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Ruffer LLP Portfolio holdings
AUM
$2.44B
1-Year Est. Return
44.75%
This Fund
S&P 500
This Quarter
Est. Return
+10.8%
1 Year Est. Return
+44.75%
3 Year Est. Return
+105.9%
5 Year Est. Return
+158.64%
10 Year Est. Return
+642.68%
AUM
$2.26B
AUM Growth
-$337M
(-13%)
Cap. Flow
-$548M
Cap. Flow
% of AUM
-24.25%
Top 10 Holdings %
Top 10 Hldgs %
57.11%
Holding
123
New
29
Increased
24
Reduced
36
Closed
25
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
SW
Smurfit Westrock
SW
|
+$194M |
| 2 |
Alphabet (Google) Class A
GOOGL
|
+$55.1M |
| 3 |
AngloGold Ashanti
AU
|
+$49.4M |
| 4 |
Equinox Gold
EQX
|
+$37.2M |
| 5 |
IQVIA
IQV
|
+$31.3M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Citigroup
C
|
+$169M |
| 2 |
Amazon
AMZN
|
+$114M |
| 3 |
Alibaba
BABA
|
+$103M |
| 4 |
Newmont
NEM
|
+$85.2M |
| 5 |
Cigna
CI
|
+$63.2M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Materials | 38.43% |
| 2 | Consumer Discretionary | 20.74% |
| 3 | Financials | 11.27% |
| 4 | Energy | 7.23% |
| 5 | Healthcare | 6.48% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
Newmont
NEM
$98.2B
| $291M | 12.89% |
4,999,932
-1,597,017
| -24% | -$85.2M |
|
|
SW
2
Smurfit Westrock
SW
$25.5B
| $196M | 8.68% |
+4,544,710
| New | +$194M |
|
|
B
3
Barrick Mining
B
$62.2B
| $192M | 8.49% |
9,216,104
-1,210,691
| -12% | -$23.7M |
|
|
4
Amazon
AMZN
$2.5T
| $160M | 7.09% |
730,465
-575,514
| -44% | -$114M |
|
5
Bank of America
BAC
$435B
| $136M | 6.04% |
2,883,749
+668,960
| +30% | +$28.1M |
|
|
6
Citigroup
C
$222B
| $80.7M | 3.57% |
948,652
-2,337,749
| -71% | -$169M |
|
7
BP
BP
$113B
| $68.7M | 3.04% |
2,294,330
-144,710
| -6% | -$4.24M |
|
|
8
Alphabet (Google) Class A
GOOGL
$3.91T
| $59.4M | 2.63% |
+336,846
| New | +$55.1M |
|
9
Ryanair
RYAAY
$29.5B
| $53.7M | 2.38% |
931,799
-390,980
| -30% | -$19.9M |
|
|
10
AngloGold Ashanti
AU
$40.3B
| $52.3M | 2.31% |
+1,146,968
| New | +$49.4M |
|
|
CGAU
11
Centerra Gold
CGAU
$3.22B
| $51.6M | 2.28% |
7,153,309
+64,070
| +0.9% | +$438K |
|
|
12
Equinox Gold
EQX
$7.32B
| $43.3M | 1.91% |
7,499,601
+5,722,871
| +322% | +$37.2M |
|
|
13
Alibaba
BABA
$269B
| $38.9M | 1.72% |
342,672
-867,737
| -72% | -$103M |
|
|
ARIS
14
Aris Mining
ARIS
$3.03B
| $35.3M | 1.56% |
5,239,248
-427,500
| -8% | -$2.54M |
|
15
Suncor Energy
SU
$77.7B
| $34.8M | 1.54% |
929,257
-44,190
| -5% | -$1.6M |
|
16
Pfizer
PFE
$140B
| $33.9M | 1.5% |
1,399,513
-792,785
| -36% | -$18.5M |
|
|
17
IQVIA
IQV
$34.7B
| $32.8M | 1.45% |
+207,887
| New | +$31.3M |
|
18
Coeur Mining
CDE
$15.6B
| $32.3M | 1.43% |
3,644,401
+659,047
| +22% | +$4.8M |
|
19
ExxonMobil
XOM
$651B
| $29.8M | 1.32% |
276,717
+30,787
| +13% | +$3.29M |
|
20
TSMC
TSM
$2.09T
| $29.6M | 1.31% |
130,711
-142,200
| -52% | -$26.3M |
|
21
Alcon
ALC
$33.1B
| $27.3M | 1.21% |
+308,649
| New | +$27.7M |
|
22
Pan American Silver
PAAS
$18.6B
| $25.9M | 1.15% |
913,329
-66,715
| -7% | -$1.73M |
|
23
PNC Financial Services
PNC
$100B
| $24.3M | 1.08% |
130,619
+43,082
| +49% | +$7.29M |
|
|
GAU
24
Galiano Gold
GAU
$486M
| $24.1M | 1.07% |
18,943,252
| – | – |
|
|
SKE
25
Skeena Resources
SKE
$3.36B
| $24.1M | 1.07% |
1,511,655
-23,228
| -2% | -$293K |
|
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BW
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BBA
PUI
Ruffer LLP's Q2 2025 Portfolio in Review
As of Q2 2025, Ruffer LLP held 123 positions worth $2.26B, down 13% from $2.6B the previous quarter. Its ten largest holdings account for 57% of the portfolio.
Ruffer LLP withdrew a net $548M in Q2 2025, closing 25 positions and reducing 36 holdings. Its most notable exit was Cigna, an estimated $63.2M position sold in full.
By sector, the portfolio is most concentrated in Materials at 38% of assets, down from 39% a quarter earlier, followed by Consumer Discretionary and Financials.
Against the trend, Ruffer LLP opened a new position in Smurfit Westrock worth $196M.
- Ruffer LLP's largest Q2 2025 buy was Smurfit Westrock: 4,544,710 shares worth $196M.
- Ruffer LLP added most to Equinox Gold in Q2 2025, an estimated $37.2M increase.
- Ruffer LLP's biggest Q2 2025 reduction was Citigroup, cutting an estimated $169M.
- Ruffer LLP fully exited Cigna in Q2 2025, selling an estimated $63.2M.
- Ruffer LLP's ten largest holdings make up 57% of its $2.26B portfolio in Q2 2025.
- Ruffer LLP opened 29 new positions and closed 25 in Q2 2025.
- Ruffer LLP's portfolio value fell 13% quarter-over-quarter to $2.26B.
Based on Ruffer LLP's 13F filing for Q2 2025, filed 16 Jul 2025.