Ruffer LLP

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CIK 1426859

13F portfolio (2026-Q1)

$2.4B

Positions

176

Implied 1Y CAGR

modeled · as filed

Long positions in SEC Section 13(f) securities (US-listed stocks, ADRs and ETFs), largest first · Δ vs 2025-Q4. A lagged quarterly snapshot (filed ≤45 days after quarter-end); excludes shorts, options, cash, and shares listed only on non-US exchanges — foreign companies held via a US listing or ADR (e.g. Alibaba, TSMC) ARE included.

Implied return what this book implies · modeled, not advice methodology →

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As filed = each book applied at its quarter-end (what the reported book did) · As copyable = applied at its statutory 45-day filing deadline (what a 13F follower could have earned).

Computing…

Hypothetical modeled performance constructed with hindsight — not actual results, and not indicative of future results. See the Disclaimer.

Exposures · what this manager owns, by sector & size (2026-Q1)

Holdings

176

Top 5

30.4%

Top 10

46.0%

Effective N

32.0

HHI

0.031

This quarter

90 new · 0 exit →

By sector

Materials17.1%

Financials17.1%

Energy14.3%

Industrials12.6%

Consumer Discretionary12.2%

Information Technology9.3%

Health Care5.4%

Consumer Staples3.9%

Other8.1%

By market cap

Large ($10–200B)42.7%

Unknown23.6%

Mega (>$200B)16.8%

Mid ($2–10B)14.0%

Small ($300M–2B)2.9%

Micro (<$300M)0.0%

By region

North America86.1%

Asia-Pacific6.4%

Europe4.2%

Other3.0%

Africa0.4%

By industry group GICS — finer than sector

Industry group	Weight	Names
Banks	14.41%	7
Oil, Gas & Consumable Fuels	14.30%	8
Specialty Retail	9.16%	16
Metals & Mining	9.14%	20
Commercial Services & Supplies	6.39%	3
Unclassified	6.10%	10
Software	6.01%	8
Paper & Forest Products	4.66%	3
Road & Rail	3.41%	4
Health Care Equipment & Supplies	3.03%	3
Capital Markets	2.47%	9
Pharmaceuticals & Biotechnology	2.15%	6
Chemicals	1.88%	7
Equity Real Estate Investment Trusts (REITs)	1.78%	3
Utilities	1.61%	5
Construction Materials	1.44%	2
Electrical Equipment & Components	1.37%	1
Software & IT Services	1.22%	8
Transportation Infrastructure	1.06%	1
Distributors	1.05%	8
Media & Entertainment	0.89%	2
Automobiles & Components	0.79%	5
Professional Services	0.63%	3
Hotels, Restaurants & Leisure	0.62%	7
Textiles, Apparel & Luxury Goods	0.58%	1
Marine	0.57%	4
Tobacco	0.49%	1
Entertainment	0.48%	3
Construction & Engineering	0.44%	5
Semiconductors & Semiconductor Equipment	0.34%	2
Technology Hardware & Equipment	0.32%	2
Diversified Telecommunication Services	0.29%	1
Life Sciences Tools & Services	0.18%	1
Food Products	0.18%	1
Beverages	0.16%	2
Real Estate Management & Development	0.14%	1
Airlines	0.13%	1
Food & Staples Retailing	0.12%	1
Insurance	0.03%	1

Top holdings

#	Ticker	Name	Sector	Weight
1	COIN	Coinbase Global, Inc.	Financials	10.29%
2	BABA	Alibaba Group Holding Ltd	Industrials	6.03%
3	AMZN	AMAZON COM INC	Consumer Discretionary	4.80%
4	MSFT	MICROSOFT CORP	Information Technology	4.76%
5	SW	Smurfit Westrock plc	Materials	4.56%
6	BP	BP PLC	Energy	4.05%
7	SLB	SLB LIMITED/NV	Energy	3.25%
8	BF.B	BROWN FORMAN CORP	Consumer Staples	2.96%
9	SU	SUNCOR ENERGY INC	Energy	2.72%
10	BAC	BANK OF AMERICA CORP /DE/	Financials	2.63%

168/176 names classified · sector 97.0% of weight · industry 93.9% · mkt cap 76.4%; unclassified names shown, never dropped.

