# EDGAR Filing Document

**Accession Number:** 0001426859
**File Stem:** 0001426859-26-000005
**Filing Date:** 2026-5
**Character Count:** 20152
**Document Hash:** ef153bbb67bfe016d798c98a8e40ce3b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001426859-26-000005.hdr.sgml**: 20260513

**ACCESSION NUMBER**: 0001426859-26-000005

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260513

**DATE AS OF CHANGE**: 20260513

**EFFECTIVENESS DATE**: 20260513

**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:** 26971338

**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:** 03-31-2026

**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:** 442078240520

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

Lucy Hodgson  London, X0  05-13-2026<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:** 176

**Form 13F Information Table Value Total:** $2444304720

      (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 |
| ABERCROMBIE  FITCO CO | CL A | 002896207 |  | 2773766 | 30270 | SH |  | SOLE |  | 0 | 0 | 0 |
| ACADEMY SPORTS  OUTDOORS IN | COM | 00402L107 |  | 2190866 | 38700 | SH |  | SOLE |  | 0 | 0 | 0 |
| ACCENTURE PLC IRELAND | SHS CLASS A | G1151C101 |  | 4172581 | 20983 | SH |  | SOLE |  | 0 | 0 | 0 |
| ALCOA CORP | COM | 013872106 |  | 6167840 | 92720 | SH |  | SOLE |  | 0 | 0 | 0 |
| ALIBABA GROUP HLDG LTD | SPONSORED ADS | 01609W102 |  | 147367855 | 1171229 | SH |  | SOLE |  | 0 | 0 | 0 |
| AMAZON COM INC | COM | 023135106 |  | 117285904 | 561527 | SH |  | SOLE |  | 0 | 0 | 0 |
| AMDOCS LTD | SHS | G02602103 |  | 4115309 | 62880 | SH |  | SOLE |  | 0 | 0 | 0 |
| ANGLOGOLD ASHANTI PLC | COM SHS | G0378L100 |  | 9591036 | 98228 | SH |  | SOLE |  | 0 | 0 | 0 |
| ANHEUSER BUSCH INBEV SA/NV | SPONSORED ADR | 03524A108 |  | 3130645 | 45000 | SH |  | SOLE |  | 0 | 0 | 0 |
| ANI PHARMACEUTICALS INC | COM | 00182C103 |  | 4642026 | 60191 | SH |  | SOLE |  | 0 | 0 | 0 |
| ANTERO MIDSTREAM CORP | COM | 03676B102 |  | 8011048 | 350360 | SH |  | SOLE |  | 0 | 0 | 0 |
| APTIV PLC | COM SHS | G3265R107 |  | 2737512 | 39310 | SH |  | SOLE |  | 0 | 0 | 0 |
| ARCOS DORADOS HOLDINGS INC | SHS CLASS -A - | G0457F107 |  | 1051944 | 127142 | SH |  | SOLE |  | 0 | 0 | 0 |
| ARIS MNG CORP | COM | 04040Y109 |  | 34758271 | 1872533 | SH |  | SOLE |  | 0 | 0 | 0 |
| ARMSTRONG WORLD INDS INC NEW | COM | 04247X102 |  | 2250083 | 13615 | SH |  | SOLE |  | 0 | 0 | 0 |
| ARROW ELECTRS INC | COM | 042735100 |  | 4853273 | 33745 | SH |  | SOLE |  | 0 | 0 | 0 |
