# EDGAR Filing Document

**Accession Number:** 0001426859
**File Stem:** 0001426859-26-000001
**Filing Date:** 2026-1
**Character Count:** 18311
**Document Hash:** f6de673c27e7632b8c41a087c88cdeb7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001426859-26-000001.hdr.sgml**: 20260128

**ACCESSION NUMBER**: 0001426859-26-000001

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260128

**DATE AS OF CHANGE**: 20260128

**EFFECTIVENESS DATE**: 20260128

**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:** 26569145

**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:** 12-31-2025

**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):** 028-12772

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  01-28-2026<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:** 154

**Form 13F Information Table Value Total:** $2196533775

      (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 |
| AGNC INVT CORP | COM | 00123Q104 |  | 499441 | 46517 | SH |  | SOLE |  | 0 | 0 | 0 |
| AGNICO EAGLE MINES LTD | COM | 008474108 |  | 983281 | 5791 | SH |  | SOLE |  | 0 | 0 | 0 |
| ALBERTSONS COS INC | COMMON STOCK | 013091103 |  | 3369198 | 195920 | SH |  | SOLE |  | 0 | 0 | 0 |
| ALCOA CORP | COM | 013872106 |  | 14152519 | 265910 | SH |  | SOLE |  | 0 | 0 | 0 |
| ALIBABA GROUP HLDG LTD | SPONSORED ADS | 01609W102 |  | 70623682 | 481064 | SH |  | SOLE |  | 0 | 0 | 0 |
| ALIGHT INC | ALIGHT INC | 01626W101 |  | 3338904 | 1710398 | SH |  | SOLE |  | 0 | 0 | 0 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 1222606 | 3900 | SH |  | SOLE |  | 0 | 0 | 0 |
| AMAZON COM INC | COM | 023135106 |  | 155229762 | 671466 | SH |  | SOLE |  | 0 | 0 | 0 |
| ANGLOGOLD ASHANTI PLC | COM SHS | G0378L100 |  | 27417364 | 320997 | SH |  | SOLE |  | 0 | 0 | 0 |
| ANHEUSER BUSCH INBEV SA/NV | SPONSORED ADR | 03524A108 |  | 2886299 | 45000 | SH |  | SOLE |  | 0 | 0 | 0 |
| APTIV PLC | COM SHS | G3265R107 |  | 2948655 | 38692 | SH |  | SOLE |  | 0 | 0 | 0 |
| ARBOR REALTY TRUST INC | COM | 038923108 |  | 106299 | 13677 | SH |  | SOLE |  | 0 | 0 | 0 |
| ARCOS DORADOS HOLDINGS INC | SHS CLASS -A - | G0457F107 |  | 934679 | 127142 | SH |  | SOLE |  | 0 | 0 | 0 |
| ARIS MNG CORP | COM | 04040Y109 |  | 43054761 | 2647139 | SH |  | SOLE |  | 0 | 0 | 0 |
| ASSOCIATED BANC CORP | COM | 045487105 |  | 3134021 | 121477 | SH |  | SOLE |  | 0 | 0 | 0 |
| ATLANTIC UN BANKSHARES CORP | COM | 04911A107 |  | 2976068 | 84181 | SH |  | SOLE |  | 0 | 0 | 0 |
| B2GOLD CORP | COM | 11777Q209 |  | 2054459 | 454824 | SH |  | SOLE |  | 0 | 0 | 0 |
