# EDGAR Filing Document

**Accession Number:** 0001426859
**File Stem:** 0001426859-23-000006
**Filing Date:** 2023-2
**Character Count:** 12189
**Document Hash:** 22c95be1b3f211dac617f495a7262ee1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001426859-23-000006.hdr.sgml**: 20230210

**ACCESSION NUMBER**: 0001426859-23-000006

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230210

**DATE AS OF CHANGE**: 20230210

**EFFECTIVENESS DATE**: 20230210

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Ruffer LLP
- **CENTRAL INDEX KEY:** 0001426859
- **IRS NUMBER:** 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:** 23608600

**BUSINESS ADDRESS:**
- **STREET 1:** 80 VICTORIA STREET
- **CITY:** LONDON
- **STATE:** X0
- **ZIP:** SW1E 5JL
- **BUSINESS PHONE:** 00442079638146

**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:** 12-31-2022

**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:** Louise Stanway<br>**Title:** Compliance Officer<br>**Phone:** 00442079638146

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

Louise Stanway  London, X0  02-09-2023<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:** 91

**Form 13F Information Table Value Total:** $1490066439

      (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 |
| ACTIVISION BLIZZARD INC | COM | 00507V109 |  | 12292186 | 160065 | SH |  | SOLE |  | 0 | 0 | 0 |
| AFLAC INC | COM | 001055102 |  | 247328 | 3427 | SH |  | SOLE |  | 0 | 0 | 0 |
| AGNICO EAGLE MINES LTD | COM | 008474108 |  | 13309203 | 255220 | SH |  | SOLE |  | 0 | 0 | 0 |
| ALIBABA GROUP HLDG LTD | SPONSORED ADS | 01609W102 |  | 10653553 | 120582 | SH |  | SOLE |  | 0 | 0 | 0 |
| AMAZON COM INC | COM | 023135106 |  | 51369294 | 609669 | SH |  | SOLE |  | 0 | 0 | 0 |
| AMBEV SA | SPONSORED ADR | 02319V103 |  | 117108467 | 42843210 | SH |  | SOLE |  | 0 | 0 | 0 |
| AMERICAN EXPRESS CO | COM | 025816109 |  | 49177842 | 331884 | SH |  | SOLE |  | 0 | 0 | 0 |
| AMERICAS GOLD AND SILVER COR | COM | 03062D100 |  | 692954 | 1199493 | SH |  | SOLE |  | 0 | 0 | 0 |
| ANGLOGOLD ASHANTI LIMITED | SPONS ADR | 035128206 |  | 29898549 | 1535159 | SH |  | SOLE |  | 0 | 0 | 0 |
| ANHEUSER BUSCH INBEV SA/NV | SPONSORED ADR | 03524A108 |  | 421492 | 7000 | SH |  | SOLE |  | 0 | 0 | 0 |
| APPLE INC | COM | 037833100 |  | 418367 | 3210 | SH |  | SOLE |  | 0 | 0 | 0 |
| ARCOS DORADOS HOLDINGS INC | SHS CLASS -A - | G0457F107 |  | 1275131 | 152142 | SH |  | SOLE |  | 0 | 0 | 0 |
