AI Portfolio Summary
In 2025 Q4, Ruffer LLP maintained a portfolio of 184 distinct positions. The most significant new addition to the portfolio was COINBASE GLOBAL INC, which now represents 7.58% of the total fund value. They heavily accumulated shares in SMURFIT WESTROCK PLC, increasing their position by 473.3%. The fund also reduced its exposure to TAIWAN SEMICONDUCTOR by 84.7%.
Total Positions
184
Quarter
2025 Q4
Top Holding
SW (7.9%)
Top 10 Concentration
45.1%
Turnover Rate
23.4%
Sector HHI
0.18
Items per page:
Showing 1-50 of 184
| Stock | History | Sector / Type | Port % | Prev % | Rank / Prev | Conviction | Change | % Change | Influence | Shares | Mkt Value | Avg Cost | Price Held | 1st Owned | Source | Source Date | Date Reported |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
SW
SMURFIT WESTROC...
|
Consumer Cyclical | 7.94% | 1.86% |
#1
19
Prev: #20
|
8.2 | 3,718,562 | 473.3% |
P
S
|
4,504,151 | $174,447,456 | 2024 Q3 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
COIN
COINBASE GLOBAL...
|
Financial Services | 7.58% | — |
#2
Prev: #—
|
8.0 | 735,190 | no change |
NEW
|
735,190 | $166,515,084 | 2025 Q4 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
AMZN
AMAZON COM INC
|
Consumer Cyclical | 7.07% | 8.21% |
#3
2
Prev: #1
|
4.3 | -1,330 | -0.2% |
P
S
|
671,466 | $155,229,762 | 2022 Q3 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
BAC
BANK AMERICA CO...
|
Financial Services | 4.18% | 5.37% |
#4
1
Prev: #3
|
2.7 | -203,612 | -10.9% |
P
S
|
1,668,030 | $91,884,412 | 2007 Q4 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
EQX
EQUINOX GOLD CO...
|
Basic Materials | 3.71% | 5.39% |
#5
3
Prev: #2
|
2.0 | -2,859,941 | -33.1% |
P
S
|
5,791,948 | $81,543,894 | 2020 Q1 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
BP
BP PLC
|
Energy | 3.54% | 4.40% |
#6
1
Prev: #5
|
1.9 | -59,030 | -2.6% |
P
S
|
2,235,750 | $77,768,827 | 2007 Q4 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
BABA
ALIBABA GROUP H...
|
Consumer Cyclical | 3.22% | 3.82% |
#7
Prev: #7
|
3.8 | 96,178 | 25.0% |
P
S
|
481,064 | $70,623,682 | 2017 Q2 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
DIS
DISNEY WALT CO
|
Communication Services | 2.94% | — |
#8
Prev: #—
|
4.7 | 567,615 | no change |
NEW
|
567,615 | $64,678,093 | 2016 Q4 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
EGO
ELDORADO GOLD C...
|
Basic Materials | 2.64% | 2.27% |
#9
5
Prev: #14
|
3.1 | 198,916 | 14.1% |
P
S
|
1,611,656 | $57,981,067 | 2019 Q1 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
EXR
EXTRA SPACE STO...
|
Real Estate | 2.29% | 2.64% |
#10
2
Prev: #12
|
2.9 | 48,593 | 14.4% |
P
S
|
385,535 | $50,282,751 | 2025 Q3 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
SOLV
SOLVENTUM CORP
|
Healthcare | 2.22% | 0.84% |
#11
23
Prev: #34
|
3.9 | 407,001 | 196.1% |
P
S
|
614,558 | $48,772,742 | 2025 Q3 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
FND
FLOOR & DECOR H...
|
Consumer Cyclical | 2.15% | — |
#12
Prev: #—
|
4.4 | 774,470 | no change |
NEW
|
774,470 | $47,230,712 | 2025 Q4 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
CGAU
CENTERRA GOLD I...
|
Basic Materials | 2.14% | 3.52% |
#13
5
Prev: #8
|
0.9 | -2,648,972 | -44.9% |
P
S
|
3,255,131 | $46,997,492 | 2021 Q2 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
SU
SUNCOR ENERGY I...
|
Energy | 2.02% | 2.18% |
#14
2
Prev: #16
|
2.8 | 64,131 | 6.9% |
P
S
|
999,168 | $44,470,690 | 2007 Q4 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
SLB
SCHLUMBERGER LT...
