2K+23.7% Added
APTVAptiv0.14%$4.1m66.9K+70.2% Added
PRDOPerdoceo Education Corp0.14%$3.9m122.5KNew
DAVEDave Inc.0.13%$3.8m10.2K−26.4% Reduced
AUAnglogold Ashanti PLC0.13%$3.8m46.9K−52.3% Reduced
OVVOvintiv Inc.0.13%$3.6m68.0KNew
ADMAAdma Biologics, Inc.0.13%$3.5m423.0KNew
AUGOAura Minerals Inc.0.12%$3.4m54.6KNew
SKYWSkywest Inc0.12%$3.3m33.7K−3.8% Reduced
IVZInvesco0.11%$3.2m122.6K+9.3% Added
WRBYWarby Parker Inc.0.11%$3.2m105.1K+0.8% Added
MTDRMatador Resources Co0.11%$3.1m63.3KNew
BUDAnheuser-busch Inbev SA0.11%$3.1m38.0K−15.6% Reduced
INSWInternational Seaways, Inc.0.11%$3.1m40.7K+223.1% Added
FROFrontline plc0.11%$3.0m86.0K−27.8% Reduced
EATBrinker International, Inc0.10%$2.9m17.3K−16.5% Reduced
DGDollar General0.10%$2.9m25.1K+49.2% Added
DINOHF Sinclair Corp0.10%$2.9m41.1K−45.3% Reduced
TGTTarget Corporation0.10%$2.8m21.6K−11.3% Reduced
CVXChevron Corporation0.10%$2.8m17.0K+54.5% Added
BCCBoise Cascade Co0.10%$2.8m36.1K+10.3% Added
CHHChoice Hotels International Inc0.10%$2.8m25.0K−14.9% Reduced
KMXCarmax Inc0.10%$2.7m51.9K−31.4% Reduced
PAASPAN American Silver Corp0.10%$2.7m60.7K−64.3% Reduced
CHWYChewy, Inc.0.09%$2.6m133.9KNew
OLLIOllie's Bargain Outlet Holdings, Inc.0.09%$2.6m34.0KNew
ADPAutomatic Data Processing0.09%$2.6m11.6K−14.6% Reduced
PCTYPaylocity Holding Corp0.09%$2.5m23.8K−8.2% Reduced
SFMSprouts Farmers Market, Inc.0.09%$2.5m29.1K−20.8% Reduced
CNMCore & Main, Inc.0.09%$2.4m50.8K−19.3% Reduced
ULTAUlta Beauty0.09%$2.4m5.4KNew
AWIArmstrong World Industries Inc0.09%$2.4m15.1K+10.8% Added
TTDTrade Desk, Inc.0.09%$2.4m133.8K+23.4% Added
ASOAcademy Sports & Outdoors, Inc.0.08%$2.4m50.7K+31.0% Added
DPZDomino's0.08%$2.4m8.1K+30.9% Added
JPMJPMorgan Chase0.08%$2.3m7.0K0.0%
CHDNChurchill Downs Inc0.08%$2.3m25.6KNew
CENXCentury Aluminum Co0.08%$2.3m49.5K−0.7% Reduced
FIVEFive Below, Inc0.08%$2.2m12.5K+898.3% Added
BOOTBoot Barn Holdings, Inc.0.08%$2.2m13.3K+2.7% Added
BKEBuckle Inc0.08%$2.2m51.2KNew
LTHLife Time Group Holdings, Inc.0.07%$2.1m52.1K−54.8% Reduced
URBNUrban Outfitters Inc0.07%$2.0m28.8K−33.8% Reduced
MHKMohawk Industries Inc0.07%$2.0m16.2K−88.8% Reduced
KRKroger0.07%$1.9m34.6KNew
DRIDarden Restaurants0.06%$1.8m8.8K−2.2% Reduced
CAKECheesecake Factory Inc0.06%$1.7m21.7K−25.7% Reduced
TSMTaiwan Semiconductor Manufacturing Co LTD0.06%$1.7m3.5K−77.4% Reduced
VZLAVizsla Silver Corp.0.06%$1.6m499.8K0.0%
GCTGigacloud Technology Inc0.06%$1.5m48.9KNew
BYDBoyd Gaming Corp0.05%$1.5m16.9K−49.6% Reduced
SNXTD Synnex Corp0.05%$1.4m5.3K−86.2% Reduced
DDSDillard's, Inc.0.05%$1.4m2.6K−25.0% Reduced
ARCOArcos Dorados Holdings Inc.0.04%$1.0m127.1K0.0%
MTBM&T Bank0.03%$951,0004.0K0.0%
FNVFranco Nevada Corp0.03%$837,0134.0K−6.9% Reduced
CompanyBought (value)Shares
AMZNAmazon$63.7m267.6K
NTESNetease, Inc.$62.5m487.9K
MSFTMicrosoft Corporation$52.7m141.4K
YMMFull Truck Alliance Co. Ltd.$46.4m5.72M
TCOMTrip.com Group Ltd$42.8m1.08M
JDJd.com, Inc.$39.1m1.54M
EXEExpand Energy$38.3m420.6K
SPGIS&P Global$38.1m93.8K
BKNGBooking Holdings$37.4m209.8K
SCHWCharles Schwab Corporation$33.0m358.4K
EXPEagle Materials Inc$27.3m121.3K
ABNBAirbnb$20.0m139.9K
FLRFluor Corp$19.7m375.6K
WSEWise Group plc$17.0m1.42M
ALVAutoliv Inc$15.9m137.0K

