Ruffer LLP Portfolio holdings
Ruffer is an independent investment manager owned and run by its partners, with a single global strategy aimed at not losing money over any rolling 12-month period. Jonathan Ruffer, who began as a stockbroker and then became a barrister, started it in 1994 with Robert Shirley, 14th Earl Ferrers, and Jane Tufnell, and it became Ruffer LLP in 2004. The firm starts by weighing the risks it sees in markets and picking assets that should protect the portfolio if they come true, then takes on growth mainly through global stocks. It runs a stock-market-listed investment company, and its clients include pension plans, charities and family offices.
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
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 | Held Since | |
|---|---|---|---|---|---|---|---|
|
1
Newmont
NEM
$123B
| $291M | 12.89% |
4,999,932
-1,597,017
| -24% | -$85.2M |
2015 Q4
38 quarters
|
|
|
2
Smurfit Westrock
SW
$23.1B
| $196M | 8.68% |
+4,544,710
| New | +$194M |
2025 Q2
0 quarters
|
|
3
Barrick Mining
B
$64.3B
| $192M | 8.49% |
9,216,104
-1,210,691
| -12% | -$23.7M |
2013 Q4
46 quarters
|
|
|
4
Amazon
AMZN
$2.88T
| $160M | 7.09% |
730,465
-575,514
| -44% | -$114M |
2022 Q3
11 quarters
|
|
5
Bank of America
BAC
$350B
| $136M | 6.04% |
2,883,749
+668,960
| +30% | +$28.1M |
2023 Q2
8 quarters
|
|
|
6
Citigroup
C
$206B
| $80.7M | 3.57% |
948,652
-2,337,749
| -71% | -$169M |
2023 Q3
7 quarters
|
|
7
BP
BP
$117B
| $68.7M | 3.04% |
2,294,330
-144,710
| -6% | -$4.24M |
2021 Q4
14 quarters
|
|
|
8
Alphabet (Google) Class A
GOOGL
$3.61T
| $59.4M | 2.63% |
+336,846
| New | +$55.1M |
2025 Q2
0 quarters
|
|
9
Ryanair
RYAAY
$30.8B
| $53.7M | 2.38% |
931,799
-390,980
| -30% | -$19.9M |
2022 Q3
11 quarters
|
|
|
10
AngloGold Ashanti
AU
$46.5B
| $52.3M | 2.31% |
+1,146,968
| New | +$49.4M |
2025 Q2
0 quarters
|
|
11
Centerra Gold
CGAU
$4.12B
| $51.6M | 2.28% |
7,153,309
+64,070
| +0.9% | +$438K |
2021 Q2
16 quarters
|
|
|
12
Equinox Gold
EQX
$12.6B
| $43.3M | 1.91% |
7,499,601
+5,722,871
| +322% | +$37.2M |
2024 Q3
3 quarters
|
|
|
13
Alibaba
BABA
$253B
| $38.9M | 1.72% |
342,672
-867,737
| -72% | -$103M |
2022 Q2
12 quarters
|
|
14
Aris Mining
ARIS
$3.21B
| $35.3M | 1.56% |
5,239,248
-427,500
| -8% | -$2.54M |
2023 Q3
7 quarters
|
|
15
Suncor Energy
SU
$79.4B
| $34.8M | 1.54% |
929,257
-44,190
| -5% | -$1.6M |
2023 Q1
9 quarters
|
|
16
Pfizer
PFE
$168B
| $33.9M | 1.5% |
1,399,513
-792,785
| -36% | -$18.5M |
2021 Q2
16 quarters
|
|
|
17
IQVIA
IQV
$45.2B
| $32.8M | 1.45% |
+207,887
| New | +$31.3M |
2025 Q2
0 quarters
|
|
18
Coeur Mining
CDE
$15.4B
| $32.3M | 1.43% |
3,644,401
+659,047
| +22% | +$4.8M |
2025 Q1
1 quarter
|
|
19
ExxonMobil
XOM
$680B
| $29.8M | 1.32% |
276,717
+30,787
| +13% | +$3.29M |
2013 Q2
48 quarters
|
|
20
TSMC
TSM
$2.14T
| $29.6M | 1.31% |
130,711
-142,200
| -52% | -$26.3M |
2023 Q1
9 quarters
|
|
21
Alcon
ALC
$35B
| $27.3M | 1.21% |
+308,649
| New | +$27.7M |
2025 Q2
0 quarters
|
|
22
Pan American Silver
PAAS
$16.2B
| $25.9M | 1.15% |
913,329
-66,715
| -7% | -$1.73M |
2023 Q1
9 quarters
|
|
23
PNC Financial Services
PNC
$92.2B
| $24.3M | 1.08% |
130,619
+43,082
| +49% | +$7.29M |
2023 Q1
9 quarters
|
|
24
Galiano Gold
GAU
$629M
| $24.1M | 1.07% |
18,943,252
| – | – |
2018 Q4
26 quarters
|
|
25
Skeena Resources
SKE
$3.84B
| $24.1M | 1.07% |
1,511,655
-23,228
| -2% | -$293K |
2022 Q2
12 quarters
|
|
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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.