Sector allocation over time · how the GICS mix & top names shifted quarter by quarter

top 5/sector, rest → “Other” · 52 quarters

MaterialsKGC, NEM, WPM, TS, SW · other

FinancialsCI, JPM, CNC, C, COIN · other

Information TechnologyMSFT, ORCL, IBM, EMR, QCOM · other

IndustrialsLMT, BA, BABA, GD, EBAY · other

EnergyXOM, BP, EXE, PSX, SLB · other

Consumer DiscretionaryAMZN, GM, MCK, WMT, APTV · other

Communication ServicesDIS, META, GOOGL, NWSA, VOD · other

Health CareBMY, PFE, GILD, AMGN, COO · other

Consumer StaplesABEV, LW, ADM, CTVA, BF.B · other

Real EstateAGNC, EXR, LAMR, BN, VAC · other

UtilitiesUGP, LNG, KGS, AM, NFG · other

UnclassifiedBARRICK GOLD CORP, WRKCO INC, DOWDUPONT INC, CELGENE CORP, CIGNA CORPORATION · other

Sector is classified on each name's CURRENT fundamentals, not point-in-time — apparent sector drift can reflect the market re-rating a holding, not a manager trade. 13F is a lagged quarterly snapshot of long positions in US-listed securities only — foreign companies held via a US listing or ADR ARE included, but shares listed only on non-US exchanges (plus shorts, options and cash) are not. Latest quarter: 97.0% of the book is sector-classified (unclassified names shown, never dropped).

Style box · size × value-growth placement of the reported book (2026-Q1), classified on current fundamentals (not point-in-time) — load it into PORT to overlay your own portfolio

holdings, colored by sector (130 classified)Ruffer LLP centroid (Mid Core)

FinancialsConsumer DiscretionaryInformation TechnologyMaterialsEnergyHealth CareIndustrialsConsumer StaplesReal EstateCommunication ServicesUtilities

Style box summary for Ruffer LLP: centroid Mid Core. Heaviest cells: Large Growth 12.9%, Large Value 11.9%, Mid Growth 11.8%.

Classified: 69.3% of book weight (130/176 names) · unclassified 30.7%: BABA, BP, SU, EQX, VIST, ARIS, GAU, EGO, CP, B +36 more. Size: cap 70/20/10 bands; style: value/growth composite on our own metrics — not Morningstar's model.

Contribution holdings-based, any period

No contribution data for this period.