Change in shares on the previous quarter's 13F, valued at this quarter's reported price.

CompanySold (value)Shares
COINCoinbase−$136.8m−937.0K
GEGE Aerospace−$28.2m−75.6K
SWSmurfit Westrock−$16.0m−347.3K
MHKMohawk Industries Inc−$15.5m−128.1K
SLBSchlumberger−$9.3m−200.6K
SNXTD Synnex Corp−$8.9m−33.3K
KGSKodiak Gas Services, Inc.−$8.6m−147.9K
UNPUnion Pacific Corporation−$7.9m−29.2K
NFGNational Fuel GAS Co−$7.8m−82.4K
EGOEldorado Gold Corp−$7.0m−225.3K
ARWArrow Electronics, Inc.−$6.9m−32.6K
SOLVSolventum−$6.4m−83.5K
LYBLyondellBasell−$6.3m−77.9K
CSXCSX Corporation−$6.1m−148.2K
TSMTaiwan Semiconductor Manufacturing Co LTD−$5.8m−12.1K

Change in shares on the previous quarter's 13F, valued at this quarter's reported price.

CompanyValue last quarterShares
KGSKodiak Gas Services, Inc.$8.6m147.9K
NFGNational Fuel GAS Co$7.8m82.4K
LYBLyondellBasell$6.3m77.9K
CSXCSX Corporation$6.1m148.2K
EXELExelixis, Inc.$5.1m117.9K
FLNGFlex LNG Ltd.$4.3m144.6K
SMPLSimply Good Foods Co$4.3m299.1K
LINLinde plc$4.3m8.6K
GMGeneral Motors$4.1m54.6K
SFLSFL Corp Ltd.$3.8m350.1K
GTXGarrett Motion Inc.$3.8m205.9K
PBIPitney Bowes Inc$3.6m328.6K
ESIElement Solutions Inc$3.6m105.8K
ASHAshland Inc.$3.6m64.5K
VIRTVirtu Financial, Inc.$3.6m81.1K
HRMYHarmony Biosciences Holdings, Inc.$2.9m104.7K
ANFAbercrombie & Fitch Co$2.8m30.3K
INDVIndivior Pharmaceuticals, Inc.$2.8m90.2K
VVVValvoline Inc$2.7m80.3K
SGHCSuper Group (sghc) Ltd$2.7m248.0K
WWayfair Inc.$2.4m31.5K
FBINFortune Brands Innovations, Inc.$2.3m58.0K
MUSAMurphy USA Inc.$2.2m4.5K
TSCOTractor Supply$2.1m46.2K
LENLennar$1.8m20.6K
HMYHarmony Gold Mining Co LTD$1.5m96.2K
DRHDiamondrock Hospitality Co$103,67711.0K
  • Consumer Discretionary27.6%
  • Materials17.5%
  • Technology13.2%
  • Financials12.7%
  • Energy9.1%
  • Industrials5.6%
  • Health Care5.5%
  • Communication Services4.2%
  • Real Estate2.2%
  • Consumer Staples2.1%
  • Utilities0.3%

Share of the value held in companies we cover, by sector.

PeriodCopy, a yearS&P 500SharpeS&P 500Biggest dropBeta
Whole backtestAugust 9, 2013 to November 2, 2026+17.2%+13.9%0.830.77−35.2%0.98
2018 onwardsJanuary 5, 2018 to November 2, 2026+18.3%+13.9%0.770.66−35.2%0.96
Last three yearsNovember 3, 2023 to November 2, 2026+33.9%+21.8%1.431.16−14.3%0.90
Last yearNovember 7, 2025 to November 2, 2026+18.8%+14.2%0.730.84−14.3%1.11

From SEC Form 13F data sets. A 13F lists long positions in US-listed shares at the quarter's end, filed up to 45 days later; it does not show shorts, cash, bonds, non-US holdings or trades within the quarter. Positions in companies outside our coverage are not listed here. Research, not investment advice.