| ARTISAN PARTNERS ASSET MGMT | CL A | 04316A108 |  | 3605113 | 98783 | SH |  | SOLE |  | 0 | 0 | 0 |
| ASHLAND INC | COM | 044186104 |  | 3598989 | 64533 | SH |  | SOLE |  | 0 | 0 | 0 |
| AUTOMATIC DATA PROCESSING IN | COM | 053015103 |  | 2760177 | 13546 | SH |  | SOLE |  | 0 | 0 | 0 |
| AVNET INC | COM | 053807103 |  | 291870 | 4723 | SH |  | SOLE |  | 0 | 0 | 0 |
| BANK AMERICA CORP | COM | 060505104 |  | 64332553 | 1315860 | SH |  | SOLE |  | 0 | 0 | 0 |
| BARRICK GOLD CORP | COM | 06849F108 |  | 23375592 | 571425 | SH |  | SOLE |  | 0 | 0 | 0 |
| BCE INC | COM NEW | 05534B760 |  | 7062973 | 280040 | SH |  | SOLE |  | 0 | 0 | 0 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 |  | 4325228 | 9000 | SH |  | SOLE |  | 0 | 0 | 0 |
| BEST BUY INC | COM | 086516101 |  | 4557992 | 70792 | SH |  | SOLE |  | 0 | 0 | 0 |
| BOISE CASCADE CO DEL | COM | 09739D100 |  | 2485845 | 32680 | SH |  | SOLE |  | 0 | 0 | 0 |
| BOOKING HOLDINGS INC | COM | 09857L108 |  | 25953199 | 6147 | SH |  | SOLE |  | 0 | 0 | 0 |
| BOOT BARN HLDGS INC | COM | 099406100 |  | 1898576 | 12935 | SH |  | SOLE |  | 0 | 0 | 0 |
| BOYD GAMING CORP | COM | 103304101 |  | 2759375 | 33481 | SH |  | SOLE |  | 0 | 0 | 0 |
| BP PLC | SPONSORED ADR | 055622104 |  | 98890774 | 2098006 | SH |  | SOLE |  | 0 | 0 | 0 |
| BRINKER INTL INC | COM | 109641100 |  | 2960455 | 20676 | SH |  | SOLE |  | 0 | 0 | 0 |
| BROOKFIELD CORP | CL A LTD VT SH | 11271J107 |  | 3439716 | 84750 | SH |  | SOLE |  | 0 | 0 | 0 |
| BROWN FORMAN CORP | CL B | 115637209 |  | 72435476 | 2731876 | SH |  | SOLE |  | 0 | 0 | 0 |
| CANADIAN NATL RY CO | COM | 136375102 |  | 6492071 | 63110 | SH |  | SOLE |  | 0 | 0 | 0 |
| CANADIAN PACIFIC KANSAS CITY | COM | 13646K108 |  | 29545933 | 374542 | SH |  | SOLE |  | 0 | 0 | 0 |
| CARMAX INC | COM | 143130102 |  | 3153549 | 75625 | SH |  | SOLE |  | 0 | 0 | 0 |
| CENTERRA GOLD INC | COM | 152006102 |  | 12993077 | 730816 | SH |  | SOLE |  | 0 | 0 | 0 |
| CENTURY ALUM CO | COM | 156431108 |  | 2934149 | 49850 | SH |  | SOLE |  | 0 | 0 | 0 |
| CHAMPION HOMES INC | COM | 830830105 |  | 264625 | 3548 | SH |  | SOLE |  | 0 | 0 | 0 |
| CHEESECAKE FACTORY INC | COM | 163072101 |  | 1602189 | 29180 | SH |  | SOLE |  | 0 | 0 | 0 |
| CHEVRON CORP NEW | COM | 166764100 |  | 2282458 | 11000 | SH |  | SOLE |  | 0 | 0 | 0 |
| CHOICE HOTELS INTL INC | COM | 169905106 |  | 3050664 | 29389 | SH |  | SOLE |  | 0 | 0 | 0 |
| COEUR MNG INC | COM NEW | 192108504 |  | 7221831 | 384032 | SH |  | SOLE |  | 0 | 0 | 0 |
