Ruffer LLP 13F, Q3 2025
Ruffer LLP · quarter ending 30 September 2025 · filed 3 November 2025 · SEC CIK 1426859
Common stock only: shares the fund reported owning at the quarter end, valued as filed.
Largest positions, Q3 2025
The 25 largest of 101 positions. Weights are against the whole filed book. Changes are in shares held, against the Q2 2025 filing.
| Company | Ticker | Value | % of book | vs Q2 2025 |
|---|---|---|---|---|
| AMAZON COM INC | AMZN | $147.72M | 8.2% | -8% shares |
| EQUINOX GOLD CORP | EQX | $96.99M | 5.4% | +15% shares |
| BANK AMERICA CORP | BAC | $96.56M | 5.4% | -35% shares |
| COOPER COS INC | COO | $92.41M | 5.1% | +444% shares |
| BP PLC | BP | $79.08M | 4.4% | unchanged |
| NEWMONT CORP | NEM | $74.53M | 4.1% | -82% shares |
| ALIBABA GROUP HLDG LTD | BABA | $68.79M | 3.8% | +12% shares |
| CENTERRA GOLD INC | CGAU | $63.27M | 3.5% | -18% shares |
| BARRICK MNG CORP | B | $59.01M | 3.3% | new |
| TAIWAN SEMICONDUCTOR MFG LTD | TSM | $57.08M | 3.2% | +56% shares |
| PFIZER INC | PFE | $51.55M | 2.9% | +45% shares |
| EXTRA SPACE STORAGE INC | EXR | $47.49M | 2.6% | new |
| ANGLOGOLD ASHANTI PLC | $41.56M | 2.3% | -49% shares | |
| ELDORADO GOLD CORP NEW | EGO | $40.81M | 2.3% | +29% shares |
| ARIS MNG CORP | ARIS | $40.34M | 2.2% | -22% shares |
| SUNCOR ENERGY INC NEW | SU | $39.13M | 2.2% | unchanged |
| GALIANO GOLD INC | GAU | $36.17M | 2.0% | -12% shares |
| PAN AMERN SILVER CORP | PAAS | $34.92M | 1.9% | unchanged |
| FIRST SOLAR INC | FSLR | $34.63M | 1.9% | new |
| SMURFIT WESTROCK PLC | $33.44M | 1.9% | -83% shares | |
| EXXON MOBIL CORP | XOM | $31.37M | 1.7% | unchanged |
| MERCK & CO INC | MRK | $30.96M | 1.7% | +306% shares |
| GE AEROSPACE | GE | $30.19M | 1.7% | +9% shares |
| PNC FINL SVCS GROUP INC | PNC | $26.50M | 1.5% | unchanged |
| SKEENA RES LTD NEW | SKE | $23.39M | 1.3% | -16% shares |
What changed since Q2 2025
Against the Q2 2025 filing, Ruffer LLP opened 33 new positions, added to 12, trimmed 40, left 16 unchanged and exited 30. Every position is compared, matched on its CUSIP; a change of 2% or less in shares counts as unchanged.
New positions
and 25 more
Exited
- BARRICK GOLD CORPwas $191.88M
- CDEwas $32.29M
- ALCON AGwas $27.33M
- WPMwas $17.02M
- BTGwas $12.26M
- INTERPUBLIC GROUP COS INCwas $12.18M
- GENwas $10.52M
- PPCwas $10.17M
and 22 more
Other quarters
Source: SEC Form 13F-HR, accession 0001426859-25-000012, 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.