| ASTRAZENECA PLC | SPONSORED ADR | 046353108 |  | 3939676 | 57930 | SH |  | SOLE |  | 0 | 0 | 0 |
| B2GOLD CORP | COM | 11777Q209 |  | 10675111 | 2997676 | SH |  | SOLE |  | 0 | 0 | 0 |
| BARRICK GOLD CORP | COM | 067901108 |  | 84293066 | 4895407 | SH |  | SOLE |  | 0 | 0 | 0 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 |  | 21750851 | 70177 | SH |  | SOLE |  | 0 | 0 | 0 |
| BOOKING HOLDINGS INC | COM | 09857L108 |  | 23964946 | 11851 | SH |  | SOLE |  | 0 | 0 | 0 |
| BP PLC | SPONSORED ADR | 055622104 |  | 82331045 | 2350000 | SH |  | SOLE |  | 0 | 0 | 0 |
| BRF SA | SPONSORED ADR | 10552T107 |  | 59263 | 37510 | SH |  | SOLE |  | 0 | 0 | 0 |
| BRISTOL-MYERS SQUIBB CO | COM | 110122108 |  | 5553112 | 76955 | SH |  | SOLE |  | 0 | 0 | 0 |
| CENTENE CORP DEL | COM | 15135B101 |  | 4127510 | 50169 | SH |  | SOLE |  | 0 | 0 | 0 |
| CENTERRA GOLD INC | COM | 152006102 |  | 34571752 | 6677150 | SH |  | SOLE |  | 0 | 0 | 0 |
| SCHWAB CHARLES CORP | COM | 808513105 |  | 5378848 | 64405 | SH |  | SOLE |  | 0 | 0 | 0 |
| CHECK POINT SOFTWARE TECH LT | ORD | M22465104 |  | 305824 | 2417 | SH |  | SOLE |  | 0 | 0 | 0 |
| CHESAPEAKE ENERGY CORP | COM | 165167735 |  | 13775523 | 145569 | SH |  | SOLE |  | 0 | 0 | 0 |
| CHEVRON CORP NEW | COM | 166764100 |  | 3961932 | 22000 | SH |  | SOLE |  | 0 | 0 | 0 |
| CIGNA CORP NEW | COM | 125523100 |  | 92863912 | 279330 | SH |  | SOLE |  | 0 | 0 | 0 |
| COHERENT CORP | COM | 19247G107 |  | 19891412 | 564867 | SH |  | SOLE |  | 0 | 0 | 0 |
| COTY INC | COM CL A | 222070203 |  | 55383822 | 6453803 | SH |  | SOLE |  | 0 | 0 | 0 |
| CUMMINS INC | COM | 231021106 |  | 1045135 | 4300 | SH |  | SOLE |  | 0 | 0 | 0 |
| DEUTSCHE BANK A G | NAMEN AKT | D18190898 |  | 1120688 | 95850 | SH |  | SOLE |  | 0 | 0 | 0 |
| DOW INC | COM | 260557103 |  | 827198 | 16363 | SH |  | SOLE |  | 0 | 0 | 0 |
| DRDGOLD LIMITED | SPON ADR REPSTG | 26152H301 |  | 2216984 | 298052 | SH |  | SOLE |  | 0 | 0 | 0 |
| DRIL-QUIP INC | COM | 262037104 |  | 954107 | 35000 | SH |  | SOLE |  | 0 | 0 | 0 |
| DUPONT DE NEMOURS INC | COM | 26614N102 |  | 2784029 | 40439 | SH |  | SOLE |  | 0 | 0 | 0 |
| EHEALTH INC | COM | 28238P109 |  | 73878 | 15185 | SH |  | SOLE |  | 0 | 0 | 0 |
| ELDORADO GOLD CORP NEW | COM | 284902509 |  | 1221416 | 145733 | SH |  | SOLE |  | 0 | 0 | 0 |
| EQUINOX GOLD CORP | COM | 29446Y502 |  | 1055362 | 320765 | SH |  | SOLE |  | 0 | 0 | 0 |
| EXXON MOBIL CORP | COM | 30231G102 |  | 40152962 | 362848 | SH |  | SOLE |  | 0 | 0 | 0 |
