Ruffer LLP

LONDON, X0 · CIK 1426859 · 13F filing filed 2026-07-30

SEC-registered investment adviser since 2021 · limited liability partnership

Assets managed$24.9bn
Staff282 · 35 in investment roles
Main clients (by assets)Private funds 53%, Individuals 25%, Companies 10%
Private funds1 · $4.9bn gross assets
Form ADV · 2026-08-19SEC adviser record

Legal entityRUFFER LLP (GB)

Kindhedge funds, futures, FCA fund manager
Others nearbyLondon, Edinburgh
FamilyRuffer LLP · 2 related pages

As an employer

UK employer size250 to 499
Offices in1 country
Private fundsother private 1

Where they work

people there (dot area)number not reportedmain officeHover or tap a dot. Australian and UK companies are placed at their business or registered address, with their staff across the whole country.

Offices

From Form ADV: the main office and the other offices where it does advisory work (at most the 25 largest), with the people doing investment work at each. “About” is worked out: the firm's investment staff less its other offices. Each city links to the other managers there.

City	Country	People
London (main office)United Kingdom	United Kingdom	about 34
EdinburghUnited Kingdom	United Kingdom	1

In the UK

FCA-authorised companies1
Manages investmentsyes
Retail clientsyes

Company	Town	Staff	Pay gap report	FCA register
RUFFER LLP Limited Liability PartnershipFCA: Authorised · manages investments, advises, deals, custody	Place		250 to 499	Authorisedmanages investments, advises, deals, custody

Gender pay gap report	Size	Hourly gap	Bonus gap	Women in top quarter of pay
RUFFER LLP2024	250 to 499	31.5%	50.0%	30%

Sources: Companies House (accounts filed electronically; the largest groups often file on paper, so their staff numbers can be missing), the UK gender pay gap service (employers with 250+ staff) and the FCA's Financial Services Register. Contains public sector information licensed under the Open Government Licence v3.0.

Map: places from GeoNames (CC BY 4.0), outlines from Natural Earth.

