Railway Pension Investments Ltd — AI-Powered 13F Analysis

CIK: 0001658020

Diversified strategyMomentum followerQuality / disciplined sizing

Total reported value

$7.0B

Reporting period: 2026-03-31 · Number of holdings: 103

Railway Pension Investments Ltd disclosed 103 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $7.0B and a quarterly turnover rate of 32.9%.

Browse other institutions with $1B to $10B AUM Browse other institutions starting with "R"

Personality snowflake

Concentration: 9.19
Portfolio Stability: 32.88
Momentum/Contrarian: 100
Sector conviction: 60.27
Diversification: 100
Sizing Uniformity: 88.25

Railway Pension Investments Ltd's disclosed holdings carry a Herfindahl concentration index of 0.023 — mathematically equivalent to about 44 equally-sized positions, well below its 103 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.

Position sizes are fairly uniform across the portfolio (a coefficient of variation of 1.17), suggesting a disciplined, rules-based approach to how much capital goes into each idea.

No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.

Recent moves

Add SYK
+1168.8%　$147.4M
Add LNG
-7.0%　$63.9M
Trim MSFT
-9.7%　-$167.3M
Add LRCX
-5.7%　$31.6M
Add EQIX
-8.0%　$30.5M
Add NEE
-7.5%　$14.2M

Holdings Map

New buyAddUnchangedTrim

Top 10 holdings by weight

Full holdings list this quarter

#	Ticker	Issuer	Asset Subclass	Weight	Weight Change	Shares Change
1	MSFT	Microsoft CORP	Stock-Tech	5.34%	-1.03%	-9.65%
2	GOOGL	Alphabet Inc-cl A	Stock-Comm Services	3.77%	-0.64%	-23.22%
3	NVDA	Nvidia CORP	Stock-Tech	3.49%	+0.14%	-7.84%
4	LNG	Cheniere Energy INC	Stock-Energy	3.45%	+1.35%	-7.00%
5	AMZN	Amazon.com INC	Stock-Consumer Disc	3.33%	—	+7.35%
6	AVGO	Broadcom INC	Stock-Tech	3.32%	+0.01%	-7.25%
7	META	Meta Platforms Inc-class A	Stock-Comm Services	3.25%	—	+16.86%
8	NEE	Nextera Energy INC	Stock-Utilities	3.08%	+0.71%	-7.51%
9	LRCX	Lam Research CORP	Stock-Tech	2.99%	+0.90%	-5.69%
10	EQIX	Equinix INC	Stock-Real Estate	2.88%	+0.86%	-7.95%
11	TMO	Thermo Fisher Scientific INC	Stock-Healthcare	2.86%	-0.15%	-7.56%
12	TXN	Texas Instruments INC	Stock-Tech	2.71%	+0.65%	-2.94%
13	GILD	Gilead Sciences INC	Stock-Healthcare	2.59%	—	-6.85%
14	CEG	Constellation Energy	Stock-Utilities	2.52%	+0.25%	+15.73%
15	ABBV	Abbvie INC	Stock-Healthcare	2.48%	+0.17%	-6.85%
16	AAPL	Apple INC	Stock-Tech	2.46%	+0.05%	-9.50%
17	V	Visa Inc-class A Shares	Stock-Financials	2.41%	-0.17%	-10.35%
18	SYK	Stryker CORP	Stock-Healthcare	2.29%	+2.13%	+1168.81%
19	JNJ	Johnson & Johnson	Stock-Healthcare	2.26%	—	-10.15%
20	PANW	Palo Alto Networks INC	Stock-Tech	2.24%	-0.02%	-6.01%
21	MA	Mastercard INC - A	Stock-Financials	2.08%	-0.16%	-12.51%
22	IDXX	Idexx Laboratories INC	Stock-Healthcare	2.05%	-0.54%	-21.34%
23	PEG	Public Service Enterprise Gp	Stock-Utilities	1.98%	-0.12%	-22.60%
24	KLAC	Kla CORP	Stock-Tech	1.83%	—	-12.17%
25	QCOM	Qualcomm INC	Stock-Tech	1.73%	-0.37%	-9.98%
26	APH	Amphenol Corp-cl A	Stock-Tech	1.52%	+0.03%	-9.46%
27	ORLY	O'reilly Automotive INC	Stock-Consumer Disc	1.52%	—	-8.22%
28	MCK	Mckesson CORP	Stock-Healthcare	1.35%	—	-13.04%
29	NOW	Servicenow INC	Stock-Tech	1.33%	-0.53%	-13.62%
30	CSCO	Cisco Systems INC	Stock-Tech	1.26%	+0.09%	-11.69%
31	MO	Altria Group INC	Stock-Consumer Staples	1.21%	—	-11.89%
32	FAST	Fastenal Co	Stock-Industrials	1.11%	—	-10.50%
33	PH	Parker Hannifin CORP	Stock-Industrials	0.94%	—	-11.74%
34	BMY	Bristol-myers Squibb Co	Stock-Healthcare	0.90%	—	-12.13%
35	EXPE	Expedia Group INC	Stock-Consumer Disc	0.87%	-0.23%	-19.70%
36	GWW	Ww Grainger INC	Stock-Industrials	0.86%	—	-12.49%
37	NTAP	Netapp INC	Stock-Tech	0.75%	+0.01%	-12.61%
38	BKNG	Booking Holdings INC	Stock-Consumer Disc	0.69%	-0.19%	-17.89%
39	HCA	Hca Healthcare INC	Stock-Healthcare	0.62%	—	-13.41%
40	TJX	Tjx Companies INC	Stock-Consumer Disc	0.61%	—	-12.71%
41	WMT	Walmart INC	Stock-Consumer Staples	0.60%	—	-12.79%
42	CDNS	Cadence Design Sys INC	Stock-Tech	0.56%	-0.05%	-15.35%
43	MSI	Motorola Solutions INC	Stock-Tech	0.53%	—	-12.48%
44	TPR	Tapestry INC	Stock-Consumer Disc	0.52%	—	-17.50%
45	CRM	Salesforce INC	Stock-Tech	0.51%	-0.23%	-19.85%
46	VZ	Verizon Communications INC	Stock-Comm Services	0.50%	—	-12.64%
47	MAR	Marriott International -cl A	Stock-Consumer Disc	0.50%	+0.50%	NEW
48	ROL	Rollins INC	Stock-Consumer Disc	0.48%	—	-12.67%
49	ADSK	Autodesk INC	Stock-Tech	0.47%	-0.13%	-19.26%
50	OTIS	Otis Worldwide CORP	Stock-Industrials	0.45%	—	-12.78%

