Ruffer LLP — 13F Holdings & Portfolio
CIK 1426859 · latest 13F-HR filed 2026-07-30
Ruffer LLP manages $2.83B in 13F-reported U.S. long-equity assets across 187 reported positions as of its 2026-06-30 13F-HR filing. Its largest disclosed positions are AMZN (6.98%), MSFT (5.99%), BABA (4.29%). Quarter over quarter (versus its 2026-03-31 filing) the fund opened 42 new positions and exited 31; 76 existing positions rose in reported value and 50 fell.
AUM is the long-equity portion reported on Form 13F-HR. Excludes short positions, cash, foreign holdings, and non-13F assets. For informational purposes only — not investment advice.
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AUM
$2.83B
Long-equity book
Holdings
187
Distinct positions
Period
2026-06-30
Filed 2026-07-30
Q/Q Activity
+42 / −31 / ↑76 / ↓50
vs 2026-03-31
Portfolio charts
Latest quarter's book, what changed, and how the portfolio has evolved across filings.
Portfolio map
Q2 26AMZN7.0% · +48%MSFT6.0% · +45%BABA4.3% · +8%SW4.0% · -12%BAC2.6% · -1%FND2.6% · +12%COIN2.6% · -65%NTES2.2% · newSLB2.2% · -13%BP2.1% · -22%SOLV2.1% · -10%SU1.9% · +1%LAMR1.9% · -0%BF.B1.8% · -29%YMM1.6% · newEQX1.6% · +15%XOM1.5% · -2%TCOM1.5% · newJD1.4% · newBKNG1.4% · +3414%EXE1.4% · newSPGI1.3% · newUNP1.3% · -17%TTE1.3% · newBRK.B1.3% · +711%PNC1.3% · -1%CP1.2% · +3%SCHW1.2% · newVIST1.2% · -3%SIG1.1% · +58%EXP1.0% · +1138%PFE1.0% · -2%WBD0.9% · +64%GAU0.9% · -2%ARIS0.8% · -14%EGO0.7% · -25%KGC0.7% · +163%DIS0.7% · +246%ABNB0.7% · newVG0.7% · +288%FLR0.7% · newCOO0.7% · +24%CDE0.7% · +204%MICC0.7% · +43%IFF0.6% · -22%WSE0.6% · newOGC0.6% · newSSRM0.6% · -20%ALV0.6% · newB0.6% · -24%GE0.6% · -64%NEM0.5% · +22%PM0.4% · -2%PAYC0.4% · +58%PAYX0.4% · +34%RRR0.4% · +228%AEM0.3% · newITRG0.3% · +11%DT0.3% · +87%RGLD0.3% · -4%
Box size = position value; colour = change in share count vs the prior quarter (green added, red trimmed, blue new). Rows split across managers or share classes are combined. Click a box for the stock.
Sector mix
% of 13F valueSectors from each company's SIC code; funds and ETFs grouped separately.
Biggest buys and sells
Q1 26 → Q2 26Estimated from the change in shares held × the quarter-end price, so price moves alone don't count as buying. New and exited positions are included.
13F assets and positions
4 quartersTotal reported 13F value (bars) and number of positions (line) each quarter. Value changes include market moves.
Top positions over time
reported valueThe eight largest current positions, valued at each quarter end.
Concentration
top 10 = 35.6%Cumulative share of the portfolio held in the largest N positions.
Firm Profile & Key People
As of the firm’s regulatory filing dated Aug 19, 2026.