$2.8bn reported value +15.7% vs Q1 2026

187positions

35.6%in top 10

42 new 66 added 71 reduced 31 sold out vs Q1 2026

Holdings, Q2 2026

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	AMAZON COM INC COM AMZN	AMZN	829,118	$197.4m6.98%	6.98%	Added +267.6k	+267,591 47.6%
2	MICROSOFT CORP COM MSFT	MSFT	454,873	$169.5m5.99%	5.99%	Added +141.4k	+141,427 45.1%
3	ALIBABA GROUP HLDG LTD SPONSORED ADS BABA	BABA	1,265,069	$121.3m4.29%	4.29%	Added +93.8k	+93,840 8.0%
4	SMURFIT WESTROCK PLC SHS SW	SW	2,438,889	$112.7m3.98%	3.98%	Reduced -347.3k	-347,308 -12.5%
5	BANK AMERICA CORP COM BAC	BAC	1,304,202	$74.2m2.62%	2.62%	Reduced -11.7k	-11,658 -0.9%
6	FLOOR & DECOR HLDGS INC CL A FND	FND	1,235,490	$73.3m2.59%	2.59%	Added +134.8k	+134,765 12.2%
7	COINBASE GLOBAL INC COM CL A COIN	COIN	499,000	$72.9m2.58%	2.58%	Reduced -937.0k	-936,990 -65.2%
8	NETEASE INC SPONSORED ADS NTES	NTES	487,913	$62.5m2.21%	2.21%	New
9	SCHLUMBERGER LTD COM STK SLB	SLB	1,341,534	$62.3m2.20%	2.20%	Reduced -200.6k	-200,552 -13.0%
10	BP PLC SPONSORED ADR BP	BP	1,624,940	$60.0m2.12%	2.12%	Reduced -473.1k	-473,066 -22.6%
11	SOLVENTUM CORP COM SHS SOLV	SOLV	776,468	$59.8m2.12%	2.12%	Reduced -83.5k	-83,525 -9.7%
12	SUNCOR ENERGY INC NEW COM SU	SU	1,009,746	$54.2m1.92%	1.92%	Added +5.7k	+5,684 0.6%
13	LAMAR ADVERTISING CO NEW CL A LAMR	LAMR	338,207	$52.7m1.86%	1.86%	Reduced -283	-283 -0.1%
14	BROWN FORMAN CORP CL B BF.B	BF.B	1,931,956	$51.4m1.82%	1.82%	Reduced -799.9k	-799,920 -29.3%
15	FULL TRUCK ALLIANCE CO LTD SPONSORED ADS YMM	YMM	5,724,180	$46.4m1.64%	1.64%	New
16	EQUINOX GOLD CORP COM EQX	EQX	4,736,428	$46.0m1.63%	1.63%	Added +609.6k	+609,593 14.8%
17	EXXON MOBIL CORP COM XOM	XOM	314,224	$42.9m1.52%	1.52%	Reduced -7.5k	-7,482 -2.3%
18	TRIP COM GROUP LTD ADS TCOM	TCOM	1,075,096	$42.8m1.51%	1.51%	New
19	JD.COM INC SPON ADS CL A JD	JD	1,537,181	$39.1m1.38%	1.38%	New
20	BOOKING HOLDINGS INC COM BKNG	BKNG	215,996	$38.5m1.36%	1.36%	Added +62.3k	+62,321 40.5%
21	EXPAND ENERGY CORPORATION COM EXE	EXE	420,557	$38.3m1.35%	1.35%	New
22	S&P GLOBAL INC COM SPGI	SPGI	93,768	$38.1m1.35%	1.35%	New
23	UNION PAC CORP COM UNP	UNP	140,019	$38.0m1.35%	1.35%	Reduced -29.2k	-29,237 -17.3%
24	TOTALENERGIES SE ACT TTE	TTE	474,930	$36.9m1.30%	1.30%	New
25	BERKSHIRE HATHAWAY INC DEL CL B NEW BRK.B	BRK.B	72,990	$36.5m1.29%	1.29%	Added +64.0k	+63,990 711.0%
26	PNC FINL SVCS GROUP INC COM PNC	PNC	145,485	$35.8m1.27%	1.27%	Reduced -1.9k	-1,910 -1.3%
27	CANADIAN PACIFIC KANSAS CITY COM CP	CP	386,182	$33.4m1.18%	1.18%	Added +11.6k	+11,640 3.1%
28	SCHWAB CHARLES CORP COM SCHW	SCHW	358,432	$33.0m1.17%	1.17%	New
29	VISTA ENERGY S.A.B. DE C.V. SPONSORED ADS VIST	VIST	518,201	$33.0m1.17%	1.17%	Reduced -14.7k	-14,719 -2.8%
30	SIGNET JEWELERS LIMITED SHS SIG	SIG	360,278	$31.0m1.10%	1.10%	Added +132.6k	+132,643 58.3%
31	EAGLE MATLS INC COM EXP	EXP	131,978	$29.7m1.05%	1.05%	Added +121.3k	+121,317 1138.0%
