Ruffer LLP
LONDON, X0
$2.8bn in 187 US stocks at the end of 30 June 2026. The top 10 are 35.6% of the money. It changed about 30.1% of the portfolio this quarter.
Value
$2.8bn
Stocks
187
Top 10 share
35.6%
Turnover
30.1%
What changed this quarter
New
Bought for the first time this quarter.
- Netease.comNTES2.2% of the fund
- Full Truck AllianceYMM1.6% of the fund
- Trip COM GroupTCOM1.5% of the fund
- Jd.comJD1.4% of the fund
- Expand EnergyEXE1.4% of the fund
- S&P GlobalSPGI1.3% of the fund
- TotalEnergies SETTE1.3% of the fund
- Charles SchwabSCHW1.2% of the fund
- AirbnbABNB0.7% of the fund
- FluorFLR0.7% of the fund
- Wise GroupWSE0.6% of the fund
- OceanaGoldOGC0.6% of the fund
- AutolivALV0.6% of the fund
- Agnico Eagle MinesAEM0.3% of the fund
- Archer-Daniels-MidlandADM0.3% of the fund
- DT MidstreamDTM0.3% of the fund
- Devon EnergyDVN0.3% of the fund
- Pinnacle West CapitalPNW0.2% of the fund
- Gold FieldsGFI0.2% of the fund
- South BowSOBO0.2% of the fund
- HappenHAPN0.2% of the fund
- Jazz PharmaceuticalsJAZZ0.2% of the fund
- Strategic EducationSTRA0.2% of the fund
- Canadian Natural ResourcesCNQ0.2% of the fund
- Perdoceo EducationPRDO0.1% of the fund
Added
Bought more of a stock they already held.
- Amazon.comAMZN7.0% of the fund+48%
- MicrosoftMSFT6.0% of the fund+45%
- Alibaba Group HldgBABA4.3% of the fund+8%
- Floor & Decor HoldingsFND2.6% of the fund+12%
- Equinox GoldEQX1.6% of the fund+15%
- Booking HoldingsBKNG1.4% of the fund+41%
- Berkshire HathawayBRK-B1.3% of the fund+711%
- Canadian Pacific Kansas CityCP1.2% of the fund+3%
- Signet JewelersSIG1.1% of the fund+58%
- Eagle MaterialsEXP1.0% of the fund+1138%
- Warner Bros. DiscoveryWBD0.9% of the fund+64%
- Kinross GoldKGC0.7% of the fund+163%
- Walt DisneyDIS0.7% of the fund+246%
- Venture GlobalVG0.7% of the fund+288%
- Cooper CompaniesCOO0.7% of the fund+24%
- Coeur MiningCDE0.7% of the fund+204%
- Magnum Ice CreamMICC0.7% of the fund+43%
- NewmontNEM0.5% of the fund+22%
- Paycom SoftwarePAYC0.4% of the fund+58%
- PaychexPAYX0.4% of the fund+34%
- Red Rock ResortsRRR0.4% of the fund+228%
- Integra ResourcesITRG0.3% of the fund+11%
- DynatraceDT0.3% of the fund+87%
- Antero MidstreamAM0.3% of the fund+10%
- Copa HoldingsCPA0.3% of the fund+18%
Cut
Sold some of their stake.
- Smurfit WestrockSW4.0% of the fund-12%
- Coinbase GlobalCOIN2.6% of the fund-65%
- SLB LimitedSLB2.2% of the fund-13%
- BPBP2.1% of the fund-23%
- SolventumSOLV2.1% of the fund-10%
- Brown FormanBF-B1.8% of the fund-29%
- ExxonMobil HoldingsXOM1.5% of the fund-2%
- Union PacificUNP1.3% of the fund-17%
- Vista Energy S.A.B. de C.V.VIST1.2% of the fund-3%
- PfizerPFE1.0% of the fund-2%
- Aris MiningARIS0.8% of the fund-14%
- Eldorado GoldEGO0.7% of the fund-25%
- International Flavors & FragrancesIFF0.6% of the fund-22%
- SSR MiningSSRM0.6% of the fund-20%
- Barrick MiningB0.6% of the fund-24%
- General ElectricGE0.6% of the fund-64%
- Philip Morris InternationalPM0.4% of the fund-3%
- Royal GoldRGLD0.3% of the fund-4%
- Centerra GoldCGAU0.3% of the fund-31%
- Skeena ResourcesSKE0.3% of the fund-29%
- M/I HomesMHO0.3% of the fund-12%
- Canadian National RailwayCNI0.3% of the fund-5%
- TC EnergyTRP0.2% of the fund-19%
- Price T Rowe GroupTROW0.2% of the fund-7%
- Neurocrine BiosciencesNBIX0.2% of the fund-4%
Sold out
Sold their entire stake.
