Ruffer LLP 13F, Q1 2025
Ruffer LLP · quarter ending 31 March 2025 · filed 9 May 2025 · SEC CIK 1426859
Common stock only: shares the fund reported owning at the quarter end, valued as filed.
Largest positions, Q1 2025
The 25 largest of 94 positions. Weights are against the whole filed book. Changes are in shares held, against the Q4 2024 filing.
| Company | Ticker | Value | % of book | vs Q4 2024 |
|---|---|---|---|---|
| NEWMONT CORP | NEM | $318.50M | 12.3% | -7% shares |
| AMAZON COM INC | AMZN | $248.47M | 9.6% | +50% shares |
| CITIGROUP INC | C | $233.30M | 9.0% | -6% shares |
| BARRICK GOLD CORP | $202.70M | 7.8% | unchanged | |
| ALIBABA GROUP HLDG LTD | BABA | $160.05M | 6.2% | -25% shares |
| BANK AMERICA CORP | BAC | $92.43M | 3.6% | -19% shares |
| BP PLC | BP | $82.42M | 3.2% | +14% shares |
| THE CIGNA GROUP | CI | $63.17M | 2.4% | -68% shares |
| RYANAIR HOLDINGS PLC | RYAAY | $56.05M | 2.2% | -9% shares |
| PFIZER INC | PFE | $55.55M | 2.1% | -48% shares |
| DEERE & CO | DE | $52.81M | 2.0% | -40% shares |
| ARCHER DANIELS MIDLAND CO | ADM | $48.43M | 1.9% | -13% shares |
| KINROSS GOLD CORP | KGC | $45.57M | 1.8% | -51% shares |
| TAIWAN SEMICONDUCTOR MFG LTD | TSM | $45.30M | 1.7% | -17% shares |
| CENTERRA GOLD INC | CGAU | $44.99M | 1.7% | unchanged |
| UNITED STATES STL CORP NEW | $44.21M | 1.7% | new | |
| CORTEVA INC | CTVA | $39.62M | 1.5% | -20% shares |
| SUNCOR ENERGY INC NEW | SU | $37.70M | 1.4% | +3% shares |
| NUTRIEN LTD | NTR | $37.42M | 1.4% | -23% shares |
| MOSAIC CO NEW | MOS | $37.32M | 1.4% | -18% shares |
| CF INDS HLDGS INC | CF | $35.48M | 1.4% | -20% shares |
| EXXON MOBIL CORP | XOM | $29.25M | 1.1% | -15% shares |
| ARIS MNG CORP | ARIS | $26.19M | 1.0% | unchanged |
| PAN AMERN SILVER CORP | PAAS | $25.31M | 1.0% | -10% shares |
| GALIANO GOLD INC | GAU | $23.31M | 0.9% | +3% shares |
What changed since Q4 2024
Against the Q4 2024 filing, Ruffer LLP opened 25 new positions, added to 30, trimmed 29, left 10 unchanged and exited 32. Every position is compared, matched on its CUSIP; a change of 2% or less in shares counts as unchanged.
New positions
- UNITED STATES STL CORP NEW$44.21M
- CDE$17.67M
- EGO$16.69M
- FIS$12.48M
- TAP$11.49M
- LNG$9.67M
- SANDSTORM GOLD LTD$8.33M
- CACI$7.95M
and 17 more
Exited
- ABEVwas $47.69M
- ANGLOGOLD ASHANTI PLCwas $38.17M
- STELLANTIS N.Vwas $19.29M
- NOBLE CORP PLCwas $9.55M
- BUNGE GLOBAL SAwas $8.41M
- LIVANOVA PLCwas $7.98M
- ZDwas $7.95M
- GPORwas $7.51M
and 24 more
Other quarters
Source: SEC Form 13F-HR, accession 0001426859-25-000005, filed by Ruffer LLP. Values are as filed and cover US-listed positions only; a 13F does not show short positions or holdings outside the US. A 13F may be filed up to 45 days after the quarter ends, so the fund may have traded since. Educational information, not financial advice.