32	PFIZER INC COM PFE	PFE	1,126,006	$27.1m0.96%	0.96%	Reduced -23.7k	-23,747 -2.1%
33	WARNER BROS DISCOVERY INC COM SER A WBD	WBD	920,507	$24.5m0.87%	0.87%	Added +359.4k	+359,418 64.1%
34	GALIANO GOLD INC COM GAU	GAU	12,994,532	$24.2m0.86%	0.86%	Reduced -230.0k	-230,000 -1.7%
35	ARIS MNG CORP COM ARIS	ARIS	1,605,529	$23.9m0.85%	0.85%	Reduced -267.0k	-267,004 -14.3%
36	ELDORADO GOLD CORP NEW COM EGO	EGO	674,029	$20.9m0.74%	0.74%	Reduced -225.3k	-225,329 -25.1%
37	KINROSS GOLD CORP COM KGC	KGC	874,179	$20.6m0.73%	0.73%	Added +541.7k	+541,739 163.0%
38	DISNEY WALT CO COM DIS	DIS	211,815	$20.4m0.72%	0.72%	Added +150.5k	+150,535 245.7%
39	AIRBNB INC COM CL A ABNB	ABNB	139,870	$20.0m0.71%	0.71%	New
40	VENTURE GLOBAL INC COM CL A VG	VG	1,789,003	$19.9m0.70%	0.70%	Added +1.3m	+1,328,198 288.2%
41	FLUOR CORP NEW COM FLR	FLR	375,643	$19.7m0.70%	0.70%	New
42	COOPER COS INC COM COO	COO	268,591	$19.2m0.68%	0.68%	Added +52.4k	+52,420 24.2%
43	COEUR MNG INC COM NEW CDE	CDE	1,168,748	$19.1m0.67%	0.67%	Added +784.7k	+784,716 204.3%
44	MAGNUM ICE CREAM CO NV ORD SHS MICC	MICC	1,082,605	$18.8m0.67%	0.67%	Added +327.0k	+327,041 43.3%
45	INTERNATIONAL FLAVORS&FRAGRA COM IFF	IFF	228,297	$18.1m0.64%	0.64%	Reduced -63.3k	-63,316 -21.7%
46	WISE GROUP PLC ORD SHS CLASS A WSE	WSE	1,415,047	$17.0m0.60%	0.60%	New
47	OCEANAGOLD CORP COM NEW OGC	OGC	667,801	$16.7m0.59%	0.59%	New
48	SSR MINING IN COM SSRM	SSRM	583,120	$16.5m0.58%	0.58%	Reduced -148.5k	-148,504 -20.3%
49	AUTOLIV INC COM ALV	ALV	137,005	$15.9m0.56%	0.56%	New
50	BARRICK MNG CORP COM SHS B	B	431,774	$15.8m0.56%	0.56%	Reduced -139.7k	-139,651 -24.4%
51	GE AEROSPACE COM NEW GE	GE	42,402	$15.8m0.56%	0.56%	Reduced -75.6k	-75,640 -64.1%
52	NEWMONT CORP COM NEM	NEM	163,583	$15.3m0.54%	0.54%	Added +29.1k	+29,124 21.7%
53	PHILIP MORRIS INTL INC COM PM	PM	70,063	$12.7m0.45%	0.45%	Reduced -1.8k	-1,816 -2.5%
54	PAYCOM SOFTWARE INC COM PAYC	PAYC	87,209	$10.9m0.39%	0.39%	Added +32.0k	+31,985 57.9%
55	PAYCHEX INC COM PAYX	PAYX	102,561	$10.1m0.36%	0.36%	Added +26.1k	+26,135 34.2%
56	RED ROCK RESORTS INC CL A RRR	RRR	154,858	$10.1m0.36%	0.36%	Added +107.6k	+107,601 227.7%
57	AGNICO EAGLE MINES LTD COM AEM	AEM	63,411	$9.8m0.35%	0.35%	New
58	INTEGRA RES CORP COM ITRG	ITRG	4,433,503	$9.8m0.35%	0.35%	Added +448.5k	+448,478 11.2%
59	DYNATRACE INC COM NEW DT	DT	211,477	$9.3m0.33%	0.33%	Added +98.4k	+98,422 87.1%
60	ROYAL GOLD INC COM RGLD	RGLD	44,600	$8.9m0.31%	0.31%	Reduced -1.7k	-1,670 -3.6%
61	ANTERO MIDSTREAM CORP COM AM	AM	384,010	$8.7m0.31%	0.31%	Added +33.6k	+33,650 9.6%
62	COPA HOLDINGS SA CL A CPA	CPA	52,227	$8.1m0.29%	0.29%	Added +8.1k	+8,128 18.4%
63	FORTINET INC COM FTNT	FTNT	52,054	$8.0m0.28%	0.28%	Reduced -402	-402 -0.8%
64	CENTERRA GOLD INC COM CGAU	CGAU	504,233	$8.0m0.28%	0.28%	Reduced -226.6k	-226,583 -31.0%
65	SKEENA RES LTD NEW COM SKE	SKE	283,866	$7.6m0.27%	0.27%	Reduced -115.2k	-115,170 -28.9%