Holdings· 176 positions (2026-Q1) · largest first · Δ vs 2025-Q4

#	Security	Shares	Value	Weight	Δ QoQ
1	COINCOINBASE GLOBAL INC	1,435,990	$251M	10.3%	ADD 95%
2	BABAALIBABA GROUP HLDG LTD	1,171,229	$147M	6.0%	ADD 143%
3	AMZNAMAZON COM INC	561,527	$117M	4.8%	TRIM −16%
4	MSFTMICROSOFT CORP	313,446	$116M	4.8%	NEW
5	SWSMURFIT WESTROCK PLC	2,786,197	$111M	4.6%	TRIM −38%
6	BPBP PLC	2,098,006	$99M	4.0%	TRIM −6%
7	SLBSCHLUMBERGER LTD	1,542,086	$79M	3.3%	ADD 34%
8	BF.BBROWN FORMAN CORP	2,731,876	$72M	3.0%	NEW
9	SUSUNCOR ENERGY INC NEW	1,004,062	$66M	2.7%	HOLD
10	BACBANK AMERICA CORP	1,315,860	$64M	2.6%	TRIM −21%
11	EQXEQUINOX GOLD CORP	4,126,835	$60M	2.4%	TRIM −29%
12	SOLVSOLVENTUM CORP	859,993	$56M	2.3%	ADD 40%
13	FNDFLOOR & DECOR HLDGS INC	1,100,725	$56M	2.3%	ADD 42%
14	XOMEXXON MOBIL CORP	321,706	$55M	2.2%	HOLD
15	LAMRLAMAR ADVERTISING CO	338,490	$43M	1.8%	ADD 41%
16	UNPUNION PAC CORP	169,256	$41M	1.7%	ADD 27%
17	VISTVISTA ENERGY S.A.B. DE C.V.	532,920	$40M	1.7%	ADD 35%
18	ARISARIS MNG CORP	1,872,533	$35M	1.4%	TRIM −29%
19	GEGE AEROSPACE	118,042	$34M	1.4%	HOLD
20	GAUGALIANO GOLD INC	13,224,532	$33M	1.4%	TRIM −8%
21	PFEPFIZER INC	1,149,753	$32M	1.3%	TRIM −13%
22	EGOELDORADO GOLD CORP NEW	899,358	$31M	1.3%	TRIM −44%
23	PNCPNC FINL SVCS GROUP INC	147,395	$31M	1.3%	HOLD
24	CPCANADIAN PACIFIC KANSAS CITY	374,542	$30M	1.2%	ADD 81%
25	BKNGBOOKING HOLDINGS INC	6,147	$26M	1.1%	NEW
26	BBARRICK MNG CORP	571,425	$23M	1.0%	TRIM −12%
27	SSRMSSR MINING IN	731,624	$22M	0.9%	NEW
28	IFFINTERNATIONAL FLAVORS&FRAGRA	291,613	$21M	0.9%	ADD 23%
29	SIGSIGNET JEWELERS LIMITED	227,635	$19M	0.8%	ADD 23%
30	COOCOOPER COS INC	216,171	$16M	0.6%	TRIM −31%
31	WBDWARNER BROS DISCOVERY INC	561,089	$15M	0.6%	NEW
32	NEMNEWMONT CORP	134,459	$15M	0.6%	TRIM −18%
33	MHKMOHAWK INDS INC	144,300	$14M	0.6%	NEW
34	UHAL.BU HAUL HOLDING COMPANY	299,133	$13M	0.5%	HOLD
35	CGAUCENTERRA GOLD INC	730,816	$13M	0.5%	TRIM −78%
36	PMPHILIP MORRIS INTL INC	71,879	$12M	0.5%	TRIM −62%
37	SKESKEENA RES LTD NEW	399,036	$12M	0.5%	TRIM −51%
38	RGLDROYAL GOLD INC	46,270	$12M	0.5%	TRIM −30%
39	MICCMAGNUM ICE CREAM CO NV	755,564	$11M	0.5%	ADD 122%
40	ITRGINTEGRA RES CORP	3,985,025	$11M	0.4%	ADD 33%
41	KGCKINROSS GOLD CORP	332,440	$10M	0.4%	NEW
42	AUANGLOGOLD ASHANTI PLC	98,228	$10M	0.4%	TRIM −69%
43	PAASPAN AMERN SILVER CORP	170,303	$9M	0.4%	TRIM −72%
44	KGSKODIAK GAS SVCS INC	147,870	$9M	0.4%	NEW
45	AMANTERO MIDSTREAM CORP	350,360	$8M	0.3%	NEW
46	NFGNATIONAL FUEL GAS CO	82,360	$8M	0.3%	NEW
47	TRPTC ENERGY CORP	123,040	$8M	0.3%	NEW
48	VGVENTURE GLOBAL INC	460,805	$7M	0.3%	NEW
49	CDECOEUR MNG INC	384,032	$7M	0.3%	ADD 5%
50	BCEBCE INC	280,040	$7M	0.3%	NEW
51	PAYXPAYCHEX INC	76,426	$7M	0.3%	NEW
52	PAYCPAYCOM SOFTWARE INC	55,224	$7M	0.3%	ADD 182%
53	SNXSYNNEX CORP	38,663	$7M	0.3%	ADD 5%
54	CNICANADIAN NATL RY CO	63,110	$6M	0.3%	NEW
55	MHOM/I HOMES INC	52,259	$6M	0.3%	ADD 139%
56	LYBLYONDELLBASELL INDUSTRIES N	77,910	$6M	0.3%	NEW
