CIK: 0000863748
Total reported value
$47.7B
Reporting period: 2026-03-31 · Number of holdings: 688
ROYAL LONDON ASSET MANAGEMENT LTD disclosed 688 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $47.7B and a quarterly turnover rate of 22.0%.
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Royal London Asset Management LTD's disclosed holdings carry a Herfindahl concentration index of 0.018 — mathematically equivalent to about 56 equally-sized positions, well below its 688 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes vary widely across the portfolio (a coefficient of variation of 3.35), with a handful of outsized bets alongside many smaller positions.
No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.
Trim MSFT
-4.6% -$777.3M
Trim LLY
-11.3% -$191.2M
Trim GOOGL
-0.2% -$182.5M
Add RPRX
+2019.5% $175.7M
Trim AAPL
+0.5% -$168.1M
Trim NVDA
+1.7% -$161.6M
Royal London rotates capital out of overextended US mega-cap tech (MSFT and GOOGL trimmed) and anchors the book in UK pharma (AZN at 4.26%) while strategically adding to mid-cap AI infrastructure and domestic energy names. This quarter is about positioning for valuation mean reversion rather than chasing momentum.
The embedded regime bet is a rotation from US growth-led liquidity excess into defensive income generators with global pricing power, specifically targeting UK healthcare undervaluation relative to transatlantic technology multiples. The opposing thesis argues that AI capex cycles are structural, making the mega-cap trims premature cuts in the only durable earnings compounding engines left.
The strategy’s structural vulnerability is its hidden currency arbitrage masquerading as equity alpha—AZN dominates a single-name slot while the core remains heavily USD-denominated tech and financials. A sharp GBP depreciation or renewed FDA pipeline blowout will decouple this UK pharma bet from the broader portfolio, creating a relative value drag that 688 positions cannot diversify away.
This summary was generated by AI from publicly filed SEC data and reflects historical holdings only — it is not a recommendation to buy or sell.
Showing top 200 holdings (of 688 total)
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | NVDA | Nvidia CORP | Stock-Tech | 6.56% | -0.36% | +1.68% | |
| 2 | AAPL | Apple INC | Stock-Tech | 5.31% | -0.37% | +0.45% | |
| 3 | MSFT | Microsoft CORP | Stock-Tech | 4.41% | -1.65% | -4.59% | |
| 4 | AZN | AstraZeneca PLC | Stock-Healthcare | 4.26% | +4.26% | NEW | |
| 5 | GOOGL | Alphabet Inc-cl A | Stock-Comm Services | 4.23% | -0.40% | -0.18% | |
| 6 | AMZN | Amazon.com INC | Stock-Consumer Disc | 3.86% | -0.29% | +3.48% | |
| 7 | AVGO | Broadcom INC | Stock-Tech | 2.64% | -0.20% | +4.14% | |
| 8 | META | Meta Platforms Inc-class A | Stock-Comm Services | 1.61% | -0.24% | +0.59% | |
