Ruffer LLP 13F Filing History & Holdings

Diversified strategyMomentum followerHigh-turnover trader

Total reported value

$2.4B

Reporting period: 2026-03-31 · Number of holdings: 176

Ruffer LLP disclosed 176 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $2.4B and a quarterly turnover rate of 68.9%.

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Personality snowflake

Concentration: 12.49
Portfolio Stability: 68.86
Momentum/Contrarian: 100
Sector conviction: 50.08
Diversification: 100
Sizing Uniformity: 78.74

Recent moves

Trim SW
-38.1%　-$63.1M
Add BABA
+143.5%　$76.7M
Add COIN
+95.3%　$84.9M
Trim DIS
-89.2%　-$58.8M
Trim AMZN
-16.4%　-$37.9M
Trim CGAU
-77.5%　-$34.0M

Holdings Map

New buyAddUnchangedTrim

Top 10 holdings by weight

Full holdings list this quarter

#	Ticker	Issuer	Asset Subclass	Weight	Weight Change	Shares Change
1	COIN	Coinbase Global INC -class A	Stock-Financials	10.29%	+2.71%	+95.32%
2	BABA	Alibaba Group Holding-sp Adr	Stock-Consumer Disc	6.03%	+2.81%	+143.47%
3	AMZN	Amazon.com INC	Stock-Consumer Disc	4.80%	-2.27%	-16.37%
4	MSFT	Microsoft CORP	Stock-Tech	4.76%	+4.76%	NEW
5	SW	Smurfit Westrock Plc	Stock-Consumer Disc	4.56%	-3.38%	-38.14%
6	BP	Bp Plc-spons Adr	Stock-Energy	4.05%	+0.51%	-6.16%
7	SLB	Slb LTD	Stock-Energy	3.25%	+1.24%	+34.50%
8	BF-B	Brown-forman Corp-class B	Stock-Other	2.96%	+2.96%	NEW
9	SU	Suncor Energy INC	Stock-Energy	2.72%	+0.70%	+0.49%
10	BAC	Bank Of America CORP	Stock-Financials	2.63%	-1.55%	-21.11%
11	EQX	Equinox Gold CORP	Stock-Other	2.44%	-1.27%	-28.75%
12	SOLV	Solventum CORP	Stock-Healthcare	2.30%	+0.08%	+39.94%
13	FND	Floor & Decor Holdings Inc-a	Stock-Consumer Disc	2.29%	+0.14%	+42.13%
14	XOM	Exxon Mobil CORP	Stock-Energy	2.24%	+0.48%	+0.51%
15	LAMR	Lamar Advertising Co-a	Stock-Real Estate	1.76%	+0.38%	+41.14%
16	UNP	Union Pacific CORP	Stock-Industrials	1.68%	+0.27%	+26.85%
17	VIST	Vista Energy Sab De Cv	Stock-Other	1.65%	+0.77%	+35.08%
18	ARIS	Aris Mining CORP	Stock-Other	1.42%	-0.54%	-29.26%
19	GE	General Electric	Stock-Industrials	1.37%	—	+0.63%
20	GAU	Galiano Gold INC	Stock-Other	1.35%	—	-7.56%
21	PFE	Pfizer INC	Stock-Healthcare	1.32%	—	-13.17%
22	EGO	Eldorado Gold CORP	Stock-Other	1.27%	-1.37%	-44.20%
23	PNC	Pnc Financial Services Group	Stock-Financials	1.26%	—	-1.80%
24	CP	Canadian Pacific Kansas City	Stock-Industrials	1.21%	+0.52%	+81.41%
25	BKNG	Booking Holdings INC	Stock-Consumer Disc	1.06%	+1.06%	NEW
26	B	Barrick Mining CORP	Stock-Materials	0.96%	—	-12.18%
27	SSRM	Ssr Mining INC	Stock-Materials	0.88%	+0.88%	NEW
28	IFF	Intl Flavors & Fragrances	Stock-Materials	0.87%	+0.14%	+22.80%
29	SIG	Signet Jewelers Limited	Stock-Consumer Disc	0.79%	—	+22.92%
30	COO	Cooper Cos Inc/the	Stock-Healthcare	0.63%	-0.54%	-30.75%
31	WBD	Warner Bros Discovery INC	Stock-Comm Services	0.63%	+0.63%	NEW
32	NEM	Newmont CORP	Stock-Materials	0.60%	—	-18.42%
33	MHK	Mohawk Industries INC	Stock-Consumer Disc	0.58%	+0.58%	NEW
34	UHAL-B	U-haul Holding Co-non Voting	Stock-Other	0.55%	—	-1.91%
35	CGAU	Centerra Gold INC	Stock-Other	0.53%	-1.61%	-77.55%
36	PM	Philip Morris International	Stock-Consumer Staples	0.49%	-0.89%	-62.03%
37	SKE	Skeena Resources LTD	Stock-Other	0.49%	-0.39%	-50.98%
38	RGLD	Royal Gold INC	Stock-Materials	0.48%	—	-29.79%
39	MICC	The Magnum Ice Cream Company N.	Stock-Consumer Staples	0.45%	+0.20%	+122.11%
40	ITRG	Integra Resources CORP	Stock-Other	0.44%	—	+32.55%
41	KGC	Kinross Gold CORP	Stock-Materials	0.42%	+0.42%	NEW
42	AU	AngloGold Ashanti plc	Stock-Materials	0.39%	-0.86%	-69.40%
43	PAAS	Pan American Silver CORP	Stock-Materials	0.38%	-1.06%	-72.00%
44	KGS	Kodiak Gas Services INC	Stock-Other	0.35%	+0.35%	NEW
45	AM	Antero Midstream CORP	Stock-Energy	0.33%	+0.33%	NEW
46	NFG	National Fuel Gas Co	Stock-Energy	0.32%	+0.32%	NEW
47	TRP	Tc Energy CORP	Stock-Energy	0.31%	+0.32%	NEW
48	VG	Venture Global Inc-cl A	Stock-Energy	0.30%	+0.30%	NEW
49	CDE	Coeur Mining INC	Stock-Materials	0.30%	—	+4.86%
50	BCE	Bce INC	Stock-Comm Services	0.29%	+0.29%	NEW