| FEDERATED HERMES INC | CL B | 314211103 |  | 24048654 | 660336 | SH |  | SOLE |  | 0 | 0 | 0 |
| FOMENTO ECONOMICO MEXICANO S | SPON ADR UNITS | 344419106 |  | 2116529 | 27000 | SH |  | SOLE |  | 0 | 0 | 0 |
| FISERV INC | COM | 337738108 |  | 1013818 | 10000 | SH |  | SOLE |  | 0 | 0 | 0 |
| FORTUNA SILVER MINES INC | COM | 349915108 |  | 7975394 | 2118940 | SH |  | SOLE |  | 0 | 0 | 0 |
| GALIANO GOLD INC | COM | 36352H100 |  | 13862779 | 26378459 | SH |  | SOLE |  | 0 | 0 | 0 |
| GENERAL ELECTRIC CO | COM NEW | 369604301 |  | 13347646 | 158792 | SH |  | SOLE |  | 0 | 0 | 0 |
| GENERAL MTRS CO | COM | 37045V100 |  | 26610229 | 788681 | SH |  | SOLE |  | 0 | 0 | 0 |
| GODADDY INC | CL A | 380237107 |  | 29448401 | 392440 | SH |  | SOLE |  | 0 | 0 | 0 |
| GOLD FIELDS LTD | SPONS ADR | 38059T106 |  | 17559017 | 1688774 | SH |  | SOLE |  | 0 | 0 | 0 |
| GOLD RESOURCE CORP | COM | 38068T105 |  | 1332254 | 870879 | SH |  | SOLE |  | 0 | 0 | 0 |
| GOLDMINING INC | COM | 38149E101 |  | 2606985 | 2301996 | SH |  | SOLE |  | 0 | 0 | 0 |
| HERTZ GLOBAL HLDGS INC | COM NEW | 42806J700 |  | 7876948 | 510223 | SH |  | SOLE |  | 0 | 0 | 0 |
| IAMGOLD CORP | COM | 450913108 |  | 1704828 | 660000 | SH |  | SOLE |  | 0 | 0 | 0 |
| IMV INC | COM NEW | 44974L301 |  | 1102421 | 441952 | SH |  | SOLE |  | 0 | 0 | 0 |
| INTEGRA RES CORP | COM NEW | 45826T301 |  | 1535584 | 2384579 | SH |  | SOLE |  | 0 | 0 | 0 |
| JACKSON FINANCIAL INC | COM CL A | 46817M107 |  | 45447408 | 1302076 | SH |  | SOLE |  | 0 | 0 | 0 |
| JAZZ PHARMACEUTICALS PLC | SHS USD | G50871105 |  | 1230852 | 7702 | SH |  | SOLE |  | 0 | 0 | 0 |
| JPMORGAN CHASE  CO | COM | 46625H100 |  | 3347107 | 24879 | SH |  | SOLE |  | 0 | 0 | 0 |
| KINROSS GOLD CORP | COM NO PAR | 496902404 |  | 68347517 | 16679124 | SH |  | SOLE |  | 0 | 0 | 0 |
| LIVENT CORP | COM | 53814L108 |  | 21382465 | 1073025 | SH |  | SOLE |  | 0 | 0 | 0 |
| M  T BK CORP | COM | 55261F104 |  | 33066510 | 227263 | SH |  | SOLE |  | 0 | 0 | 0 |
| MARKEL CORP | COM | 570535104 |  | 1716509 | 1300 | SH |  | SOLE |  | 0 | 0 | 0 |
| MARSH  MCLENNAN COS INC | COM | 571748102 |  | 481556 | 2900 | SH |  | SOLE |  | 0 | 0 | 0 |
| MARTIN MARIETTA MATLS INC | COM | 573284106 |  | 1016502 | 3000 | SH |  | SOLE |  | 0 | 0 | 0 |
| MCKESSON CORP | COM | 58155Q103 |  | 244723 | 650 | SH |  | SOLE |  | 0 | 0 | 0 |