| 9 | V | Visa Inc-class A Shares | Stock-Financials | 1.42% | -0.32% | -5.08% | |
| 10 | JPM | Jpmorgan Chase & Co | Stock-Financials | 1.37% | -0.14% | -0.37% | |
| 11 | LLY | Eli Lilly & Co | Stock-Healthcare | 1.27% | -0.40% | -11.25% | |
| 12 | GOOG | Alphabet Inc-cl C | Stock-Comm Services | 1.22% | -0.10% | +2.06% | |
| 13 | TSLA | Tesla INC | Stock-Consumer Disc | 1.22% | -0.23% | +2.35% | |
| 14 | TSM | Taiwan Semiconductor-sp Adr | Stock-Tech | 1.13% | -0.09% | -16.25% | |
| 15 | BRK-B | Berkshire Hathaway Inc-cl B | Stock-Other | 0.96% | — | +1.45% | |
| 16 | MELI | Mercadolibre INC | Stock-Consumer Disc | 0.80% | -0.16% | -3.00% | |
| 17 | XOM | Exxon Mobil CORP | Stock-Energy | 0.80% | +0.23% | -0.56% | |
| 18 | MRK | Merck & Co. INC. | Stock-Healthcare | 0.73% | — | -9.41% | |
| 19 | MU | Micron Technology INC | Stock-Tech | 0.69% | — | -12.90% | |
| 20 | JNJ | Johnson & Johnson | Stock-Healthcare | 0.62% | +0.12% | +5.38% | |
| 21 | ABBV | Abbvie INC | Stock-Healthcare | 0.62% | — | +2.80% | |
| 22 | CNM | Core & Main Inc-class A | Stock-Industrials | 0.60% | — | +1.13% | |
| 23 | NFLX | Netflix INC | Stock-Comm Services | 0.58% | — | +0.83% | |
| 24 | LIN | Linde plc | Stock-Materials | 0.58% | — | -7.97% | |
| 25 | HCA | Hca Healthcare INC | Stock-Healthcare | 0.57% | -0.15% | -20.79% | |
| 26 | WMT | Walmart INC | Stock-Consumer Staples | 0.56% | — | +1.38% | |
| 27 | HD | Home Depot INC | Stock-Consumer Disc | 0.56% | — | +0.96% | |
| 28 | TMO | Thermo Fisher Scientific INC | Stock-Healthcare | 0.52% | -0.14% | -5.99% | |
| 29 | WAB | Wabtec CORP | Stock-Industrials | 0.52% | — | -12.96% | |
| 30 | CSCO | Cisco Systems INC | Stock-Tech | 0.51% | — | -1.41% | |
| 31 | PG | Procter & Gamble Co/the | Stock-Consumer Staples | 0.51% | — | +5.87% | |
| 32 | COST | Costco Wholesale CORP | Stock-Consumer Staples | 0.49% | — | +2.91% | |
| 33 | PEP | Pepsico INC | Stock-Consumer Staples | 0.45% | — | +1.80% | |
| 34 | GS | Goldman Sachs Group INC | Stock-Financials | 0.45% | — | +0.03% | |
| 35 | AMD | Advanced Micro Devices | Stock-Tech | 0.44% | +0.09% | +33.17% | |
| 36 | MA | Mastercard INC - A | Stock-Financials | 0.44% | — | +0.87% | |
| 37 | CVX | Chevron CORP | Stock-Energy | 0.44% | +0.12% | -0.57% | |
| 38 | UNH | Unitedhealth Group INC | Stock-Healthcare | 0.43% | -0.09% | +0.71% | |
| 39 | INTC | Intel CORP | Stock-Tech | 0.43% | — | +0.27% | |
| 40 | PM | Philip Morris International | Stock-Consumer Staples | 0.42% | — | +0.63% | |
| 41 | STLD | Steel Dynamics INC | Stock-Materials | 0.41% | -0.12% | -27.96% | |
| 42 | TTE | Totalenergies Se | Stock-Other | 0.41% | +0.12% | +0.35% | |
| 43 | ISRG | Intuitive Surgical INC | Stock-Healthcare | 0.41% | — | +5.24% | |
| 44 | VRT | Vertiv Holdings Co-a | Stock-Industrials | 0.40% | +0.09% | -16.45% | |
