Ruffer LLP

All holdings · as of Dec 31, 2025

Company	Class	Value	Shares	% of portfolio
Smurfit Westrock plc	—	$174.45M	4,504,151	7.9%
Coinbase Global, Inc.	—	$166.52M	735,190	7.6%
Amazon.com Inc	—	$155.23M	671,466	7.1%
BANK OF AMERICA CORP /DE	—	$91.88M	1,668,030	4.2%
EQUINOX GOLD CORP	—	$81.54M	5,791,948	3.7%
BP PLC	—	$77.77M	2,235,750	3.5%
Alibaba Group Holding LtdBABA	ADR	$70.62M	481,064	3.2%
Walt Disney Co	—	$64.68M	567,615	2.9%
ELDORADO GOLD CORP NEW	—	$57.98M	1,611,656	2.6%
Extra Space Storage Inc	—	$50.28M	385,535	2.3%
Solventum Corp	—	$48.77M	614,558	2.2%
FLOOR & DECOR HOLDINGS INC	—	$47.23M	774,470	2.2%
CENTERRA GOLD INC	—	$47.00M	3,255,131	2.1%
SUNCOR ENERGY INC NEW	—	$44.47M	999,168	2.0%
SLB LIMITED/NV	—	$44.07M	1,146,543	2.0%
Aris Mining Corporation	—	$43.05M	2,647,139	2.0%
EXXON MOBIL CORP	—	$38.58M	320,081	1.8%
Galiano Gold Inc.	—	$36.48M	14,305,507	1.7%
GENERAL ELECTRIC CO	—	$36.19M	117,301	1.6%
PFIZER INC	—	$33.02M	1,324,096	1.5%
PAN AMERN SILVER CORP	—	$31.57M	608,328	1.4%
The PNC Financial Services Group, Inc.	—	$31.38M	150,102	1.4%
Union Pacific Corp	—	$30.91M	133,430	1.4%
Philip Morris International Inc.	—	$30.41M	189,305	1.4%
Lamar Advertising Co	—	$30.40M	239,820	1.4%
BARRICK MNG CORP	—	$28.38M	650,660	1.3%
ANGLOGOLD ASHANTI PLC	—	$27.42M	320,997	1.2%
Nomad Foods Ltd	—	$26.82M	2,140,876	1.2%
COOPER COMPANIES, INC.	—	$25.62M	312,164	1.2%
TECK RESOURCES LTD	—	$21.45M	447,145	1.0%
SKEENA RES LTD NEW	—	$19.39M	814,056	0.9%
Vista Energy, S.A.B. de C.V.VIST	ADR	$19.23M	394,510	0.9%
Newmont Corp	—	$16.48M	164,819	0.8%
INTERNATIONAL FLAVORS & FRAGRANCES INC	—	$16.03M	237,473	0.7%
SIGNET JEWELERS LTD	—	$15.37M	185,192	0.7%
CANADIAN PACIFIC KANSAS CITY	—	$15.22M	206,459	0.7%
ROYAL GOLD INC	—	$14.67M	65,900	0.7%
U-Haul Holding Co	—	$14.27M	304,952	0.6%
Alcoa Corp	—	$14.15M	265,910	0.6%
Integra Resources Corp.	—	$12.13M	3,006,453	0.6%
TAIWAN SEMICONDUCTOR MANUFACTURING CO LTDTSM	ADR	$9.49M	31,175	0.4%
Federated Hermes Inc	—	$7.81M	149,689	0.4%
FOX CORP	—	$7.55M	103,210	0.3%
DoubleVerify Holdings, Inc.	—	$7.40M	645,691	0.3%
Maximus Inc	—	$6.95M	80,396	0.3%
JANUS HENDERSON GROUP PLC	—	$6.66M	139,713	0.3%
Coeur Mining, Inc.	—	$6.54M	366,238	0.3%
T Rowe Price Group Inc	—	$6.26M	61,083	0.3%
Copa Holdings, S.A.	—	$5.90M	48,819	0.3%
Science Applications International Corp	—	$5.81M	57,664	0.3%