Ruffer LLP 13F, Q2 2025
Ruffer LLP · quarter ending 30 June 2025 · filed 16 July 2025 · SEC CIK 1426859
Common stock only: shares the fund reported owning at the quarter end, valued as filed.
Largest positions, Q2 2025
The 25 largest of 98 positions. Weights are against the whole filed book. Changes are in shares held, against the Q1 2025 filing.
| Company | Ticker | Value | % of book | vs Q1 2025 |
|---|---|---|---|---|
| NEWMONT CORP | NEM | $291.29M | 12.9% | -24% shares |
| SMURFIT WESTROCK PLC | $196.09M | 8.7% | new | |
| BARRICK GOLD CORP | $191.88M | 8.5% | -12% shares | |
| AMAZON COM INC | AMZN | $160.26M | 7.1% | -44% shares |
| BANK AMERICA CORP | BAC | $136.45M | 6.0% | +30% shares |
| CITIGROUP INC | C | $80.75M | 3.6% | -71% shares |
| BP PLC | BP | $68.67M | 3.0% | -6% shares |
| ALPHABET INC | GOOGL | $59.36M | 2.6% | new |
| RYANAIR HOLDINGS PLC | RYAAY | $53.74M | 2.4% | -30% shares |
| ANGLOGOLD ASHANTI PLC | $52.27M | 2.3% | new | |
| CENTERRA GOLD INC | CGAU | $51.59M | 2.3% | unchanged |
| EQUINOX GOLD CORP | EQX | $43.27M | 1.9% | +322% shares |
| ALIBABA GROUP HLDG LTD | BABA | $38.86M | 1.7% | -72% shares |
| ARIS MNG CORP | ARIS | $35.32M | 1.6% | -8% shares |
| SUNCOR ENERGY INC NEW | SU | $34.85M | 1.5% | -5% shares |
| PFIZER INC | PFE | $33.92M | 1.5% | -36% shares |
| IQVIA HLDGS INC | IQV | $32.76M | 1.4% | new |
| COEUR MNG INC | CDE | $32.29M | 1.4% | +22% shares |
| EXXON MOBIL CORP | XOM | $29.83M | 1.3% | +13% shares |
| TAIWAN SEMICONDUCTOR MFG LTD | TSM | $29.60M | 1.3% | -52% shares |
| ALCON AG | $27.33M | 1.2% | new | |
| PAN AMERN SILVER CORP | PAAS | $25.94M | 1.1% | -7% shares |
| PNC FINL SVCS GROUP INC | PNC | $24.35M | 1.1% | +49% shares |
| GALIANO GOLD INC | GAU | $24.09M | 1.1% | unchanged |
| SKEENA RES LTD NEW | SKE | $24.07M | 1.1% | unchanged |
What changed since Q1 2025
Against the Q1 2025 filing, Ruffer LLP opened 29 new positions, added to 20, trimmed 34, left 15 unchanged and exited 25. Every position is compared, matched on its CUSIP; a change of 2% or less in shares counts as unchanged.
New positions
- SMURFIT WESTROCK PLC$196.09M
- GOOGL$59.36M
- ANGLOGOLD ASHANTI PLC$52.27M
- IQV$32.76M
- ALCON AG$27.33M
- COO$17.62M
- ARW$12.27M
- INTERPUBLIC GROUP COS INC$12.18M
and 21 more
Exited
- CIwas $63.17M
- DEwas $52.81M
- UNITED STATES STL CORP NEWwas $44.21M
- CTVAwas $39.62M
- NTRwas $37.42M
- MOSwas $37.32M
- CFwas $35.48M
- CSGPwas $21.42M
and 17 more
Other quarters
Source: SEC Form 13F-HR, accession 0001426859-25-000007, 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.