- U-Haul HoldingUHAL-B-100%
- Kodiak Gas ServicesKGS-100%
- National Fuel GasNFG-100%
- LyondellBasell IndustriesLYB-100%
- CSXCSX-100%
- ExelixisEXEL-100%
- Flex LNGFLNG-100%
- Simply Good FoodsSMPL-100%
- LindeLIN-100%
- General MotorsGM-100%
- DuPont de NemoursDD-100%
- SFLSFL-100%
- Garrett MotionGTX-100%
- Pitney BowesPBI-100%
- Element SolutionsESI-100%
- AshlandASH-100%
- Virtu FinancialVIRT-100%
- Harmony Biosciences HoldingsHRMY-100%
- Abercrombie & FitchANF-100%
- Indivior PharmaceuticalsINDV-100%
- ValvolineVVV-100%
- Super Group (SGHC)SGHC-100%
- WayfairW-100%
- Fortune Brands InnovationsFBIN-100%
- Murphy USAMUSA-100%
Holdings
- Alibaba Group HldgBABA
- Share
- 4.3%
- Value
- $121m
- Shares
- 1,265,069
+8%
- Netease.comNTES
- Share
- 2.2%
- Value
- $62m
- Shares
- 487,913
New
- Suncor EnergySU
- Share
- 1.9%
- Value
- $54m
- Shares
- 1,009,746
Held
- Full Truck AllianceYMM
- Share
- 1.6%
- Value
- $46m
- Shares
- 5,724,180
New
- Equinox GoldEQX
- Share
- 1.6%
- Value
- $46m
- Shares
- 4,736,428
+15%
- Trip COM GroupTCOM
- Share
- 1.5%
- Value
- $43m
- Shares
- 1,075,096
New
- Jd.comJD
- Share
- 1.4%
- Value
- $39m
- Shares
- 1,537,181
New
- Vista Energy S.A.B. de C.V.VIST
- Share
- 1.2%
- Value
- $33m
- Shares
- 518,201
-3%
- Galiano GoldGAU
- Share
- 0.9%
- Value
- $24m
- Shares
- 12,994,532
Held
- Aris MiningARIS
- Share
- 0.8%
- Value
- $24m
- Shares
- 1,605,529
-14%
- Eldorado GoldEGO
- Share
- 0.7%
- Value
- $21m
- Shares
- 674,029
-25%
- Kinross GoldKGC
- Share
- 0.7%
- Value
- $21m
- Shares
- 874,179
+163%
- OceanaGoldOGC
- Share
- 0.6%
- Value
- $17m
- Shares
- 667,801
New
- Barrick MiningB
- Share
- 0.6%
- Value
- $16m
- Shares
- 431,774
-24%
- Agnico Eagle MinesAEM
- Share
- 0.3%
- Value
- $10m
- Shares
- 63,411
New
- Integra ResourcesITRG
- Share
- 0.3%
- Value
- $10m
- Shares
- 4,433,503
+11%
- Centerra GoldCGAU
- Share
- 0.3%
- Value
- $8m
- Shares
- 504,233
-31%
- Skeena ResourcesSKE
- Share
- 0.3%
- Value
- $8m
- Shares
- 283,866
-29%
- Canadian National RailwayCNI
- Share
- 0.3%
- Value
- $7m
- Shares
- 60,250
-5%
- BCEBCE
- Share
- 0.3%
- Value
- $7m
- Shares
- 329,790
+18%
- Gold FieldsGFI
- Share
- 0.2%
- Value
- $7m
- Shares
- 200,640
New
- TC EnergyTRP
- Share
- 0.2%
- Value
- $7m
- Shares
- 99,810
-19%
- Osisko Development
- Share
- 0.2%
- Value
- $6m
- Shares
- 2,591,180
+171%
- South BowSOBO
- Share
- 0.2%
- Value
- $6m
- Shares
- 179,920
New
- InfosysINFY
- Share
- 0.2%
- Value
- $6m
- Shares
- 545,691
+79%
- Canadian Natural ResourcesCNQ
- Share
- 0.2%
- Value
- $5m
- Shares
- 136,720
New
| Company | Share of fund | Value | Shares | Change |
|---|---|---|---|---|
| Amazon.comAMZN | 7.0% | $197m | 829,118 | +48% |
| MicrosoftMSFT | 6.0% | $169m | 454,873 | +45% |
| Alibaba Group HldgBABA | 4.3% | $121m | 1,265,069 | +8% |
