Ruffer LLP
Ruffer LLP declares $399.7M in 8 of the 220 AI and semiconductor companies tracked on Silicon Floor, as of Jun 30, 2026 (Form 13F): 14.1% of its $2.8B 13F portfolio. Largest positions: Amazon (0.01% of the company) and Microsoft (0.01% of the company). Over time: $399.7M in 8 of these companies for Q2 2026, against $12.5M in 5 for Q4 2019 (13F values as filed). From Mar 31, 2026 to Jun 30, 2026, it bought $128.4M and sold $5.8M of these stocks, at the quarter's prices: a net purchase of $122.6M.
Performance of its AI picks
The AI-stock portfolio Ruffer LLP declared for Q2 2026 (Form 13F), held unchanged, returned +20.6% in Q3 2026 (SMH -7.1%), ranked 7 of 1,776 active managers. Over the last 12 months, quarter after quarter: +29.1% (SMH +87.2%). Over three years, quarter after quarter: +209.4% (SMH +325.8%). Over five years, quarter after quarter: +190.8% (SMH +389.8%). Trades made during a quarter are not visible in 13F filings: this measures its declared picks, not the return of its funds.
Largest positions
- Amazon (AMZN) — $197.4M: 829,118 shares, 0.01% of the company, 7.0% of its portfolio (added this quarter); held since Q3 2022
- Microsoft (MSFT) — $169.5M: 454,873 shares, 0.01% of the company, 6.0% of its portfolio (added this quarter); held since Q1 2026
- Fortinet (FTNT) — $8.0M: 52,054 shares, 0.01% of the company, 0.28% of its portfolio (trimmed this quarter); held since Q1 2026
- Intuit (INTU) — $7.4M: 28,336 shares, 0.01% of the company, 0.26% of its portfolio (added this quarter); held since Q1 2026
- Accenture (ACN) — $5.8M: 46,374 shares, 0.01% of the company, 0.20% of its portfolio (added this quarter); held since Q1 2026
- Cognizant (CTSH) — $5.5M: 142,641 shares, 0.03% of the company, 0.20% of its portfolio (added this quarter); held since Q1 2026
- Salesforce (CRM) — $4.5M: 28,582 shares, 0.00% of the company, 0.16% of its portfolio (added this quarter); held since Q1 2026
- TSMC (TSM) — $1.7M: 3,525 shares, 0.00% of the company, 0.06% of its portfolio (trimmed this quarter); held since Q1 2023
By sector
- Cloud & AI giants — $366.9M, 92% of its AI holdings, 2 companies
- AI software — $31.1M, 8% of its AI holdings, 5 companies
- Chips & compute — $1.7M, 0% of its AI holdings, 1 company
Biggest changes this quarter
- added to Amazon (AMZN): +$63.7M at the quarter's price
- added to Microsoft (MSFT): +$52.7M at the quarter's price
- trimmed TSMC (TSM): -$5.8M at the quarter's price
- added to Intuit (INTU): +$5.0M at the quarter's price
- added to Accenture (ACN): +$3.2M at the quarter's price
- added to Cognizant (CTSH): +$2.8M at the quarter's price
- added to Salesforce (CRM): +$1.0M at the quarter's price
- trimmed Fortinet (FTNT): -$61,687.00 at the quarter's price