Ruffer LLP
Long book
$2.44B
Q1 2026
Positions
176
Top-10 weight
46%
concentration
Last quarter
+1.1%
SPY +14.8%
Turnover
65%
of book per quarter
Strategy in plain words
auto-generated from filingsRuffer LLP is a diversified fundamental manager, running a $2.44B US long book across 176 positions.
The portfolio is moderately concentrated (top 10 ≈ 46% of the book). Turnover is high — positions rotate quickly, so individual names matter less than the process. Current anchor positions: COINBASE GLOBAL INC -CLASS A, ALIBABA GROUP HOLDING-SP ADR, AMAZON.COM INC, MICROSOFT CORP, SMURFIT WESTROCK PLC.
Over the last 9 quarters its long book ran on average 2.6pp per quarter ahead of the S&P 500, beating the index in 5 of 9 quarters. We rate its filings as signal-bearing: position changes reflect genuine views.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
+2.8%
Q2 2024
+10.9%
Q3 2024
-7.7%
Q4 2024
+10.2%
Q1 2025
+9.2%
Q2 2025
+22.9%
Q3 2025
+12.9%
Q4 2025
+1.7%
Q1 2026
+1.1%
Sector allocation
Financials 20%
Materials 14%
Consumer discretionary 12%
Industrials 10%
Energy 10%
Technology 9%
Other 8%
Healthcare 6%
Long book by quarter
What does Ruffer LLP own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| COIN COINBASE GLOBAL INC -CLASS A | Financials | 1.4M | $251.5M | 10.3% | +95.3% |
| AMZN AMAZON.COM INC | Consumer discretionary | 561.5K | $117.3M | 4.8% | -16.4% |
| MSFT MICROSOFT CORP | Technology | 313.4K | $116.4M | 4.8% | New |
| SW SMURFIT WESTROCK PLC | Other | 2.8M | $111.3M | 4.6% | -38.1% |
| SLB SLB LTD | Energy | 1.5M | $79.5M | 3.3% | +34.5% |
| BF/B BROWN-FORMAN CORP-CLASS B | Consumer staples | 2.7M | $72.4M | 3.0% | New |
| SU SUNCOR ENERGY INC | Energy | 1.0M | $66.4M | 2.7% | +0.5% |
| BAC BANK OF AMERICA CORP | Financials | 1.3M | $64.3M | 2.6% | -21.1% |
| EQX EQUINOX GOLD CORP | Materials | 4.1M | $59.7M | 2.4% | -28.7% |
| SOLV SOLVENTUM CORP | Healthcare | 860.0K | $56.3M | 2.3% | +39.9% |
| FND FLOOR & DECOR HOLDINGS INC-A | Consumer discretionary | 1.1M | $56.1M | 2.3% | +42.1% |
| XOM EXXON MOBIL CORP | Energy | 321.7K | $54.7M | 2.2% | +0.5% |
| UNP UNION PACIFIC CORP | Industrials | 169.3K | $41.2M | 1.7% | +26.9% |
| ARIS ARIS MINING CORP | Materials | 1.9M | $34.8M | 1.4% | -29.3% |
| GE GENERAL ELECTRIC | Industrials | 118.0K | $33.6M | 1.4% | +0.6% |
| GAU GALIANO GOLD INC | Materials | 13.2M | $33.1M | 1.4% | -7.6% |
| PFE PFIZER INC | Healthcare | 1.1M | $32.4M | 1.3% | -13.2% |
| EGO ELDORADO GOLD CORP | Materials | 899.4K | $31.0M | 1.3% | -44.2% |
| PNC PNC FINANCIAL SERVICES GROUP | Financials | 147.4K | $30.8M | 1.3% | -1.8% |
| CP CANADIAN PACIFIC KANSAS CITY | Industrials | 374.5K | $29.5M | 1.2% | +81.4% |
| BKNG BOOKING HOLDINGS INC | Industrials | 6.1K | $26.0M | 1.1% | New |
| B BARRICK MINING CORP | Materials | 571.4K | $23.4M | 1.0% | -12.2% |