1–50 of 176

Portfolio Performance

Performance for Q3 2026

-3.7%

Performance Last 4 Quarters

+44.2%

Based on 76% of reported portfolio value with available pricing

Stdev: +17.8%
Beta: +0.64
Alpha: +16.2%
Max Drawdown: -10.6%
Annualized Perf: +30%
Batting Avg vs S&P: +52.8%
Sortino: +3.13
Stutzer: +0.45
Treynor: +0.44
Sterling: +1.59
Calmar: +2.82
Information Ratio: +0.58
Tracking Error: +16.4%
Stdev Down: +9%
Winning Months %: +66.7%
Losing Months %: +33.3%
Best 12 Months: +78.9%
Worst 12 Months: +10.3%
Efficiency Ratio: +0.71
Sharpe: +1.57
Stdev Sectors: +8.2%
Skewness: -0.32
Kurtosis: -0.74
Upside Potential: +4.7

Reported value over time

Sector allocation

Sector allocation over time

Quarterly history

Period	Holdings	Total value	Stability	Top holdings
2026-03-31	176	$2.4B	69	1COIN 2BABA 3AMZN Top holdings2026-03-31 1.COIN 2.BABA 3.AMZN 4.MSFT 5.SW 6.BP 7.SLB 8.BF-B 9.SU 10.BAC
2025-12-31	154	$2.2B	77	1SW 2COIN 3AMZN Top holdings2025-12-31 1.SW 2.COIN 3.AMZN 4.BAC 5.EQX 6.BP 7.BABA 8.DIS 9.EGO 10.EXR
2025-09-30	101	$1.8B	100	1AMZN 2EQX 3BAC Top holdings2025-09-30 1.AMZN 2.EQX 3.BAC 4.COO 5.BP 6.NEM 7.BABA 8.CGAU 9.B 10.TSM
2025-06-30	98	$2.3B	0	1NEM 2SW 3ABX Top holdings2025-06-30 1.NEM 2.SW 3.ABX 4.AMZN 5.BAC 6.C 7.BP 8.GOOGL 9.RYAAY 10.AU
2025-03-31	94	$2.6B	100	1NEM 2AMZN 3C Top holdings2025-03-31 1.NEM 2.AMZN 3.C 4.ABX 5.BABA 6.BAC 7.BP 8.CI 9.RYAAY 10.PFE
2024-12-31	101	$2.8B	0	1NEM 2C 3AMZN Top holdings2024-12-31 1.NEM 2.C 3.AMZN 4.CI 5.ABX 6.BABA 7.BAC 8.PFE 9.DE 10.KGC
2024-09-30	56	$3.2B	0	1NEM 2BABA 3C Top holdings2024-09-30 1.NEM 2.BABA 3.C 4.CI 5.SW 6.PFE 7.ABX 8.AMZN 9.ABEV 10.BAC
2024-06-30	53	$2.3B	0	1NEM 2C 3CI Top holdings2024-06-30 1.NEM 2.C 3.CI 4.BABA 5.PFE 6.AMZN 7.ABX 8.KGC 9.TSM 10.BAC
2024-03-31	60	$2.6B	0	1NEM 2ABX 3BABA Top holdings2024-03-31 1.NEM 2.ABX 3.BABA 4.PFE 5.C 6.TSM 7.CI 8.KGC 9.AMZN 10.ABEV
2023-12-31	67	$2.7B	0	1NEM 2BABA 3ABX Top holdings2023-12-31 1.NEM 2.BABA 3.ABX 4.TSM 5.PFE 6.ABEV 7.RYAAY 8.KGC 9.AMZN 10.CI
2023-09-30	66	$1.8B	0	1RYAAY 2ABEV 3BABA Top holdings2023-09-30 1.RYAAY 2.ABEV 3.BABA 4.TSM 5.CI 6.AMZN 7.KGC 8.NEM 9.COTY 10.KVUE
2023-06-30	70	$1.7B	0	1ABEV 2RYAAY 3TSM Top holdings2023-06-30 1.ABEV 2.RYAAY 3.TSM 4.CI 5.AMZN 6.KGC 7.NEM 8.BABA 9.COTY 10.ABX
2023-03-31	87	$2.9B	0	1TSM 2ABEV 3KGC Top holdings2023-03-31 1.TSM 2.ABEV 3.KGC 4.BABA 5.RYAAY 6.NEM 7.ABX 8.AEM 9.PXDEUR 10.AMZN
2022-12-31	91	$1.5B	0	1ABEV 2RYAAY 3CI Top holdings2022-12-31 1.ABEV 2.RYAAY 3.CI 4.ABX 5.BP 6.KGC 7.SYF 8.COTY 9.AMZN 10.AXP
2022-09-30	95	$1.6B	0	1ABEV 2CI 3AXP Top holdings2022-09-30 1.ABEV 2.CI 3.AXP 4.RYAAY 5.BP 6.KGC 7.HTZ 8.EXE 9.COTY 10.SCHW
2022-06-30	97	$2.5B	0	1CI 2ABEV 3KGC Top holdings2022-06-30 1.CI 2.ABEV 3.KGC 4.BABA 5.AXP 6.NOC 7.EXE 8.BMY 9.WPM 10.BP
2022-03-31	101	$4.3B	0	1KGC 2CI 3ABEV Top holdings2022-03-31 1.KGC 2.CI 3.ABEV 4.WPM 5.ABX 6.BMY 7.EXE 8.NOC 9.AXP 10.AU3EUR
2021-12-31	101	$4.2B	0	1CI 2KGC 3ABEV Top holdings2021-12-31 1.CI 2.KGC 3.ABEV 4.BMY 5.WPM 6.EXE 7.AXP 8.ABX 9.CNC 10.FHI
2021-09-30	90	$3.2B	0	1CI 2ABEV 3BMY Top holdings2021-09-30 1.CI 2.ABEV 3.BMY 4.KGC 5.CNC 6.WPM 7.EXE 8.AXP 9.AZNN 10.FHI
2021-06-30	89	$3.6B	100	1CNC 2ABEV 3CI Top holdings2021-06-30 1.CNC 2.ABEV 3.CI 4.BMY 5.KGC 6.WPM 7.ALXN 8.AXP 9.EXE 10.EHTH
2021-03-31	76	$3.3B	46	1CNC 2CI 3ABEV Top holdings2021-03-31 1.CNC 2.CI 3.ABEV 4.BMY 5.KGC 6.AXP 7.SCHW 8.WPM 9.EHTH 10.GM
2020-12-31	81	$2.9B	49	1DIS 2AXP 3ABEV Top holdings2020-12-31 1.DIS 2.AXP 3.ABEV 4.CI 5.KGC 6.SCHW 7.CNC 8.BRK-B 9.GM 10.BMY
2020-09-30	78	$2.2B	38	1KGC 2AXP 3GM Top holdings2020-09-30 1.KGC 2.AXP 3.GM 4.SCHW 5.DIS 6.WPM 7.CNC 8.CI 9.GFI 10.IAG