| BANK AMERICA CORP | COM | 060505104 |  | 91884412 | 1668030 | SH |  | SOLE |  | 0 | 0 | 0 |
| BANK HAWAII CORP | COM | 062540109 |  | 3106660 | 45370 | SH |  | SOLE |  | 0 | 0 | 0 |
| BANK OZK LITTLE ROCK ARK | COM | 06417N103 |  | 3137024 | 68063 | SH |  | SOLE |  | 0 | 0 | 0 |
| BARRICK MNG CORP | COM SHS | 06849F108 |  | 28380484 | 650660 | SH |  | SOLE |  | 0 | 0 | 0 |
| BATH  BODY WORKS INC | COM | 070830104 |  | 3428928 | 170505 | SH |  | SOLE |  | 0 | 0 | 0 |
| BERKSHIRE HILLS BANCORP INC | COM | 084680107 |  | 3434480 | 130048 | SH |  | SOLE |  | 0 | 0 | 0 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 |  | 4530913 | 9000 | SH |  | SOLE |  | 0 | 0 | 0 |
| BEST BUY INC | COM | 086516101 |  | 3861547 | 57606 | SH |  | SOLE |  | 0 | 0 | 0 |
| BORGWARNER INC | COM | 099724106 |  | 4148616 | 91926 | SH |  | SOLE |  | 0 | 0 | 0 |
| BP PLC | SPONSORED ADR | 055622104 |  | 77768827 | 2235750 | SH |  | SOLE |  | 0 | 0 | 0 |
| BROOKFIELD CORP | CL A LTD VT SH | 11271J107 |  | 3895250 | 84750 | SH |  | SOLE |  | 0 | 0 | 0 |
| CAESARS ENTERTAINMENT INC NE | COM | 12769G100 |  | 2820055 | 120390 | SH |  | SOLE |  | 0 | 0 | 0 |
| CAL MAINE FOODS INC | COM NEW | 128030202 |  | 4639001 | 58210 | SH |  | SOLE |  | 0 | 0 | 0 |
| CANADIAN PACIFIC KANSAS CITY | COM | 13646K108 |  | 15224869 | 206459 | SH |  | SOLE |  | 0 | 0 | 0 |
| CARMAX INC | COM | 143130102 |  | 3181018 | 82204 | SH |  | SOLE |  | 0 | 0 | 0 |
| CATALYST PHARMACEUTICALS INC | COM | 14888U101 |  | 1655160 | 70807 | SH |  | SOLE |  | 0 | 0 | 0 |
| CENTERRA GOLD INC | COM | 152006102 |  | 46997492 | 3255131 | SH |  | SOLE |  | 0 | 0 | 0 |
| CENTURY ALUM CO | COM | 156431108 |  | 935941 | 23851 | SH |  | SOLE |  | 0 | 0 | 0 |
| CHEVRON CORP NEW | COM | 166764100 |  | 1679128 | 11000 | SH |  | SOLE |  | 0 | 0 | 0 |
| CITIGROUP INC | COM NEW | 172967424 |  | 1618680 | 13850 | SH |  | SOLE |  | 0 | 0 | 0 |
| COEUR MNG INC | COM NEW | 192108504 |  | 6540219 | 366238 | SH |  | SOLE |  | 0 | 0 | 0 |
| COINBASE GLOBAL INC | COM CL A | 19260Q107 |  | 166515084 | 735190 | SH |  | SOLE |  | 0 | 0 | 0 |
| COOPER COS INC | COM | 216648501 |  | 25624907 | 312164 | SH |  | SOLE |  | 0 | 0 | 0 |
| COPA HOLDINGS SA | CL A | P31076105 |  | 5897253 | 48819 | SH |  | SOLE |  | 0 | 0 | 0 |
| COREBRIDGE FINL INC | COM | 21871X109 |  | 2936197 | 97176 | SH |  | SOLE |  | 0 | 0 | 0 |
| CROCS INC | COM | 227046109 |  | 3672511 | 42877 | SH |  | SOLE |  | 0 | 0 | 0 |
| DAVE  BUSTERS ENTMT INC | COM | 238337109 |  | 2111498 | 130065 | SH |  | SOLE |  | 0 | 0 | 0 |
| DHT HOLDINGS INC | SHS NEW | Y2065G121 |  | 4387030 | 358738 | SH |  | SOLE |  | 0 | 0 | 0 |