1–50 of 103

Portfolio Performance

Performance for Q3 2026

+0.9%

Performance Last 4 Quarters

+12.3%

Based on 74% of reported portfolio value with available pricing

Stdev: +13%
Beta: +0.94
Alpha: -5.1%
Max Drawdown: -7.3%
Annualized Perf: +12.1%
Batting Avg vs S&P: +33.3%
Sortino: +1.81
Stutzer: +0.28
Treynor: +0.13
Sterling: +0.72
Calmar: +1.66
Information Ratio: -1.45
Tracking Error: +4.3%
Stdev Down: +6.8%
Winning Months %: +58.3%
Losing Months %: +41.7%
Best 12 Months: +28.4%
Worst 12 Months: +5%
Efficiency Ratio: +0.36
Sharpe: +0.94
Stdev Sectors: +10%
Skewness: +0.4
Kurtosis: +0.34
Upside Potential: +3.66

Reported value over time

Sector allocation

Sector allocation over time

Quarterly history

Period	Holdings	Total value	Stability	Top holdings
2026-03-31	103	$7.0B	33	1MSFT 2GOOGL 3NVDA Top holdings2026-03-31 1.MSFT 2.GOOGL 3.NVDA 4.LNG 5.AMZN 6.AVGO 7.META 8.NEE 9.LRCX 10.EQIX
2025-12-31	106	$8.5B	33	1MSFT 2GOOGL 3NVDA Top holdings2025-12-31 1.MSFT 2.GOOGL 3.NVDA 4.AVGO 5.TMO 6.AMZN 7.META 8.IDXX 9.V 10.AAPL
2025-09-30	117	$7.4B	71	1MSFT 2GOOGL 3V Top holdings2025-09-30 1.MSFT 2.GOOGL 3.V 4.ABBV 5.AMZN 6.JNJ 7.NVDA 8.IDXX 9.META 10.PANW
2025-06-30	210	$7.1B	0	1MSFT 2GILD 3V Top holdings2025-06-30 1.MSFT 2.GILD 3.V 4.CCJ 5.CEG 6.ABBV 7.LNG 8.META 9.ORLY 10.GOOGL
2025-03-31	212	$7.0B	100	1GILD 2V 3ABBV Top holdings2025-03-31 1.GILD 2.V 3.ABBV 4.MSFT 5.AAPL 6.ORLY 7.META 8.JNJ 9.ACN 10.PG
2024-12-31	208	$7.5B	0	1MSFT 2NOW 3AVGO Top holdings2024-12-31 1.MSFT 2.NOW 3.AVGO 4.WMT 5.GOOGL 6.ACN 7.AMZN 8.META 9.AAPL 10.ABBV
2024-09-30	215	$8.3B	0	1MSFT 2JNJ 3NOW Top holdings2024-09-30 1.MSFT 2.JNJ 3.NOW 4.WMT 5.ABBV 6.META 7.ACN 8.AVGO 9.AAPL 10.NEE
2024-06-30	219	$8.4B	0	1MSFT 2META 3NOW Top holdings2024-06-30 1.MSFT 2.META 3.NOW 4.GOOGL 5.AMZN 6.MRK 7.SPGI 8.JNJ 9.WMT 10.NEE
2024-03-31	220	$10.3B	0	1MSFT 2ACN 3META Top holdings2024-03-31 1.MSFT 2.ACN 3.META 4.TSM 5.NOW 6.MRK 7.AVGO 8.AMZN 9.ABBV 10.EW
2023-12-31	218	$9.7B	0	1ACN 2MSFT 3NOW Top holdings2023-12-31 1.ACN 2.MSFT 3.NOW 4.TSM 5.AMZN 6.SPGI 7.META 8.AVGO 9.MRK 10.PEP
2023-09-30	211	$9.2B	0	1ACN 2MSFT 3PEP Top holdings2023-09-30 1.ACN 2.MSFT 3.PEP 4.LLY 5.MRK 6.NOW 7.TSM 8.TXN 9.UNH 10.PG
2023-06-30	214	$10.0B	0	1ACN 2NOW 3TSM Top holdings2023-06-30 1.ACN 2.NOW 3.TSM 4.MRK 5.TXN 6.PEP 7.MSFT 8.UNH 9.LLY 10.NEE
2023-03-31	209	$9.8B	0	1TXN 2V 3GILD Top holdings2023-03-31 1.TXN 2.V 3.GILD 4.ACN 5.TSM 6.PEP 7.NEE 8.UNH 9.ELV 10.MRK