|
Energy | 2.01% | — |
#15
Prev: #—
|
4.3 | 1,146,543 | no change |
NEW
|
1,146,543 | $44,072,513 | 2007 Q4 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
ARMN
ARIS MNG CORP
|
Basic Materials | 1.96% | 2.24% |
#16
1
Prev: #15
|
0.8 | -1,467,589 | -35.7% |
P
S
|
2,647,139 | $43,054,761 | 2023 Q3 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
XOM
EXXON MOBIL COR...
|
Energy | 1.76% | 1.74% |
#17
4
Prev: #21
|
2.7 | 41,839 | 15.0% |
P
S
|
320,081 | $38,578,246 | 2007 Q4 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
GAU
GALIANO GOLD IN...
|
Basic Materials | 1.66% | 2.01% |
#18
1
Prev: #17
|
1.2 | -2,305,521 | -13.9% |
P
S
|
14,305,507 | $36,479,422 | 2020 Q2 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
GE
GE AEROSPACE
|
Industrials | 1.65% | 1.68% |
#19
4
Prev: #23
|
2.7 | 16,936 | 16.9% |
P
S
|
117,301 | $36,188,716 | 2007 Q4 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
PFE
PFIZER INC
|
Healthcare | 1.50% | 2.87% |
#20
9
Prev: #11
|
0.6 | -698,969 | -34.6% |
P
S
|
1,324,096 | $33,021,466 | 2007 Q4 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
PAAS
PAN AMERN SILVE...
|
Basic Materials | 1.44% | 1.94% |
#21
3
Prev: #18
|
0.6 | -293,423 | -32.5% |
P
S
|
608,328 | $31,566,681 | 2019 Q1 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
PNC
PNC FINL SVCS G...
|
Financial Services | 1.43% | 1.47% |
#22
2
Prev: #24
|
2.6 | 18,193 | 13.8% |
P
S
|
150,102 | $31,379,480 | 2023 Q1 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
UNP
UNION PAC CORP
|
Industrials | 1.41% | — |
#23
Prev: #—
|
4.1 | 133,430 | no change |
NEW
|
133,430 | $30,913,217 | 2025 Q4 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
PM
PHILIP MORRIS I...
|
Consumer Defensive | 1.38% | 0.86% |
#24
9
Prev: #33
|
3.6 | 94,226 | 99.1% |
P
S
|
189,305 | $30,412,053 | 2008 Q3 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
LAMR
LAMAR ADVERTISI...
|
Real Estate | 1.38% | — |
#25
Prev: #—
|
4.1 | 239,820 | no change |
NEW
|
239,820 | $30,402,049 | 2025 Q4 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
B
BARRICK MNG COR...
|
Basic Materials | 1.29% | 3.28% |
#26
17
Prev: #9
|
0.5 | -1,149,975 | -63.9% |
P
S
|
650,660 | $28,380,484 | 2025 Q3 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
AU
ANGLOGOLD ASHAN...
|
Basic Materials | 1.25% | 2.31% |
#27
14
Prev: #13
|
0.5 | -269,966 | -45.7% |
P
S
|
320,997 | $27,417,364 | 2015 Q2 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
NOMD
NOMAD FOODS LTD
|
Consumer Defensive | 1.22% | — |
#28
Prev: #—
|
4.0 | 2,140,876 | no change |
NEW
|
2,140,876 | $26,823,083 | 2020 Q2 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
COO
COOPER COS INC
|
Healthcare | 1.17% | 5.14% |
#29
25
Prev: #4
|
0.5 | -1,035,686 | -76.8% |
P
S
|
312,164 | $25,624,907 | 2025 Q2 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
TECK
TECK RESOURCES ...
|
Basic Materials | 0.98% | 1.23% |
#30
4
Prev: #26
|
0.9 | -55,457 | -11.0% |
P
S
|
447,145 | $21,446,974 | 2023 Q1 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
SKE
SKEENA RES LTD ...
|
Basic Materials | 0.88% | 1.30% |
#31
6
Prev: #25
|
0.4 | -455,999 | -35.9% |
P
S
|
814,056 | $19,390,596 | 2022 Q2 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
VIST
VISTA ENERGY S....