| DIAMONDROCK HOSPITALITY CO | COM | 252784301 |  | 107356 | 11963 | SH |  | SOLE |  | 0 | 0 | 0 |
| DORMAN PRODS INC | COM | 258278100 |  | 2498114 | 20247 | SH |  | SOLE |  | 0 | 0 | 0 |
| DOUBLEVERIFY HLDGS INC | COM | 25862V105 |  | 7398657 | 645691 | SH |  | SOLE |  | 0 | 0 | 0 |
| EASTERN BANKSHARES INC | COM | 27627N105 |  | 2955705 | 160133 | SH |  | SOLE |  | 0 | 0 | 0 |
| ELDORADO GOLD CORP NEW | COM | 284902509 |  | 57981067 | 1611656 | SH |  | SOLE |  | 0 | 0 | 0 |
| ENDAVA PLC | ADS | 29260V105 |  | 202556 | 32000 | SH |  | SOLE |  | 0 | 0 | 0 |
| EPR PPTYS | COM SH BEN INT | 26884U109 |  | 362590 | 7255 | SH |  | SOLE |  | 0 | 0 | 0 |
| EQUINOX GOLD CORP | COM | 29446Y502 |  | 81543894 | 5791948 | SH |  | SOLE |  | 0 | 0 | 0 |
| EXELIXIS INC | COM | 30161Q104 |  | 2041223 | 46500 | SH |  | SOLE |  | 0 | 0 | 0 |
| EXTRA SPACE STORAGE INC | COM | 30225T102 |  | 50282751 | 385535 | SH |  | SOLE |  | 0 | 0 | 0 |
| EXXON MOBIL CORP | COM | 30231G102 |  | 38578246 | 320081 | SH |  | SOLE |  | 0 | 0 | 0 |
| FEDERATED HERMES INC | CL B | 314211103 |  | 7806535 | 149689 | SH |  | SOLE |  | 0 | 0 | 0 |
| FIRST HAWAIIAN INC | COM | 32051X108 |  | 3028184 | 119509 | SH |  | SOLE |  | 0 | 0 | 0 |
| FLOOR  DECOR HLDGS INC | CL A | 339750101 |  | 47230712 | 774470 | SH |  | SOLE |  | 0 | 0 | 0 |
| FOMENTO ECONOMICO MEXICANO S | SPON ADR UNITS | 344419106 |  | 809822 | 8000 | SH |  | SOLE |  | 0 | 0 | 0 |
| FOX CORP | CL A COM | 35137L105 |  | 7553410 | 103210 | SH |  | SOLE |  | 0 | 0 | 0 |
| FRANCO NEV CORP | COM | 351858105 |  | 1291295 | 6220 | SH |  | SOLE |  | 0 | 0 | 0 |
| FULTON FINL CORP PA | COM | 360271100 |  | 3073975 | 158786 | SH |  | SOLE |  | 0 | 0 | 0 |
| GALIANO GOLD INC | COM | 36352H100 |  | 36479422 | 14305507 | SH |  | SOLE |  | 0 | 0 | 0 |
| GARRETT MOTION INC | COM | 366505105 |  | 3251214 | 186239 | SH |  | SOLE |  | 0 | 0 | 0 |
| GE AEROSPACE | COM NEW | 369604301 |  | 36188716 | 117301 | SH |  | SOLE |  | 0 | 0 | 0 |
| GENERAL MTRS CO | COM | 37045V100 |  | 3640208 | 44694 | SH |  | SOLE |  | 0 | 0 | 0 |
| GILEAD SCIENCES INC | COM | 375558103 |  | 850441 | 6918 | SH |  | SOLE |  | 0 | 0 | 0 |
| GOLDMINING INC | COM | 38149E101 |  | 505207 | 401996 | SH |  | SOLE |  | 0 | 0 | 0 |
| GROCERY OUTLET HLDG CORP | COM | 39874R101 |  | 3061224 | 302619 | SH |  | SOLE |  | 0 | 0 | 0 |
| BLOCK H  R INC | COM | 093671105 |  | 5151909 | 118033 | SH |  | SOLE |  | 0 | 0 | 0 |
| HA SUSTAINABLE INFRA CAP INC | COM | 41068X100 |  | 2894438 | 91948 | SH |  | SOLE |  | 0 | 0 | 0 |