| COGNIZANT TECHNOLOGY SOLUTIO | CL A | 192446102 |  | 4262719 | 69284 | SH |  | SOLE |  | 0 | 0 | 0 |
| COINBASE GLOBAL INC | COM CL A | 19260Q107 |  | 251457767 | 1435990 | SH |  | SOLE |  | 0 | 0 | 0 |
| COMMERCIAL METALS CO | COM | 201723103 |  | 4817366 | 78194 | SH |  | SOLE |  | 0 | 0 | 0 |
| COOPER COS INC | COM | 216648501 |  | 15500766 | 216171 | SH |  | SOLE |  | 0 | 0 | 0 |
| COPA HOLDINGS SA | CL A | P31076105 |  | 5024525 | 44099 | SH |  | SOLE |  | 0 | 0 | 0 |
| CORE  MAIN INC | CL A | 21874C102 |  | 3118166 | 62938 | SH |  | SOLE |  | 0 | 0 | 0 |
| CSX CORP | COM | 126408103 |  | 6101552 | 148210 | SH |  | SOLE |  | 0 | 0 | 0 |
| D R HORTON INC | COM | 23331A109 |  | 262983 | 1911 | SH |  | SOLE |  | 0 | 0 | 0 |
| DARDEN RESTAURANTS INC | COM | 237194105 |  | 1765089 | 8978 | SH |  | SOLE |  | 0 | 0 | 0 |
| DAVE INC | CLASS A COM NEW | 23834J201 |  | 2416247 | 13841 | SH |  | SOLE |  | 0 | 0 | 0 |
| DHT HOLDINGS INC | SHS NEW | Y2065G121 |  | 4868890 | 265737 | SH |  | SOLE |  | 0 | 0 | 0 |
| DIAMONDROCK HOSPITALITY CO | COM | 252784301 |  | 103677 | 11033 | SH |  | SOLE |  | 0 | 0 | 0 |
| DILLARDS INC | CL A | 254067101 |  | 1969455 | 3433 | SH |  | SOLE |  | 0 | 0 | 0 |
| DOLLAR GEN CORP | COM | 256677105 |  | 2005145 | 16840 | SH |  | SOLE |  | 0 | 0 | 0 |
| DOMINOS PIZZA INC | COM | 25754A201 |  | 2213993 | 6153 | SH |  | SOLE |  | 0 | 0 | 0 |
| DORMAN PRODS INC | COM | 258278100 |  | 3978072 | 38011 | SH |  | SOLE |  | 0 | 0 | 0 |
| DOUBLEVERIFY HLDGS INC | COM | 25862V105 |  | 5830613 | 612017 | SH |  | SOLE |  | 0 | 0 | 0 |
| DUPONT DE NEMOURS INC | COM | 26614N102 |  | 4048445 | 88140 | SH |  | SOLE |  | 0 | 0 | 0 |
| DYNATRACE INC | COM NEW | 268150109 |  | 4192879 | 113055 | SH |  | SOLE |  | 0 | 0 | 0 |
| EAGLE MATLS INC | COM | 26969P108 |  | 2025597 | 10661 | SH |  | SOLE |  | 0 | 0 | 0 |
| EASTMAN CHEM CO | COM | 277432100 |  | 4189684 | 54740 | SH |  | SOLE |  | 0 | 0 | 0 |
| ELDORADO GOLD CORP NEW | COM | 284902509 |  | 30963930 | 899358 | SH |  | SOLE |  | 0 | 0 | 0 |
| ELEMENT SOLUTIONS INC | COM | 28618M106 |  | 3623052 | 105820 | SH |  | SOLE |  | 0 | 0 | 0 |
| EPR PPTYS | COM SH BEN INT | 26884U109 |  | 324674 | 6480 | SH |  | SOLE |  | 0 | 0 | 0 |
| EQUINOX GOLD CORP | COM | 29446Y502 |  | 59699196 | 4126835 | SH |  | SOLE |  | 0 | 0 | 0 |
| EXELIXIS INC | COM | 30161Q104 |  | 5072292 | 117923 | SH |  | SOLE |  | 0 | 0 | 0 |
| EXXON MOBIL CORP | COM | 30231G102 |  | 54737261 | 321706 | SH |  | SOLE |  | 0 | 0 | 0 |