| Smurfit WestrockSW | 4.0% | $113m | 2,438,889 | -12% |
| Bank of AmericaBAC | 2.6% | $74m | 1,304,202 | Held |
| Floor & Decor HoldingsFND | 2.6% | $73m | 1,235,490 | +12% |
| Coinbase GlobalCOIN | 2.6% | $73m | 499,000 | -65% |
| Netease.comNTES | 2.2% | $62m | 487,913 | New |
| SLB LimitedSLB | 2.2% | $62m | 1,341,534 | -13% |
| BPBP | 2.1% | $60m | 1,624,940 | -23% |
| SolventumSOLV | 2.1% | $60m | 776,468 | -10% |
| Suncor EnergySU | 1.9% | $54m | 1,009,746 | Held |
| Lamar AdvertisingLAMR | 1.9% | $53m | 338,207 | Held |
| Brown FormanBF-B | 1.8% | $51m | 1,931,956 | -29% |
| Full Truck AllianceYMM | 1.6% | $46m | 5,724,180 | New |
| Equinox GoldEQX | 1.6% | $46m | 4,736,428 | +15% |
| ExxonMobil HoldingsXOM | 1.5% | $43m | 314,224 | -2% |
| Trip COM GroupTCOM | 1.5% | $43m | 1,075,096 | New |
| Jd.comJD | 1.4% | $39m | 1,537,181 | New |
| Booking HoldingsBKNG | 1.4% | $38m | 215,996 | +41% |
| Expand EnergyEXE | 1.4% | $38m | 420,557 | New |
| S&P GlobalSPGI | 1.3% | $38m | 93,768 | New |
| Union PacificUNP | 1.3% | $38m | 140,019 | -17% |
| TotalEnergies SETTE | 1.3% | $37m | 474,930 | New |
| Berkshire HathawayBRK-B | 1.3% | $36m | 72,990 | +711% |
| PNC Financial Services GroupPNC | 1.3% | $36m | 145,485 | Held |
| Canadian Pacific Kansas CityCP | 1.2% | $33m | 386,182 | +3% |
| Charles SchwabSCHW | 1.2% | $33m | 358,432 | New |
| Vista Energy S.A.B. de C.V.VIST | 1.2% | $33m | 518,201 | -3% |
| Signet JewelersSIG | 1.1% | $31m | 360,278 | +58% |
| Eagle MaterialsEXP | 1.0% | $30m | 131,978 | +1138% |
| PfizerPFE | 1.0% | $27m | 1,126,006 | -2% |
| Warner Bros. DiscoveryWBD | 0.9% | $25m | 920,507 | +64% |
| Galiano GoldGAU | 0.9% | $24m | 12,994,532 | Held |
| Aris MiningARIS | 0.8% | $24m | 1,605,529 | -14% |
| Eldorado GoldEGO | 0.7% | $21m | 674,029 | -25% |
| Kinross GoldKGC | 0.7% | $21m | 874,179 | +163% |
| Walt DisneyDIS | 0.7% | $20m | 211,815 | +246% |
| AirbnbABNB | 0.7% | $20m | 139,870 | New |
| Venture GlobalVG | 0.7% | $20m | 1,789,003 | +288% |
| FluorFLR | 0.7% | $20m | 375,643 | New |
| Cooper CompaniesCOO | 0.7% | $19m | 268,591 | +24% |
| Coeur MiningCDE | 0.7% | $19m | 1,168,748 | +204% |
| Magnum Ice CreamMICC | 0.7% | $19m | 1,082,605 | +43% |
| International Flavors & FragrancesIFF | 0.6% | $18m | 228,297 | -22% |
| Wise GroupWSE | 0.6% | $17m | 1,415,047 | New |
| OceanaGoldOGC | 0.6% | $17m | 667,801 | New |
| SSR MiningSSRM | 0.6% | $16m | 583,120 | -20% |
| AutolivALV | 0.6% | $16m | 137,005 | New |
| Barrick MiningB | 0.6% | $16m | 431,774 | -24% |
| General ElectricGE | 0.6% | $16m | 42,402 | -64% |
| NewmontNEM | 0.5% | $15m | 163,583 | +22% |
| Philip Morris InternationalPM | 0.4% | $13m | 70,063 | -3% |
| Paycom SoftwarePAYC | 0.4% | $11m | 87,209 | +58% |
| PaychexPAYX | 0.4% | $10m | 102,561 | +34% |