2022-12-31	223	$10.0B	0	1V 2TXN 3UNH Top holdings2022-12-31 1.V 2.TXN 3.UNH 4.NEE 5.GILD 6.ACN 7.TMO 8.DHR 9.PG 10.ELV
2022-09-30	234	$9.2B	0	1TMO 2V 3TXN Top holdings2022-09-30 1.TMO 2.V 3.TXN 4.UNH 5.ABBV 6.NEE 7.ACN 8.DHR 9.JNJ 10.AAPL
2022-06-30	232	$10.2B	0	1TMO 2MSFT 3V Top holdings2022-06-30 1.TMO 2.MSFT 3.V 4.ABBV 5.PG 6.TXN 7.ACN 8.UNH 9.JNJ 10.DHR
2022-03-31	238	$12.9B	0	1MSFT 2TMO 3DHR Top holdings2022-03-31 1.MSFT 2.TMO 3.DHR 4.ACN 5.V 6.TXN 7.GOOGL 8.UNH 9.PG 10.ABBV
2021-12-31	237	$13.4B	0	1TMO 2MSFT 3ACN Top holdings2021-12-31 1.TMO 2.MSFT 3.ACN 4.DHR 5.V 6.GOOGL 7.TXN 8.META 9.HD 10.UNH
2021-09-30	236	$12.3B	0	1V 2DHR 3TMO Top holdings2021-09-30 1.V 2.DHR 3.TMO 4.MSFT 5.META 6.ACN 7.TXN 8.AMZN 9.ORCL 10.ADBE
2021-06-30	231	$12.0B	100	1AMZN 2MSFT 3TXN Top holdings2021-06-30 1.AMZN 2.MSFT 3.TXN 4.META 5.ACN 6.TMO 7.V 8.DHR 9.UNH 10.TSM
2021-03-31	230	$10.8B	26	1AMZN 2TXN 3TMO Top holdings2021-03-31 1.AMZN 2.TXN 3.TMO 4.MSFT 5.ACN 6.TSM 7.META 8.DHR 9.V 10.PG
2020-12-31	238	$10.4B	30	1AMZN 2TMO 3V Top holdings2020-12-31 1.AMZN 2.TMO 3.V 4.PG 5.MSFT 6.NEE 7.TXN 8.META 9.DHR 10.TSM
2020-09-30	265	$9.7B	23	1AMZN 2PG 3V Top holdings2020-09-30 1.AMZN 2.PG 3.V 4.TMO 5.MSFT 6.META 7.AMGN 8.NEE 9.DHR 10.ACN
2020-06-30	313	$8.9B	40	1V 2AMZN 3MSFT Top holdings2020-06-30 1.V 2.AMZN 3.MSFT 4.PG 5.INTC 6.AMGN 7.NEE 8.ACN 9.ABBV 10.GILD
2020-03-31	349	$7.2B	34	1V 2PG 3BMY Top holdings2020-03-31 1.V 2.PG 3.BMY 4.NEE 5.MRK 6.AMGN 7.INTC 8.GILD 9.MA 10.ORCL
2019-12-31	349	$8.9B	26	1HYG 2V 3WMT Top holdings2019-12-31 1.HYG 2.V 3.WMT 4.PG 5.MA 6.AMGN 7.NEE 8.PEP 9.BMY 10.MRK
2019-09-30	351	$8.2B	31	1WMT 2V 3PG Top holdings2019-09-30 1.WMT 2.V 3.PG 4.ACN 5.PEP 6.NEE 7.MA 8.MRK 9.HD 10.TXN
2019-06-30	344	$7.7B	25	1V 2PG 3AMZN Top holdings2019-06-30 1.V 2.PG 3.AMZN 4.MA 5.PEP 6.MRK 7.VZ 8.HD 9.ACN 10.WMT
2019-03-31	349	$7.2B	57	1V 2PG 3AMZN Top holdings2019-03-31 1.V 2.PG 3.AMZN 4.UNH 5.MRK 6.VZ 7.HD 8.JNJ 9.MA 10.ACN
2018-12-31	393	$5.0B	100	1V 2AMZN 3UNH Top holdings2018-12-31 1.V 2.AMZN 3.UNH 4.PFE 5.HD 6.ACN 7.JPM 8.TXN 9.NEE 10.WMT
2015-09-30	1	$195.1M	—	1VWO Top holdings2015-09-30 1.VWO

Holding changes this quarter

Railway Pension Investments Ltd's most significant position changes for 2026-03-31: Sold out: S&p Global INC (SPGI); Sold out: Lpl Financial Holdings INC (LPLA); Sold out: Danaher CORP (DHR); Sold out: Merck & Co. INC. (MRK); Sold out: Autozone INC (AZO).