| HALOZYME THERAPEUTICS INC | COM | 40637H109 |  | 1760678 | 26121 | SH |  | SOLE |  | 0 | 0 | 0 |
| HARMONY BIOSCIENCES HLDGS IN | COM | 413197104 |  | 1536303 | 40993 | SH |  | SOLE |  | 0 | 0 | 0 |
| HF SINCLAIR CORP | COM | 403949100 |  | 4723065 | 102340 | SH |  | SOLE |  | 0 | 0 | 0 |
| HOME BANCSHARES INC | COM | 436893200 |  | 3014649 | 108357 | SH |  | SOLE |  | 0 | 0 | 0 |
| INCYTE CORP | COM | 45337C102 |  | 2506937 | 25342 | SH |  | SOLE |  | 0 | 0 | 0 |
| INTEGRA RES CORP | COM | 45826T509 |  | 12125866 | 3006453 | SH |  | SOLE |  | 0 | 0 | 0 |
| INTERNATIONAL FLAVORS | COM | 459506101 |  | 16028408 | 237473 | SH |  | SOLE |  | 0 | 0 | 0 |
| ISHARES TR | MSCI CHINA A | 46434V514 |  | 4537053 | 131000 | SH |  | SOLE |  | 0 | 0 | 0 |
| JACK IN THE BOX INC | COM | 466367109 |  | 3222582 | 169792 | SH |  | SOLE |  | 0 | 0 | 0 |
| JANUS HENDERSON GROUP PLC | ORD SHS | G4474Y214 |  | 6656414 | 139713 | SH |  | SOLE |  | 0 | 0 | 0 |
| JAZZ PHARMACEUTICALS PLC | SHS USD | G50871105 |  | 2424909 | 14242 | SH |  | SOLE |  | 0 | 0 | 0 |
| JPMORGAN CHASE  CO. | COM | 46625H100 |  | 2259062 | 7000 | SH |  | SOLE |  | 0 | 0 | 0 |
| KOHLS CORP | COM | 500255104 |  | 2622957 | 128343 | SH |  | SOLE |  | 0 | 0 | 0 |
| LAMAR ADVERTISING CO NEW | CL A | 512816109 |  | 30402049 | 239820 | SH |  | SOLE |  | 0 | 0 | 0 |
| LEAR CORP | COM NEW | 521865204 |  | 4395956 | 38300 | SH |  | SOLE |  | 0 | 0 | 0 |
| LIFE TIME GROUP HOLDINGS INC | COMMON STOCK | 53190C102 |  | 3225531 | 121167 | SH |  | SOLE |  | 0 | 0 | 0 |
| M/I HOMES INC | COM | 55305B101 |  | 2797823 | 21832 | SH |  | SOLE |  | 0 | 0 | 0 |
| M  T BK CORP | COM | 55261F104 |  | 807178 | 4000 | SH |  | SOLE |  | 0 | 0 | 0 |
| MAGNUM ICE CREAM CO NV | ORD SHS | N5505D105 |  | 5397754 | 340183 | SH |  | SOLE |  | 0 | 0 | 0 |
| MAPLEBEAR INC | COM | 565394103 |  | 2567277 | 56987 | SH |  | SOLE |  | 0 | 0 | 0 |
| MARRIOTT VACATIONS WORLDWIDE | COM | 57164Y107 |  | 3403596 | 58907 | SH |  | SOLE |  | 0 | 0 | 0 |
| MAXIMUS INC | COM | 577933104 |  | 6950618 | 80396 | SH |  | SOLE |  | 0 | 0 | 0 |
| MICRON TECHNOLOGY INC | COM | 595112103 |  | 4450426 | 15569 | SH |  | SOLE |  | 0 | 0 | 0 |
| NEUROCRINE BIOSCIENCES INC | COM | 64125C109 |  | 2479196 | 17453 | SH |  | SOLE |  | 0 | 0 | 0 |
| NEWMONT CORP | COM | 651639106 |  | 16482871 | 164819 | SH |  | SOLE |  | 0 | 0 | 0 |
| NOMAD FOODS LTD | USD ORD SHS | G6564A105 |  | 26823083 | 2140876 | SH |  | SOLE |  | 0 | 0 | 0 |
| NOVAGOLD RES INC | COM NEW | 66987E206 |  | 1425479 | 152710 | SH |  | SOLE |  | 0 | 0 | 0 |
| OLD NATL BANCORP IND | COM | 680033107 |  | 2870697 | 128478 | SH |  | SOLE |  | 0 | 0 | 0 |
