# EDGAR Filing Document

**Accession Number:** 0001426859
**File Stem:** 0001426859-25-000007
**Filing Date:** 2025-7
**Character Count:** 12881
**Document Hash:** d68a5ebc7b1f6e2f64e46d39fb673a0f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001426859-25-000007.hdr.sgml**: 20250716

**ACCESSION NUMBER**: 0001426859-25-000007

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250716

**DATE AS OF CHANGE**: 20250716

**EFFECTIVENESS DATE**: 20250716

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Ruffer LLP
- **CENTRAL INDEX KEY:** 0001426859

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** X0
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-12772
- **FILM NUMBER:** 251126152

**BUSINESS ADDRESS:**
- **STREET 1:** 80 VICTORIA STREET
- **CITY:** LONDON
- **STATE:** X0
- **ZIP:** SW1E 5JL
- **BUSINESS PHONE:** 00442078240520

**MAIL ADDRESS:**
- **STREET 1:** 80 VICTORIA STREET
- **CITY:** LONDON
- **STATE:** X0
- **ZIP:** SW1E 5JL

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 06-30-2025

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** Ruffer LLP<br>**Address:** 80 Victoria Street<br>London, X0 SW1E 5JL

**Form 13F File Number:** 028-12772

**CRD Number (if applicable):** 000309733

**SEC File Number (if applicable):** 801-122307

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** Lucy Hodgson<br>**Title:** Compliance Officer<br>**Phone:** 00442078240520

**Signature, Place, and Date of Signing:**

Lucy Hodgson  London, X0  07-16-2025<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 0