Position changes disclosed by Railway Pension Investments Ltd for the quarter ending 2026-03-31, including ticker, issuer, weight change, shares change, and action
#	Ticker	Issuer	Weight Change	Shares Change	Action
1	SYK	Stryker CORP	+2.1%	+1168.81%	Add
2	LNG	Cheniere Energy INC	+1.4%	-7.00%	Trim
3	LRCX	Lam Research CORP	+0.9%	-5.69%	Trim
4	EQIX	Equinix INC	+0.9%	-7.95%	Trim
5	NEE	Nextera Energy INC	+0.7%	-7.51%	Trim
6	TXN	Texas Instruments INC	+0.7%	-2.94%	Trim
7	CEG	Constellation Energy	+0.3%	+15.73%	Add
8	GDDY	Godaddy INC - Class A	+0.3%	+497.96%	Add
9	ADBE	Adobe INC	+0.3%	+474.03%	Add
10	ROST	Ross Stores INC	+0.2%	+353.01%	Add
11	ABBV	Abbvie INC	+0.2%	-6.85%	Trim
12	NVDA	Nvidia CORP	+0.1%	-7.84%	Trim
13	CSCO	Cisco Systems INC	+0.1%	-11.69%	Trim
14	AAPL	Apple INC	+0.1%	-9.50%	Trim
15	APH	Amphenol Corp-cl A	0%	-9.46%	Trim
16	AVGO	Broadcom INC	0%	-7.25%	Trim
17	NTAP	Netapp INC	0%	-12.61%	Trim
18	PANW	Palo Alto Networks INC	0%	-6.01%	Trim
19	CDNS	Cadence Design Sys INC	-0.1%	-15.35%	Trim
20	HPQ	Hp INC	-0.1%	-18.61%	Trim
21	IBM	Intl Business Machines CORP	-0.1%	-19.86%	Trim
22	PEG	Public Service Enterprise Gp	-0.1%	-22.60%	Trim
23	ADSK	Autodesk INC	-0.1%	-19.26%	Trim
24	TMO	Thermo Fisher Scientific INC	-0.2%	-7.56%	Trim
25	CTSH	Cognizant Tech Solutions-a	-0.2%	-19.82%	Trim
26	MA	Mastercard INC - A	-0.2%	-12.51%	Trim
27	V	Visa Inc-class A Shares	-0.2%	-10.35%	Trim
28	BKNG	Booking Holdings INC	-0.2%	-17.89%	Trim
29	EXPE	Expedia Group INC	-0.2%	-19.70%	Trim
30	CRM	Salesforce INC	-0.2%	-19.85%	Trim
31	QCOM	Qualcomm INC	-0.4%	-9.98%	Trim
32	NOW	Servicenow INC	-0.5%	-13.62%	Trim
33	IDXX	Idexx Laboratories INC	-0.5%	-21.34%	Trim
34	GOOGL	Alphabet Inc-cl A	-0.6%	-23.22%	Trim
35	MSFT	Microsoft CORP	-1%	-9.65%	Trim
36	SPGI	S&p Global INC	—	EXIT	Sold out
37	LPLA	Lpl Financial Holdings INC	—	EXIT	Sold out
38	DHR	Danaher CORP	—	EXIT	Sold out
39	MRK	Merck & Co. INC.	—	EXIT	Sold out
40	AZO	Autozone INC	—	EXIT	Sold out
41	MAR	Marriott International -cl A	—	NEW	New buy
42	CHKP	Check Point Software Technologies Ltd.	—	EXIT	Sold out
43	BSX	Boston Scientific CORP	—	EXIT	Sold out
44	FTV	Fortive CORP	—	NEW	New buy
45	ADI	Analog Devices INC	—	NEW	New buy
46	CAH	Cardinal Health INC	—	NEW	New buy
47	ROP	Roper Technologies INC	—	EXIT	Sold out
48	EA	Electronic Arts INC	—	EXIT	Sold out
49	HO1	Hologic INC	—	EXIT	Sold out
50	CBOE	Cboe Global Markets INC	—	NEW	New buy

Filing History

Period	Filed	Type	EDGAR
2026-03-31	2026-05-12	13F-HR	View on EDGAR
2025-12-31	2026-02-10	13F-HR	View on EDGAR
2025-09-30	2025-10-22	13F-HR	View on EDGAR
2025-06-30	2025-08-13	13F-HR	View on EDGAR
2025-03-31	2025-05-12	13F-HR	View on EDGAR
2024-12-31	2025-02-12	13F-HR	View on EDGAR
2024-09-30	2024-11-13	13F-HR	View on EDGAR
2024-06-30	2024-07-26	13F-HR	View on EDGAR
2024-03-31	2024-06-07	13F-HR	View on EDGAR
2023-12-31	2024-02-12	13F-HR	View on EDGAR
2023-09-30	2023-10-25	13F-HR	View on EDGAR
2023-06-30	2023-08-11	13F-HR	View on EDGAR
2023-03-31	2023-08-11	Amendment	View on EDGAR
2023-03-31	2023-05-09	13F-HR	View on EDGAR
2022-12-31	2023-08-11	Amendment	View on EDGAR
2022-12-31	2023-01-27	13F-HR	View on EDGAR
2022-09-30	2022-11-15	13F-HR	View on EDGAR
2022-06-30	2022-08-12	13F-HR	View on EDGAR
2022-03-31	2022-08-31	Amendment	View on EDGAR
2022-03-31	2022-04-25	13F-HR	View on EDGAR
2021-12-31	2022-01-25	13F-HR	View on EDGAR
2021-09-30	2021-10-26	13F-HR	View on EDGAR
2021-06-30	2021-07-23	13F-HR	View on EDGAR
2021-03-31	2021-05-14	13F-HR	View on EDGAR
2020-12-31	2021-02-08	13F-HR	View on EDGAR
2020-09-30	2020-10-29	13F-HR	View on EDGAR
2020-06-30	2020-07-22	13F-HR	View on EDGAR
2020-03-31	2020-04-22	13F-HR	View on EDGAR
2019-12-31	2020-02-03	13F-HR	View on EDGAR
2019-09-30	2019-10-24	13F-HR	View on EDGAR
2019-06-30	2019-10-03	Amendment	View on EDGAR
2019-06-30	2019-07-16	13F-HR	View on EDGAR
2019-03-31	2019-10-03	Amendment	View on EDGAR
2019-03-31	2019-04-08	13F-HR	View on EDGAR
2018-12-31	2019-10-03	Amendment	View on EDGAR
2018-12-31	2019-02-22	13F-HR	View on EDGAR
2015-09-30	2015-11-16	13F-HR	View on EDGAR

FAQ

What is Railway Pension Investments Ltd and what type of investor is it?

Railway Pension Investments Ltd 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 $7.0B, spread across 103 disclosed positions.

What are Railway Pension Investments Ltd's largest equity positions?

Based on the latest 13F filing, Railway Pension Investments Ltd's top holdings by market value are: 1. Microsoft CORP (MSFT) — $375.1M (5.3%) 2. Alphabet Inc-cl A (GOOGL) — $264.6M (3.8%) 3. Nvidia CORP (NVDA) — $245.5M (3.5%) 4. Cheniere Energy INC (LNG) — $242.6M (3.5%) 5. Amazon.com INC (AMZN) — $233.6M (3.3%)

What changes did Railway Pension Investments Ltd make in its most recent portfolio filing?