| ORCHID IS CAP INC | COM NEW | 68571X301 |  | 106654 | 14790 | SH |  | SOLE |  | 0 | 0 | 0 |
| OSHKOSH CORP | COM | 688239201 |  | 3772490 | 29982 | SH |  | SOLE |  | 0 | 0 | 0 |
| OSISKO DEVELOPMENT CORP | COM NEW | 68828E809 |  | 2638361 | 754799 | SH |  | SOLE |  | 0 | 0 | 0 |
| PAN AMERN SILVER CORP | COM | 697900108 |  | 31566681 | 608328 | SH |  | SOLE |  | 0 | 0 | 0 |
| PARK HOTELS  RESORTS INC | COM | 700517105 |  | 111081 | 10603 | SH |  | SOLE |  | 0 | 0 | 0 |
| PAYCOM SOFTWARE INC | COM | 70432V102 |  | 3125629 | 19584 | SH |  | SOLE |  | 0 | 0 | 0 |
| PERMIAN RESOURCES CORP | CLASS A COM | 71424F105 |  | 206015 | 14661 | SH |  | SOLE |  | 0 | 0 | 0 |
| PFIZER INC | COM | 717081103 |  | 33021466 | 1324096 | SH |  | SOLE |  | 0 | 0 | 0 |
| PHILIP MORRIS INTL INC | COM | 718172109 |  | 30412053 | 189305 | SH |  | SOLE |  | 0 | 0 | 0 |
| PITNEY BOWES INC | COM | 724479100 |  | 4482942 | 423474 | SH |  | SOLE |  | 0 | 0 | 0 |
| PNC FINL SVCS GROUP INC | COM | 693475105 |  | 31379480 | 150102 | SH |  | SOLE |  | 0 | 0 | 0 |
| POWER SOLUTIONS INTL INC | COM NEW | 73933G202 |  | 2178051 | 38063 | SH |  | SOLE |  | 0 | 0 | 0 |
| PROSPERITY BANCSHARES INC | COM | 743606105 |  | 2964464 | 42828 | SH |  | SOLE |  | 0 | 0 | 0 |
| PUBLIC STORAGE OPER CO | COM | 74460D109 |  | 358669 | 1380 | SH |  | SOLE |  | 0 | 0 | 0 |
| RADIAN GROUP INC | COM | 750236101 |  | 3134777 | 86970 | SH |  | SOLE |  | 0 | 0 | 0 |
| RH | COM | 74967X103 |  | 3448330 | 19219 | SH |  | SOLE |  | 0 | 0 | 0 |
| RIGEL PHARMACEUTICALS INC | COM | 766559702 |  | 1597533 | 37244 | SH |  | SOLE |  | 0 | 0 | 0 |
| RITHM CAPITAL CORP | COM NEW | 64828T201 |  | 113177 | 10367 | SH |  | SOLE |  | 0 | 0 | 0 |
| ROYAL GOLD INC | COM | 780287108 |  | 14671782 | 65900 | SH |  | SOLE |  | 0 | 0 | 0 |
| ROYALTY PHARMA PLC | SHS CLASS A | G7709Q104 |  | 3499748 | 90432 | SH |  | SOLE |  | 0 | 0 | 0 |
| SABRA HEALTH CARE REIT INC | COM | 78573L106 |  | 438083 | 23094 | SH |  | SOLE |  | 0 | 0 | 0 |
| SCIENCE APPLICATIONS INTL CO | COM | 808625107 |  | 5813449 | 57664 | SH |  | SOLE |  | 0 | 0 | 0 |
| SCORPIO TANKERS INC | SHS | Y7542C130 |  | 4373724 | 85914 | SH |  | SOLE |  | 0 | 0 | 0 |
| SIGNET JEWELERS LIMITED | SHS | G81276100 |  | 15372395 | 185192 | SH |  | SOLE |  | 0 | 0 | 0 |
| SKEENA RES LTD NEW | COM | 83056P715 |  | 19390596 | 814056 | SH |  | SOLE |  | 0 | 0 | 0 |
| SKYWEST INC | COM | 830879102 |  | 3020652 | 30038 | SH |  | SOLE |  | 0 | 0 | 0 |
| SCHLUMBERGER LTD | COM STK | 806857108 |  | 44072513 | 1146543 | SH |  | SOLE |  | 0 | 0 | 0 |