Assets Under Management
$24.87B
Discretionary
$24.87B
Employees
282
Accounts
5,250
Address
80 VICTORIA STREET
LONDON SW1E 5JL
United Kingdom
LONDON SW1E 5JL
United Kingdom
Phone
00 44 20 7963 8100
| Name | Title / Status | Ownership | Type |
|---|---|---|---|
| BACON, CHRISTOPHER Control | CHIEF EXECUTIVE OFFICER AND BOARD MEMBER (AND PARTNER) since Apr 2021 | 5–10% | Individual |
| BEST, MIRANDA, JANE Control | DEPUTY CEO AND BOARD MEMBER (AND PARTNER) since Apr 2021 | Less than 5% | Individual |
| BLACKFORD, EDWINA, KATHERINE HEATHER Control | EXECUTIVE DIRECTOR (AND PARTNER) since Mar 2026 | Less than 5% | Individual |
| Cullen, Martin, Bernard Control | FINANCE DIRECTOR (AND PARTNER) since Jun 2023 | Less than 5% | Individual |
| MAXEY, HENRY, JAMES MACFARLANE Control | EXECUTIVE CHAIRMAN, CHIEF INVESTMENT OFFICER AND BOARD MEMBER (AND PARTNER ) since Jan 2026 | 5–10% | Individual |
| Mountain, Simon, Oliver Control | CHIEF OPERATIONS OFFICER (AND PARTNER) since Jun 2023 | Less than 5% | Individual |
| NORTH, JOCELYN, MONTAGU DUDLEY Control | HEAD OF CLIENTS AND DISTRIBUTION (AND PARTNER) since Jun 2025 | Less than 5% | Individual |
| Allen, Tony, James | INTERIM CHIEF COMPLIANCE OFFICER since Jul 2026 | Less than 5% | Individual |
| FLEMING, CAMPBELL, DAVID | NON-EXECUTIVE DIRECTOR AND BOARD MEMBER since Jul 2021 | Less than 5% | Individual |
| Meijs, Fleur | NON-EXECUTIVE DIRECTOR AND BOARD MEMBER since Feb 2018 | Less than 5% | Individual |
| RUKANDEMA, TWEMBI, Muntuyera | NON-EXECUTIVE DIRECTOR AND BOARD MEMBER since Apr 2023 | Less than 5% | Individual |
Ownership & leadership changes · 12 filings with changes since Jun 30, 2020
From the firm’s regulatory filings, newest first. Dates are filing dates: a filing that no longer lists someone does not say when they left.
Aug 19, 2026 filing
- No longer listedMCLEISH, NEIL, ALAN · CO-CHIEF INVESTMENT OFFICER (AND PARTNER ) · Less than 5% · control person · listed since Jun 2023
Jul 15, 2026 filing
- No longer listedHODGSON, LUCY, ALEXANDRA · CHIEF COMPLIANCE OFFICER (AND PARTNER) · Less than 5% · control person · listed since Sep 2024
- AddedAllen, Tony, James · INTERIM CHIEF COMPLIANCE OFFICER · Less than 5%
Mar 17, 2026 filing
- No longer listedSMITH, KATIE, JANE · CHIEF LEGAL OFFICER (AND PARTNER) · Less than 5% · control person · listed since Feb 2022
- ChangedBLACKFORD, EDWINA, KATHERINE HEATHER · title CHIEF OF STAFF (AND PARTNER) → EXECUTIVE DIRECTOR (AND PARTNER)
Jan 13, 2026 filing
- No longer listedRUFFER, JONATHAN, GARNIER · EXECUTIVE CHAIRMAN AND BOARD MEMBER (AND PARTNER) · Less than 5% · control person · listed since Aug 2003
- ChangedMAXEY, HENRY, JAMES MACFARLANE · title CHIEF INVESTMENT OFFICER AND BOARD MEMBER (AND PARTNER ) → EXECUTIVE CHAIRMAN, CHIEF INVESTMENT OFFICER AND BOARD MEMBER (AND PARTNER )
Jun 27, 2025 filing
- No longer listedGAKIC, LUKA · HEAD OF CORE FUND MANAGEMENT (AND PARTNER) · Less than 5% · control person · listed since Sep 2020