**Form 13F Information Table Entry Total:** 98

**Form 13F Information Table Value Total:** $2260306978

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

**NONE**

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| ACM RESH INC | COM CL A | 00108J109 |  | 6855443 | 264706 | SH |  | SOLE |  | 0 | 0 | 0 |
| AGNICO EAGLE MINES LTD | COM | 008474108 |  | 2697213 | 22679 | SH |  | SOLE |  | 0 | 0 | 0 |
| ALCON AG | ORD SHS | H01301128 |  | 27333183 | 308649 | SH |  | SOLE |  | 0 | 0 | 0 |
| ALIBABA GROUP HLDG LTD | SPONSORED ADS | 01609W102 |  | 38861817 | 342672 | SH |  | SOLE |  | 0 | 0 | 0 |
| ALLIED GOLD CORP | COM NEW | 01921D204 |  | 10669758 | 793940 | SH |  | SOLE |  | 0 | 0 | 0 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 59361588 | 336846 | SH |  | SOLE |  | 0 | 0 | 0 |
| AMAZON COM INC | COM | 023135106 |  | 160255178 | 730465 | SH |  | SOLE |  | 0 | 0 | 0 |
| ANGLOGOLD ASHANTI PLC | COM SHS | G0378L100 |  | 52267332 | 1146968 | SH |  | SOLE |  | 0 | 0 | 0 |
| ANHEUSER BUSCH INBEV SA/NV | SPONSORED ADR | 03524A108 |  | 3092400 | 45000 | SH |  | SOLE |  | 0 | 0 | 0 |
| ARCHER DANIELS MIDLAND CO | COM | 039483102 |  | 4956570 | 93910 | SH |  | SOLE |  | 0 | 0 | 0 |
| ARCOS DORADOS HOLDINGS INC | SHS CLASS -A - | G0457F107 |  | 1003150 | 127142 | SH |  | SOLE |  | 0 | 0 | 0 |
| ARIS MNG CORP | COM | 04040Y109 |  | 35320674 | 5239248 | SH |  | SOLE |  | 0 | 0 | 0 |
| ARROW ELECTRS INC | COM | 042735100 |  | 12265680 | 96253 | SH |  | SOLE |  | 0 | 0 | 0 |
| AXCELIS TECHNOLOGIES INC | COM NEW | 054540208 |  | 1723503 | 24731 | SH |  | SOLE |  | 0 | 0 | 0 |
| B2GOLD CORP | COM | 11777Q209 |  | 12259517 | 3395988 | SH |  | SOLE |  | 0 | 0 | 0 |
| BANK AMERICA CORP | COM | 060505104 |  | 136453316 | 2883749 | SH |  | SOLE |  | 0 | 0 | 0 |
| BARRICK GOLD CORP | COM | 067901108 |  | 191875710 | 9216104 | SH |  | SOLE |  | 0 | 0 | 0 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 |  | 4371930 | 9000 | SH |  | SOLE |  | 0 | 0 | 0 |
| BEST BUY INC | COM | 086516101 |  | 1369922 | 20407 | SH |  | SOLE |  | 0 | 0 | 0 |
| BORGWARNER INC | COM | 099724106 |  | 7147945 | 213507 | SH |  | SOLE |  | 0 | 0 | 0 |
| BOYD GAMING CORP | COM | 103304101 |  | 6470951 | 82717 | SH |  | SOLE |  | 0 | 0 | 0 |
| BP PLC | SPONSORED ADR | 055622104 |  | 68669297 | 2294330 | SH |  | SOLE |  | 0 | 0 | 0 |
| BROOKFIELD CORP | CL A LTD VT SH | 11271J107 |  | 3494525 | 56500 | SH |  | SOLE |  | 0 | 0 | 0 |
| CENTERRA GOLD INC | COM | 152006102 |  | 51590137 | 7153309 | SH |  | SOLE |  | 0 | 0 | 0 |
| CHAMPIONX CORPORATION | COM | 15872M104 |  | 8918205 | 359032 | SH |  | SOLE |  | 0 | 0 | 0 |
| CHEESECAKE FACTORY INC | COM | 163072101 |  | 18649433 | 297629 | SH |  | SOLE |  | 0 | 0 | 0 |
| CHEVRON CORP NEW | COM | 166764100 |  | 1575090 | 11000 | SH |  | SOLE |  | 0 | 0 | 0 |
| CITIGROUP INC | COM NEW | 172967424 |  | 80746925 | 948652 | SH |  | SOLE |  | 0 | 0 | 0 |
| COEUR MNG INC | COM NEW | 192108504 |  | 32289393 | 3644401 | SH |  | SOLE |  | 0 | 0 | 0 |
| COMCAST CORP NEW | CL A | 20030N101 |  | 2672289 | 74875 | SH |  | SOLE |  | 0 | 0 | 0 |
| COOPER COS INC | COM | 216648501 |  | 17623628 | 247662 | SH |  | SOLE |  | 0 | 0 | 0 |
