Ruffer LLP

All holdings · as of Dec 31, 2025

Company	Class	Value	Shares	% of portfolio
Arbor Realty Trust Inc	—	$106.3K	13,677	0.0%
Orchid Island Capital, Inc.	—	$106.7K	14,790	0.0%
DiamondRock Hospitality Co	—	$107.4K	11,963	0.0%
Park Hotels & Resorts Inc.	—	$111.1K	10,603	0.0%
Rithm Capital Corp.	—	$113.2K	10,367	0.0%
Endava plc	—	$202.6K	32,000	0.0%
Permian Resources Corp	—	$206.0K	14,661	0.0%
Public Storage	—	$358.7K	1,380	0.0%
EPR Properties	—	$362.6K	7,255	0.0%
Sabra Health Care REIT, Inc.	—	$438.1K	23,094	0.0%
WELLS FARGO & COMPANY/MN	—	$466.7K	5,000	0.0%
AGNC Investment Corp.	—	$499.4K	46,517	0.0%
GOLDMINING INC	—	$505.2K	401,996	0.0%
UNITED STS COMMODITY INDEX F	—	$784.3K	22,400	0.0%
M&T BANK CORP	—	$807.2K	4,000	0.0%
MEXICAN ECONOMIC DEVELOPMENT INCFMX	ADR	$809.8K	8,000	0.0%
GILEAD SCIENCES, INC.	—	$850.4K	6,918	0.0%
Arcos Dorados Holdings Inc	—	$934.7K	127,142	0.0%
CENTURY ALUMINUM CO	—	$935.9K	23,851	0.0%
AGNICO EAGLE MINES LTD	—	$983.3K	5,791	0.0%
Alphabet Inc.	—	$1.22M	3,900	0.1%
FRANCO NEV CORP	—	$1.29M	6,220	0.1%
NOVAGOLD RESOURCES INCNG	Common Stock	$1.43M	152,710	0.1%
HARMONY BIOSCIENCES HOLDINGS INC	—	$1.54M	40,993	0.1%
RIGEL PHARMACEUTICALS, INC.	—	$1.60M	37,244	0.1%
CITIGROUP INC	—	$1.62M	13,850	0.1%
CATALYST PHARMACEUTICALS, INC.	—	$1.66M	70,807	0.1%
CHEVRON CORP	—	$1.68M	11,000	0.1%
Supernus Pharmaceuticals Inc	—	$1.71M	34,327	0.1%
Halozyme Therapeutics Inc	—	$1.76M	26,121	0.1%
EXELIXIS, INC.	—	$2.04M	46,500	0.1%
B2GOLD CORP	—	$2.05M	454,824	0.1%
Dave & Buster's Entertainment, Inc.	—	$2.11M	130,065	0.1%
POWER SOLUTIONS INTERNATIONAL, INC.	—	$2.18M	38,063	0.1%
JPMORGAN CHASE & CO	—	$2.26M	7,000	0.1%
Jazz Pharmaceuticals PLC	—	$2.42M	14,242	0.1%
NEUROCRINE BIOSCIENCES INC	—	$2.48M	17,453	0.1%
Dorman Products, Inc.	—	$2.50M	20,247	0.1%
INCYTE CORP	—	$2.51M	25,342	0.1%
Maplebear Inc	—	$2.57M	56,987	0.1%
KOHLS Corp	—	$2.62M	128,343	0.1%
OSISKO DEVELOPMENT CORP	—	$2.64M	754,799	0.1%
M/I HOMES, INC.	—	$2.80M	21,832	0.1%
Western Alliance Bancorp	—	$2.80M	33,236	0.1%
Caesars Entertainment, Inc.	—	$2.82M	120,390	0.1%
OLD NATIONAL BANCORP /IN	—	$2.87M	128,478	0.1%
ANHEUSER BUSCH INBEV SA/NV	—	$2.89M	45,000	0.1%
HA Sustainable Infrastructure Capital, Inc.	—	$2.89M	91,948	0.1%
SYNOVUS FINL CORP	—	$2.92M	58,348	0.1%
Corebridge Financial, Inc.	—	$2.94M	97,176	0.1%