- AddedNORTH, JOCELYN, MONTAGU DUDLEY · HEAD OF CLIENTS AND DISTRIBUTION (AND PARTNER) · Less than 5% · control person
Oct 7, 2024 filing
- No longer listedKODMANI, OMAR · HEAD OF CLIENTS & DISTRIBUTION (AND PARTNER) · Less than 5% · control person · listed since Sep 2020
- No longer listedSTANWAY, LOUISE, MARY · CHIEF COMPLIANCE OFFICER (AND PARTNER) · Less than 5% · control person · listed since Feb 2004
- AddedBLACKFORD, EDWINA, KATHERINE HEATHER · CHIEF OF STAFF (AND PARTNER) · Less than 5% · control person
- AddedHODGSON, LUCY, ALEXANDRA · CHIEF COMPLIANCE OFFICER (AND PARTNER) · Less than 5% · control person
Jul 19, 2024 filing
- AddedCullen, Martin, Bernard · FINANCE DIRECTOR (AND PARTNER) · Less than 5% · control person
- AddedGAKIC, LUKA · HEAD OF CORE FUND MANAGEMENT (AND PARTNER) · Less than 5% · control person
- AddedKODMANI, OMAR · HEAD OF CLIENTS & DISTRIBUTION (AND PARTNER) · Less than 5% · control person
- AddedMCLEISH, NEIL, ALAN · CO-CHIEF INVESTMENT OFFICER (AND PARTNER ) · Less than 5% · control person
- ChangedBACON, CHRISTOPHER · title CHIEF EXECUTIVE OFFICER (AND BOARD MEMBER) → CHIEF EXECUTIVE OFFICER AND BOARD MEMBER (AND PARTNER)
- ChangedBEST, MIRANDA, JANE · title DEPUTY CEO (AND BOARD MEMBER) → DEPUTY CEO AND BOARD MEMBER (AND PARTNER)
- ChangedMAXEY, HENRY, JAMES MACFARLANE · title BOARD MEMBER (AND CHIEF INVESTMENT OFFICER) → CHIEF INVESTMENT OFFICER AND BOARD MEMBER (AND PARTNER )
- ChangedMountain, Simon, Oliver · title CHIEF OPERATIONS OFFICER → CHIEF OPERATIONS OFFICER (AND PARTNER)
- ChangedRUFFER, JONATHAN, GARNIER · title EXECUTIVE CHAIRMAN AND BOARD MEMBER → EXECUTIVE CHAIRMAN AND BOARD MEMBER (AND PARTNER)
- ChangedSMITH, KATIE, JANE · title CHIEF LEGAL OFFICER → CHIEF LEGAL OFFICER (AND PARTNER); now a control person
- ChangedSTANWAY, LOUISE, MARY · title CHIEF COMPLIANCE OFFICER → CHIEF COMPLIANCE OFFICER (AND PARTNER); now a control person
Jun 28, 2023 filing
- AddedMountain, Simon, Oliver · CHIEF OPERATIONS OFFICER · Less than 5% · control person
- ChangedBACON, CHRISTOPHER · now a control person
- ChangedBEST, MIRANDA, JANE · ownership 5–10% → Less than 5%; now a control person
- ChangedRUFFER, JONATHAN, GARNIER · now a control person
Apr 12, 2023 filing
- No longer listedGOWER, MICHAEL, EVAN · CHIEF FINANCIAL OFFICER (AND BOARD MEMBER) · Less than 5% · control person · listed since Apr 2021
- No longer listedLEMPRIERE PRINGLE 2015 · SHAREHOLDER · 25–50% · indirect via RUFFER MANAGEMENT LIMITED · control person · listed since Sep 2015
- No longer listedRUFFER MANAGEMENT LIMITED · MANAGING MEMBER (PARTNER) · 10–25% · listed since Aug 2003
- No longer listedRUFFER, JONATHAN, GARNIER · SHAREHOLDER · 50–75% · indirect via RUFFER MANAGEMENT LIMITED · control person · listed since Jul 1994
- AddedRUKANDEMA, TWEMBI, Muntuyera · NON-EXECUTIVE DIRECTOR AND BOARD MEMBER · Less than 5%