2020-06-30	83	$2.6B	72	1KGC 2WPM 3AXP Top holdings2020-06-30 1.KGC 2.WPM 3.AXP 4.GM 5.CI 6.CNC 7.DIS 8.AU3EUR 9.GFI 10.IAG
2020-03-31	78	$2.2B	69	1DIS 2CI 3EHTH Top holdings2020-03-31 1.DIS 2.CI 3.EHTH 4.KGC 5.CNC 6.NEM 7.WPM 8.XOM 9.AU3EUR 10.GFI
2019-12-31	81	$3.4B	59	1DIS 2BMY 3FCX Top holdings2019-12-31 1.DIS 2.BMY 3.FCX 4.XOM 5.KGC 6.NOVEUR 7.CI 8.CNC 9.WPM 10.GM
2019-09-30	93	$3.5B	42	1DIS 2CELG 3XOM Top holdings2019-09-30 1.DIS 2.CELG 3.XOM 4.CI 5.AMGN 6.ATVIEUR 7.KGC 8.WOO 9.NOVEUR 10.CNC
2019-06-30	103	$4.3B	46	1DIS 2CI 3CELG Top holdings2019-06-30 1.DIS 2.CI 3.CELG 4.XOM 5.KGC 6.ABX 7.AMGN 8.6D8 9.CLF 10.NEM
2019-03-31	90	$3.9B	33	1DIS 2DD 3CI Top holdings2019-03-31 1.DIS 2.DD 3.CI 4.XOM 5.ABX 6.GM 7.CELG 8.KGC 9.NOVEUR 10.WPM
2018-12-31	96	$3.2B	49	1DIS 2DD 3CI Top holdings2018-12-31 1.DIS 2.DD 3.CI 4.KGC 5.ABX 6.XOM 7.GM 8.380956 9.WPM 10.NOVEUR
2018-09-30	76	$3.0B	42	1DIS 2XOM 3CI Top holdings2018-09-30 1.DIS 2.XOM 3.CI 4.DD 5.CLF 6.ABX 7.NOVEUR 8.380956 9.KGC 10.WPM
2018-06-30	78	$2.7B	61	1DIS 2XOM 3DD Top holdings2018-06-30 1.DIS 2.XOM 3.DD 4.NOVEUR 5.MCK 6.KGC 7.GM 8.380956 9.CLF 10.TS
2018-03-31	71	$2.0B	59	1DIS 2XOM 3TS Top holdings2018-03-31 1.DIS 2.XOM 3.TS 4.MCK 5.KGC 6.380956 7.G2709G 8.WOO 9.82481R 10.527288
2017-12-31	72	$2.5B	40	1DIS 2MCK 3TS Top holdings2017-12-31 1.DIS 2.MCK 3.TS 4.WOO 5.APTV 6.AAPL 7.USB 8.XOM 9.G27823 10.KGC
2017-09-30	70	$2.3B	30	1ORCL 2DIS 3MCK Top holdings2017-09-30 1.ORCL 2.DIS 3.MCK 4.TS 5.LW 6.G27823 7.AAPL 8.BFH 9.XOM 10.USB
2017-06-30	70	$2.1B	50	1ORCL 2MCK 3DIS Top holdings2017-06-30 1.ORCL 2.MCK 3.DIS 4.TS 5.BFH 6.XOM 7.LW 8.AAPL 9.KGC 10.PSX
2017-03-31	68	$1.7B	36	1XOM 2DIS 3BFH Top holdings2017-03-31 1.XOM 2.DIS 3.BFH 4.ORCL 5.LW 6.AAPL 7.TS 8.PSX 9.LEN 10.MSFT
2016-12-31	77	$1.7B	68	1XOM 2ORCL 3BFH Top holdings2016-12-31 1.XOM 2.ORCL 3.BFH 4.DIS 5.MSFT 6.BA 7.TS 8.AAPL 9.527288 10.PSX
2016-09-30	80	$1.7B	38	1WRKUSD 2XOM 3ORCL Top holdings2016-09-30 1.WRKUSD 2.XOM 3.ORCL 4.MSFT 5.EMR 6.BA 7.AAPL 8.527288 9.GILD 10.QCOM
2016-06-30	78	$2.2B	25	1XOM 2BA 3ORCL Top holdings2016-06-30 1.XOM 2.BA 3.ORCL 4.EMR 5.MSFT 6.WRKUSD 7.LMT 8.GILD 9.AAPL 10.WPM
2016-03-31	85	$2.4B	22	1BA 2XOM 3ORCL Top holdings2016-03-31 1.BA 2.XOM 3.ORCL 4.EMR 5.MSFT 6.WRKUSD 7.LMT 8.GILD 9.380956 10.AAPL
2015-12-31	94	$2.3B	52	1BA 2XOM 3MSFT Top holdings2015-12-31 1.BA 2.XOM 3.MSFT 4.EMR 5.ORCL 6.WRKUSD 7.LMT 8.049513 9.GILD 10.527288
2015-09-30	93	$2.3B	59	1BA 2LMT 3MSFT Top holdings2015-09-30 1.BA 2.LMT 3.MSFT 4.GILD 5.ORCL 6.527288 7.WRKUSD 8.049513 9.AAPL 10.TXN
2015-06-30	94	$2.3B	34	1BA 2EBAY 3MSFT Top holdings2015-06-30 1.BA 2.EBAY 3.MSFT 4.LMT 5.527288 6.RKLB 7.049513 8.GILD 9.ORCL 10.TXN
2015-03-31	94	$2.3B	57	1BA 2LMT 3MSFT Top holdings2015-03-31 1.BA 2.LMT 3.MSFT 4.RKLB 5.527288 6.EBAY 7.049513 8.TXN 9.380956 10.00817Y
2014-12-31	90	$3.0B	75	1LMT 2ORCL 3MSFT Top holdings2014-12-31 1.LMT 2.ORCL 3.MSFT 4.BA 5.049513 6.TXN 7.HUM 8.VIAB 9.527288 10.EBAY
2014-09-30	94	$3.1B	0	1LMT 2MSFT 3QCOM Top holdings2014-09-30 1.LMT 2.MSFT 3.QCOM 4.ORCL 5.JPM 6.GD 7.IBM 8.049513 9.527288 10.TXN
2014-06-30	94	$3.1B	27	1LMT 2MSFT 3QCOM Top holdings2014-06-30 1.LMT 2.MSFT 3.QCOM 4.ORCL 5.JPM 6.GD 7.IBM 8.049513 9.527288 10.TXN
2014-03-31	99	$3.3B	32	1LMT 2MSFT 3JPM Top holdings2014-03-31 1.LMT 2.MSFT 3.JPM 4.QCOM 5.IBM 6.GD 7.NLYEUR 8.527288 9.049513 10.TXN
2013-12-31	92	$2.8B	34	1LMT 2MSFT 3IBM Top holdings2013-12-31 1.LMT 2.MSFT 3.IBM 4.JPM 5.QCOM 6.GD 7.NLYEUR 8.049513 9.TXN 10.FCX
2013-09-30	89	$2.2B	33	1MSFT 2LMT 3IBM Top holdings2013-09-30 1.MSFT 2.LMT 3.IBM 4.JPM 5.GD 6.NLYEUR 7.049513 8.TXN 9.VIAB 10.WMT
2013-06-30	87	$1.9B	—	1LMT 2MSFT 3JPM Top holdings2013-06-30 1.LMT 2.MSFT 3.JPM 4.IBM 5.GD 6.WMT 7.049513 8.TXN 9.VIAB 10.JNJ