| 45 | FIX | Comfort Systems USA INC | Stock-Industrials | 0.40% | — | -29.03% | |
| 46 | NXT | Nextpower Inc-cl A | Stock-Tech | 0.39% | +0.39% | NEW | |
| 47 | TXN | Texas Instruments INC | Stock-Tech | 0.39% | — | -12.04% | |
| 48 | RPRX | Royalty Pharma plc | Stock-Healthcare | 0.38% | +0.37% | +2019.48% | |
| 49 | KMI | Kinder Morgan INC | Stock-Energy | 0.38% | — | -0.83% | |
| 50 | CAT | Caterpillar INC | Stock-Industrials | 0.37% | — | -1.27% |
Performance for Q3 2026
+1.5%
Performance Last 4 Quarters
+20.3%
Based on 77% of reported portfolio value with available pricing
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2026-03-31 | 688 | $47.7B | 22 | |
| 2025-12-31 | 702 | $47.5B | 12 | |
| 2025-09-30 | 688 | $46.5B | 28 | |
| 2025-06-30 | 829 | $43.8B | 0 | |
| 2025-03-31 | 744 | $42.2B | 100 | |
| 2024-12-31 | 632 | $41.0B | 0 | |
| 2024-09-30 | 635 | $40.6B | 0 | |
| 2024-06-30 | 666 | $39.2B | 0 | |
| 2024-03-31 | 668 | $40.1B | 0 | |
| 2023-12-31 | 677 | $35.0B | 0 | |
| 2023-09-30 | 682 | $30.9B | 0 | |
| 2023-06-30 | 679 | $30.9B | 0 | |
| 2023-03-31 | 673 | $25.0B | 0 | |
| 2022-12-31 | 680 | $22.3B | 0 | |
| 2022-09-30 | 661 | $19.7B | 0 | |
| 2022-06-30 | 666 | $21.7B | 0 | |
| 2022-03-31 | 671 | $25.6B | 0 | |
| 2021-12-31 | 659 | $26.9B | 0 | |
| 2021-09-30 | 663 | $24.6B | 0 | |
| 2021-06-30 | 662 | $24.5B | — | |
| 2021-03-31 | 648 | $21.8B | — | |
| 2020-12-31 | 697 | $19.1B | 17 | |
| 2020-09-30 | 630 | $16.5B | 22 | |
| 2020-06-30 | 655 | $14.3B | 20 | |
| 2020-03-31 | 655 | $12.4B | 25 | |
| 2019-12-31 | 637 | $14.4B | 16 | |
| 2019-09-30 | 657 | $13.2B | 31 | |
| 2019-06-30 | 534 | $10.6B | 30 | |
| 2019-03-31 | 657 | $12.7B | 17 | |
| 2018-12-31 | 663 | $11.4B | 48 | |
| 2018-09-30 | 513 | $9.8B | 33 | |
| 2018-06-30 | 580 | $9.9B | 59 | |
| 2016-06-30 | 527 | $6.1B | 100 | |
| 2016-03-31 | 522 | $69.9M | 100 | |
| 2015-12-31 | 559 | $6.5B | 13 | |
| 2015-09-30 | 566 | $6.2B | 100 | |
| 2014-12-31 | 520 | $5.3B | 100 | |
| 2014-09-30 | 520 | $4.0B | 24 | |
| 2014-06-30 | 578 | $4.4B | 7 | |
| 2014-03-31 | 580 | $4.3B | 15 | |
| 2013-12-31 | 560 | $3.9B | 8 | |
| 2013-09-30 | 566 | $3.7B | 12 | |
| 2013-06-30 | 579 | $3.4B | — |
Royal London Asset Management LTD's most significant position changes for 2026-03-31: New buy: AstraZeneca PLC (AZN); New buy: Nextpower Inc-cl A (NXT); New buy: Sunbelt Rentals Holdings INC (SUNB); New buy: Cia Saneamento Basico De-adr (SBS); New buy: Borgwarner INC (BWA).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | RPRX | Royalty Pharma plc | +0.4% | +2019.48% | Add |
| 2 | HUBB | Hubbell INC | +0.2% | +273.28% | Add |
| 3 | CB | Chubb Limited | +0.2% | +156.44% | Add |
| 4 | XOM | Exxon Mobil CORP | +0.2% | -0.56% | Trim |
| 5 | EQT | Eqt CORP | +0.2% | +556.87% | Add |
| 6 | LMT | Lockheed Martin CORP | +0.2% | +116.68% | Add |