| Red Rock ResortsRRR | 0.4% | $10m | 154,858 | +228% |
| Agnico Eagle MinesAEM | 0.3% | $10m | 63,411 | New |
| Integra ResourcesITRG | 0.3% | $10m | 4,433,503 | +11% |
| DynatraceDT | 0.3% | $9m | 211,477 | +87% |
| Royal GoldRGLD | 0.3% | $9m | 44,600 | -4% |
| Antero MidstreamAM | 0.3% | $9m | 384,010 | +10% |
| Copa HoldingsCPA | 0.3% | $8m | 52,227 | +18% |
| FortinetFTNT | 0.3% | $8m | 52,054 | Held |
| Centerra GoldCGAU | 0.3% | $8m | 504,233 | -31% |
| Skeena ResourcesSKE | 0.3% | $8m | 283,866 | -29% |
| Archer-Daniels-MidlandADM | 0.3% | $7m | 96,890 | New |
| IntuitINTU | 0.3% | $7m | 28,336 | +206% |
| M/I HomesMHO | 0.3% | $7m | 45,809 | -12% |
| DT MidstreamDTM | 0.3% | $7m | 49,640 | New |
| SS&C Technologies HoldingsSSNC | 0.3% | $7m | 117,022 | +100% |
| Canadian National RailwayCNI | 0.3% | $7m | 60,250 | -5% |
| BCEBCE | 0.3% | $7m | 329,790 | +18% |
| Devon EnergyDVN | 0.3% | $7m | 171,460 | New |
| Pinnacle West CapitalPNW | 0.2% | $7m | 65,180 | New |
| GenpactG | 0.2% | $7m | 252,992 | +132% |
| DoubleVerify HoldingsDV | 0.2% | $7m | 623,608 | Held |
| Gold FieldsGFI | 0.2% | $7m | 200,640 | New |
| TC EnergyTRP | 0.2% | $7m | 99,810 | -19% |
| Travel & LeisureTNL | 0.2% | $6m | 83,502 | +1014% |
| Osisko Development | 0.2% | $6m | 2,591,180 | +171% |
| South BowSOBO | 0.2% | $6m | 179,920 | New |
| HappenHAPN | 0.2% | $6m | 298,095 | New |
| Federated HermesFHI | 0.2% | $6m | 111,652 | +35% |
| Eastman ChemicalEMN | 0.2% | $6m | 90,960 | +66% |
| GartnerIT | 0.2% | $6m | 46,780 | +77% |
| Price T Rowe GroupTROW | 0.2% | $6m | 52,270 | -7% |
| IncyteINCY | 0.2% | $6m | 52,291 | +10% |
| Jazz PharmaceuticalsJAZZ | 0.2% | $6m | 24,567 | New |
| FoxFOXA | 0.2% | $6m | 112,972 | +7% |
| AmdocsDOX | 0.2% | $6m | 116,121 | +85% |
| AvnetAVT | 0.2% | $6m | 65,939 | +1296% |
| Neurocrine BiosciencesNBIX | 0.2% | $6m | 34,541 | -4% |
| AccentureACN | 0.2% | $6m | 46,374 | +121% |
| ANI PharmaceuticalsANIP | 0.2% | $6m | 69,426 | +15% |
| InfosysINFY | 0.2% | $6m | 545,691 | +79% |
| Strategic EducationSTRA | 0.2% | $6m | 74,454 | New |
| Gen DigitalGEN | 0.2% | $6m | 228,498 | -8% |
| Science Applications InternationalSAIC | 0.2% | $6m | 50,646 | +17% |
| Cognizant Technology SolutionsCTSH | 0.2% | $6m | 142,641 | +106% |
| Canadian Natural ResourcesCNQ | 0.2% | $5m | 136,720 | New |
Showing the largest 100 of 187.
Over time and by industry
Value over time
Jun '25
Dec '25
Jun '26
Value is up 25.1% since 30 June 2025.
Where the money is
Retail & consumer16.7%
Materials15.6%
Financial services12.2%
Energy12.1%
Technology10.2%
Industrials6.2%
Health care4.8%
Everyday goods3.7%
Media & telecom2.0%
Real estate2.0%
Utilities1.2%
Other13.2%
From the fund's 13F filings. They list US stocks and options only, 45 days after each quarter, and leave out cash, bonds, shorts and foreign shares.