| FEDERATED HERMES INC | CL B | 314211103 |  | 4715392 | 82909 | SH |  | SOLE |  | 0 | 0 | 0 |
| FIRST SOLAR INC | COM | 336433107 |  | 2986947 | 15099 | SH |  | SOLE |  | 0 | 0 | 0 |
| FIVE BELOW INC | COM | 33829M101 |  | 287340 | 1254 | SH |  | SOLE |  | 0 | 0 | 0 |
| FLEX LNG LTD | SHS | G35947202 |  | 4308744 | 144610 | SH |  | SOLE |  | 0 | 0 | 0 |
| FLOOR  DECOR HLDGS INC | CL A | 339750101 |  | 56076935 | 1100725 | SH |  | SOLE |  | 0 | 0 | 0 |
| FOMENTO ECONOMICO MEXICANO S | SPON ADR UNITS | 344419106 |  | 891040 | 8000 | SH |  | SOLE |  | 0 | 0 | 0 |
| FORTINET INC | COM | 34959E109 |  | 4299057 | 52456 | SH |  | SOLE |  | 0 | 0 | 0 |
| FORTUNE BRANDS INNOVATIONS I | COM | 34964C106 |  | 2267940 | 58029 | SH |  | SOLE |  | 0 | 0 | 0 |
| FOX CORP | CL A COM | 35137L105 |  | 6182847 | 105568 | SH |  | SOLE |  | 0 | 0 | 0 |
| FRANCO NEV CORP | COM | 351858105 |  | 1070331 | 4320 | SH |  | SOLE |  | 0 | 0 | 0 |
| FRANKLIN RESOURCES INC | COM | 354613101 |  | 3459334 | 146037 | SH |  | SOLE |  | 0 | 0 | 0 |
| FRONTLINE PLC | COM | M46528101 |  | 4165452 | 119152 | SH |  | SOLE |  | 0 | 0 | 0 |
| GALIANO GOLD INC | COM | 36352H100 |  | 33072257 | 13224532 | SH |  | SOLE |  | 0 | 0 | 0 |
| GARRETT MOTION INC | COM | 366505105 |  | 3752877 | 205949 | SH |  | SOLE |  | 0 | 0 | 0 |
| GARTNER INC | COM | 366651107 |  | 4193398 | 26408 | SH |  | SOLE |  | 0 | 0 | 0 |
| GE AEROSPACE | COM NEW | 369604301 |  | 33592846 | 118042 | SH |  | SOLE |  | 0 | 0 | 0 |
| GEN DIGITAL INC | COM | 668771108 |  | 4713978 | 249636 | SH |  | SOLE |  | 0 | 0 | 0 |
| GENERAL MTRS CO | COM | 37045V100 |  | 4080617 | 54616 | SH |  | SOLE |  | 0 | 0 | 0 |
| GENPACT LIMITED | SHS | G3922B107 |  | 4075387 | 109092 | SH |  | SOLE |  | 0 | 0 | 0 |
| GOLDMINING INC | COM | 38149E101 |  | 479550 | 401996 | SH |  | SOLE |  | 0 | 0 | 0 |
| HARMONY BIOSCIENCES HLDGS IN | COM | 413197104 |  | 2939873 | 104658 | SH |  | SOLE |  | 0 | 0 | 0 |
| HARMONY GOLD MNG LTD | SPONSORED ADR | 413216300 |  | 1482115 | 96152 | SH |  | SOLE |  | 0 | 0 | 0 |
| HF SINCLAIR CORP | COM | 403949100 |  | 4703371 | 75170 | SH |  | SOLE |  | 0 | 0 | 0 |
| INCYTE CORP | COM | 45337C102 |  | 4471123 | 47368 | SH |  | SOLE |  | 0 | 0 | 0 |
| INDIVIOR PHARMACEUTICALS INC | COM | 45579U109 |  | 2758579 | 90247 | SH |  | SOLE |  | 0 | 0 | 0 |
| INFOSYS LTD | SPONSORED ADR | 456788108 |  | 4131841 | 304957 | SH |  | SOLE |  | 0 | 0 | 0 |
| INTEGRA RES CORP | COM | 45826T509 |  | 10767705 | 3985025 | SH |  | SOLE |  | 0 | 0 | 0 |