In the latest reported quarter, Railway Pension Investments Ltd made 50 notable position adjustments: 5 new positions were initiated, 5 existing holdings were added to, 30 positions were partially reduced, and 10 were completely exited. The largest of these moves: Sold out: S&p Global INC (SPGI); Sold out: Lpl Financial Holdings INC (LPLA); Sold out: Danaher CORP (DHR); Sold out: Merck & Co. INC. (MRK); Sold out: Autozone INC (AZO)

What sectors does Railway Pension Investments Ltd focus on?

Railway Pension Investments Ltd is concentrated in the following sectors based on its current disclosed equity portfolio: • Information Technology: 37.0% • Health Care: 18.6% • Consumer Discretionary: 9.6% • Communication Services: 7.9% • Utilities: 7.6% • Industrials: 5.5%

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Railway Pension Investments Ltd — AI-Powered 13F Analysis

CIK: 0001658020

Diversified strategyMomentum followerQuality / disciplined sizing

Total reported value

$7.0B

Reporting period: 2026-03-31 · Number of holdings: 103

Railway Pension Investments Ltd disclosed 103 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $7.0B and a quarterly turnover rate of 32.9%.

Browse other institutions with $1B to $10B AUM Browse other institutions starting with "R"

Personality snowflake

Concentration: 9.19
Portfolio Stability: 32.88
Momentum/Contrarian: 100
Sector conviction: 60.27
Diversification: 100
Sizing Uniformity: 88.25

Position sizes are fairly uniform across the portfolio (a coefficient of variation of 1.17), suggesting a disciplined, rules-based approach to how much capital goes into each idea.

No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.

Recent moves

Add SYK
+1168.8%　$147.4M
Add LNG
-7.0%　$63.9M
Trim MSFT
-9.7%　-$167.3M
Add LRCX
-5.7%　$31.6M
Add EQIX
-8.0%　$30.5M
Add NEE
-7.5%　$14.2M

Holdings Map

New buyAddUnchangedTrim

Top 10 holdings by weight

Full holdings list this quarter

#	Ticker	Issuer	Asset Subclass	Weight	Weight Change	Shares Change
1	MSFT	Microsoft CORP	Stock-Tech	5.34%	-1.03%	-9.65%
2	GOOGL	Alphabet Inc-cl A	Stock-Comm Services	3.77%	-0.64%	-23.22%
3	NVDA	Nvidia CORP	Stock-Tech	3.49%	+0.14%	-7.84%
4	LNG	Cheniere Energy INC	Stock-Energy	3.45%	+1.35%	-7.00%
5	AMZN	Amazon.com INC	Stock-Consumer Disc	3.33%	—	+7.35%
6	AVGO	Broadcom INC	Stock-Tech	3.32%	+0.01%	-7.25%
7	META	Meta Platforms Inc-class A	Stock-Comm Services	3.25%	—	+16.86%
8	NEE	Nextera Energy INC	Stock-Utilities	3.08%	+0.71%	-7.51%
9	LRCX	Lam Research CORP	Stock-Tech	2.99%	+0.90%	-5.69%
10	EQIX	Equinix INC	Stock-Real Estate	2.88%	+0.86%	-7.95%
11	TMO	Thermo Fisher Scientific INC	Stock-Healthcare	2.86%	-0.15%	-7.56%
12	TXN	Texas Instruments INC	Stock-Tech	2.71%	+0.65%	-2.94%
13	GILD	Gilead Sciences INC	Stock-Healthcare	2.59%	—	-6.85%
14	CEG	Constellation Energy	Stock-Utilities	2.52%	+0.25%	+15.73%
15	ABBV	Abbvie INC	Stock-Healthcare	2.48%	+0.17%	-6.85%
16	AAPL	Apple INC	Stock-Tech	2.46%	+0.05%	-9.50%
17	V	Visa Inc-class A Shares	Stock-Financials	2.41%	-0.17%	-10.35%
18	SYK	Stryker CORP	Stock-Healthcare	2.29%	+2.13%	+1168.81%
19	JNJ	Johnson & Johnson	Stock-Healthcare	2.26%	—	-10.15%
20	PANW	Palo Alto Networks INC	Stock-Tech	2.24%	-0.02%	-6.01%
21	MA	Mastercard INC - A	Stock-Financials	2.08%	-0.16%	-12.51%
22	IDXX	Idexx Laboratories INC	Stock-Healthcare	2.05%	-0.54%	-21.34%
23	PEG	Public Service Enterprise Gp	Stock-Utilities	1.98%	-0.12%	-22.60%
24	KLAC	Kla CORP	Stock-Tech	1.83%	—	-12.17%
25	QCOM	Qualcomm INC	Stock-Tech	1.73%	-0.37%	-9.98%
26	APH	Amphenol Corp-cl A	Stock-Tech	1.52%	+0.03%	-9.46%
27	ORLY	O'reilly Automotive INC	Stock-Consumer Disc	1.52%	—	-8.22%
28	MCK	Mckesson CORP	Stock-Healthcare	1.35%	—	-13.04%
29	NOW	Servicenow INC	Stock-Tech	1.33%	-0.53%	-13.62%
30	CSCO	Cisco Systems INC	Stock-Tech	1.26%	+0.09%	-11.69%
31	MO	Altria Group INC	Stock-Consumer Staples	1.21%	—	-11.89%
32	FAST	Fastenal Co	Stock-Industrials	1.11%	—	-10.50%
33	PH	Parker Hannifin CORP	Stock-Industrials	0.94%	—	-11.74%
34	BMY	Bristol-myers Squibb Co	Stock-Healthcare	0.90%	—	-12.13%
35	EXPE	Expedia Group INC	Stock-Consumer Disc	0.87%	-0.23%	-19.70%
36	GWW	Ww Grainger INC	Stock-Industrials	0.86%	—	-12.49%
37	NTAP	Netapp INC	Stock-Tech	0.75%	+0.01%	-12.61%
38	BKNG	Booking Holdings INC	Stock-Consumer Disc	0.69%	-0.19%	-17.89%
39	HCA	Hca Healthcare INC	Stock-Healthcare	0.62%	—	-13.41%
40	TJX	Tjx Companies INC	Stock-Consumer Disc	0.61%	—	-12.71%
41	WMT	Walmart INC	Stock-Consumer Staples	0.60%	—	-12.79%
42	CDNS	Cadence Design Sys INC	Stock-Tech	0.56%	-0.05%	-15.35%
43	MSI	Motorola Solutions INC	Stock-Tech	0.53%	—	-12.48%
44	TPR	Tapestry INC	Stock-Consumer Disc	0.52%	—	-17.50%
45	CRM	Salesforce INC	Stock-Tech	0.51%	-0.23%	-19.85%
46	VZ	Verizon Communications INC	Stock-Comm Services	0.50%	—	-12.64%
47	MAR	Marriott International -cl A	Stock-Consumer Disc	0.50%	+0.50%	NEW
48	ROL	Rollins INC	Stock-Consumer Disc	0.48%	—	-12.67%
49	ADSK	Autodesk INC	Stock-Tech	0.47%	-0.13%	-19.26%
50	OTIS	Otis Worldwide CORP	Stock-Industrials	0.45%	—	-12.78%