| COPA HOLDINGS SA | CL A | P31076105 |  | 6211769 | 56488 | SH |  | SOLE |  | 0 | 0 | 0 |
| DORMAN PRODS INC | COM | 258278100 |  | 6822298 | 55616 | SH |  | SOLE |  | 0 | 0 | 0 |
| EAST WEST BANCORP INC | COM | 27579R104 |  | 392812 | 3890 | SH |  | SOLE |  | 0 | 0 | 0 |
| ELDORADO GOLD CORP NEW | COM | 284902509 |  | 22242868 | 1093553 | SH |  | SOLE |  | 0 | 0 | 0 |
| ENDAVA PLC | ADS | 29260V105 |  | 3204745 | 209187 | SH |  | SOLE |  | 0 | 0 | 0 |
| ENERSYS | COM | 29275Y102 |  | 5604555 | 65344 | SH |  | SOLE |  | 0 | 0 | 0 |
| EQUINOX GOLD CORP | COM | 29446Y502 |  | 43267230 | 7499601 | SH |  | SOLE |  | 0 | 0 | 0 |
| EXELIXIS INC | COM | 30161Q104 |  | 3363347 | 76310 | SH |  | SOLE |  | 0 | 0 | 0 |
| EXXON MOBIL CORP | COM | 30231G102 |  | 29829291 | 276717 | SH |  | SOLE |  | 0 | 0 | 0 |
| FLUOR CORP NEW | COM | 343412102 |  | 953109 | 18590 | SH |  | SOLE |  | 0 | 0 | 0 |
| FOMENTO ECONOMICO MEXICANO S | SPON ADR UNITS | 344419106 |  | 823840 | 8000 | SH |  | SOLE |  | 0 | 0 | 0 |
| FOX CORP | CL A COM | 35137L105 |  | 12903372 | 230258 | SH |  | SOLE |  | 0 | 0 | 0 |
| GALIANO GOLD INC | COM | 36352H100 |  | 24093025 | 18943252 | SH |  | SOLE |  | 0 | 0 | 0 |
| GE AEROSPACE | COM NEW | 369604301 |  | 23723740 | 92175 | SH |  | SOLE |  | 0 | 0 | 0 |
| GEN DIGITAL INC | COM | 668771108 |  | 10521960 | 357900 | SH |  | SOLE |  | 0 | 0 | 0 |
| GENPACT LIMITED | SHS | G3922B107 |  | 6494054 | 147560 | SH |  | SOLE |  | 0 | 0 | 0 |
| GILEAD SCIENCES INC | COM | 375558103 |  | 4999772 | 45097 | SH |  | SOLE |  | 0 | 0 | 0 |
| GOLDMINING INC | COM | 38149E101 |  | 649862 | 901996 | SH |  | SOLE |  | 0 | 0 | 0 |
| GRIFFON CORP | COM | 398433102 |  | 2990261 | 41320 | SH |  | SOLE |  | 0 | 0 | 0 |
| BLOCK H  R INC | COM | 093671105 |  | 6893914 | 125597 | SH |  | SOLE |  | 0 | 0 | 0 |
| HALOZYME THERAPEUTICS INC | COM | 40637H109 |  | 2259107 | 43428 | SH |  | SOLE |  | 0 | 0 | 0 |
| HARMONY BIOSCIENCES HLDGS IN | COM | 413197104 |  | 2724194 | 86211 | SH |  | SOLE |  | 0 | 0 | 0 |
| HEWLETT PACKARD ENTERPRISE C | COM | 42824C109 |  | 9013305 | 440760 | SH |  | SOLE |  | 0 | 0 | 0 |
| IAMGOLD CORP | COM | 450913108 |  | 1898505 | 258300 | SH |  | SOLE |  | 0 | 0 | 0 |
| INCYTE CORP | COM | 45337C102 |  | 4721032 | 69325 | SH |  | SOLE |  | 0 | 0 | 0 |
| INTEGRA RES CORP | COM | 45826T509 |  | 4911627 | 3243153 | SH |  | SOLE |  | 0 | 0 | 0 |
| INTERPUBLIC GROUP COS INC | COM | 460690100 |  | 12178408 | 497484 | SH |  | SOLE |  | 0 | 0 | 0 |
| IQVIA HLDGS INC | COM | 46266C105 |  | 32759792 | 207887 | SH |  | SOLE |  | 0 | 0 | 0 |
| JPMORGAN CHASE  CO. | COM | 46625H100 |  | 2029370 | 7000 | SH |  | SOLE |  | 0 | 0 | 0 |
| KB HOME | COM | 48666K109 |  | 5707570 | 107751 | SH |  | SOLE |  | 0 | 0 | 0 |
| KINROSS GOLD CORP | COM NO PAR | 496902404 |  | 14705282 | 940837 | SH |  | SOLE |  | 0 | 0 | 0 |
| M  T BK CORP | COM | 55261F104 |  | 2525750 | 13020 | SH |  | SOLE |  | 0 | 0 | 0 |
| MATCH GROUP INC NEW | COM | 57667L107 |  | 8830312 | 285867 | SH |  | SOLE |  | 0 | 0 | 0 |
| MATSON INC | COM | 57686G105 |  | 3422863 | 30740 | SH |  | SOLE |  | 0 | 0 | 0 |
