CIK: 0002041021
Total reported value
$108.8M
Reporting period: 2026-03-31 · Number of holdings: 156
Board of the Pension Protection Fund disclosed 156 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $108.8M and a quarterly turnover rate of 88.2%.
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Board of the Pension Protection Fund's disclosed holdings carry a Herfindahl concentration index of 0.013 — mathematically equivalent to about 80 equally-sized positions, well below its 156 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 0.98), 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.
Sector classification currently covers about 20% of this portfolio's disclosed value; the remainder includes holdings (e.g. unmapped tickers, options, or other security types) not yet covered by our sector mapping.
Add NTAP
+2400.0% $1.7M
Add PYPL
+3454.5% $1.7M
Add TRMB
+5160.0% $1.7M
Add EXC
+1344.0% $1.7M
Add ATO
+2225.0% $1.7M
Trim CNC
-80.2% -$1.6M
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | DELL | Dell Technologies -c | Stock-Tech | 2.19% | +0.86% | +30.63% | |
| 2 | CLS | Celestica INC | Stock-Tech | 1.84% | +1.84% | NEW | |
| 3 | TWLO | Twilio INC - A | Stock-Tech | 1.83% | — | +21.54% | |
| 4 | OTEX | Open Text CORP | Stock-Other | 1.81% | +1.81% | NEW | |
| 5 | HPE | Hewlett Packard Enterprise | Stock-Tech | 1.81% | — | +15.50% | |
| 6 | GIB | Cgi INC | Stock-Tech | 1.80% | +1.80% | NEW | |
| 7 | EIX | Edison International | Stock-Utilities | 1.78% | — | -6.36% | |
| 8 | ZM | Zoom Communications INC | Stock-Tech | 1.69% | — | +6.54% | |
| 9 | PCG | P G & E CORP | Stock-Utilities | 1.66% | — | -9.67% | |
| 10 | NTAP | Netapp INC | Stock-Tech | 1.65% | +1.58% | +2400.00% | |
| 11 | EXC | Exelon CORP | Stock-Utilities | 1.63% | +1.53% | +1344.00% | |
| 12 | PYPL | Paypal Holdings INC | Stock-Financials | 1.63% | +1.57% | +3454.55% | |
| 13 | FLEX | Flex Ltd. | Stock-Tech | 1.62% | — | — | |
| 14 | ATO | Atmos Energy CORP | Stock-Utilities | 1.58% | +1.52% | +2225.00% | |
| 15 | TRMB | Trimble INC | Stock-Tech | 1.58% | +1.54% | +5160.00% | |
| 16 | MRVL | Marvell Technology INC | Stock-Tech | 1.58% | +1.58% | NEW | |
| 17 | OMC | Omnicom Group | Stock-Comm Services | 1.56% | — | +3.69% | |
| 18 | DSGX | Descartes Systems Grp/the | Stock-Tech | 1.56% | +1.56% | NEW | |
| 19 | DOCU | Docusign INC | Stock-Tech | 1.53% | — | +46.67% | |
| 20 | GPN | Global Payments INC | Stock-Industrials | 1.52% | — | +32.43% | |
| 21 | OKTA | Okta INC | Stock-Tech | 1.48% | +1.43% | +3316.67% | |
| 22 | L | Loews CORP | Stock-Financials | 1.48% | — | -5.03% | |
| 23 | NI | Nisource INC | Stock-Utilities | 1.47% | +1.39% | +1700.00% | |
| 24 | LVS | Las Vegas Sands CORP | Stock-Consumer Disc | 1.46% | +1.46% | NEW | |
| 25 | SSNC | Ss&c Technologies Holdings | Stock-Tech | 1.42% | +1.35% | +2762.50% | |
| 26 | SYF | Synchrony Financial | Stock-Financials | 1.42% | — | +14.65% | |
| 27 | FWONA | Liberty Media Corp-formula-a | Stock-Other | 1.41% | — | +20.99% | |
| 28 | NWS | News CORP - Class B | Stock-Comm Services | 1.39% | — | +2.50% | |
| 29 | BEN | Franklin Resources INC | Stock-Financials | 1.38% | — | -5.09% | |
| 30 | DAL | Delta Air Lines INC | Stock-Industrials | 1.38% | — | +2.74% | |
| 31 | PTC | Ptc INC | Stock-Tech | 1.36% | +1.33% | +5100.00% | |
| 32 | CINF | Cincinnati Financial CORP | Stock-Financials | 1.36% | — | -5.05% | |
| 33 | HIG | Hartford Insurance Group INC | Stock-Financials | 1.36% | — | -4.39% | |
| 34 | RF | Regions Financial CORP | Stock-Financials | 1.33% | — | -7.82% | |
| 35 | CTSH | Cognizant Tech Solutions-a | Stock-Tech | 1.33% | — | +15.76% | |
| 36 | CDW | Cdw Corp/de | Stock-Tech | 1.32% | — | +46.91% | |
| 37 | GDDY | Godaddy INC - Class A | Stock-Tech | 1.32% | — | +46.61% | |
| 38 | TXT | Textron INC | Stock-Industrials | 1.31% | — | -7.39% | |
| 39 | GEN | Gen Digital INC | Stock-Tech | 1.28% | — | +24.87% | |
| 40 | FOX | Fox CORP - Class B | Stock-Comm Services | 1.27% | — | -5.09% | |
| 41 | HBAN | Huntington Bancshares INC | Stock-Financials | 1.25% | — | -7.14% | |
| 42 | FOXA | Fox CORP - Class A | Stock-Comm Services | 1.25% | — | -4.90% | |
| 43 | PRU | Prudential Financial INC | Stock-Financials | 1.25% | — | -0.71% | |