Holding changes this quarter

Ruffer LLP's most significant position changes for 2026-03-31: New buy: Microsoft CORP (MSFT); New buy: Brown-forman Corp-class B (BF-B); Sold out: Extra Space Storage INC (EXR); Sold out: Nomad Foods Limited (NOMD); New buy: Booking Holdings INC (BKNG).

Position changes disclosed by Ruffer LLP for the quarter ending 2026-03-31, including ticker, issuer, weight change, shares change, and action
#	Ticker	Issuer	Weight Change	Shares Change	Action
1	BABA	Alibaba Group Holding-sp Adr	+2.8%	+143.47%	Add
2	COIN	Coinbase Global INC -class A	+2.7%	+95.32%	Add
3	SLB	Slb LTD	+1.2%	+34.50%	Add
4	VIST	Vista Energy Sab De Cv	+0.8%	+35.08%	Add
5	SU	Suncor Energy INC	+0.7%	+0.49%	Add
6	CP	Canadian Pacific Kansas City	+0.5%	+81.41%	Add
7	BP	Bp Plc-spons Adr	+0.5%	-6.16%	Trim
8	XOM	Exxon Mobil CORP	+0.5%	+0.51%	Add
9	LAMR	Lamar Advertising Co-a	+0.4%	+41.14%	Add
10	UNP	Union Pacific CORP	+0.3%	+26.85%	Add
11	MICC	The Magnum Ice Cream Company N.	+0.2%	+122.11%	Add
12	FND	Floor & Decor Holdings Inc-a	+0.1%	+42.13%	Add
13	IFF	Intl Flavors & Fragrances	+0.1%	+22.80%	Add
14	SOLV	Solventum CORP	+0.1%	+39.94%	Add
15	AA	Alcoa CORP	-0.4%	-65.13%	Trim
16	SKE	Skeena Resources LTD	-0.4%	-50.98%	Trim
17	COO	Cooper Cos Inc/the	-0.5%	-30.75%	Trim
18	ARIS	Aris Mining CORP	-0.5%	-29.26%	Trim
19	AU	AngloGold Ashanti plc	-0.9%	-69.40%	Trim
20	PM	Philip Morris International	-0.9%	-62.03%	Trim
21	PAAS	Pan American Silver CORP	-1.1%	-72.00%	Trim
22	EQX	Equinox Gold CORP	-1.3%	-28.75%	Trim
23	EGO	Eldorado Gold CORP	-1.4%	-44.20%	Trim
24	BAC	Bank Of America CORP	-1.6%	-21.11%	Trim
25	CGAU	Centerra Gold INC	-1.6%	-77.55%	Trim
26	AMZN	Amazon.com INC	-2.3%	-16.37%	Trim
27	DIS	Walt Disney Co/the	-2.7%	-89.20%	Trim
28	SW	Smurfit Westrock Plc	-3.4%	-38.14%	Trim
29	MSFT	Microsoft CORP	—	NEW	New buy
30	BF-B	Brown-forman Corp-class B	—	NEW	New buy
31	EXR	Extra Space Storage INC	—	EXIT	Sold out
32	NOMD	Nomad Foods Limited	—	EXIT	Sold out
33	BKNG	Booking Holdings INC	—	NEW	New buy
34	SSRM	Ssr Mining INC	—	NEW	New buy
35	TECK	Teck Resources Ltd-cls B	—	EXIT	Sold out
36	WBD	Warner Bros Discovery INC	—	NEW	New buy
37	MHK	Mohawk Industries INC	—	NEW	New buy
38	KGC	Kinross Gold CORP	—	NEW	New buy
39	KGS	Kodiak Gas Services INC	—	NEW	New buy
40	AM	Antero Midstream CORP	—	NEW	New buy
41	NFG	National Fuel Gas Co	—	NEW	New buy
42	TRP	Tc Energy CORP	—	NEW	New buy
43	VG	Venture Global Inc-cl A	—	NEW	New buy
44	BCE	Bce INC	—	NEW	New buy
45	PAYX	Paychex INC	—	NEW	New buy
46	CNI	Canadian Natl Railway Co	—	NEW	New buy
47	LYB	LyondellBasell Industries N.V.	—	NEW	New buy
48	CSX	Csx CORP	—	NEW	New buy
49	TFX	Teleflex INC	—	EXIT	Sold out
50	HRB	H&r Block INC	—	EXIT	Sold out

FAQ

What is Ruffer LLP and what type of investor is it?

Ruffer LLP is a investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2026-03-31), the firm manages a tracked equity portfolio valued at approximately $2.4B, spread across 176 disclosed positions.

What are Ruffer LLP's largest equity positions?

Based on the latest 13F filing, Ruffer LLP's top holdings by market value are: 1. Coinbase Global INC -class A (COIN) — $251.5M (10.3%) 2. Alibaba Group Holding-sp Adr (BABA) — $147.4M (6.0%) 3. Amazon.com INC (AMZN) — $117.3M (4.8%) 4. Microsoft CORP (MSFT) — $116.4M (4.8%) 5. Smurfit Westrock Plc (SW) — $111.3M (4.6%)

What changes did Ruffer LLP make in its most recent portfolio filing?