| META PLATFORMS INC | CL A | 30303M102 |  | 42062219 | 348410 | SH |  | SOLE |  | 0 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 |  | 248035 | 1031 | SH |  | SOLE |  | 0 | 0 | 0 |
| NEWMONT CORP | COM | 651639106 |  | 48122186 | 1016244 | SH |  | SOLE |  | 0 | 0 | 0 |
| NEXSTAR MEDIA GROUP INC | CL A | 65336K103 |  | 1134155 | 6461 | SH |  | SOLE |  | 0 | 0 | 0 |
| NEXTERA ENERGY INC | COM | 65339F101 |  | 813316 | 9700 | SH |  | SOLE |  | 0 | 0 | 0 |
| NOBLE CORP PLC | ORD SHS A | G65431127 |  | 12885905 | 340600 | SH |  | SOLE |  | 0 | 0 | 0 |
| NOV INC | COM | 62955J103 |  | 8677816 | 414008 | SH |  | SOLE |  | 0 | 0 | 0 |
| NOW INC | COM | 67011P100 |  | 1656828 | 130000 | SH |  | SOLE |  | 0 | 0 | 0 |
| NUTRIEN LTD | COM | 67077M108 |  | 1214550 | 16580 | SH |  | SOLE |  | 0 | 0 | 0 |
| ORMAT TECHNOLOGIES INC | COM | 686688102 |  | 1760946 | 20300 | SH |  | SOLE |  | 0 | 0 | 0 |
| PFIZER INC | COM | 717081103 |  | 28942520 | 562915 | SH |  | SOLE |  | 0 | 0 | 0 |
| PHILIP MORRIS INTL INC | COM | 718172109 |  | 2843747 | 28000 | SH |  | SOLE |  | 0 | 0 | 0 |
| RYANAIR HOLDINGS PLC | SPONSORED ADS | 783513203 |  | 95050892 | 1267454 | SH |  | SOLE |  | 0 | 0 | 0 |
| SAFE BULKERS INC | COM | Y7388L103 |  | 478939 | 163788 | SH |  | SOLE |  | 0 | 0 | 0 |
| SCHLUMBERGER LTD | COM STK | 806857108 |  | 12556234 | 234050 | SH |  | SOLE |  | 0 | 0 | 0 |
| SKEENA RES LTD NEW | COM | 83056P715 |  | 4085621 | 770370 | SH |  | SOLE |  | 0 | 0 | 0 |
| SOUTHWEST AIRLS CO | COM | 844741108 |  | 1182320 | 35000 | SH |  | SOLE |  | 0 | 0 | 0 |
| SPDR GOLD TR | GOLD SHS | 78463V107 |  | 560425 | 3293 | SH |  | SOLE |  | 0 | 0 | 0 |
| SSR MNG INC | COM | 784730103 |  | 5337831 | 339359 | SH |  | SOLE |  | 0 | 0 | 0 |
| SYNCHRONY FINANCIAL | COM | 87165B103 |  | 66743369 | 2024500 | SH |  | SOLE |  | 0 | 0 | 0 |
| TELEFONICA BRASIL SA | NEW ADR | 87936R205 |  | 753630 | 105000 | SH |  | SOLE |  | 0 | 0 | 0 |
| TENARIS S A | SPONSORED ADR | 88031M109 |  | 4200681 | 119083 | SH |  | SOLE |  | 0 | 0 | 0 |
| TIM S A | SPONSORED ADR | 88706T108 |  | 760276 | 65000 | SH |  | SOLE |  | 0 | 0 | 0 |
| US BANCORP DEL | COM NEW | 902973304 |  | 831473 | 19000 | SH |  | SOLE |  | 0 | 0 | 0 |
| DISNEY WALT CO | COM DISNEY | 254687106 |  | 446630 | 5125 | SH |  | SOLE |  | 0 | 0 | 0 |
| WELLS FARGO CO NEW | COM | 949746101 |  | 911338 | 22000 | SH |  | SOLE |  | 0 | 0 | 0 |
| WHEATON PRECIOUS METALS CORP | COM | 962879102 |  | 16238191 | 414353 | SH |  | SOLE |  | 0 | 0 | 0 |

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