| SMURFIT WESTROCK PLC | SHS | G8267P108 |  | 174447456 | 4504151 | SH |  | SOLE |  | 0 | 0 | 0 |
| SOLVENTUM CORP | COM SHS | 83444M101 |  | 48772742 | 614558 | SH |  | SOLE |  | 0 | 0 | 0 |
| SOUTHSTATE BK CORP | COM | 84472E102 |  | 3078338 | 32661 | SH |  | SOLE |  | 0 | 0 | 0 |
| SUNCOR ENERGY INC NEW | COM | 867224107 |  | 44470690 | 999168 | SH |  | SOLE |  | 0 | 0 | 0 |
| SUPERNUS PHARMACEUTICALS INC | COM | 868459108 |  | 1708634 | 34327 | SH |  | SOLE |  | 0 | 0 | 0 |
| SYNOVUS FINL CORP | COM NEW | 87161C501 |  | 2924765 | 58348 | SH |  | SOLE |  | 0 | 0 | 0 |
| PRICE T ROWE GROUP INC | COM | 74144T108 |  | 6263441 | 61083 | SH |  | SOLE |  | 0 | 0 | 0 |
| TAIWAN SEMICONDUCTOR MFG LTD | SPONSORED ADS | 874039100 |  | 9488562 | 31175 | SH |  | SOLE |  | 0 | 0 | 0 |
| TARGET CORP | COM | 87612E106 |  | 3373332 | 34456 | SH |  | SOLE |  | 0 | 0 | 0 |
| TD SYNNEX CORPORATION | COM | 87162W100 |  | 5532438 | 36770 | SH |  | SOLE |  | 0 | 0 | 0 |
| TECK RESOURCES LTD | CL B | 878742204 |  | 21446974 | 447145 | SH |  | SOLE |  | 0 | 0 | 0 |
| TEEKAY TANKERS LTD | CL A | G8726X106 |  | 3737880 | 69863 | SH |  | SOLE |  | 0 | 0 | 0 |
| TELEFLEX INCORPORATED | COM | 879369106 |  | 5153973 | 42166 | SH |  | SOLE |  | 0 | 0 | 0 |
| U HAUL HOLDING COMPANY | COM SER N | 023586506 |  | 14274936 | 304952 | SH |  | SOLE |  | 0 | 0 | 0 |
| UNION PAC CORP | COM | 907818108 |  | 30913217 | 133430 | SH |  | SOLE |  | 0 | 0 | 0 |
| UNITED BANKSHARES INC WEST V | COM | 909907107 |  | 3130871 | 81408 | SH |  | SOLE |  | 0 | 0 | 0 |
| UNITED CMNTY BKS BLAIRSVLE G | COM | 90984P303 |  | 3053018 | 97641 | SH |  | SOLE |  | 0 | 0 | 0 |
| UNITED PARKS  RESORTS INC | COM | 81282V100 |  | 3561773 | 97970 | SH |  | SOLE |  | 0 | 0 | 0 |
| UNITED STS BRENT OIL FD LP | UNIT | 91167Q100 |  | 3019371 | 106450 | SH |  | SOLE |  | 0 | 0 | 0 |
| UNITED STS COMMODITY INDEX F | CM REP COPP FD | 911718104 |  | 784327 | 22400 | SH |  | SOLE |  | 0 | 0 | 0 |
| VIRTU FINL INC | CL A | 928254101 |  | 4996025 | 149707 | SH |  | SOLE |  | 0 | 0 | 0 |
| VISTA ENERGY S.A.B. DE C.V. | SPONSORED ADS | 92837L109 |  | 19226828 | 394510 | SH |  | SOLE |  | 0 | 0 | 0 |
| VOYA FINANCIAL INC | COM | 929089100 |  | 3153196 | 42265 | SH |  | SOLE |  | 0 | 0 | 0 |
| DISNEY WALT CO | COM | 254687106 |  | 64678093 | 567615 | SH |  | SOLE |  | 0 | 0 | 0 |
| WELLS FARGO CO NEW | COM | 949746101 |  | 466728 | 5000 | SH |  | SOLE |  | 0 | 0 | 0 |
| WENDYS CO | COM | 95058W100 |  | 3194453 | 382890 | SH |  | SOLE |  | 0 | 0 | 0 |
| WESTERN ALLIANCE BANCORP | COM | 957638109 |  | 2798449 | 33236 | SH |  | SOLE |  | 0 | 0 | 0 |

---