| MAXIMUS INC | COM | 577933104 |  | 7326217 | 104359 | SH |  | SOLE |  | 0 | 0 | 0 |
| MERCK  CO INC | COM | 58933Y105 |  | 7197944 | 90932 | SH |  | SOLE |  | 0 | 0 | 0 |
| MOLSON COORS BEVERAGE CO | CL B | 60871R209 |  | 8801143 | 183014 | SH |  | SOLE |  | 0 | 0 | 0 |
| MUELLER INDS INC | COM | 624756102 |  | 5568880 | 70076 | SH |  | SOLE |  | 0 | 0 | 0 |
| NEW GOLD INC CDA | COM | 644535106 |  | 5940663 | 1200134 | SH |  | SOLE |  | 0 | 0 | 0 |
| NEWMONT CORP | COM | 651639106 |  | 291294267 | 4999932 | SH |  | SOLE |  | 0 | 0 | 0 |
| NOBLE CORP PLC | ORD SHS A | G65431127 |  | 7585839 | 285719 | SH |  | SOLE |  | 0 | 0 | 0 |
| NOVAGOLD RES INC | COM NEW | 66987E206 |  | 1732810 | 423670 | SH |  | SOLE |  | 0 | 0 | 0 |
| OSHKOSH CORP | COM | 688239201 |  | 3960796 | 34886 | SH |  | SOLE |  | 0 | 0 | 0 |
| OVINTIV INC | COM | 69047Q102 |  | 9743802 | 256076 | SH |  | SOLE |  | 0 | 0 | 0 |
| OWENS CORNING NEW | COM | 690742101 |  | 3928121 | 28564 | SH |  | SOLE |  | 0 | 0 | 0 |
| PAN AMERN SILVER CORP | COM | 697900108 |  | 25938544 | 913329 | SH |  | SOLE |  | 0 | 0 | 0 |
| PFIZER INC | COM | 717081103 |  | 33923497 | 1399513 | SH |  | SOLE |  | 0 | 0 | 0 |
| PHILIP MORRIS INTL INC | COM | 718172109 |  | 17139609 | 94109 | SH |  | SOLE |  | 0 | 0 | 0 |
| PILGRIMS PRIDE CORP | COM | 72147K108 |  | 10171642 | 226137 | SH |  | SOLE |  | 0 | 0 | 0 |
| PNC FINL SVCS GROUP INC | COM | 693475105 |  | 24349829 | 130619 | SH |  | SOLE |  | 0 | 0 | 0 |
| POWELL INDS INC | COM | 739128106 |  | 3634359 | 17271 | SH |  | SOLE |  | 0 | 0 | 0 |
| PULTE GROUP INC | COM | 745867101 |  | 6612421 | 62701 | SH |  | SOLE |  | 0 | 0 | 0 |
| REV GROUP INC | COM | 749527107 |  | 4873077 | 102398 | SH |  | SOLE |  | 0 | 0 | 0 |
| ROYALTY PHARMA PLC | SHS CLASS A | G7709Q104 |  | 6410705 | 177931 | SH |  | SOLE |  | 0 | 0 | 0 |
| RYANAIR HOLDINGS PLC | SPONSORED ADS | 783513203 |  | 53736437 | 931799 | SH |  | SOLE |  | 0 | 0 | 0 |
| SANDSTORM GOLD LTD | COM NEW | 80013R206 |  | 1974846 | 210090 | SH |  | SOLE |  | 0 | 0 | 0 |
| SKEENA RES LTD NEW | COM | 83056P715 |  | 24071426 | 1511655 | SH |  | SOLE |  | 0 | 0 | 0 |
| SMURFIT WESTROCK PLC | SHS | G8267P108 |  | 196094608 | 4544710 | SH |  | SOLE |  | 0 | 0 | 0 |
| SUNCOR ENERGY INC NEW | COM | 867224107 |  | 34848320 | 929257 | SH |  | SOLE |  | 0 | 0 | 0 |
| TAIWAN SEMICONDUCTOR MFG LTD | SPONSORED ADS | 874039100 |  | 29604734 | 130711 | SH |  | SOLE |  | 0 | 0 | 0 |
| TAYLOR MORRISON HOME CORP | COM | 87724P106 |  | 6235401 | 101520 | SH |  | SOLE |  | 0 | 0 | 0 |
| TD SYNNEX CORPORATION | COM | 87162W100 |  | 11666551 | 85976 | SH |  | SOLE |  | 0 | 0 | 0 |
| TENARIS S A | SPONSORED ADR | 88031M109 |  | 2219653 | 59349 | SH |  | SOLE |  | 0 | 0 | 0 |
| TOLL BROTHERS INC | COM | 889478103 |  | 6697183 | 58679 | SH |  | SOLE |  | 0 | 0 | 0 |
| UNITED THERAPEUTICS CORP DEL | COM | 91307C102 |  | 3092748 | 10763 | SH |  | SOLE |  | 0 | 0 | 0 |
| WELLS FARGO CO NEW | COM | 949746101 |  | 400600 | 5000 | SH |  | SOLE |  | 0 | 0 | 0 |
| WHEATON PRECIOUS METALS CORP | COM | 962879102 |  | 17015663 | 189484 | SH |  | SOLE |  | 0 | 0 | 0 |

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