1–50 of 103

Portfolio Performance

Performance for Q3 2026

+0.9%

Performance Last 4 Quarters

+12.3%

Based on 74% of reported portfolio value with available pricing

Stdev: +13%
Beta: +0.94
Alpha: -5.1%
Max Drawdown: -7.3%
Annualized Perf: +12.1%
Batting Avg vs S&P: +33.3%
Sortino: +1.81
Stutzer: +0.28
Treynor: +0.13
Sterling: +0.72
Calmar: +1.66
Information Ratio: -1.45
Tracking Error: +4.3%
Stdev Down: +6.8%
Winning Months %: +58.3%
Losing Months %: +41.7%
Best 12 Months: +28.4%
Worst 12 Months: +5%
Efficiency Ratio: +0.36
Sharpe: +0.94
Stdev Sectors: +10%
Skewness: +0.4
Kurtosis: +0.34
Upside Potential: +3.66

Reported value over time

Sector allocation

Sector allocation over time

Quarterly history

Period	Holdings	Total value	Stability	Top holdings
2026-03-31	103	$7.0B	33	1MSFT 2GOOGL 3NVDA Top holdings2026-03-31 1.MSFT 2.GOOGL 3.NVDA 4.LNG 5.AMZN 6.AVGO 7.META 8.NEE 9.LRCX 10.EQIX
2025-12-31	106	$8.5B	33	1MSFT 2GOOGL 3NVDA Top holdings2025-12-31 1.MSFT 2.GOOGL 3.NVDA 4.AVGO 5.TMO 6.AMZN 7.META 8.IDXX 9.V 10.AAPL
2025-09-30	117	$7.4B	71	1MSFT 2GOOGL 3V Top holdings2025-09-30 1.MSFT 2.GOOGL 3.V 4.ABBV 5.AMZN 6.JNJ 7.NVDA 8.IDXX 9.META 10.PANW
2025-06-30	210	$7.1B	0	1MSFT 2GILD 3V Top holdings2025-06-30 1.MSFT 2.GILD 3.V 4.CCJ 5.CEG 6.ABBV 7.LNG 8.META 9.ORLY 10.GOOGL
2025-03-31	212	$7.0B	100	1GILD 2V 3ABBV Top holdings2025-03-31 1.GILD 2.V 3.ABBV 4.MSFT 5.AAPL 6.ORLY 7.META 8.JNJ 9.ACN 10.PG
2024-12-31	208	$7.5B	0	1MSFT 2NOW 3AVGO Top holdings2024-12-31 1.MSFT 2.NOW 3.AVGO 4.WMT 5.GOOGL 6.ACN 7.AMZN 8.META 9.AAPL 10.ABBV
2024-09-30	215	$8.3B	0	1MSFT 2JNJ 3NOW Top holdings2024-09-30 1.MSFT 2.JNJ 3.NOW 4.WMT 5.ABBV 6.META 7.ACN 8.AVGO 9.AAPL 10.NEE
2024-06-30	219	$8.4B	0	1MSFT 2META 3NOW Top holdings2024-06-30 1.MSFT 2.META 3.NOW 4.GOOGL 5.AMZN 6.MRK 7.SPGI 8.JNJ 9.WMT 10.NEE
2024-03-31	220	$10.3B	0	1MSFT 2ACN 3META Top holdings2024-03-31 1.MSFT 2.ACN 3.META 4.TSM 5.NOW 6.MRK 7.AVGO 8.AMZN 9.ABBV 10.EW
2023-12-31	218	$9.7B	0	1ACN 2MSFT 3NOW Top holdings2023-12-31 1.ACN 2.MSFT 3.NOW 4.TSM 5.AMZN 6.SPGI 7.META 8.AVGO 9.MRK 10.PEP
2023-09-30	211	$9.2B	0	1ACN 2MSFT 3PEP Top holdings2023-09-30 1.ACN 2.MSFT 3.PEP 4.LLY 5.MRK 6.NOW 7.TSM 8.TXN 9.UNH 10.PG
2023-06-30	214	$10.0B	0	1ACN 2NOW 3TSM Top holdings2023-06-30 1.ACN 2.NOW 3.TSM 4.MRK 5.TXN 6.PEP 7.MSFT 8.UNH 9.LLY 10.NEE
