1y return+41.1%S&P 500 +20.9%
3y return+104.4%S&P 500 +68.5%
5y return+122.4%S&P 500 +74.5%
10y return+281.2%S&P 500 +256.5%
These returns are for its stock picks as disclosed on Form 13F: last quarter's holdings, valued at this quarter's prices. They miss trades within each quarter, short positions, options, bonds, cash and fees, so they aren't the returns its clients got.
$100 invested in its stock picks
Since June 30, 2016: $381 against $357 in the S&P 500.2
Ruffer LLPS&P 500 (SPY)
Top holdings
At the end of June 30, 2026. Change is in shares since the quarter before.2
| Stock | Value | Share of portfolio | Change |
|---|---|---|---|
| AMZNAmazon Com Inc | $197.4M | 7.0% | +47.7% |
| MSFTMicrosoft Corp | $169.5M | 6.0% | +45.1% |
| BABAAlibaba Group Hldg Ltd | $121.3M | 4.3% | +8.0% |
| Smurfit Westrock PLCCUSIP G8267P108 | $112.7M | 4.0% | −12.5% |
| BACBank America Corp | $74.2M | 2.6% | |
| FNDFloor & Decor Hldgs Inc | $73.3M | 2.6% | +12.2% |
| COINCoinbase Global Inc | $72.9M | 2.6% | −65.3% |
| NTESNetease Com Inc | $62.5M | 2.2% | New |
| SLBSlb Limited | $62.3M | 2.2% | −13.0% |
| BPBp PLC | $60.0M | 2.1% | −22.5% |
| SOLVSolventum Corp | $59.8M | 2.1% | −9.7% |
| SUSuncor Energy Inc New | $54.2M | 1.9% | |
| LAMRLamar Advertising Co New | $52.7M | 1.9% | |
| BF/BBrown Forman Corp | $51.4M | 1.8% | −29.3% |
| YMMFull Truck Alliance Co Ltd | $46.4M | 1.6% | New |
| EQXEquinox Gold Corp | $46.0M | 1.6% | +14.8% |
| Exxon Mobil CorpCUSIP 30231G102 | $42.9M | 1.5% | −2.3% |
| TCOMTrip Com Group Ltd | $42.8M | 1.5% | New |
| JDJd.com Inc | $39.1M | 1.4% | New |
| BKNGBooking Holdings Inc | $38.5M | 1.4% | +40.6% |
| EXEExpand Energy Corporation | $38.3M | 1.4% | New |
| SPGIS&p Global Inc | $38.1M | 1.3% | New |
| UNPUnion Pac Corp | $38.0M | 1.3% | −17.3% |
| Totalenergies SeCUSIP F92124100 | $36.9M | 1.3% | New |
| BRK/BBerkshire Hathaway Inc Del | $36.5M | 1.3% | +711.0% |
Best picks still held
How each current holding has done since the quarter it first appeared in its filings (up to six years back).
| Stock | Held since | Return since | Now worth |
|---|---|---|---|
| ARISAris Mng Corp | September 30, 2023 | +556.8% | $23.9M |
| Exxon Mobil CorpCUSIP 30231G102 | June 30, 2020 | +205.7% | $42.9M |
| BRK/BBerkshire Hathaway Inc Del | June 30, 2020 | +180.3% | $36.5M |
| AMZNAmazon Com Inc | September 30, 2022 | +110.9% | $197.4M |
| BACBank America Corp | June 30, 2023 | +98.6% | $74.2M |
| PNCPnc Finl Svcs Group Inc | March 31, 2023 | +93.7% | $35.8M |
| EGOEldorado Gold Corp New | March 31, 2025 | +84.8% | $20.9M |
| SUSuncor Energy Inc New | March 31, 2023 | +72.9% | $54.2M |
| EQXEquinox Gold Corp | September 30, 2024 | +59.6% | $46.0M |
| GAUGaliano Gold Inc | June 30, 2020 | +40.8% | $24.2M |
Sold off last quarter
- UHAL/BU Haul Holding Company was $13.4M
- KGSKodiak Gas Svcs Inc was $8.6M
- NFGNational Fuel Gas Co was $7.8M
- Lyondellbasell Industries NvCUSIP N53745100 was $6.3M
- CSXCsx Corp was $6.1M
- EXELExelixis Inc was $5.1M
- Flex Lng LtdCUSIP G35947202 was $4.3M
- SMPLSimply Good Foods Co was $4.3M
- Linde PLCCUSIP G54950103 was $4.3M
- GMGeneral Mtrs Co was $4.1M
Quarter by quarter
| Quarter | Its picks | S&P 500 |
|---|---|---|
| June 30, 2026 | −1.8% | +14.8% |
| March 31, 2026 | +1.2% | −4.6% |
| December 31, 2025 | +12.4% | +2.4% |
| September 30, 2025 | +26.3% | +7.8% |
| June 30, 2025 | +11.5% | +10.5% |
| March 31, 2025 | +11.2% | −4.6% |
| December 31, 2024 | −8.4% | +2.1% |
| September 30, 2024 | +8.5% | +5.4% |
| June 30, 2024 | +4.1% | +4.0% |
| March 31, 2024 | +5.1% | +10.0% |
| December 31, 2023 | +13.9% | +11.2% |
| September 30, 2023 | −5.7% | −3.6% |
| June 30, 2023 | +0.2% | +8.3% |
| March 31, 2023 | +9.0% | +7.0% |
| December 31, 2022 | +12.7% | +7.1% |
| September 30, 2022 | −2.3% | −5.3% |
| June 30, 2022 | −17.1% | −16.5% |
| March 31, 2022 | +10.4% | −4.9% |
| December 31, 2021 | +10.2% | +10.7% |
| September 30, 2021 | −10.2% | +0.3% |
Sources
Every number on this page points here. Each one links to the public record.
- 1SEC EDGAR: Ruffer LLP Form 13F filingshttps://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1426859&type=13F-HR&dateb=&owner=include&count=40CIK 1426859
- 2SEC: 13F for the quarter ended June 30, 2026https://www.sec.gov/Archives/edgar/data/1426859/000142685926000008/Filed July 30, 2026 · accession 0001426859-26-000008