| INTERNATIONAL FLAVORS | COM | 459506101 |  | 21217634 | 291613 | SH |  | SOLE |  | 0 | 0 | 0 |
| INTERNATIONAL SEAWAYS INC | COM | Y41053102 |  | 921373 | 12606 | SH |  | SOLE |  | 0 | 0 | 0 |
| INTUIT | COM | 461202103 |  | 4020090 | 9271 | SH |  | SOLE |  | 0 | 0 | 0 |
| INVESCO LTD | SHS | G491BT108 |  | 2733240 | 112202 | SH |  | SOLE |  | 0 | 0 | 0 |
| ISHARES TR | MSCI CHINA A | 46434V514 |  | 1396506 | 40740 | SH |  | SOLE |  | 0 | 0 | 0 |
| JANUS HENDERSON GROUP PLC | ORD SHS | G4474Y214 |  | 3728626 | 72374 | SH |  | SOLE |  | 0 | 0 | 0 |
| JPMORGAN CHASE  CO | COM | 46625H100 |  | 2065054 | 7000 | SH |  | SOLE |  | 0 | 0 | 0 |
| KINROSS GOLD CORP | COM | 496902404 |  | 10175306 | 332440 | SH |  | SOLE |  | 0 | 0 | 0 |
| KODIAK GAS SVCS INC | COM | 50012A108 |  | 8648629 | 147870 | SH |  | SOLE |  | 0 | 0 | 0 |
| LAMAR ADVERTISING CO NEW | CL A | 512816109 |  | 42996688 | 338490 | SH |  | SOLE |  | 0 | 0 | 0 |
| LEAR CORP | COM NEW | 521865204 |  | 4668580 | 38448 | SH |  | SOLE |  | 0 | 0 | 0 |
| LENNAR CORP | CL A | 526057104 |  | 1792293 | 20580 | SH |  | SOLE |  | 0 | 0 | 0 |
| LIFE TIME GROUP HOLDINGS INC | COMMON STOCK | 53190C102 |  | 3113247 | 115235 | SH |  | SOLE |  | 0 | 0 | 0 |
| LINDE PLC | SHS | G54950103 |  | 4255827 | 8560 | SH |  | SOLE |  | 0 | 0 | 0 |
| LYONDELLBASELL INDUSTRIES NV | SHS - A - | N53745100 |  | 6294476 | 77910 | SH |  | SOLE |  | 0 | 0 | 0 |
| M/I HOMES INC | COM | 55305B101 |  | 6417139 | 52259 | SH |  | SOLE |  | 0 | 0 | 0 |
| M  T BK CORP | COM | 55261F104 |  | 829263 | 4000 | SH |  | SOLE |  | 0 | 0 | 0 |
| MAGNUM ICE CREAM CO NV | ORD SHS | N5505D105 |  | 11081167 | 755564 | SH |  | SOLE |  | 0 | 0 | 0 |
| MARKEL GROUP INC | COM | 570535104 |  | 787030 | 410 | SH |  | SOLE |  | 0 | 0 | 0 |
| MAXIMUS INC | COM | 577933104 |  | 4695774 | 73047 | SH |  | SOLE |  | 0 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 |  | 116361887 | 313446 | SH |  | SOLE |  | 0 | 0 | 0 |
| MOHAWK INDS INC | COM | 608190104 |  | 14248289 | 144300 | SH |  | SOLE |  | 0 | 0 | 0 |
| MURPHY USA INC | COM | 626755102 |  | 2240119 | 4522 | SH |  | SOLE |  | 0 | 0 | 0 |
| NATIONAL FUEL GAS CO | COM | 636180101 |  | 7760802 | 82360 | SH |  | SOLE |  | 0 | 0 | 0 |
| NEUROCRINE BIOSCIENCES INC | COM | 64125C109 |  | 4773785 | 36133 | SH |  | SOLE |  | 0 | 0 | 0 |
| NEWMONT CORP | COM | 651639106 |  | 14597129 | 134459 | SH |  | SOLE |  | 0 | 0 | 0 |
| NOVAGOLD RES INC | COM NEW | 66987E206 |  | 972725 | 108010 | SH |  | SOLE |  | 0 | 0 | 0 |