2023-03-31	209	$9.8B	0	1TXN 2V 3GILD Top holdings2023-03-31 1.TXN 2.V 3.GILD 4.ACN 5.TSM 6.PEP 7.NEE 8.UNH 9.ELV 10.MRK
2022-12-31	223	$10.0B	0	1V 2TXN 3UNH Top holdings2022-12-31 1.V 2.TXN 3.UNH 4.NEE 5.GILD 6.ACN 7.TMO 8.DHR 9.PG 10.ELV
2022-09-30	234	$9.2B	0	1TMO 2V 3TXN Top holdings2022-09-30 1.TMO 2.V 3.TXN 4.UNH 5.ABBV 6.NEE 7.ACN 8.DHR 9.JNJ 10.AAPL
2022-06-30	232	$10.2B	0	1TMO 2MSFT 3V Top holdings2022-06-30 1.TMO 2.MSFT 3.V 4.ABBV 5.PG 6.TXN 7.ACN 8.UNH 9.JNJ 10.DHR
2022-03-31	238	$12.9B	0	1MSFT 2TMO 3DHR Top holdings2022-03-31 1.MSFT 2.TMO 3.DHR 4.ACN 5.V 6.TXN 7.GOOGL 8.UNH 9.PG 10.ABBV
2021-12-31	237	$13.4B	0	1TMO 2MSFT 3ACN Top holdings2021-12-31 1.TMO 2.MSFT 3.ACN 4.DHR 5.V 6.GOOGL 7.TXN 8.META 9.HD 10.UNH
2021-09-30	236	$12.3B	0	1V 2DHR 3TMO Top holdings2021-09-30 1.V 2.DHR 3.TMO 4.MSFT 5.META 6.ACN 7.TXN 8.AMZN 9.ORCL 10.ADBE
2021-06-30	231	$12.0B	100	1AMZN 2MSFT 3TXN Top holdings2021-06-30 1.AMZN 2.MSFT 3.TXN 4.META 5.ACN 6.TMO 7.V 8.DHR 9.UNH 10.TSM
2021-03-31	230	$10.8B	26	1AMZN 2TXN 3TMO Top holdings2021-03-31 1.AMZN 2.TXN 3.TMO 4.MSFT 5.ACN 6.TSM 7.META 8.DHR 9.V 10.PG
2020-12-31	238	$10.4B	30	1AMZN 2TMO 3V Top holdings2020-12-31 1.AMZN 2.TMO 3.V 4.PG 5.MSFT 6.NEE 7.TXN 8.META 9.DHR 10.TSM
2020-09-30	265	$9.7B	23	1AMZN 2PG 3V Top holdings2020-09-30 1.AMZN 2.PG 3.V 4.TMO 5.MSFT 6.META 7.AMGN 8.NEE 9.DHR 10.ACN
2020-06-30	313	$8.9B	40	1V 2AMZN 3MSFT Top holdings2020-06-30 1.V 2.AMZN 3.MSFT 4.PG 5.INTC 6.AMGN 7.NEE 8.ACN 9.ABBV 10.GILD
2020-03-31	349	$7.2B	34	1V 2PG 3BMY Top holdings2020-03-31 1.V 2.PG 3.BMY 4.NEE 5.MRK 6.AMGN 7.INTC 8.GILD 9.MA 10.ORCL
2019-12-31	349	$8.9B	26	1HYG 2V 3WMT Top holdings2019-12-31 1.HYG 2.V 3.WMT 4.PG 5.MA 6.AMGN 7.NEE 8.PEP 9.BMY 10.MRK
2019-09-30	351	$8.2B	31	1WMT 2V 3PG Top holdings2019-09-30 1.WMT 2.V 3.PG 4.ACN 5.PEP 6.NEE 7.MA 8.MRK 9.HD 10.TXN
2019-06-30	344	$7.7B	25	1V 2PG 3AMZN Top holdings2019-06-30 1.V 2.PG 3.AMZN 4.MA 5.PEP 6.MRK 7.VZ 8.HD 9.ACN 10.WMT
2019-03-31	349	$7.2B	57	1V 2PG 3AMZN Top holdings2019-03-31 1.V 2.PG 3.AMZN 4.UNH 5.MRK 6.VZ 7.HD 8.JNJ 9.MA 10.ACN
2018-12-31	393	$5.0B	100	1V 2AMZN 3UNH Top holdings2018-12-31 1.V 2.AMZN 3.UNH 4.PFE 5.HD 6.ACN 7.JPM 8.TXN 9.NEE 10.WMT
2015-09-30	1	$195.1M	—	1VWO Top holdings2015-09-30 1.VWO