57	FOXAFOX CORP	105,568	$6M	0.3%	ADD 2%
58	AAAlcoa Upstream Corp.	92,720	$6M	0.3%	TRIM −65%
59	CSXCSX CORP	148,210	$6M	0.2%	NEW
60	DISDISNEY WALT CO	61,280	$6M	0.2%	TRIM −89%
61	DVDOUBLEVERIFY HLDGS INC	612,017	$6M	0.2%	TRIM −5%
62	TSMTAIWAN SEMICONDUCTOR MFG LTD	15,625	$5M	0.2%	TRIM −50%
63	TROWPRICE T ROWE GROUP INC	56,256	$5M	0.2%	TRIM −8%
64	EXELEXELIXIS INC	117,923	$5M	0.2%	ADD 154%
65	CPACOPA HOLDINGS SA	44,099	$5M	0.2%	TRIM −10%
66	DHTDHT HOLDINGS INC	265,737	$5M	0.2%	TRIM −26%
67	ARWArrow Electronics	33,745	$5M	0.2%	NEW
68	CMCCOMMERCIAL METALS CO	78,194	$5M	0.2%	NEW
69	NBIXNEUROCRINE BIOSCIENCES INC	36,133	$5M	0.2%	ADD 107%
70	FHIFEDERATED HERMES INC	82,909	$5M	0.2%	TRIM −45%
71	GENGen Digital Inc.	249,636	$5M	0.2%	NEW
72	DINOHF SINCLAIR CORP	75,170	$5M	0.2%	TRIM −27%
73	MMSMAXIMUS INC	73,047	$5M	0.2%	TRIM −9%
74	LEALEAR CORP	38,448	$5M	0.2%	HOLD
75	ANIPANI PHARMACEUTICALS INC	60,191	$5M	0.2%	NEW
76	BBYBest Buy Company, Inc.	70,792	$5M	0.2%	ADD 23%
77	INCYINCYTE CORP	47,368	$4M	0.2%	ADD 87%
78	BRK.BBERKSHIRE HATHAWAY INC DEL	9,000	$4M	0.2%	HOLD
79	FLNGFLEX LNG LTD	144,610	$4M	0.2%	NEW
80	SMPLSIMPLY GOOD FOODS CO	299,062	$4M	0.2%	NEW
81	FTNTFORTINET INC	52,456	$4M	0.2%	NEW
82	CTSHCOGNIZANT TECHNOLOGY SOLUTIO	69,284	$4M	0.2%	NEW
83	LINLINDE PLC	8,560	$4M	0.2%	NEW
84	ITGARTNER INC	26,408	$4M	0.2%	NEW
85	DTDYNATRACE INC	113,055	$4M	0.2%	NEW
86	EMNEASTMAN CHEM CO	54,740	$4M	0.2%	NEW
87	ACNACCENTURE PLC IRELAND	20,983	$4M	0.2%	NEW
88	FROFrontline, LTD.	119,152	$4M	0.2%	NEW
89	SAICSCIENCE APPLICATIONS INTL CO	43,455	$4M	0.2%	TRIM −25%
90	INFYINFOSYS LTD	304,957	$4M	0.2%	NEW
91	DOXAMDOCS LTD	62,880	$4M	0.2%	NEW
92	CRMSALESFORCE INC	21,898	$4M	0.2%	NEW
93	GMGENERAL MTRS CO	54,616	$4M	0.2%	ADD 22%
94	GGENPACT LIMITED	109,092	$4M	0.2%	NEW
95	DDDUPONT DE NEMOURS INC	88,140	$4M	0.2%	NEW
96	INTUINTUIT	9,271	$4M	0.2%	NEW
97	DORMDORMAN PRODS INC	38,011	$4M	0.2%	ADD 88%
98	SSNCSS&C TECHNOLOGIES HLDGS INC	58,535	$4M	0.2%	NEW
99	SFLSFL CORPORATION LTD	350,080	$4M	0.2%	NEW
100	GTXGARRETT MOTION INC	205,949	$4M	0.2%	ADD 11%
101	JHGJANUS HENDERSON GROUP PLC	72,374	$4M	0.2%	TRIM −48%
102	PBIPITNEY BOWES INC	328,645	$4M	0.1%	TRIM −22%
103	ESIELEMENT SOLUTIONS INC	105,820	$4M	0.1%	NEW
104	APAMARTISAN PARTNERS ASSET MGMT	98,783	$4M	0.1%	NEW
105	ASHASHLAND INC	64,533	$4M	0.1%	NEW
106	VIRTVIRTU FINL INC	81,146	$4M	0.1%	TRIM −46%
107	BENFRANKLIN RESOURCES INC	146,037	$3M	0.1%	NEW
108	BNBROOKFIELD CORP	84,750	$3M	0.1%	HOLD
109	SKYWSKYWEST INC	35,030	$3M	0.1%	ADD 17%
110	KMXCARMAX INC	75,625	$3M	0.1%	TRIM −8%
111	BUDANHEUSER BUSCH INBEV SA/NV	45,000	$3M	0.1%	HOLD
112	ODVOSISKO DEVELOPMENT CORP	957,579	$3M	0.1%	ADD 27%
113	CNMCORE & MAIN INC	62,938	$3M	0.1%	NEW
114	LTHLIFE TIME GROUP HOLDINGS INC	115,235	$3M	0.1%	TRIM −5%
115	CHHCHOICE HOTELS INTL INC	29,389	$3M	0.1%	NEW
116	FSLRFIRST SOLAR INC	15,099	$3M	0.1%	NEW
117	TGTTARGET CORP	24,408	$3M	0.1%	TRIM −29%