In the latest reported quarter, Ruffer LLP made 50 notable position adjustments: 17 new positions were initiated, 13 existing holdings were added to, 15 positions were partially reduced, and 5 were completely exited. The largest of these moves: New buy: Microsoft CORP (MSFT); New buy: Brown-forman Corp-class B (BF-B); Sold out: Extra Space Storage INC (EXR); Sold out: Nomad Foods Limited (NOMD); New buy: Booking Holdings INC (BKNG)

What sectors does Ruffer LLP focus on?

Ruffer LLP is concentrated in the following sectors based on its current disclosed equity portfolio: • Consumer Discretionary: 27.8% • Financials: 18.9% • Energy: 16.6% • Information Technology: 10.3% • Materials: 8.1% • Industrials: 7.0%

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Similar Holdings Style

Institutions with overlapping top holdings

Polar Capital LLP

CIK 0001439303

Total reported value

$13.3B

287 stks

2020-09-30

Concentration6.6

Portfolio Stability0.0

Sector conviction69.4

3 of the top 5 holdings overlap, including Microsoft CORP

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Adams Diversified Equity Fund, INC.

CIK 0000002230

Total reported value

$2.8B

99 stks

2026-03-31

Concentration10.3

Portfolio Stability36.4

Sector conviction68.6

2 of the top 5 holdings overlap, including Microsoft CORP

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Fred Alger Management, LLC

CIK 0000003520

Total reported value

$22.8B

525 stks

2026-03-31

Concentration16.8

Portfolio Stability32.2

Sector conviction81.0

2 of the top 5 holdings overlap, including Microsoft CORP

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Ruffer LLP 13F Filing History & Holdings

Diversified strategyMomentum followerHigh-turnover trader

Total reported value

$2.4B

Reporting period: 2026-03-31 · Number of holdings: 176

Ruffer LLP disclosed 176 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $2.4B and a quarterly turnover rate of 68.9%.

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Personality snowflake

Concentration: 12.49
Portfolio Stability: 68.86
Momentum/Contrarian: 100
Sector conviction: 50.08
Diversification: 100
Sizing Uniformity: 78.74

Recent moves

Trim SW
-38.1%　-$63.1M
Add BABA
+143.5%　$76.7M
Add COIN
+95.3%　$84.9M
Trim DIS
-89.2%　-$58.8M
Trim AMZN
-16.4%　-$37.9M
Trim CGAU
-77.5%　-$34.0M

Holdings Map

New buyAddUnchangedTrim

Top 10 holdings by weight

Full holdings list this quarter

#	Ticker	Issuer	Asset Subclass	Weight	Weight Change	Shares Change
1	COIN	Coinbase Global INC -class A	Stock-Financials	10.29%	+2.71%	+95.32%
2	BABA	Alibaba Group Holding-sp Adr	Stock-Consumer Disc	6.03%	+2.81%	+143.47%
3	AMZN	Amazon.com INC	Stock-Consumer Disc	4.80%	-2.27%	-16.37%
4	MSFT	Microsoft CORP	Stock-Tech	4.76%	+4.76%	NEW
5	SW	Smurfit Westrock Plc	Stock-Consumer Disc	4.56%	-3.38%	-38.14%
6	BP	Bp Plc-spons Adr	Stock-Energy	4.05%	+0.51%	-6.16%
7	SLB	Slb LTD	Stock-Energy	3.25%	+1.24%	+34.50%
8	BF-B	Brown-forman Corp-class B	Stock-Other	2.96%	+2.96%	NEW
9	SU	Suncor Energy INC	Stock-Energy	2.72%	+0.70%	+0.49%
10	BAC	Bank Of America CORP	Stock-Financials	2.63%	-1.55%	-21.11%
11	EQX	Equinox Gold CORP	Stock-Other	2.44%	-1.27%	-28.75%
12	SOLV	Solventum CORP	Stock-Healthcare	2.30%	+0.08%	+39.94%
13	FND	Floor & Decor Holdings Inc-a	Stock-Consumer Disc	2.29%	+0.14%	+42.13%
14	XOM	Exxon Mobil CORP	Stock-Energy	2.24%	+0.48%	+0.51%
15	LAMR	Lamar Advertising Co-a	Stock-Real Estate	1.76%	+0.38%	+41.14%
16	UNP	Union Pacific CORP	Stock-Industrials	1.68%	+0.27%	+26.85%
17	VIST	Vista Energy Sab De Cv	Stock-Other	1.65%	+0.77%	+35.08%
18	ARIS	Aris Mining CORP	Stock-Other	1.42%	-0.54%	-29.26%
19	GE	General Electric	Stock-Industrials	1.37%	—	+0.63%
20	GAU	Galiano Gold INC	Stock-Other	1.35%	—	-7.56%
21	PFE	Pfizer INC	Stock-Healthcare	1.32%	—	-13.17%
22	EGO	Eldorado Gold CORP	Stock-Other	1.27%	-1.37%	-44.20%
23	PNC	Pnc Financial Services Group	Stock-Financials	1.26%	—	-1.80%
24	CP	Canadian Pacific Kansas City	Stock-Industrials	1.21%	+0.52%	+81.41%
25	BKNG	Booking Holdings INC	Stock-Consumer Disc	1.06%	+1.06%	NEW
26	B	Barrick Mining CORP	Stock-Materials	0.96%	—	-12.18%
27	SSRM	Ssr Mining INC	Stock-Materials	0.88%	+0.88%	NEW
28	IFF	Intl Flavors & Fragrances	Stock-Materials	0.87%	+0.14%	+22.80%
29	SIG	Signet Jewelers Limited	Stock-Consumer Disc	0.79%	—	+22.92%
30	COO	Cooper Cos Inc/the	Stock-Healthcare	0.63%	-0.54%	-30.75%
31	WBD	Warner Bros Discovery INC	Stock-Comm Services	0.63%	+0.63%	NEW
32	NEM	Newmont CORP	Stock-Materials	0.60%	—	-18.42%
33	MHK	Mohawk Industries INC	Stock-Consumer Disc	0.58%	+0.58%	NEW
34	UHAL-B	U-haul Holding Co-non Voting	Stock-Other	0.55%	—	-1.91%
35	CGAU	Centerra Gold INC	Stock-Other	0.53%	-1.61%	-77.55%
36	PM	Philip Morris International	Stock-Consumer Staples	0.49%	-0.89%	-62.03%
37	SKE	Skeena Resources LTD	Stock-Other	0.49%	-0.39%	-50.98%
38	RGLD	Royal Gold INC	Stock-Materials	0.48%	—	-29.79%
39	MICC	The Magnum Ice Cream Company N.	Stock-Consumer Staples	0.45%	+0.20%	+122.11%
40	ITRG	Integra Resources CORP	Stock-Other	0.44%	—	+32.55%
41	KGC	Kinross Gold CORP	Stock-Materials	0.42%	+0.42%	NEW
42	AU	AngloGold Ashanti plc	Stock-Materials	0.39%	-0.86%	-69.40%
43	PAAS	Pan American Silver CORP	Stock-Materials	0.38%	-1.06%	-72.00%
44	KGS	Kodiak Gas Services INC	Stock-Other	0.35%	+0.35%	NEW
45	AM	Antero Midstream CORP	Stock-Energy	0.33%	+0.33%	NEW
46	NFG	National Fuel Gas Co	Stock-Energy	0.32%	+0.32%	NEW
47	TRP	Tc Energy CORP	Stock-Energy	0.31%	+0.32%	NEW
48	VG	Venture Global Inc-cl A	Stock-Energy	0.30%	+0.30%	NEW
49	CDE	Coeur Mining INC	Stock-Materials	0.30%	—	+4.86%
50	BCE	Bce INC	Stock-Comm Services	0.29%	+0.29%	NEW