Holding changes this quarter

Position changes disclosed by Railway Pension Investments Ltd for the quarter ending 2026-03-31, including ticker, issuer, weight change, shares change, and action
#	Ticker	Issuer	Weight Change	Shares Change	Action
1	SYK	Stryker CORP	+2.1%	+1168.81%	Add
2	LNG	Cheniere Energy INC	+1.4%	-7.00%	Trim
3	LRCX	Lam Research CORP	+0.9%	-5.69%	Trim
4	EQIX	Equinix INC	+0.9%	-7.95%	Trim
5	NEE	Nextera Energy INC	+0.7%	-7.51%	Trim
6	TXN	Texas Instruments INC	+0.7%	-2.94%	Trim
7	CEG	Constellation Energy	+0.3%	+15.73%	Add
8	GDDY	Godaddy INC - Class A	+0.3%	+497.96%	Add
9	ADBE	Adobe INC	+0.3%	+474.03%	Add
10	ROST	Ross Stores INC	+0.2%	+353.01%	Add
11	ABBV	Abbvie INC	+0.2%	-6.85%	Trim
12	NVDA	Nvidia CORP	+0.1%	-7.84%	Trim
13	CSCO	Cisco Systems INC	+0.1%	-11.69%	Trim
14	AAPL	Apple INC	+0.1%	-9.50%	Trim
15	APH	Amphenol Corp-cl A	0%	-9.46%	Trim
16	AVGO	Broadcom INC	0%	-7.25%	Trim
17	NTAP	Netapp INC	0%	-12.61%	Trim
18	PANW	Palo Alto Networks INC	0%	-6.01%	Trim
19	CDNS	Cadence Design Sys INC	-0.1%	-15.35%	Trim
20	HPQ	Hp INC	-0.1%	-18.61%	Trim
21	IBM	Intl Business Machines CORP	-0.1%	-19.86%	Trim
22	PEG	Public Service Enterprise Gp	-0.1%	-22.60%	Trim
23	ADSK	Autodesk INC	-0.1%	-19.26%	Trim
24	TMO	Thermo Fisher Scientific INC	-0.2%	-7.56%	Trim
25	CTSH	Cognizant Tech Solutions-a	-0.2%	-19.82%	Trim
26	MA	Mastercard INC - A	-0.2%	-12.51%	Trim
27	V	Visa Inc-class A Shares	-0.2%	-10.35%	Trim
28	BKNG	Booking Holdings INC	-0.2%	-17.89%	Trim
29	EXPE	Expedia Group INC	-0.2%	-19.70%	Trim
30	CRM	Salesforce INC	-0.2%	-19.85%	Trim
31	QCOM	Qualcomm INC	-0.4%	-9.98%	Trim
32	NOW	Servicenow INC	-0.5%	-13.62%	Trim
33	IDXX	Idexx Laboratories INC	-0.5%	-21.34%	Trim
34	GOOGL	Alphabet Inc-cl A	-0.6%	-23.22%	Trim
35	MSFT	Microsoft CORP	-1%	-9.65%	Trim
36	SPGI	S&p Global INC	—	EXIT	Sold out
37	LPLA	Lpl Financial Holdings INC	—	EXIT	Sold out
38	DHR	Danaher CORP	—	EXIT	Sold out
39	MRK	Merck & Co. INC.	—	EXIT	Sold out
40	AZO	Autozone INC	—	EXIT	Sold out
41	MAR	Marriott International -cl A	—	NEW	New buy
42	CHKP	Check Point Software Technologies Ltd.	—	EXIT	Sold out
43	BSX	Boston Scientific CORP	—	EXIT	Sold out
44	FTV	Fortive CORP	—	NEW	New buy
45	ADI	Analog Devices INC	—	NEW	New buy
46	CAH	Cardinal Health INC	—	NEW	New buy
47	ROP	Roper Technologies INC	—	EXIT	Sold out
48	EA	Electronic Arts INC	—	EXIT	Sold out
49	HO1	Hologic INC	—	EXIT	Sold out
50	CBOE	Cboe Global Markets INC	—	NEW	New buy

Filing History

Period	Filed	Type	EDGAR
2026-03-31	2026-05-12	13F-HR	View on EDGAR
2025-12-31	2026-02-10	13F-HR	View on EDGAR
2025-09-30	2025-10-22	13F-HR	View on EDGAR
2025-06-30	2025-08-13	13F-HR	View on EDGAR
2025-03-31	2025-05-12	13F-HR	View on EDGAR
2024-12-31	2025-02-12	13F-HR	View on EDGAR
2024-09-30	2024-11-13	13F-HR	View on EDGAR
2024-06-30	2024-07-26	13F-HR	View on EDGAR
2024-03-31	2024-06-07	13F-HR	View on EDGAR
2023-12-31	2024-02-12	13F-HR	View on EDGAR
2023-09-30	2023-10-25	13F-HR	View on EDGAR
2023-06-30	2023-08-11	13F-HR	View on EDGAR
2023-03-31	2023-08-11	Amendment	View on EDGAR
2023-03-31	2023-05-09	13F-HR	View on EDGAR
2022-12-31	2023-08-11	Amendment	View on EDGAR
2022-12-31	2023-01-27	13F-HR	View on EDGAR
2022-09-30	2022-11-15	13F-HR	View on EDGAR
2022-06-30	2022-08-12	13F-HR	View on EDGAR
2022-03-31	2022-08-31	Amendment	View on EDGAR
2022-03-31	2022-04-25	13F-HR	View on EDGAR
2021-12-31	2022-01-25	13F-HR	View on EDGAR
2021-09-30	2021-10-26	13F-HR	View on EDGAR
2021-06-30	2021-07-23	13F-HR	View on EDGAR
2021-03-31	2021-05-14	13F-HR	View on EDGAR
2020-12-31	2021-02-08	13F-HR	View on EDGAR
2020-09-30	2020-10-29	13F-HR	View on EDGAR
2020-06-30	2020-07-22	13F-HR	View on EDGAR
2020-03-31	2020-04-22	13F-HR	View on EDGAR
2019-12-31	2020-02-03	13F-HR	View on EDGAR
2019-09-30	2019-10-24	13F-HR	View on EDGAR
2019-06-30	2019-10-03	Amendment	View on EDGAR
2019-06-30	2019-07-16	13F-HR	View on EDGAR
2019-03-31	2019-10-03	Amendment	View on EDGAR
2019-03-31	2019-04-08	13F-HR	View on EDGAR
2018-12-31	2019-10-03	Amendment	View on EDGAR
2018-12-31	2019-02-22	13F-HR	View on EDGAR
2015-09-30	2015-11-16	13F-HR	View on EDGAR