| OSISKO DEVELOPMENT CORP | COM NEW | 68828E809 |  | 3121100 | 957579 | SH |  | SOLE |  | 0 | 0 | 0 |
| PAGSEGURO DIGITAL LTD | COM CL A | G68707101 |  | 2001987 | 199225 | SH |  | SOLE |  | 0 | 0 | 0 |
| PAN AMERN SILVER CORP | COM | 697900108 |  | 9330463 | 170303 | SH |  | SOLE |  | 0 | 0 | 0 |
| PAYCHEX INC | COM | 704326107 |  | 7060367 | 76426 | SH |  | SOLE |  | 0 | 0 | 0 |
| PAYCOM SOFTWARE INC | COM | 70432V102 |  | 6731119 | 55224 | SH |  | SOLE |  | 0 | 0 | 0 |
| PAYLOCITY HLDG CORP | COM | 70438V106 |  | 2807802 | 25914 | SH |  | SOLE |  | 0 | 0 | 0 |
| PFIZER INC | COM | 717081103 |  | 32377486 | 1149753 | SH |  | SOLE |  | 0 | 0 | 0 |
| PHILIP MORRIS INTL INC | COM | 718172109 |  | 11918626 | 71879 | SH |  | SOLE |  | 0 | 0 | 0 |
| PITNEY BOWES INC | COM | 724479100 |  | 3641992 | 328645 | SH |  | SOLE |  | 0 | 0 | 0 |
| PNC FINL SVCS GROUP INC | COM | 693475105 |  | 30759129 | 147395 | SH |  | SOLE |  | 0 | 0 | 0 |
| RED ROCK RESORTS INC | CL A | 75700L108 |  | 2528777 | 47257 | SH |  | SOLE |  | 0 | 0 | 0 |
| ROYAL GOLD INC | COM | 780287108 |  | 11809184 | 46270 | SH |  | SOLE |  | 0 | 0 | 0 |
| SALESFORCE INC | COM | 79466L302 |  | 4099456 | 21898 | SH |  | SOLE |  | 0 | 0 | 0 |
| SCIENCE APPLICATIONS INTL CO | COM | 808625107 |  | 4136635 | 43455 | SH |  | SOLE |  | 0 | 0 | 0 |
| SFL CORPORATION LTD | SHS | G7738W106 |  | 3788248 | 350080 | SH |  | SOLE |  | 0 | 0 | 0 |
| SIGNET JEWELERS LIMITED | SHS | G81276100 |  | 19322547 | 227635 | SH |  | SOLE |  | 0 | 0 | 0 |
| SITEONE LANDSCAPE SUPPLY INC | COM | 82982L103 |  | 2498470 | 18718 | SH |  | SOLE |  | 0 | 0 | 0 |
| SKEENA RES LTD NEW | COM | 83056P715 |  | 11880406 | 399036 | SH |  | SOLE |  | 0 | 0 | 0 |
| SKYWEST | COM | 830879102 |  | 3225776 | 35030 | SH |  | SOLE |  | 0 | 0 | 0 |
| SLB LIMITED | COM STK | 806857108 |  | 79476780 | 1542086 | SH |  | SOLE |  | 0 | 0 | 0 |
| SMURFIT WESTROCK PLC | SHS | G8267P108 |  | 111349897 | 2786197 | SH |  | SOLE |  | 0 | 0 | 0 |
| SOLENO THERAPEUTICS INC | COM | 834203309 |  | 1567055 | 46673 | SH |  | SOLE |  | 0 | 0 | 0 |
| SOLVENTUM CORP | COM SHS | 83444M101 |  | 56319368 | 859993 | SH |  | SOLE |  | 0 | 0 | 0 |
| SPROUTS FMRS MKT INC | COM | 85208M102 |  | 2838441 | 36695 | SH |  | SOLE |  | 0 | 0 | 0 |
| SS TECH HLDGS | COM | 78467J100 |  | 3966547 | 58535 | SH |  | SOLE |  | 0 | 0 | 0 |
| SSR MINING IN | COM | 784730103 |  | 21571729 | 731624 | SH |  | SOLE |  | 0 | 0 | 0 |