| 7 | JNJ | Johnson & Johnson | +0.1% | +5.38% | Add |
| 8 | TTE | Totalenergies Se | +0.1% | +0.35% | Add |
| 9 | CVX | Chevron CORP | +0.1% | -0.57% | Trim |
| 10 | CIEN | Ciena CORP | +0.1% | +3565.82% | Add |
| 11 | AMD | Advanced Micro Devices | +0.1% | +33.17% | Add |
| 12 | MCK | Mckesson CORP | +0.1% | +73.55% | Add |
| 13 | VRT | Vertiv Holdings Co-a | +0.1% | -16.45% | Trim |
| 14 | WRB | Wr Berkley CORP | -0.1% | -18.13% | Trim |
| 15 | UNH | Unitedhealth Group INC | -0.1% | +0.71% | Add |
| 16 | TSM | Taiwan Semiconductor-sp Adr | -0.1% | -16.25% | Trim |
| 17 | SLM | Slm CORP | -0.1% | -46.61% | Trim |
| 18 | GOOG | Alphabet Inc-cl C | -0.1% | +2.06% | Add |
| 19 | ADSK | Autodesk INC | -0.1% | -18.30% | Trim |
| 20 | INTU | Intuit INC | -0.1% | +16.68% | Add |
| 21 | AIT | Applied Industrial Tech INC | -0.1% | -59.14% | Trim |
| 22 | ORCL | Oracle CORP | -0.1% | +1.38% | Add |
| 23 | STLD | Steel Dynamics INC | -0.1% | -27.96% | Trim |
| 24 | ELS | Equity Lifestyle Properties | -0.1% | -58.20% | Trim |
| 25 | KNSL | Kinsale Capital Group INC | -0.1% | -61.46% | Trim |
| 26 | JPM | Jpmorgan Chase & Co | -0.1% | -0.37% | Trim |
| 27 | TMO | Thermo Fisher Scientific INC | -0.1% | -5.99% | Trim |
| 28 | AEM | Agnico Eagle Mines LTD | -0.1% | -61.40% | Trim |
| 29 | CRM | Salesforce INC | -0.2% | -43.75% | Trim |
| 30 | HCA | Hca Healthcare INC | -0.2% | -20.79% | Trim |
| 31 | MELI | Mercadolibre INC | -0.2% | -3.00% | Trim |
| 32 | PGR | Progressive CORP | -0.2% | -29.86% | Trim |
| 33 | AVGO | Broadcom INC | -0.2% | +4.14% | Add |
| 34 | BKNG | Booking Holdings INC | -0.2% | +1684.15% | Add |
| 35 | HDB | Hdfc Bank Ltd-adr | -0.2% | -43.50% | Trim |
| 36 | TSLA | Tesla INC | -0.2% | +2.35% | Add |
| 37 | META | Meta Platforms Inc-class A | -0.2% | +0.59% | Add |
| 38 | AMZN | Amazon.com INC | -0.3% | +3.48% | Add |
| 39 | V | Visa Inc-class A Shares | -0.3% | -5.08% | Trim |
| 40 | NVDA | Nvidia CORP | -0.4% | +1.68% | Add |
| 41 | AAPL | Apple INC | -0.4% | +0.45% | Add |
| 42 | LLY | Eli Lilly & Co | -0.4% | -11.25% | Trim |
| 43 | GOOGL | Alphabet Inc-cl A | -0.4% | -0.18% | Trim |
| 44 | MSFT | Microsoft CORP | -1.7% | -4.59% | Trim |
| 45 | AZN | AstraZeneca PLC | — | NEW | New buy |
| 46 | NXT | Nextpower Inc-cl A | — | NEW | New buy |
| 47 | SUNB | Sunbelt Rentals Holdings INC | — | NEW | New buy |
| 48 | SBS | Cia Saneamento Basico De-adr | — | NEW | New buy |
| 49 | BWA | Borgwarner INC | — | NEW | New buy |
| 50 | WSC | Willscot Holdings CORP | — | NEW | New buy |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-05-01 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-02-13 | 13F-HR | View on EDGAR |
| 2025-09-30 | 2025-11-13 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-08-14 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-05-13 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2025-02-11 | 13F-HR | View on EDGAR |