| 44 | RJF | Raymond James Financial INC | Stock-Financials | 1.24% | +1.18% | +2225.00% | |
| 45 | UAL | United Airlines Holdings INC | Stock-Industrials | 1.19% | — | +2.17% | |
| 46 | EQH | Equitable Holdings INC | Stock-Financials | 1.18% | — | -0.29% | |
| 47 | HPQ | Hp INC | Stock-Tech | 1.18% | — | +12.69% | |
| 48 | SMCI | Super Micro Computer INC | Stock-Tech | 1.17% | — | +73.68% | |
| 49 | FNF | Fidelity National Financial | Stock-Financials | 1.16% | — | -2.86% | |
| 50 | PINS | Pinterest Inc- Class A | Stock-Comm Services | 1.14% | — | +33.99% |
Performance for Q3 2026
+3.8%
Performance Last 4 Quarters
+8.5%
Based on 72% of reported portfolio value with available pricing
Board of the Pension Protection Fund's most significant position changes for 2026-03-31: New buy: Celestica INC (CLS); New buy: Open Text CORP (OTEX); New buy: Cgi INC (GIB); Sold out: General Motors Co (GM); Sold out: Expedia Group INC (EXPE).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | NTAP | Netapp INC | +1.6% | +2400.00% | Add |
| 2 | PYPL | Paypal Holdings INC | +1.6% | +3454.55% | Add |
| 3 | TRMB | Trimble INC | +1.5% | +5160.00% | Add |
| 4 | EXC | Exelon CORP | +1.5% | +1344.00% | Add |
| 5 | ATO | Atmos Energy CORP | +1.5% | +2225.00% | Add |
| 6 | OKTA | Okta INC | +1.4% | +3316.67% | Add |
| 7 | NI | Nisource INC | +1.4% | +1700.00% | Add |
| 8 | SSNC | Ss&c Technologies Holdings | +1.4% | +2762.50% | Add |
| 9 | PTC | Ptc INC | +1.3% | +5100.00% | Add |
| 10 | RJF | Raymond James Financial INC | +1.2% | +2225.00% | Add |
| 11 | CEG | Constellation Energy | +1.1% | +3533.33% | Add |
| 12 | NRG | Nrg Energy INC | +1.1% | +1316.67% | Add |
| 13 | TEL | TE Connectivity plc | +1% | +5200.00% | Add |
| 14 | AWK | American Water Works Co INC | +1% | +1100.00% | Add |
| 15 | INCY | Incyte CORP | +0.9% | +2060.00% | Add |
| 16 | BR | Broadridge Financial Solutio | +0.9% | +5900.00% | Add |
| 17 | DELL | Dell Technologies -c | +0.9% | +30.63% | Add |
| 18 | BNY | Bank Of New York Mellon CORP | +0.8% | +1775.00% | Add |
| 19 | FSLR | First Solar INC | +0.8% | +450.00% | Add |
| 20 | CNA | Cna Financial CORP | -0.9% | -61.47% | Trim |
| 21 | LEN-B | Lennar CORP - B Shs | -1% | -98.23% | Trim |
| 22 | BLDR | Builders Firstsource INC | -1% | -87.72% | Trim |
| 23 | CNH | CNH Industrial N.V. | -1.1% | -86.22% | Trim |
| 24 | BF-A | Brown-forman Corp-class A | -1.2% | -95.43% | Trim |
| 25 | APTV | Aptiv PLC | -1.2% | -86.49% | Trim |
| 26 | MET | Metlife INC | -1.2% | -76.73% | Trim |
| 27 | CMCSA | Comcast Corp-class A | -1.4% | -86.58% | Trim |
| 28 | CNC | Centene CORP | -1.5% | -80.22% | Trim |
| 29 | CLS | Celestica INC | — | NEW | New buy |
| 30 | OTEX | Open Text CORP | — | NEW | New buy |
| 31 | GIB | Cgi INC | — | NEW | New buy |
| 32 | GM | General Motors Co | — | EXIT | Sold out |
| 33 | EXPE | Expedia Group INC | — | EXIT | Sold out |
| 34 | EG | Everest Group, Ltd. | — | EXIT | Sold out |
| 35 | MRVL | Marvell Technology INC | — | NEW | New buy |
| 36 | WRB | Wr Berkley CORP | — | EXIT | Sold out |
| 37 | DSGX | Descartes Systems Grp/the | — | NEW | New buy |
| 38 | TRV | Travelers Cos Inc/the | — | EXIT | Sold out |
| 39 | ACGL | Arch Capital Group Ltd. | — | EXIT | Sold out |
| 40 | F | Ford Motor Co | — | EXIT | Sold out |
| 41 | HAL | Halliburton Co | — | EXIT | Sold out |
| 42 | LVS | Las Vegas Sands CORP | — | NEW | New buy |
| 43 | AVY | Avery Dennison CORP | — | EXIT | Sold out |
| 44 | CTRA | Coterra Energy INC | — | EXIT | Sold out |
| 45 | AMCR | Amcor plc | — | EXIT | Sold out |
| 46 | VZ | Verizon Communications INC | — | EXIT | Sold out |
| 47 | SW | Smurfit Westrock Plc | — | EXIT | Sold out |
| 48 | CHTR | Charter Communications Inc-a | — | EXIT | Sold out |
| 49 | DOW | Dow INC | — | EXIT | Sold out |
| 50 | HOOD | Robinhood Markets INC - A | — | NEW | New buy |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-04-27 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-01-06 | 13F-HR | View on EDGAR |
| 2025-09-30 | 2025-10-09 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-07-25 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-04-24 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2025-01-14 | 13F-HR | View on EDGAR |
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