| SUNCOR ENERGY INC NEW | COM | 867224107 |  | 66386135 | 1004062 | SH |  | SOLE |  | 0 | 0 | 0 |
| SUPER GROUP SGHC LIMITED | ORD SHS | G8588X103 |  | 2686140 | 248002 | SH |  | SOLE |  | 0 | 0 | 0 |
| PRICE T ROWE GROUP INC | COM | 74144T108 |  | 5085552 | 56256 | SH |  | SOLE |  | 0 | 0 | 0 |
| TAIWAN SEMICONDUCTOR MFG LTD | SPONSORED ADS | 874039100 |  | 5295685 | 15625 | SH |  | SOLE |  | 0 | 0 | 0 |
| TARGET CORP | COM | 87612E106 |  | 2966582 | 24408 | SH |  | SOLE |  | 0 | 0 | 0 |
| TC ENERGY CORP | COM | 87807B107 |  | 7698542 | 123040 | SH |  | SOLE |  | 0 | 0 | 0 |
| TD SYNNEX CORPORATION | COM | 87162W100 |  | 6541697 | 38663 | SH |  | SOLE |  | 0 | 0 | 0 |
| SIMPLY GOOD FOODS CO | COM | 82900L102 |  | 4303524 | 299062 | SH |  | SOLE |  | 0 | 0 | 0 |
| TOLL BROTHERS INC | COM | 889478103 |  | 263325 | 1924 | SH |  | SOLE |  | 0 | 0 | 0 |
| TOPBUILD COR | COM | 89055F103 |  | 1930093 | 5478 | SH |  | SOLE |  | 0 | 0 | 0 |
| TRACTOR SUPPLY CO | COM | 892356106 |  | 2098482 | 46191 | SH |  | SOLE |  | 0 | 0 | 0 |
| THE TRADE DESK INC | COM CL A | 88339J105 |  | 2467162 | 108421 | SH |  | SOLE |  | 0 | 0 | 0 |
| TRAVEL PLUS LEISURE CO | COM | 894164102 |  | 520143 | 7496 | SH |  | SOLE |  | 0 | 0 | 0 |
| U HAUL HOLDING COMPANY | COM SER N | 023586506 |  | 13399535 | 299133 | SH |  | SOLE |  | 0 | 0 | 0 |
| UNION PAC CORP | COM | 907818108 |  | 41183392 | 169256 | SH |  | SOLE |  | 0 | 0 | 0 |
| URBAN OUTFITTERS INC | COM | 917047102 |  | 2766398 | 43543 | SH |  | SOLE |  | 0 | 0 | 0 |
| VALVOLINE INC | COM | 92047W101 |  | 2713129 | 80326 | SH |  | SOLE |  | 0 | 0 | 0 |
| VENTURE GLOBAL INC | COM CL A | 92333F101 |  | 7282970 | 460805 | SH |  | SOLE |  | 0 | 0 | 0 |
| VIRTU FINL INC | CL A | 928254101 |  | 3579154 | 81146 | SH |  | SOLE |  | 0 | 0 | 0 |
| VISTA ENERGY S.A.B. DE C.V. | SPONSORED ADS | 92837L109 |  | 40333980 | 532920 | SH |  | SOLE |  | 0 | 0 | 0 |
| VIZSLA SILVER CORP | COM NEW | 92859G608 |  | 1655699 | 499777 | SH |  | SOLE |  | 0 | 0 | 0 |
| DISNEY WALT CO | COM | 254687106 |  | 5922941 | 61280 | SH |  | SOLE |  | 0 | 0 | 0 |
| WARBY PARKER INC | CL A COM | 93403J106 |  | 2203384 | 104274 | SH |  | SOLE |  | 0 | 0 | 0 |
| WARNER BROS DISCOVERY INC | COM SER A | 934423104 |  | 15451323 | 561089 | SH |  | SOLE |  | 0 | 0 | 0 |
| WAYFAIR INC | CL A | 94419L101 |  | 2373172 | 31465 | SH |  | SOLE |  | 0 | 0 | 0 |
| WELLS FARGO CO NEW | COM | 949746101 |  | 399197 | 5000 | SH |  | SOLE |  | 0 | 0 | 0 |

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