Jun 24, 2022 filing
- No longer listedHindle Fisher, Robin, Charles · NON-EXECUTIVE DIRECTOR AND BOARD MEMBER · Less than 5% · listed since Nov 2010
- No longer listedMARTIN, SIMON, BENEDICT · CHIEF LEGAL OFFICER · Less than 5% · listed since Mar 2007
- No longer listedVaughan, Clementine, Mary · CHIEF EXECUTIVE OFFICER (AND BOARD MEMBER) · 5–10% · control person · listed since Apr 2017
- AddedBACON, CHRISTOPHER · CHIEF EXECUTIVE OFFICER (AND BOARD MEMBER) · 5–10%
- AddedSMITH, KATIE, JANE · CHIEF LEGAL OFFICER · Less than 5%
- Listed againBEST, MIRANDA, JANE · DEPUTY CEO (AND BOARD MEMBER) · 5–10%
Older changes (3 more filings)
Jun 30, 2021 filing
- No longer listedFERRERS, ROBERT, WILLIAM SASWALO · NON-EXECUTIVE DIRECTOR AND BOARD · Less than 5% · listed since Apr 2012
- AddedFLEMING, CAMPBELL, DAVID · NON-EXECUTIVE DIRECTOR AND BOARD MEMBER · Less than 5%
Apr 8, 2021 filing
- No longer listedBEST, MIRANDA, JANE · BOARD MEMBER (AND RESEARCH DIRECTOR) · Less than 5% · control person · listed since Jun 2017
- No longer listedMarmion, Myles, Columba · CHIEF FINANCIAL OFFICER (AND BOARD MEMBER) · Less than 5% · control person · listed since Jan 2009
- No longer listedWalter, Paula, Constance · CHIEF OPERATIONS OFFICER (AND BOARD MEMBER) · Less than 5% · control person · listed since Nov 2016
- AddedGOWER, MICHAEL, EVAN · CHIEF FINANCIAL OFFICER (AND BOARD MEMBER) · Less than 5% · control person
Jun 30, 2020 filing (earliest on record)
- ListedBEST, MIRANDA, JANE · BOARD MEMBER (AND RESEARCH DIRECTOR) · Less than 5% · control person
- ListedFERRERS, ROBERT, WILLIAM SASWALO · NON-EXECUTIVE DIRECTOR AND BOARD · Less than 5%
- ListedHindle Fisher, Robin, Charles · NON-EXECUTIVE DIRECTOR AND BOARD MEMBER · Less than 5%
- ListedLEMPRIERE PRINGLE 2015 · SHAREHOLDER · 25–50% · indirect via RUFFER MANAGEMENT LIMITED · control person
- ListedMARTIN, SIMON, BENEDICT · CHIEF LEGAL OFFICER · Less than 5%
- ListedMAXEY, HENRY, JAMES MACFARLANE · BOARD MEMBER (AND CHIEF INVESTMENT OFFICER) · 5–10% · control person
- ListedMarmion, Myles, Columba · CHIEF FINANCIAL OFFICER (AND BOARD MEMBER) · Less than 5% · control person
- ListedMeijs, Fleur · NON-EXECUTIVE DIRECTOR AND BOARD MEMBER · Less than 5%
- ListedRUFFER MANAGEMENT LIMITED · MANAGING MEMBER (PARTNER) · 10–25%
- ListedRUFFER, JONATHAN, GARNIER · EXECUTIVE CHAIRMAN AND BOARD MEMBER · Less than 5%
- ListedRUFFER, JONATHAN, GARNIER · SHAREHOLDER · 50–75% · indirect via RUFFER MANAGEMENT LIMITED · control person
- ListedSTANWAY, LOUISE, MARY · CHIEF COMPLIANCE OFFICER · Less than 5%
- ListedVaughan, Clementine, Mary · CHIEF EXECUTIVE OFFICER (AND BOARD MEMBER) · 5–10% · control person
- ListedWalter, Paula, Constance · CHIEF OPERATIONS OFFICER (AND BOARD MEMBER) · Less than 5% · control person
Quarter-over-quarter changes
Changes in reported position value vs the prior 13F, so price moves count too, not just shares bought or sold.