66	ARCHER DANIELS MIDLAND CO COM ADM	ADM	96,890	$7.4m0.26%	0.26%	New
67	INTUIT COM INTU	INTU	28,336	$7.4m0.26%	0.26%	Added +19.1k	+19,065 205.6%
68	M/I HOMES INC COM MHO	MHO	45,809	$7.4m0.26%	0.26%	Reduced -6.5k	-6,450 -12.3%
69	DT MIDSTREAM INC COMMON STOCK DTM	DTM	49,640	$7.3m0.26%	0.26%	New
70	SS&C TECHNOLOGIES HLDGS INC COM SSNC	SSNC	117,022	$7.3m0.26%	0.26%	Added +58.5k	+58,487 99.9%
71	CANADIAN NATL RY CO COM CNI	CNI	60,250	$7.2m0.25%	0.25%	Reduced -2.9k	-2,860 -4.5%
72	BCE INC COM NEW BCE	BCE	329,790	$7.1m0.25%	0.25%	Added +49.8k	+49,750 17.8%
73	DEVON ENERGY CORP NEW COM DVN	DVN	171,460	$7.1m0.25%	0.25%	New
74	PINNACLE WEST CAP CORP COM PNW	PNW	65,180	$7.0m0.25%	0.25%	New
75	GENPACT LIMITED SHS G	G	252,992	$6.9m0.25%	0.25%	Added +143.9k	+143,900 131.9%
76	DOUBLEVERIFY HLDGS INC COM DV	DV	623,608	$6.8m0.24%	0.24%	Added +11.6k	+11,591 1.9%
77	GOLD FIELDS LTD SPONSORED ADR GFI	GFI	200,640	$6.7m0.24%	0.24%	New
78	TC ENERGY CORP COM TRP	TRP	99,810	$6.6m0.23%	0.23%	Reduced -23.2k	-23,230 -18.9%
79	TRAVEL PLUS LEISURE CO COM TNL	TNL	83,502	$6.4m0.23%	0.23%	Added +76.0k	+76,006 1014.0%
80	OSISKO DEVELOPMENT CORP COM NEW COM NEW		2,591,180	$6.4m0.23%	0.23%	Added +1.6m	+1,633,601 170.6%
81	SOUTH BOW CORP COM SOBO	SOBO	179,920	$6.3m0.22%	0.22%	New
82	LENDINGCLUB CORP COM NEW HAPN	HAPN	298,095	$6.2m0.22%	0.22%	New
83	FEDERATED HERMES INC CL B FHI	FHI	111,652	$6.2m0.22%	0.22%	Added +28.7k	+28,743 34.7%
84	EASTMAN CHEM CO COM EMN	EMN	90,960	$6.1m0.22%	0.22%	Added +36.2k	+36,220 66.2%
85	GARTNER INC COM IT	IT	46,780	$6.1m0.21%	0.21%	Added +20.4k	+20,372 77.1%
86	PRICE T ROWE GROUP INC COM TROW	TROW	52,270	$5.9m0.21%	0.21%	Reduced -4.0k	-3,986 -7.1%
87	INCYTE CORP COM INCY	INCY	52,291	$5.9m0.21%	0.21%	Added +4.9k	+4,923 10.4%
88	JAZZ PHARMACEUTICALS PLC SHS USD JAZZ	JAZZ	24,567	$5.9m0.21%	0.21%	New
89	FOX CORP CL A COM FOXA	FOXA	112,972	$5.9m0.21%	0.21%	Added +7.4k	+7,404 7.0%
90	AMDOCS LTD SHS DOX	DOX	116,121	$5.9m0.21%	0.21%	Added +53.2k	+53,241 84.7%
91	AVNET INC COM AVT	AVT	65,939	$5.9m0.21%	0.21%	Added +61.2k	+61,216 1296.1%
92	NEUROCRINE BIOSCIENCES INC COM NBIX	NBIX	34,541	$5.8m0.21%	0.21%	Reduced -1.6k	-1,592 -4.4%
93	ACCENTURE PLC IRELAND SHS CLASS A ACN	ACN	46,374	$5.8m0.20%	0.20%	Added +25.4k	+25,391 121.0%
94	ANI PHARMACEUTICALS INC COM ANIP	ANIP	69,426	$5.7m0.20%	0.20%	Added +9.2k	+9,235 15.3%
95	INFOSYS LTD SPONSORED ADR INFY	INFY	545,691	$5.7m0.20%	0.20%	Added +240.7k	+240,734 78.9%
96	STRATEGIC ED INC COM STRA	STRA	74,454	$5.7m0.20%	0.20%	New
97	GEN DIGITAL INC COM GEN	GEN	228,498	$5.7m0.20%	0.20%	Reduced -21.1k	-21,138 -8.5%
98	SCIENCE APPLICATIONS INTL CO COM SAIC	SAIC	50,646	$5.6m0.20%	0.20%	Added +7.2k	+7,191 16.6%
99	COGNIZANT TECHNOLOGY SOLUTIO CL A CTSH	CTSH	142,641	$5.5m0.20%	0.20%	Added +73.4k	+73,357 105.9%
100	CANADIAN NAT RES LTD COM CNQ	CNQ	136,720	$5.4m0.19%	0.19%	New

