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Funds (13F)

Ruffer LLP

Backtest from 9 Aug 2013 to 2 Nov 2026 · weekly · hypothetical

Watch this strategy
Return a year
+17.2%
S&P 500 +13.9%
Last 12 months
+18.2%
S&P 500 +12.1%
Sharpe ratio
0.83
S&P 500 0.77
Biggest drop
−35.2%
S&P 500 −31.8%
$10.0k$20.0k$40.0k$80.0k 2013201520172019202120232025 $82.1k$55.9k
Ruffer LLPS&P 500 $10,000 in Ruffer LLP from 9 Aug 2013 against the S&P 500 (total return) over the same dates, marked weekly, log scale. Hypothetical: before taxes and trading costs.

About

Copies Ruffer LLP's quarterly 13F holdings in the companies we cover, weighted by reported value: it buys on the first trading day after each 13F is filed (up to 45 days after the quarter) and holds until the next filing. A 13F shows long US-listed positions only, at the quarter's end, so this misses shorts, cash, bonds, non-US holdings and trading within the quarter.

Ruffer LLP's 13F holdings →

Key statistics

MeasureStrategyS&P 500
Return a year (compound)+17.2%+13.9%
Total return+721%+459%
Last 12 months+18.2%+12.1%
Last 3 months−0.3%—
Last month+1.0%—
This year so far+1.9%—
Volatility a year18.9%16.0%
Sharpe ratio0.830.77
Biggest drop−35.2%−31.8%
Beta to the S&P 5000.981.00
Alpha a year (t-statistic)+3.6% (1.26)—
Share of weeks up58%—

Sharpe ratio uses returns above the 3-month Treasury bill rate. Alpha is the yearly return left after allowing for the strategy's exposure to the S&P 500 (CAPM); a t-statistic below about 2 means it cannot be told apart from luck.

Insights

CompanyWeightHeld sinceReturn since
AMZN8.1%——
MSFT7.0%——
BABA5.0%——
SW4.6%——
BAC3.0%——
FND3.0%——
COIN3.0%——
NTES2.6%——
SLB2.5%——
SOLV2.5%——
SU2.2%——
LAMR2.2%——
YMM1.9%——
EQX1.9%——
TCOM1.8%——
JD1.6%——
BKNG1.6%——
EXE1.6%——
SPGI1.6%——
UNP1.6%——
PNC1.5%——
CP1.4%——
SCHW1.4%——
SIG1.3%——
EXP1.2%——
PFE1.1%——
GAU1.0%——
ARIS1.0%——
EGO0.9%——
DIS0.8%——
ABNB0.8%——
VG0.8%——
FLR0.8%——
COO0.8%——
CDE0.8%——
MICC0.8%——
IFF0.7%——
WSE0.7%——
SSRM0.7%——
ALV0.7%——
B0.7%——
GE0.7%——
NEM0.6%——
PM0.5%——
PAYC0.5%——
PAYX0.4%——
RRR0.4%——
AEM0.4%——
ITRG0.4%——
DT0.4%——
RGLD0.4%——
FTNT0.3%——
CGAU0.3%——
SKE0.3%——
ADM0.3%——
INTU0.3%——
DTM0.3%——
SSNC0.3%——
BCE0.3%——
DVN0.3%——
PNW0.3%——
G0.3%——
DV0.3%——
GFI0.3%——
TRP0.3%——
TNL0.3%——
SOBO0.3%——
HAPN0.3%——
FHI0.3%——
EMN0.3%——
IT0.3%——
TROW0.2%——
INCY0.2%——
JAZZ0.2%——
FOXA0.2%——
DOX0.2%——
AVT0.2%——
NBIX0.2%——
ACN0.2%——
ANIP0.2%——
STRA0.2%——
GEN0.2%——
SAIC0.2%——
CTSH0.2%——
CNQ0.2%——
MMS0.2%——
DORM0.2%——
AA0.2%——
CMC0.2%——
LEA0.2%——
CRM0.2%——
FSLR0.2%——
BBY0.2%——
BEN0.2%——
APAM0.2%——
APTV0.2%——
PRDO0.2%——
DAVE0.2%——
AU0.2%——
OVV0.1%——
ADMA0.1%——
AUGO0.1%——
SKYW0.1%——
IVZ0.1%——
WRBY0.1%——
MTDR0.1%——
BUD0.1%——
INSW0.1%——
FRO0.1%——
EAT0.1%——
DG0.1%——
DINO0.1%——
TGT0.1%——
CVX0.1%——
BCC0.1%——
CHH0.1%——
KMX0.1%——
PAAS0.1%——
CHWY0.1%——
OLLI0.1%——
ADP0.1%——
PCTY0.1%——
SFM0.1%——
CNM0.1%——
ULTA0.1%——
AWI0.1%——
TTD0.1%——
ASO0.1%——
DPZ0.1%——
JPM0.1%——
CHDN0.1%——
CENX0.1%——
FIVE0.1%——
BOOT0.1%——
BKE0.1%——
LTH0.1%——
URBN0.1%——
MHK0.1%——
KR0.1%——
DRI0.1%——
CAKE0.1%——
TSM0.1%——
VZLA0.1%——
GCT0.1%——
BYD0.1%——
SNX0.1%——
DDS0.1%——
ARCO0.0%——
MTB0.0%——
FNV0.0%——