1–50 of 176

Portfolio Performance

Performance for Q3 2026

-3.7%

Performance Last 4 Quarters

+44.2%

Based on 76% of reported portfolio value with available pricing

Stdev: +17.8%
Beta: +0.64
Alpha: +16.2%
Max Drawdown: -10.6%
Annualized Perf: +30%
Batting Avg vs S&P: +52.8%
Sortino: +3.13
Stutzer: +0.45
Treynor: +0.44
Sterling: +1.59
Calmar: +2.82
Information Ratio: +0.58
Tracking Error: +16.4%
Stdev Down: +9%
Winning Months %: +66.7%
Losing Months %: +33.3%
Best 12 Months: +78.9%
Worst 12 Months: +10.3%
Efficiency Ratio: +0.71
Sharpe: +1.57
Stdev Sectors: +8.2%
Skewness: -0.32
Kurtosis: -0.74
Upside Potential: +4.7

Reported value over time

Sector allocation

Sector allocation over time

Quarterly history

Period	Holdings	Total value	Stability	Top holdings
2026-03-31	176	$2.4B	69	1COIN 2BABA 3AMZN Top holdings2026-03-31 1.COIN 2.BABA 3.AMZN 4.MSFT 5.SW 6.BP 7.SLB 8.BF-B 9.SU 10.BAC
2025-12-31	154	$2.2B	77	1SW 2COIN 3AMZN Top holdings2025-12-31 1.SW 2.COIN 3.AMZN 4.BAC 5.EQX 6.BP 7.BABA 8.DIS 9.EGO 10.EXR
2025-09-30	101	$1.8B	100	1AMZN 2EQX 3BAC Top holdings2025-09-30 1.AMZN 2.EQX 3.BAC 4.COO 5.BP 6.NEM 7.BABA 8.CGAU 9.B 10.TSM
2025-06-30	98	$2.3B	0	1NEM 2SW 3ABX Top holdings2025-06-30 1.NEM 2.SW 3.ABX 4.AMZN 5.BAC 6.C 7.BP 8.GOOGL 9.RYAAY 10.AU
2025-03-31	94	$2.6B	100	1NEM 2AMZN 3C Top holdings2025-03-31 1.NEM 2.AMZN 3.C 4.ABX 5.BABA 6.BAC 7.BP 8.CI 9.RYAAY 10.PFE
2024-12-31	101	$2.8B	0	1NEM 2C 3AMZN Top holdings2024-12-31 1.NEM 2.C 3.AMZN 4.CI 5.ABX 6.BABA 7.BAC 8.PFE 9.DE 10.KGC
2024-09-30	56	$3.2B	0	1NEM 2BABA 3C Top holdings2024-09-30 1.NEM 2.BABA 3.C 4.CI 5.SW 6.PFE 7.ABX 8.AMZN 9.ABEV 10.BAC
2024-06-30	53	$2.3B	0	1NEM 2C 3CI Top holdings2024-06-30 1.NEM 2.C 3.CI 4.BABA 5.PFE 6.AMZN 7.ABX 8.KGC 9.TSM 10.BAC
2024-03-31	60	$2.6B	0	1NEM 2ABX 3BABA Top holdings2024-03-31 1.NEM 2.ABX 3.BABA 4.PFE 5.C 6.TSM 7.CI 8.KGC 9.AMZN 10.ABEV
2023-12-31	67	$2.7B	0	1NEM 2BABA 3ABX Top holdings2023-12-31 1.NEM 2.BABA 3.ABX 4.TSM 5.PFE 6.ABEV 7.RYAAY 8.KGC 9.AMZN 10.CI
2023-09-30	66	$1.8B	0	1RYAAY 2ABEV 3BABA Top holdings2023-09-30 1.RYAAY 2.ABEV 3.BABA 4.TSM 5.CI 6.AMZN 7.KGC 8.NEM 9.COTY 10.KVUE
2023-06-30	70	$1.7B	0	1ABEV 2RYAAY 3TSM Top holdings2023-06-30 1.ABEV 2.RYAAY 3.TSM 4.CI 5.AMZN 6.KGC 7.NEM 8.BABA 9.COTY 10.ABX
2023-03-31	87	$2.9B	0	1TSM 2ABEV 3KGC Top holdings2023-03-31 1.TSM 2.ABEV 3.KGC 4.BABA 5.RYAAY 6.NEM 7.ABX 8.AEM 9.PXDEUR 10.AMZN
2022-12-31	91	$1.5B	0	1ABEV 2RYAAY 3CI Top holdings2022-12-31 1.ABEV 2.RYAAY 3.CI 4.ABX 5.BP 6.KGC 7.SYF 8.COTY 9.AMZN 10.AXP
2022-09-30	95	$1.6B	0	1ABEV 2CI 3AXP Top holdings2022-09-30 1.ABEV 2.CI 3.AXP 4.RYAAY 5.BP 6.KGC 7.HTZ 8.EXE 9.COTY 10.SCHW
2022-06-30	97	$2.5B	0	1CI 2ABEV 3KGC Top holdings2022-06-30 1.CI 2.ABEV 3.KGC 4.BABA 5.AXP 6.NOC 7.EXE 8.BMY 9.WPM 10.BP
2022-03-31	101	$4.3B	0	1KGC 2CI 3ABEV Top holdings2022-03-31 1.KGC 2.CI 3.ABEV 4.WPM 5.ABX 6.BMY 7.EXE 8.NOC 9.AXP 10.AU3EUR
2021-12-31	101	$4.2B	0	1CI 2KGC 3ABEV Top holdings2021-12-31 1.CI 2.KGC 3.ABEV 4.BMY 5.WPM 6.EXE 7.AXP 8.ABX 9.CNC 10.FHI
2021-09-30	90	$3.2B	0	1CI 2ABEV 3BMY Top holdings2021-09-30 1.CI 2.ABEV 3.BMY 4.KGC 5.CNC 6.WPM 7.EXE 8.AXP 9.AZNN 10.FHI
2021-06-30	89	$3.6B	100	1CNC 2ABEV 3CI Top holdings2021-06-30 1.CNC 2.ABEV 3.CI 4.BMY 5.KGC 6.WPM 7.ALXN 8.AXP 9.EXE 10.EHTH
2021-03-31	76	$3.3B	46	1CNC 2CI 3ABEV Top holdings2021-03-31 1.CNC 2.CI 3.ABEV 4.BMY 5.KGC 6.AXP 7.SCHW 8.WPM 9.EHTH 10.GM
2020-12-31	81	$2.9B	49	1DIS 2AXP 3ABEV Top holdings2020-12-31 1.DIS 2.AXP 3.ABEV 4.CI 5.KGC 6.SCHW 7.CNC 8.BRK-B 9.GM 10.BMY
2020-09-30	78	$2.2B	38	1KGC 2AXP 3GM Top holdings2020-09-30 1.KGC 2.AXP 3.GM 4.SCHW 5.DIS 6.WPM 7.CNC 8.CI 9.GFI 10.IAG