118	EATBRINKER INTL INC	20,676	$3M	0.1%	NEW
119	HRMYHARMONY BIOSCIENCES HLDGS IN	104,658	$3M	0.1%	ADD 155%
120	CENXCENTURY ALUM CO	49,850	$3M	0.1%	ADD 109%
121	SFMSPROUTS FMRS MKT INC	36,695	$3M	0.1%	NEW
122	PCTYPAYLOCITY HLDG CORP	25,914	$3M	0.1%	NEW
123	ANFABERCROMBIE & FITCH CO	30,270	$3M	0.1%	NEW
124	URBNURBAN OUTFITTERS INC	43,543	$3M	0.1%	NEW
125	ADPAUTOMATIC DATA PROCESSING IN	13,546	$3M	0.1%	NEW
126	BYDBOYD GAMING CORP	33,481	$3M	0.1%	NEW
127	INDVINDIVIOR PHARMACEUTICALS INC COM	90,247	$3M	0.1%	NEW
128	APTVAPTIV PLC	39,310	$3M	0.1%	HOLD
129	IVZINVESCO LTD	112,202	$3M	0.1%	NEW
130	VVVVALVOLINE INC	80,326	$3M	0.1%	NEW
131	SGHCSUPER GROUP SGHC LIMITED	248,002	$3M	0.1%	NEW
132	RRRRED ROCK RESORTS INC	47,257	$3M	0.1%	NEW
133	SITESITEONE LANDSCAPE SUPPLY INC	18,718	$2M	0.1%	NEW
134	BCCBOISE CASCADE CO DEL	32,680	$2M	0.1%	NEW
135	TTDTHE TRADE DESK INC	108,421	$2M	0.1%	NEW
136	DAVEDAVE INC	13,841	$2M	0.1%	NEW
137	WWAYFAIR INC	31,465	$2M	0.1%	NEW
138	CVXCHEVRON CORP NEW	11,000	$2M	0.1%	HOLD
139	FBINFORTUNE BRANDS INNOVATIONS I	58,029	$2M	0.1%	NEW
140	AWIARMSTRONG WORLD INDS INC NEW	13,615	$2M	0.1%	NEW
141	MUSAMURPHY USA INC	4,522	$2M	0.1%	NEW
142	DPZDOMINOS PIZZA INC	6,153	$2M	0.1%	NEW
143	WRBYWARBY PARKER INC	104,274	$2M	0.1%	NEW
144	ASOACADEMY SPORTS & OUTDOORS IN	38,700	$2M	0.1%	NEW
145	TSCOTRACTOR SUPPLY CO	46,191	$2M	0.1%	NEW
146	JPMJPMORGAN CHASE & CO	7,000	$2M	0.1%	HOLD
147	EXPEAGLE MATLS INC	10,661	$2M	0.1%	NEW
148	DGDOLLAR GEN CORP	16,840	$2M	0.1%	NEW
149	PAGSPAGSEGURO DIGITAL LTD	199,225	$2M	0.1%	NEW
150	DDSDILLARDS INC	3,433	$2M	0.1%	NEW
151	BLDTOPBUILD COR	5,478	$2M	0.1%	NEW
152	BOOTBOOT BARN HLDGS INC	12,935	$2M	0.1%	NEW
153	LENLENNAR CORP	20,580	$2M	0.1%	NEW
154	DRIDARDEN RESTAURANTS INC	8,978	$2M	0.1%	NEW
155	VZLAVIZSLA SILVER CORP	499,777	$2M	0.1%	NEW
156	CAKECHEESECAKE FACTORY INC	29,180	$2M	0.1%	NEW
157	SOLENO THERAPEUTICS INC	46,673	$2M	0.1%	NEW
158	HMYHARMONY GOLD MINING CO LTD	96,152	$1M	0.1%	NEW
159	CNYAISHARES TR	40,740	$1M	0.1%	TRIM −69%
160	FNVFRANCO NEV CORP	4,320	$1M	0.0%	TRIM −31%
161	ARCOARCOS DORADOS HOLDINGS INC	127,142	$1M	0.0%	HOLD
162	NGNOVAGOLD RES INC	108,010	$972,725	0.0%	TRIM −29%
163	INSWINTERNATIONAL SEAWAYS INC	12,606	$921,373	0.0%	NEW
164	FMXFOMENTO ECONOMICO MEXICANO S	8,000	$891,040	0.0%	HOLD
165	MTBM & T BK CORP	4,000	$829,263	0.0%	HOLD
166	MKLMARKEL GROUP INC	410	$787,030	0.0%	NEW
167	TNLTRAVEL PLUS LEISURE CO	7,496	$520,143	0.0%	NEW
168	GLDGGOLDMINING INC	401,996	$479,550	0.0%	HOLD
169	WFCWELLS FARGO CO NEW	5,000	$399,197	0.0%	HOLD
170	EPREPR PPTYS	6,480	$324,674	0.0%	TRIM −11%
171	AVTAVNET INC	4,723	$291,870	0.0%	NEW
172	FIVEFIVE BELOW INC	1,254	$287,340	0.0%	NEW
173	SKYCHAMPION HOMES INC	3,548	$264,625	0.0%	NEW
174	TOLTOLL BROTHERS INC	1,924	$263,325	0.0%	NEW
175	DHID R HORTON INC	1,911	$262,983	0.0%	NEW
176	DRHDIAMONDROCK HOSPITALITY CO	11,033	$103,677	0.0%	TRIM −8%