Top Adds (vs prior quarter)
- AMAZON COM INC$80.1M +68.3%
- MICROSOFT CORP$53.1M +45.7%
- BERKSHIRE HATHAWAY INC DEL$32.2M +743.5%
- EAGLE MATLS INC$27.6M +1364.4%
- FLOOR & DECOR HLDGS INC$17.2M +30.6%
Top Trims
- COINBASE GLOBAL INC-$178.6M -71.0%
- BP PLC-$38.9M -39.4%
- ALIBABA GROUP HLDG LTD-$26.1M -17.7%
- BROWN FORMAN CORP-$21.0M -29.0%
- GE AEROSPACE-$17.8M -52.9%
New Positions
- NETEASE COM INC$62.5M
- FULL TRUCK ALLIANCE CO LTD$46.4M
- TRIP COM GROUP LTD$42.8M
- JD.COM INC$39.1M
- EXPAND ENERGY CORPORATION$38.3M
Exited Positions
- U HAUL HOLDING COMPANY$13.4M
- KODIAK GAS SVCS INC$8.6M
- NATIONAL FUEL GAS CO$7.8M
- LYONDELLBASELL INDUSTRIES NV$6.3M
- CSX CORP$6.1M
Ruffer LLP Holdings (2026-06-30)
Rows tagged Call or Put are options positions, not stock. Per SEC Form 13F-HR, Value shows the notional value of the underlying (shares covered × underlying price), not the option premium. Shares is the number of underlying shares covered (divide by 100 for contract count).
| # | Issuer | Symbol | CUSIP | Value | Weight | Shares | Type |
|---|---|---|---|---|---|---|---|
| 1 | AMAZON COM INC | AMZN | 023135106 | $197.4M | 6.98% | 829,118 | SH |
| 2 | MICROSOFT CORP | MSFT | 594918104 | $169.5M | 5.99% | 454,873 | SH |
| 3 | ALIBABA GROUP HLDG LTD | BABA | 01609W102 | $121.3M | 4.29% | 1,265,069 | SH |
| 4 | SMURFIT WESTROCK PLC | SW | G8267P108 | $112.7M | 3.98% | 2,438,889 | SH |
| 5 | BANK AMERICA CORP | BAC | 060505104 | $74.2M | 2.62% | 1,304,202 | SH |
| 6 | FLOOR & DECOR HLDGS INC | FND | 339750101 | $73.3M | 2.59% | 1,235,490 | SH |
| 7 | COINBASE GLOBAL INC | COIN | 19260Q107 | $72.9M | 2.58% | 499,000 | SH |
| 8 | NETEASE COM INC | NTES | 64110W102 | $62.5M | 2.21% | 487,913 | SH |
| 9 | SLB LIMITED | SLB | 806857108 | $62.3M | 2.20% | 1,341,534 | SH |
| 10 | BP PLC | BP | 055622104 | $60.0M | 2.12% | 1,624,940 | SH |
| 11 | SOLVENTUM CORP | SOLV | 83444M101 | $59.8M | 2.12% | 776,468 | SH |
| 12 | SUNCOR ENERGY INC NEW | SU | 867224107 | $54.2M | 1.92% | 1,009,746 | SH |
| 13 | LAMAR ADVERTISING CO NEW | LAMR | 512816109 | $52.7M | 1.86% | 338,207 | SH |
| 14 | BROWN FORMAN CORP | BF.B | 115637209 | $51.4M | 1.82% | 1,931,956 | SH |
| 15 | FULL TRUCK ALLIANCE CO LTD | YMM | 35969L108 | $46.4M | 1.64% | 5,724,180 | SH |
| 16 | EQUINOX GOLD CORP | EQX | 29446Y502 | $46.0M | 1.63% | 4,736,428 | SH |
| 17 | EXXON MOBIL CORP | XOM | 30231G102 | $42.9M | 1.52% | 314,224 | SH |
| 18 | TRIP COM GROUP LTD | TCOM | 89677Q107 | $42.8M | 1.51% | 1,075,096 | SH |
| 19 | JD.COM INC | JD | 47215P106 | $39.1M | 1.38% | 1,537,181 | SH |
| 20 | BOOKING HOLDINGS INC | BKNG | 09857L108 | $38.5M | 1.36% | 215,996 | SH |
| 21 | EXPAND ENERGY CORPORATION | EXE | 165167735 | $38.3M | 1.35% | 420,557 | SH |
