RUFFER LLP
Q1 2023 Form 13-F
LONDON
CIK 0001426859
· CRD 309733
· SEC-registered investment adviser
$2.9B Reported Value Total
RUFFER LLP reports 6,312 total accounts under management (AUM). There are 6,312 discretionary accounts valued at $31,592,072,008, and 0 non-discretionary accounts.
Source: Form ADV filed * Note that certain holdings are exempt from Form 13-F reporting, so the AUM totals may be greater than the Form 13-F total.
Private funds (Form ADV)
1 fund
· $4.9B gross asset value
Other: $4.9B
Source: Form ADV filed 2026-10-13
Reported value
$2.9B
Quarter over quarter
+8.7%
Holdings
87
Top-10 concentration
49.8%
Key People
Form ADV owners & control persons
Jonathan Garnier Ruffer
SHAREHOLDER
Christopher Bacon
CHIEF EXECUTIVE OFFICER AND BOARD MEMBER (AND PARTNER)
Henry James Macfarlane Maxey
EXECUTIVE CHAIRMAN, CHIEF INVESTMENT OFFICER AND BOARD MEMBER (AND PARTNER )
Filing Navigation
Coverage begins with the second quarter of 2013. Earlier quarters are not shown while their accuracy is being verified.
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Q1 2023 13F record
Q1 2023 13F filing summary
| Period of report | March 31, 2023 |
|---|---|
| Filed | May 11, 2023 |
| Form | 13F-HR |
| Reported value | $2.9B |
| Positions | 87 |
| Change in reported value | +93.7% |
| New positions | 15 |
| Exited positions | 19 |
| Position turnover | 32.1% |
| Top-10 concentration | 49.8% |
13F filings by quarter
| Quarter | Positions | Value |
|---|---|---|
|
Q2 2026 13F
Filed Jul 30, 2026
|
187 | $2.8B |
|
Q1 2026 13F
Filed May 13, 2026
|
176 | $2.4B |
|
Q4 2025 13F
Filed Jan 28, 2026
|
154 | $2.2B |
|
Q3 2025 13F
Filed Nov 3, 2025
|
101 | $1.8B |
|
Q2 2025 13F
Filed Jul 16, 2025
|
98 | $2.3B |
|
Q1 2025 13F
Filed May 9, 2025
|
94 | $2.6B |
|
Q4 2024 13F
Filed Feb 7, 2025
|
101 | $2.8B |
|
Q3 2024 13F
Filed Nov 8, 2024
|
56 | $3.2B |
|
Q2 2024 13F
Filed Aug 8, 2024
|
53 | $2.3B |
|
Q1 2024 13F
Filed May 8, 2024
|
60 | $2.6B |
|
Q4 2023 13F
Filed Feb 12, 2024
|
67 | $2.7B |
|
Q3 2023 13F
Filed Nov 13, 2023
|
66 | $1.8B |
|
Q2 2023 13F
Filed Aug 10, 2023
|
70 | $1.7B |
|
Q1 2023 13F
Filed May 11, 2023
|
87 | $2.9B |
|
Q4 2022 13F
Filed Feb 10, 2023
|
91 | $1.5B |
|
Q3 2022 13F
Filed Nov 10, 2022
|
95 | $1.6B |
|
Q2 2022 13F
Filed Aug 5, 2022
|
97 | $2.5B |
|
Q1 2022 13F
Filed May 12, 2022
|
101 | $4.3B |
|
Q4 2021 13F
Filed Feb 4, 2022
|
101 | $4.2B |
|
Q3 2021 13F
Filed Nov 10, 2021
|
90 | $3.2B |
33 earlier quarters on file — choose one from the quarter menu above.
Top 20 holdings · Q1 2023
| # | Holding | Reported value | % of portfolio |
|---|---|---|---|
| 1 | TSM TAIWAN SEMICONDUCTOR MFG LTD | $218.4M | 7.57% |
| 2 | ABEV AMBEV SA | $173.1M | 6.0% |
| 3 | KGC KINROSS GOLD CORP | $167.9M | 5.81% |
| 4 | BABA ALIBABA GROUP HLDG LTD | $147.3M | 5.1% |
| 5 | RYAAY RYANAIR HOLDINGS PLC | $135.5M | 4.7% |
| 6 | NEM NEWMONT CORP | $134.4M | 4.66% |
| 7 | ABX BARRICK GOLD CORP | $134.3M | 4.65% |
| 8 | AEM AGNICO EAGLE MINES LTD | $123.3M | 4.27% |
| 9 | PXD PIONEER NAT RES CO | $102.4M | 3.55% |
| 10 | AMZN AMAZON COM INC | $100.3M | 3.47% |
| 11 | AA ALCOA CORP | $84.9M | 2.94% |
| 12 | COTY COTY INC | $74.7M | 2.59% |
| 13 | CI THE CIGNA GROUP | $73.6M | 2.55% |
| 14 | MOS MOSAIC CO NEW | $72.4M | 2.51% |
| 15 | NTR NUTRIEN LTD | $71.1M | 2.46% |
| 16 | JXN JACKSON FINANCIAL INC | $55.2M | 1.91% |
| 17 | EOG EOG RES INC | $53.8M | 1.86% |
| 18 | AU ANGLOGOLD ASHANTI LIMITED | $53.1M | 1.84% |
| 19 | SHEL SHELL PLC | $53.1M | 1.84% |
| 20 | COP CONOCOPHILLIPS | $51.3M | 1.78% |
Values as reported on the Q1 2023 Form 13F. Every position is in the holdings table below.