Position trends· top 15 holdings · shares held over 6 quarters

green added · red trimmed

Security

2024-Q4

2025-Q1

2025-Q2

2025-Q3

2025-Q4

2026-Q1

Latest value

COINCOINBASE GLOBAL INC

—

735K

1.4M

$251M

BABAALIBABA GROUP HLDG LTD

1.6M

1.2M

343K

385K

481K

1.2M

$147M

AMZNAMAZON COM INC

868K

1.3M

730K

673K

671K

562K

$117M

MSFTMICROSOFT CORP

—

313K

$116M

SWSMURFIT WESTROCK PLC

—

4.5M

786K

4.5M

2.8M

$111M

BPBP PLC

2.1M

2.4M

2.3M

2.2M

2.1M

$99M

SLBSCHLUMBERGER LTD

—

1.1M

1.5M

$79M

BF.BBROWN FORMAN CORP

—

2.7M

$72M

SUSUNCOR ENERGY INC NEW

942K

973K

929K

935K

999K

1.0M

$66M

BACBANK AMERICA CORP

2.7M

2.2M

2.9M

1.9M

1.7M

1.3M

$64M

EQXEQUINOX GOLD CORP

603K

1.8M

7.5M

8.7M

5.8M

4.1M

$60M

SOLVSOLVENTUM CORP

—

208K

615K

860K

$56M

FNDFLOOR & DECOR HLDGS INC

—

774K

1.1M

$56M

XOMEXXON MOBIL CORP

290K

246K

277K

278K

320K

322K

$55M

LAMRLAMAR ADVERTISING CO

—

240K

338K

$43M

Shares reported each quarter by the largest current holdings. Green = added vs the prior filing of that name, red = trimmed, grey = roughly held; a dash is a quarter with no 13F on file (a gap is skipped, not read as an exit). 13F is filed up to 45 days after quarter-end. Up to 40 quarters (10 years) available — use the selector above.

☆Ruffer LLP