Sold out since Q1 2026

Security	Ticker	Shares held before	Value then
U HAUL HOLDING COMPANY UHAL.B	UHAL.B	299,133	$13.4m299.1k shares
KODIAK GAS SVCS INC KGS	KGS	147,870	$8.6m147.9k shares
NATIONAL FUEL GAS CO NFG	NFG	82,360	$7.8m82.4k shares
LYONDELLBASELL INDUSTRIES N LYB	LYB	77,910	$6.3m77.9k shares
CSX CORP CSX	CSX	148,210	$6.1m148.2k shares
EXELIXIS INC EXEL	EXEL	117,923	$5.1m117.9k shares
FLEX LNG LTD FLNG	FLNG	144,610	$4.3m144.6k shares
SIMPLY GOOD FOODS CO SMPL	SMPL	299,062	$4.3m299.1k shares
LINDE PLC LIN	LIN	8,560	$4.3m8.6k shares
GENERAL MTRS CO GM	GM	54,616	$4.1m54.6k shares
DUPONT DE NEMOURS INC DWDP	DWDP	29,380	$4.0m29.4k shares
SFL CORPORATION LTD SFL	SFL	350,080	$3.8m350.1k shares
GARRETT MOTION INC GTX	GTX	205,949	$3.8m205.9k shares
PITNEY BOWES INC PBI	PBI	328,645	$3.6m328.6k shares
ELEMENT SOLUTIONS INC ESI	ESI	105,820	$3.6m105.8k shares
ASHLAND INC ASH	ASH	64,533	$3.6m64.5k shares
VIRTU FINL INC VIRT	VIRT	81,146	$3.6m81.1k shares
HARMONY BIOSCIENCES HLDGS IN HRMY	HRMY	104,658	$2.9m104.7k shares
ABERCROMBIE & FITCH CO ANF	ANF	30,270	$2.8m30.3k shares
INDIVIOR PHARMACEUTICALS INC INDV	INDV	90,247	$2.8m90.2k shares
VALVOLINE INC VVV	VVV	80,326	$2.7m80.3k shares
SUPER GROUP SGHC LIMITED SGHC	SGHC	248,002	$2.7m248.0k shares
WAYFAIR INC W	W	31,465	$2.4m31.5k shares
FORTUNE BRANDS INNOVATIONS I FBIN	FBIN	58,029	$2.3m58.0k shares
MURPHY USA INC MUSA	MUSA	4,522	$2.2m4.5k shares