Weighted by reported value in the latest 13F, held until the next filing.

PeriodReturn a yearS&P 500SharpeS&P 500Biggest dropBetaAlpha (t)
Whole backtest9 Aug 2013 to 2 Nov 2026+17.2%+13.9%0.830.77−35.2%0.98+3.6% (1.26)
2018 onwards5 Jan 2018 to 2 Nov 2026+18.3%+13.9%0.770.66−35.2%0.96+4.8% (1.19)
Last three years3 Nov 2023 to 2 Nov 2026+33.9%+21.8%1.431.16−14.3%0.90+11.8% (1.50)
Last year7 Nov 2025 to 2 Nov 2026+18.8%+14.2%0.730.84−14.3%1.11+4.3% (0.26)
DateCompanyAction
31 Jul 2026YMMBought
31 Jul 2026WSEBought
31 Jul 2026ULTABought
31 Jul 2026TCOMBought
31 Jul 2026STRABought
31 Jul 2026SPGIBought
31 Jul 2026SOBOBought
31 Jul 2026SCHWBought
31 Jul 2026PRDOBought
31 Jul 2026PNWBought
31 Jul 2026OVVBought
31 Jul 2026OLLIBought
31 Jul 2026NTESBought
31 Jul 2026MTDRBought
31 Jul 2026KRBought
31 Jul 2026KBHBought
31 Jul 2026JDBought
31 Jul 2026JAZZBought
31 Jul 2026HAPNBought
31 Jul 2026GFIBought
31 Jul 2026GCTBought
31 Jul 2026FLRBought
31 Jul 2026EXEBought
31 Jul 2026DVNBought
31 Jul 2026DTMBought

Dated at the rebalance that made the change.

DateCompanyAction
31 Jul 2026WSold
31 Jul 2026VVVSold
31 Jul 2026VIRTSold
31 Jul 2026TSCOSold
31 Jul 2026SMPLSold
31 Jul 2026SGHCSold
31 Jul 2026SFLSold
31 Jul 2026PBISold
31 Jul 2026NFGSold
31 Jul 2026MUSASold
31 Jul 2026LYBSold
31 Jul 2026LINSold
31 Jul 2026LENSold
31 Jul 2026KGSSold
31 Jul 2026INDVSold
31 Jul 2026HRMYSold
31 Jul 2026HMYSold
31 Jul 2026GTXSold
31 Jul 2026GMSold
31 Jul 2026FLNGSold
31 Jul 2026FBINSold
31 Jul 2026EXELSold
31 Jul 2026ESISold
31 Jul 2026DRHSold
31 Jul 2026CSXSold

Dated at the rebalance that made the change.

Backtests are hypothetical and use today's listed companies only, which flatters results. Past performance does not predict future returns. This is research, not investment advice. How we backtest