Ruffer LLP 13F, Q4 2025
Ruffer LLP · quarter ending 31 December 2025 · filed 28 January 2026 · SEC CIK 1426859
Common stock only: shares the fund reported owning at the quarter end, valued as filed.
Largest positions, Q4 2025
The 25 largest of 154 positions. Weights are against the whole filed book. Changes are in shares held, against the Q3 2025 filing.
| Company | Ticker | Value | % of book | vs Q3 2025 |
|---|---|---|---|---|
| SMURFIT WESTROCK PLC | $174.45M | 7.9% | +473% shares | |
| COINBASE GLOBAL INC | COIN | $166.52M | 7.6% | new |
| AMAZON COM INC | AMZN | $155.23M | 7.1% | unchanged |
| BANK AMERICA CORP | BAC | $91.88M | 4.2% | -11% shares |
| EQUINOX GOLD CORP | EQX | $81.54M | 3.7% | -33% shares |
| BP PLC | BP | $77.77M | 3.5% | -3% shares |
| ALIBABA GROUP HLDG LTD | BABA | $70.62M | 3.2% | +25% shares |
| DISNEY WALT CO | DIS | $64.68M | 2.9% | new |
| ELDORADO GOLD CORP NEW | EGO | $57.98M | 2.6% | +14% shares |
| EXTRA SPACE STORAGE INC | EXR | $50.28M | 2.3% | +14% shares |
| SOLVENTUM CORP | SOLV | $48.77M | 2.2% | +196% shares |
| FLOOR & DECOR HLDGS INC | FND | $47.23M | 2.1% | new |
| CENTERRA GOLD INC | CGAU | $47.00M | 2.1% | -45% shares |
| SUNCOR ENERGY INC NEW | SU | $44.47M | 2.0% | +7% shares |
| SCHLUMBERGER LTD | SLB | $44.07M | 2.0% | new |
| ARIS MNG CORP | ARIS | $43.05M | 2.0% | -36% shares |
| EXXON MOBIL CORP | XOM | $38.58M | 1.8% | +15% shares |
| GALIANO GOLD INC | GAU | $36.48M | 1.7% | -14% shares |
| GE AEROSPACE | GE | $36.19M | 1.6% | +17% shares |
| PFIZER INC | PFE | $33.02M | 1.5% | -35% shares |
| PAN AMERN SILVER CORP | PAAS | $31.57M | 1.4% | -33% shares |
| PNC FINL SVCS GROUP INC | PNC | $31.38M | 1.4% | +14% shares |
| UNION PAC CORP | UNP | $30.91M | 1.4% | new |
| PHILIP MORRIS INTL INC | PM | $30.41M | 1.4% | +99% shares |
| LAMAR ADVERTISING CO NEW | LAMR | $30.40M | 1.4% | new |
What changed since Q3 2025
Against the Q3 2025 filing, Ruffer LLP opened 83 new positions, added to 28, trimmed 33, left 10 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 75 more
Exited
- FSLRwas $34.63M
- MRKwas $30.96M
- UTHRwas $20.35M
- IQVwas $19.56M
- UHSwas $18.13M
- RYAAYwas $15.64M
- CAKEwas $14.51M
- REGNwas $12.11M
and 22 more
Other quarters
Source: SEC Form 13F-HR, accession 0001426859-26-000001, 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.