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 |
Amazon
AMZN
|
+$67.2M |
| 2 |
NetEase
NTES
|
+$57.6M |
| 3 |
Microsoft
MSFT
|
+$57.2M |
| 4 |
Trip.com Group
TCOM
|
+$53.3M |
| 5 |
Full Truck Alliance
YMM
|
+$48.7M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Coinbase
COIN
|
+$169M |
| 2 |
GE Aerospace
GE
|
+$23.7M |
| 3 |
Brown-Forman Class B
BF.B
|
+$21.6M |
| 4 |
BP
BP
|
+$20.8M |
| 5 |
Smurfit Westrock
SW
|
+$14.3M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Consumer Discretionary | 27.43% |
| 2 | Energy | 14.51% |
| 3 | Technology | 12.78% |
| 4 | Materials | 12.5% |
| 5 | Financials | 11.8% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
1
Amazon
AMZN
$2.92T
| $197M | 6.98% |
829,118
+267,591
| +48% | +$67.2M |
2022 Q3
15 quarters
|
|
|
2
Microsoft
MSFT
$3.96T
| $169M | 5.99% |
454,873
+141,427
| +45% | +$57.2M |
2026 Q1
1 quarter
|
|
3
Alibaba
BABA
$255B
| $121M | 4.29% |
1,265,069
+93,840
| +8% | +$11.8M |
2022 Q2
16 quarters
|
|
|
4
Smurfit Westrock
SW
$23.2B
| $113M | 3.98% |
2,438,889
-347,308
| -12% | -$14.3M |
2025 Q2
4 quarters
|
|
5
Bank of America
BAC
$349B
| $74.2M | 2.62% |
1,304,202
-11,658
| -0.9% | -$620K |
2023 Q2
12 quarters
|
|
6
Floor & Decor
FND
$5.39B
| $73.3M | 2.59% |
1,235,490
+134,765
| +12% | +$6.82M |
2025 Q4
2 quarters
|
|
|
7
Coinbase
COIN
$34.8B
| $72.9M | 2.58% |
499,000
-936,990
| -65% | -$169M |
2025 Q4
2 quarters
|
|
|
8
NetEase
NTES
$81.8B
| $62.5M | 2.21% |
+487,913
| New | +$57.6M |
2026 Q2
0 quarters
|
|
9
SLB Ltd
SLB
$73.7B
| $62.3M | 2.2% |
1,341,534
-200,552
| -13% | -$10.7M |
2025 Q4
2 quarters
|
|
|
10
BP
BP
$114B
| $60M | 2.12% |
1,624,940
-473,066
| -23% | -$20.8M |
2021 Q4
18 quarters
|
|
11
Solventum
SOLV
$15.2B
| $59.8M | 2.12% |
776,468
-83,525
| -10% | -$6.09M |
2025 Q3
3 quarters
|
|
12
Suncor Energy
SU
$77.8B
| $54.2M | 1.92% |
1,009,746
+5,684
| +0.6% | +$360K |
2023 Q1
13 quarters
|
|
13
Lamar Advertising Co
LAMR
$16.5B
| $52.7M | 1.86% |
338,207
-283
| -0.1% | -$40.9K |
2025 Q4
2 quarters
|
|
|
14
Brown-Forman Class B
BF.B
$14.2B
| $51.4M | 1.82% |
1,931,956
-799,920
| -29% | -$21.6M |
2026 Q1
1 quarter
|
|
|
15
Full Truck Alliance
YMM
$9.11B
| $46.4M | 1.64% |
+5,724,180
| New | +$48.7M |
2026 Q2
0 quarters
|
|
16
Equinox Gold
EQX
$13.3B
| $46M | 1.63% |
4,736,428
+609,593
| +15% | +$7.86M |
2024 Q3
7 quarters
|
|
17
ExxonMobil
XOM
$669B
| $42.9M | 1.52% |
314,224
-7,482
| -2% | -$1.12M |
2013 Q2
52 quarters
|
|
|
18
Trip.com Group
TCOM
$27.7B
| $42.8M | 1.51% |
+1,075,096
| New | +$53.3M |
2026 Q2
0 quarters
|
|
19
JD.com
JD
$38.2B
| $39.1M | 1.38% |
+1,537,181
| New | +$45.3M |
2026 Q2
0 quarters
|
|
20
Booking.com
BKNG
$121B
| $38.5M | 1.36% |
215,996
+62,321
| +41% | +$10.6M |
2026 Q1
1 quarter
|
|
21
Expand Energy Corp
EXE
$20.4B
| $38.3M | 1.35% |
+420,557
| New | +$39.9M |
2026 Q2
0 quarters
|
|
22
S&P Global
SPGI
$137B
| $38.1M | 1.35% |
+93,768
| New | +$39.6M |
2026 Q2
0 quarters
|
|
23
Union Pacific
UNP
$179B
| $38M | 1.35% |
140,019
-29,237
| -17% | -$7.68M |
2025 Q4
2 quarters
|
|
24
TotalEnergies
TTE
$191B
| $36.9M | 1.3% |
+474,930
| New | +$42M |
2026 Q2
0 quarters
|
|
25
Berkshire Hathaway Class B
BRK.B
$1.24T
| $36.5M | 1.29% |
72,990
+63,990
| +711% | +$30.8M |
2020 Q2
24 quarters
|
|
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Ruffer LLP's Q2 2026 Portfolio in Review
As of Q2 2026, Ruffer LLP held 218 positions worth $2.83B, up 16% from $2.44B the previous quarter. Its ten largest holdings account for 36% of the portfolio.
Ruffer LLP deployed $478M of net new capital in Q2 2026, opening 42 new positions and adding to 66 existing holdings. Its largest new stake was NetEase: 487,913 shares worth $62.5M.
By sector, the portfolio is most concentrated in Consumer Discretionary at 27% of assets, up from 23% a quarter earlier, followed by Energy and Technology.
On the sell side, the largest reduction was Coinbase, an estimated $169M trimmed.
- Ruffer LLP's largest Q2 2026 buy was NetEase: 487,913 shares worth $62.5M.
- Ruffer LLP added most to Amazon in Q2 2026, an estimated $67.2M increase.
- Ruffer LLP's biggest Q2 2026 reduction was Coinbase, cutting an estimated $169M.
- Ruffer LLP fully exited U-Haul Holding Co Series N in Q2 2026, selling an estimated $13.4M.
- Ruffer LLP's ten largest holdings make up 36% of its $2.83B portfolio in Q2 2026.
- Ruffer LLP opened 42 new positions and closed 31 in Q2 2026.
- Ruffer LLP's portfolio value rose 16% quarter-over-quarter to $2.83B.
Based on Ruffer LLP's 13F filing for Q2 2026, filed 30 Jul 2026.