2020-06-30	83	$2.6B	72	1KGC 2WPM 3AXP Top holdings2020-06-30 1.KGC 2.WPM 3.AXP 4.GM 5.CI 6.CNC 7.DIS 8.AU3EUR 9.GFI 10.IAG
2020-03-31	78	$2.2B	69	1DIS 2CI 3EHTH Top holdings2020-03-31 1.DIS 2.CI 3.EHTH 4.KGC 5.CNC 6.NEM 7.WPM 8.XOM 9.AU3EUR 10.GFI
2019-12-31	81	$3.4B	59	1DIS 2BMY 3FCX Top holdings2019-12-31 1.DIS 2.BMY 3.FCX 4.XOM 5.KGC 6.NOVEUR 7.CI 8.CNC 9.WPM 10.GM
2019-09-30	93	$3.5B	42	1DIS 2CELG 3XOM Top holdings2019-09-30 1.DIS 2.CELG 3.XOM 4.CI 5.AMGN 6.ATVIEUR 7.KGC 8.WOO 9.NOVEUR 10.CNC
2019-06-30	103	$4.3B	46	1DIS 2CI 3CELG Top holdings2019-06-30 1.DIS 2.CI 3.CELG 4.XOM 5.KGC 6.ABX 7.AMGN 8.6D8 9.CLF 10.NEM
2019-03-31	90	$3.9B	33	1DIS 2DD 3CI Top holdings2019-03-31 1.DIS 2.DD 3.CI 4.XOM 5.ABX 6.GM 7.CELG 8.KGC 9.NOVEUR 10.WPM
2018-12-31	96	$3.2B	49	1DIS 2DD 3CI Top holdings2018-12-31 1.DIS 2.DD 3.CI 4.KGC 5.ABX 6.XOM 7.GM 8.380956 9.WPM 10.NOVEUR
2018-09-30	76	$3.0B	42	1DIS 2XOM 3CI Top holdings2018-09-30 1.DIS 2.XOM 3.CI 4.DD 5.CLF 6.ABX 7.NOVEUR 8.380956 9.KGC 10.WPM
2018-06-30	78	$2.7B	61	1DIS 2XOM 3DD Top holdings2018-06-30 1.DIS 2.XOM 3.DD 4.NOVEUR 5.MCK 6.KGC 7.GM 8.380956 9.CLF 10.TS
2018-03-31	71	$2.0B	59	1DIS 2XOM 3TS Top holdings2018-03-31 1.DIS 2.XOM 3.TS 4.MCK 5.KGC 6.380956 7.G2709G 8.WOO 9.82481R 10.527288
2017-12-31	72	$2.5B	40	1DIS 2MCK 3TS Top holdings2017-12-31 1.DIS 2.MCK 3.TS 4.WOO 5.APTV 6.AAPL 7.USB 8.XOM 9.G27823 10.KGC
2017-09-30	70	$2.3B	30	1ORCL 2DIS 3MCK Top holdings2017-09-30 1.ORCL 2.DIS 3.MCK 4.TS 5.LW 6.G27823 7.AAPL 8.BFH 9.XOM 10.USB
2017-06-30	70	$2.1B	50	1ORCL 2MCK 3DIS Top holdings2017-06-30 1.ORCL 2.MCK 3.DIS 4.TS 5.BFH 6.XOM 7.LW 8.AAPL 9.KGC 10.PSX
2017-03-31	68	$1.7B	36	1XOM 2DIS 3BFH Top holdings2017-03-31 1.XOM 2.DIS 3.BFH 4.ORCL 5.LW 6.AAPL 7.TS 8.PSX 9.LEN 10.MSFT
2016-12-31	77	$1.7B	68	1XOM 2ORCL 3BFH Top holdings2016-12-31 1.XOM 2.ORCL 3.BFH 4.DIS 5.MSFT 6.BA 7.TS 8.AAPL 9.527288 10.PSX
2016-09-30	80	$1.7B	38	1WRKUSD 2XOM 3ORCL Top holdings2016-09-30 1.WRKUSD 2.XOM 3.ORCL 4.MSFT 5.EMR 6.BA 7.AAPL 8.527288 9.GILD 10.QCOM
2016-06-30	78	$2.2B	25	1XOM 2BA 3ORCL Top holdings2016-06-30 1.XOM 2.BA 3.ORCL 4.EMR 5.MSFT 6.WRKUSD 7.LMT 8.GILD 9.AAPL 10.WPM
2016-03-31	85	$2.4B	22	1BA 2XOM 3ORCL Top holdings2016-03-31 1.BA 2.XOM 3.ORCL 4.EMR 5.MSFT 6.WRKUSD 7.LMT 8.GILD 9.380956 10.AAPL
2015-12-31	94	$2.3B	52	1BA 2XOM 3MSFT Top holdings2015-12-31 1.BA 2.XOM 3.MSFT 4.EMR 5.ORCL 6.WRKUSD 7.LMT 8.049513 9.GILD 10.527288
2015-09-30	93	$2.3B	59	1BA 2LMT 3MSFT Top holdings2015-09-30 1.BA 2.LMT 3.MSFT 4.GILD 5.ORCL 6.527288 7.WRKUSD 8.049513 9.AAPL 10.TXN
2015-06-30	94	$2.3B	34	1BA 2EBAY 3MSFT Top holdings2015-06-30 1.BA 2.EBAY 3.MSFT 4.LMT 5.527288 6.RKLB 7.049513 8.GILD 9.ORCL 10.TXN
2015-03-31	94	$2.3B	57	1BA 2LMT 3MSFT Top holdings2015-03-31 1.BA 2.LMT 3.MSFT 4.RKLB 5.527288 6.EBAY 7.049513 8.TXN 9.380956 10.00817Y
2014-12-31	90	$3.0B	75	1LMT 2ORCL 3MSFT Top holdings2014-12-31 1.LMT 2.ORCL 3.MSFT 4.BA 5.049513 6.TXN 7.HUM 8.VIAB 9.527288 10.EBAY
2014-09-30	94	$3.1B	0	1LMT 2MSFT 3QCOM Top holdings2014-09-30 1.LMT 2.MSFT 3.QCOM 4.ORCL 5.JPM 6.GD 7.IBM 8.049513 9.527288 10.TXN
2014-06-30	94	$3.1B	27	1LMT 2MSFT 3QCOM Top holdings2014-06-30 1.LMT 2.MSFT 3.QCOM 4.ORCL 5.JPM 6.GD 7.IBM 8.049513 9.527288 10.TXN
2014-03-31	99	$3.3B	32	1LMT 2MSFT 3JPM Top holdings2014-03-31 1.LMT 2.MSFT 3.JPM 4.QCOM 5.IBM 6.GD 7.NLYEUR 8.527288 9.049513 10.TXN
2013-12-31	92	$2.8B	34	1LMT 2MSFT 3IBM Top holdings2013-12-31 1.LMT 2.MSFT 3.IBM 4.JPM 5.QCOM 6.GD 7.NLYEUR 8.049513 9.TXN 10.FCX
2013-09-30	89	$2.2B	33	1MSFT 2LMT 3IBM Top holdings2013-09-30 1.MSFT 2.LMT 3.IBM 4.JPM 5.GD 6.NLYEUR 7.049513 8.TXN 9.VIAB 10.WMT
2013-06-30	87	$1.9B	—	1LMT 2MSFT 3JPM Top holdings2013-06-30 1.LMT 2.MSFT 3.JPM 4.IBM 5.GD 6.WMT 7.049513 8.TXN 9.VIAB 10.JNJ