| 2024-09-30 | 2024-11-14 | 13F-HR | View on EDGAR |
| 2024-06-30 | 2024-08-07 | 13F-HR | View on EDGAR |
| 2024-03-31 | 2024-05-14 | 13F-HR | View on EDGAR |
| 2023-12-31 | 2024-03-01 | Amendment | View on EDGAR |
| 2023-12-31 | 2024-02-13 | 13F-HR | View on EDGAR |
| 2023-09-30 | 2023-11-14 | 13F-HR | View on EDGAR |
| 2023-06-30 | 2023-08-11 | 13F-HR | View on EDGAR |
| 2023-03-31 | 2023-05-15 | 13F-HR | View on EDGAR |
| 2022-12-31 | 2023-02-09 | 13F-HR | View on EDGAR |
| 2022-09-30 | 2022-11-14 | 13F-HR | View on EDGAR |
| 2022-06-30 | 2022-09-06 | Amendment | View on EDGAR |
| 2022-06-30 | 2022-08-12 | 13F-HR | View on EDGAR |
| 2022-03-31 | 2022-09-06 | Amendment | View on EDGAR |
| 2022-03-31 | 2022-05-13 | 13F-HR | View on EDGAR |
| 2021-12-31 | 2022-10-18 | Amendment | View on EDGAR |
| 2021-12-31 | 2022-08-16 | Amendment | View on EDGAR |
| 2021-12-31 | 2022-01-18 | 13F-HR | View on EDGAR |
| 2021-09-30 | 2022-10-18 | Amendment | View on EDGAR |
| 2021-09-30 | 2022-08-16 | Amendment | View on EDGAR |
| 2021-09-30 | 2021-11-02 | 13F-HR | View on EDGAR |
| 2021-06-30 | 2022-10-18 | Amendment | View on EDGAR |
| 2021-06-30 | 2022-08-16 | Amendment | View on EDGAR |
| 2021-06-30 | 2021-07-14 | 13F-HR | View on EDGAR |
| 2021-03-31 | 2022-10-17 | Amendment | View on EDGAR |
| 2021-03-31 | 2022-08-16 | Amendment | View on EDGAR |
| 2021-03-31 | 2021-04-13 | 13F-HR | View on EDGAR |
| 2020-12-31 | 2021-01-29 | 13F-HR | View on EDGAR |
| 2020-09-30 | 2020-11-04 | 13F-HR | View on EDGAR |
| 2020-06-30 | 2020-07-31 | 13F-HR | View on EDGAR |
| 2020-03-31 | 2020-05-01 | 13F-HR | View on EDGAR |
| 2019-12-31 | 2020-02-05 | 13F-HR | View on EDGAR |
| 2019-09-30 | 2019-11-12 | 13F-HR | View on EDGAR |
| 2019-06-30 | 2019-07-31 | 13F-HR | View on EDGAR |
| 2019-03-31 | 2019-07-17 | Amendment | View on EDGAR |
| 2019-03-31 | 2019-04-30 | 13F-HR | View on EDGAR |
| 2018-12-31 | 2019-01-29 | 13F-HR | View on EDGAR |
| 2018-09-30 | 2019-07-17 | Amendment | View on EDGAR |
| 2018-09-30 | 2018-11-08 | 13F-HR | View on EDGAR |
| 2018-06-30 | 2018-09-19 | 13F-HR | View on EDGAR |
| 2016-06-30 | 2016-08-02 | 13F-HR | View on EDGAR |
| 2016-03-31 | 2016-05-17 | 13F-HR | View on EDGAR |
| 2015-12-31 | 2016-02-25 | 13F-HR | View on EDGAR |
| 2015-09-30 | 2015-11-09 | 13F-HR | View on EDGAR |
| 2014-12-31 | 2015-02-11 | 13F-HR | View on EDGAR |
| 2014-09-30 | 2014-11-26 | 13F-HR | View on EDGAR |
| 2014-06-30 | 2014-08-28 | 13F-HR | View on EDGAR |
| 2014-03-31 | 2014-05-21 | 13F-HR | View on EDGAR |
| 2013-12-31 | 2014-01-27 | 13F-HR | View on EDGAR |
| 2013-09-30 | 2013-10-30 | 13F-HR | View on EDGAR |
| 2013-06-30 | 2013-08-30 | 13F-HR | View on EDGAR |
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