| 22 | S&P GLOBAL INC | SPGI | 78409V104 | $38.1M | 1.35% | 93,768 | SH |
| 23 | UNION PAC CORP | UNP | 907818108 | $38.0M | 1.35% | 140,019 | SH |
| 24 | TOTALENERGIES SE | TTE | F92124100 | $36.9M | 1.30% | 474,930 | SH |
| 25 | BERKSHIRE HATHAWAY INC DEL | BRK.B | 084670702 | $36.5M | 1.29% | 72,990 | SH |
| 26 | PNC FINL SVCS GROUP INC | PNC | 693475105 | $35.8M | 1.27% | 145,485 | SH |
| 27 | CANADIAN PACIFIC KANSAS CITY | CP | 13646K108 | $33.4M | 1.18% | 386,182 | SH |
| 28 | SCHWAB CHARLES CORP | SCHW | 808513105 | $33.0M | 1.17% | 358,432 | SH |
| 29 | VISTA ENERGY S.A.B. DE C.V. | VIST | 92837L109 | $33.0M | 1.17% | 518,201 | SH |
| 30 | SIGNET JEWELERS LIMITED | SIG | G81276100 | $31.0M | 1.10% | 360,278 | SH |
| 31 | EAGLE MATLS INC | EXP | 26969P108 | $29.7M | 1.05% | 131,978 | SH |
| 32 | PFIZER INC | PFE | 717081103 | $27.1M | 0.96% | 1,126,006 | SH |
| 33 | WARNER BROS DISCOVERY INC | WBD | 934423104 | $24.5M | 0.87% | 920,507 | SH |
| 34 | GALIANO GOLD INC | GAU | 36352H100 | $24.2M | 0.86% | 12,994,532 | SH |
| 35 | ARIS MNG CORP | ARIS | 04040Y109 | $23.9M | 0.85% | 1,605,529 | SH |
| 36 | ELDORADO GOLD CORP NEW | EGO | 284902509 | $20.9M | 0.74% | 674,029 | SH |
| 37 | KINROSS GOLD CORP | KGC | 496902404 | $20.6M | 0.73% | 874,179 | SH |
| 38 | DISNEY WALT CO | DIS | 254687106 | $20.4M | 0.72% | 211,815 | SH |
| 39 | AIRBNB INC | ABNB | 009066101 | $20.0M | 0.71% | 139,870 | SH |
| 40 | VENTURE GLOBAL INC | VG | 92333F101 | $19.9M | 0.70% | 1,789,003 | SH |
| 41 | FLUOR CORP | FLR | 343412102 | $19.7M | 0.70% | 375,643 | SH |
| 42 | COOPER COS INC | COO | 216648501 | $19.2M | 0.68% | 268,591 | SH |
| 43 | COEUR MNG INC | CDE | 192108504 | $19.1M | 0.67% | 1,168,748 | SH |
| 44 | MAGNUM ICE CREAM CO NV | MICC | N5505D105 | $18.8M | 0.67% | 1,082,605 | SH |
| 45 | INTERNATIONAL FLAVORS&FRAGRA | IFF | 459506101 | $18.1M | 0.64% | 228,297 | SH |
| 46 | WISE GROUP PLC | WSE | G9723Y105 | $17.0M | 0.60% | 1,415,047 | SH |
| 47 | OCEANAGOLD CORP | OGC | 675222400 | $16.7M | 0.59% | 667,801 | SH |
| 48 | SSR MINING IN | SSRM | 784730103 | $16.5M | 0.58% | 583,120 | SH |
| 49 | AUTOLIV INC | ALV | 052800109 | $15.9M | 0.56% | 137,005 | SH |
| 50 | BARRICK GOLD CORP | B | 06849F108 | $15.8M | 0.56% | 431,774 | SH |
Filing History
| Period | Filed | AUM | Holdings | Accession |
|---|---|---|---|---|
| 2026-06-30 | 2026-07-30 | $2.83B | 187 | 0001426859-26-000008 |
| 2026-03-31 | 2026-05-13 | $2.44B | 176 | 0001426859-26-000005 |
| 2025-12-31 | 2026-01-28 | $2.20B | 154 | 0001426859-26-000001 |
| 2025-09-30 | 2025-11-03 | $1.80B | 101 | 0001426859-25-000012 |
Filer Information
Address
80 VICTORIA STREETLONDON, X0 SW1E 5JL
Phone
00442078240520
Filing Manager
Ruffer LLP
LONDON, X0
Signatory
Tony Allen
Interim Compliance Officer