Holding changes this quarter

Position changes disclosed by Ruffer LLP for the quarter ending 2026-03-31, including ticker, issuer, weight change, shares change, and action
#	Ticker	Issuer	Weight Change	Shares Change	Action
1	BABA	Alibaba Group Holding-sp Adr	+2.8%	+143.47%	Add
2	COIN	Coinbase Global INC -class A	+2.7%	+95.32%	Add
3	SLB	Slb LTD	+1.2%	+34.50%	Add
4	VIST	Vista Energy Sab De Cv	+0.8%	+35.08%	Add
5	SU	Suncor Energy INC	+0.7%	+0.49%	Add
6	CP	Canadian Pacific Kansas City	+0.5%	+81.41%	Add
7	BP	Bp Plc-spons Adr	+0.5%	-6.16%	Trim
8	XOM	Exxon Mobil CORP	+0.5%	+0.51%	Add
9	LAMR	Lamar Advertising Co-a	+0.4%	+41.14%	Add
10	UNP	Union Pacific CORP	+0.3%	+26.85%	Add
11	MICC	The Magnum Ice Cream Company N.	+0.2%	+122.11%	Add
12	FND	Floor & Decor Holdings Inc-a	+0.1%	+42.13%	Add
13	IFF	Intl Flavors & Fragrances	+0.1%	+22.80%	Add
14	SOLV	Solventum CORP	+0.1%	+39.94%	Add
15	AA	Alcoa CORP	-0.4%	-65.13%	Trim
16	SKE	Skeena Resources LTD	-0.4%	-50.98%	Trim
17	COO	Cooper Cos Inc/the	-0.5%	-30.75%	Trim
18	ARIS	Aris Mining CORP	-0.5%	-29.26%	Trim
19	AU	AngloGold Ashanti plc	-0.9%	-69.40%	Trim
20	PM	Philip Morris International	-0.9%	-62.03%	Trim
21	PAAS	Pan American Silver CORP	-1.1%	-72.00%	Trim
22	EQX	Equinox Gold CORP	-1.3%	-28.75%	Trim
23	EGO	Eldorado Gold CORP	-1.4%	-44.20%	Trim
24	BAC	Bank Of America CORP	-1.6%	-21.11%	Trim
25	CGAU	Centerra Gold INC	-1.6%	-77.55%	Trim
26	AMZN	Amazon.com INC	-2.3%	-16.37%	Trim
27	DIS	Walt Disney Co/the	-2.7%	-89.20%	Trim
28	SW	Smurfit Westrock Plc	-3.4%	-38.14%	Trim
29	MSFT	Microsoft CORP	—	NEW	New buy
30	BF-B	Brown-forman Corp-class B	—	NEW	New buy
31	EXR	Extra Space Storage INC	—	EXIT	Sold out
32	NOMD	Nomad Foods Limited	—	EXIT	Sold out
33	BKNG	Booking Holdings INC	—	NEW	New buy
34	SSRM	Ssr Mining INC	—	NEW	New buy
35	TECK	Teck Resources Ltd-cls B	—	EXIT	Sold out
36	WBD	Warner Bros Discovery INC	—	NEW	New buy
37	MHK	Mohawk Industries INC	—	NEW	New buy
38	KGC	Kinross Gold CORP	—	NEW	New buy
39	KGS	Kodiak Gas Services INC	—	NEW	New buy
40	AM	Antero Midstream CORP	—	NEW	New buy
41	NFG	National Fuel Gas Co	—	NEW	New buy
42	TRP	Tc Energy CORP	—	NEW	New buy
43	VG	Venture Global Inc-cl A	—	NEW	New buy
44	BCE	Bce INC	—	NEW	New buy
45	PAYX	Paychex INC	—	NEW	New buy
46	CNI	Canadian Natl Railway Co	—	NEW	New buy
47	LYB	LyondellBasell Industries N.V.	—	NEW	New buy
48	CSX	Csx CORP	—	NEW	New buy
49	TFX	Teleflex INC	—	EXIT	Sold out
50	HRB	H&r Block INC	—	EXIT	Sold out