|
Energy | 0.88% | — |
#32
Prev: #—
|
3.9 | 394,510 | no change |
NEW
|
394,510 | $19,226,828 | 2025 Q4 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
NEM
NEWMONT CORP
|
Basic Materials | 0.75% | 4.14% |
#33
27
Prev: #6
|
0.3 | -719,198 | -81.4% |
P
S
|
164,819 | $16,482,871 | 2007 Q4 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
IFF
INTERNATIONAL F...
|
Basic Materials | 0.73% | 0.75% |
#34
2
Prev: #36
|
2.3 | 17,263 | 7.8% |
P
S
|
237,473 | $16,028,408 | 2025 Q3 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
SIG
SIGNET JEWELERS...
|
Consumer Cyclical | 0.70% | — |
#35
Prev: #—
|
3.8 | 185,192 | no change |
NEW
|
185,192 | $15,372,395 | 2025 Q4 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
CP
CANADIAN PACIFI...
|
Industrials | 0.69% | — |
#36
Prev: #—
|
3.8 | 206,459 | no change |
NEW
|
206,459 | $15,224,869 | 2025 Q4 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
RGLD
ROYAL GOLD INC
|
Basic Materials | 0.67% | 0.92% |
#37
6
Prev: #31
|
0.3 | -17,040 | -20.5% |
P
S
|
65,900 | $14,671,782 | 2015 Q3 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
UHAL/B
U HAUL HOLDING ...
|
Industrials | 0.65% | 0.41% |
#38
3
Prev: #41
|
3.3 | 159,283 | 109.3% |
P
S
|
304,952 | $14,274,936 | 2025 Q3 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
AA
ALCOA CORP
|
Basic Materials | 0.64% | — |
#39
Prev: #—
|
3.8 | 265,910 | no change |
NEW
|
265,910 | $14,152,519 | 2023 Q1 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
ITRG
INTEGRA RES COR...
|
Basic Materials | 0.55% | 0.51% |
#40
2
Prev: #38
|
0.7 | -150,000 | -4.8% |
P
S
|
3,006,453 | $12,125,866 | 2023 Q3 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
TSM
TAIWAN SEMICOND...
|
Technology | 0.43% | 3.17% |
#41
31
Prev: #10
|
0.2 | -173,212 | -84.7% |
P
S
|
31,175 | $9,488,562 | 2011 Q4 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
FHI
FEDERATED HERME...
|
Financial Services | 0.36% | 0.34% |
#42
1
Prev: #43
|
2.6 | 32,908 | 28.2% |
P
S
|
149,689 | $7,806,535 | 2021 Q2 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
FOXA
FOX CORP
|
Communication Services | 0.34% | 0.31% |
#43
1
Prev: #44
|
2.1 | 16,046 | 18.4% |
P
S
|
103,210 | $7,553,410 | 2019 Q1 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
DV
DOUBLEVERIFY HL...
|
Communication Services | 0.34% | — |
#44
Prev: #—
|
3.6 | 645,691 | no change |
NEW
|
645,691 | $7,398,657 | 2025 Q4 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
MMS
MAXIMUS INC
|
Industrials | 0.32% | — |
#45
Prev: #—
|
3.6 | 80,396 | no change |
NEW
|
80,396 | $6,950,618 | 2024 Q4 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
JHG
JANUS HENDERSON...
|
Financial Services | 0.30% | 0.24% |
#46
8
Prev: #54
|
2.6 | 41,556 | 42.3% |
P
S
|
139,713 | $6,656,414 | 2025 Q3 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
CDE
COEUR MNG INC
|
Basic Materials | 0.30% | — |
#47
Prev: #—
|
3.6 | 366,238 | no change |
NEW
|
366,238 | $6,540,219 | 2009 Q2 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
TROW
PRICE T ROWE GR...
|
Financial Services | 0.29% | 0.24% |
#48
8
Prev: #56
|
2.6 | 18,939 | 44.9% |
P
S
|
61,083 | $6,263,441 | 2025 Q3 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
CPA
COPA HOLDINGS S...
|
Industrials | 0.27% | 0.24% |
#49
6
Prev: #55
|
2.6 | 12,090 | 32.9% |
P
S
|
48,819 | $5,897,253 | 2024 Q4 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
SAIC
SCIENCE APPLICA...
|
Technology | 0.26% | — |
#50
Prev: #—
|
3.6 | 57,664 | no change |
NEW
|
57,664 | $5,813,449 | 2014 Q1 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) |
Showing 1-50 of 184 holdings