| SSRM SSR MINING INC | Financials | 731.6K | $21.6M | 0.9% | New |
| IFF INTL FLAVORS & FRAGRANCES | Other | 291.6K | $21.2M | 0.9% | +22.8% |
| SIG SIGNET JEWELERS LTD | Consumer discretionary | 227.6K | $19.3M | 0.8% | +22.9% |
| COO COOPER COS INC/THE | Healthcare | 216.2K | $15.5M | 0.6% | -30.8% |
| WBD WARNER BROS DISCOVERY INC | Communications | 561.1K | $15.5M | 0.6% | New |
| NEM NEWMONT CORP | Materials | 134.5K | $14.6M | 0.6% | -18.4% |
| MHK MOHAWK INDUSTRIES INC | Other | 144.3K | $14.2M | 0.6% | New |
| UHAL/B U-HAUL HOLDING CO-NON VOTING | Services media | 299.1K | $13.4M | 0.5% | -1.9% |
| CGAU CENTERRA GOLD INC | Materials | 730.8K | $13.0M | 0.5% | -77.5% |
| PM PHILIP MORRIS INTERNATIONAL | Consumer staples | 71.9K | $11.9M | 0.5% | -62.0% |
| SKE SKEENA RESOURCES LTD | Materials | 399.0K | $11.9M | 0.5% | -51.0% |
| RGLD ROYAL GOLD INC | Financials | 46.3K | $11.8M | 0.5% | -29.8% |
| MICC MAGNUM ICE CREAM CO NV/THE | Consumer staples | 755.6K | $11.1M | 0.5% | +122.1% |
| ITRG INTEGRA RESOURCES CORP | Materials | 4.0M | $10.8M | 0.4% | +32.5% |
| KGC KINROSS GOLD CORP | Materials | 332.4K | $10.2M | 0.4% | New |
| AU ANGLOGOLD ASHANTI PLC | Materials | 98.2K | $9.6M | 0.4% | -69.4% |
| PAAS PAN AMERICAN SILVER CORP | Materials | 170.3K | $9.3M | 0.4% | -72.0% |
| KGS KODIAK GAS SERVICES INC | Utilities | 147.9K | $8.6M | 0.4% | New |
| AM ANTERO MIDSTREAM CORP | Utilities | 350.4K | $8.0M | 0.3% | New |
| NFG NATIONAL FUEL GAS CO | Utilities | 82.4K | $7.8M | 0.3% | New |
| TRP TC ENERGY CORP | Utilities | 123.0K | $7.7M | 0.3% | New |
| VG VENTURE GLOBAL INC-CL A | Utilities | 460.8K | $7.3M | 0.3% | New |
| CDE COEUR MINING INC | Materials | 384.0K | $7.2M | 0.3% | +4.9% |
| BCE BCE INC | Communications | 280.0K | $7.1M | 0.3% | New |
| PAYX PAYCHEX INC | Services media | 76.4K | $7.1M | 0.3% | New |
| PAYC PAYCOM SOFTWARE INC | Technology | 55.2K | $6.7M | 0.3% | +182.0% |
| SNX TD SYNNEX CORP | Consumer discretionary | 38.7K | $6.5M | 0.3% | +5.1% |
| CNI CANADIAN NATL RAILWAY CO | Industrials | 63.1K | $6.5M | 0.3% | New |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 13, 2026 | 176 | $2.44B | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Jan 28, 2026 | 154 | $2.20B | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 3, 2025 | 101 | $1.80B | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Jul 16, 2025 | 98 | $2.26B | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 9, 2025 | 94 | $2.60B | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 7, 2025 | 101 | $2.77B | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 8, 2024 | 56 | $3.17B | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 8, 2024 | 53 | $2.33B | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 8, 2024 | 60 | $2.60B | canonical | SEC ↗ |
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