Board of the Pension Protection Fund
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed April 24, 2025), Board of the Pension Protection Fund reported 141 stock positions worth $87.6 million. Its top holding was Republic Services (RSG) at 1.5% of the portfolio, followed by Cboe Global Markets (CBOE, 1.4%) and Cencora (COR, 1.4%). Compared with Q4 2024, it opened 45 new positions, sold out of 39, added to 46 and reduced 47. The biggest buy was a new position in Spotify Technology (SPOT) and the biggest sale AppLovin Class A (APP, shares −98%).
- Most Recent 13F
- Q2 2026
- Location
- CROYDON, X0
- CIK
- 0002041021
- Portfolio Value
- $87.6M (Q1 2025)
- SEC Filing
- 0002041021-25-000003 ↗ filed Apr 24, 2025
Holdings Value
Holdings 141 stocks · $87.6M
| RSG Republic Services Inc. | 1.49% | 5,400 | $1.3M | Add +31.7% |
| CBOE Cboe Global Markets Inc. | 1.45% | 5,600 | $1.3M | Add +19.1% |
| COR Cencora Inc. | 1.40% | 4,400 | $1.2M | No change |
| SPOT Spotify Technology SA | 1.38% | 2,200 | $1.2M | New |
| WMB Williams Cos Inc. | 1.30% | 19,100 | $1.1M | Add +43.6% |
| MRSH Marsh & McLennan Cos | 1.25% | 4,500 | $1.1M | Add +28.6% |
| RTX RTX Corp. | 1.24% | 8,200 | $1.1M | Add +115.8% |
| BSX Boston Scientific Corp. | 1.23% | 10,700 | $1.1M | Reduce -6.1% |
| CHD Church & Dwight Co. Inc. | 1.23% | 9,800 | $1.1M | Add +60.7% |
| NET Cloudflare Inc. Class A | 1.21% | 9,400 | $1.1M | New |
| SYY Sysco Corp. | 1.20% | 14,000 | $1.1M | Add +66.7% |
| RMD Resmed Inc. | 1.18% | 4,600 | $1.0M | Add +15.0% |
| JKHY Jack Henry & Associates Inc. filed as HENRY JACK & ASSOC INC | 1.17% | 5,600 | $1.0M | Add +51.4% |
| GLW Corning Inc. | 1.14% | 21,900 | $1.0M | New |
| GWW WW Grainger Inc. filed as GRAINGER W W INC | 1.13% | 1,000 | $988K | Add +150.0% |
| NI Nisource Inc. | 1.13% | 24,600 | $986K | New |
| CBRE CBRE Group Inc. Class A | 1.12% | 7,500 | $981K | New |
| CHKP Check Point Software Tech | 1.12% | 4,300 | $980K | Add +13.2% |
| META Meta Platforms Inc. Class A | 1.12% | 1,700 | $980K | No change |
| DVA Davita Inc. | 1.12% | 6,400 | $979K | Add +30.6% |
| RPRX Royalty Pharma PLC Class A | 1.11% | 31,200 | $971K | New |
| ATO Atmos Energy Corp. | 1.09% | 6,200 | $958K | New |
| NDAQ Nasdaq Inc. | 1.09% | 12,600 | $956K | New |
| MKC McCormick & Co.-Non VTG SHRS | 1.06% | 11,300 | $930K | New |
| SPG Simon Property Group Inc. | 1.06% | 5,600 | $930K | New |
| KMB Kimberly-Clark Corp. | 1.04% | 6,400 | $910K | Reduce -9.9% |
| HEI.A Heico Corp. Class A | 1.04% | 4,300 | $907K | Add +152.9% |
| PG The Procter & Gamble Co. | 1.03% | 5,300 | $903K | Add +82.8% |
| ABBV Abbvie Inc. | 1.03% | 4,300 | $901K | Add +72.0% |
| PLTR Palantir Technologies Inc. Class A | 1.01% | 10,500 | $886K | Reduce -13.9% |
| HEI Heico Corp. | 1.01% | 3,300 | $882K | Reduce -5.7% |
| WMT Walmart Inc. | 1.00% | 10,000 | $878K | Reduce -25.4% |
| V Visa Inc. Class A | 1.00% | 2,500 | $876K | Reduce -26.5% |
| BAP Credicorp Ltd. | 0.98% | 4,600 | $856K | Add +100.0% |
| BNY Bank of New York Mellon Corp. filed as BANK NEW YORK MELLON CORP | 0.98% | 10,200 | $855K | New |
| BRO Brown & Brown Inc. | 0.97% | 6,800 | $846K | Add +580.0% |
| ACN Accenture PLC Class A | 0.96% | 2,700 | $843K | New |
| ROL Rollins Inc. | 0.95% | 15,400 | $832K | Reduce -26.7% |
| FAST Fastenal Co. | 0.95% | 10,700 | $830K | Add +2.9% |
| AME Ametek Inc. | 0.94% | 4,800 | $826K | Add +60.0% |
| ORCL Oracle Corp. | 0.94% | 5,900 | $825K | Reduce -7.8% |
| TRGP Targa Resources Corp. | 0.94% | 4,100 | $822K | Add +95.2% |
| APH Amphenol Corp. Class A | 0.94% | 12,500 | $820K | Reduce -25.1% |
| GIS General Mills Inc. | 0.93% | 13,700 | $819K | Add +158.5% |
| DRI Darden Restaurants Inc. | 0.92% | 3,900 | $810K | Reduce -20.4% |
| RJF Raymond James Financial Inc. | 0.92% | 5,800 | $806K | New |
| IT Gartner Inc. | 0.91% | 1,900 | $798K | Add +58.3% |
| GM General Motors Co. | 0.91% | 16,900 | $795K | New |
| HUBB Hubbell Inc. | 0.91% | 2,400 | $794K | New |
| SYK Stryker Corp. | 0.89% | 2,100 | $782K | Add +425.0% |
| DOCU Docusign Inc. | 0.88% | 9,500 | $773K | New |
| FDS Factset Research Systems Inc. | 0.88% | 1,700 | $773K | Add +88.9% |
| FWONA Liberty Media Corp. Class A | 0.87% | 9,400 | $766K | Add +4600.0% |
| CSCO Cisco Systems Inc. | 0.87% | 12,400 | $765K | Add +134.0% |
| SPGI S&P Global Inc. | 0.87% | 1,500 | $762K | Add +650.0% |
| COST Costco Wholesale Corp. | 0.86% | 800 | $757K | New |
| AVGO Broadcom Inc. | 0.86% | 4,500 | $753K | Add +36.4% |
| BR Broadridge Financial Solutio | 0.86% | 3,100 | $752K | Add +520.0% |
| RCL Royal Caribbean Cruises Ltd. | 0.84% | 3,600 | $740K | Add +1100.0% |
| GDDY GoDaddy Inc. Class A | 0.84% | 4,100 | $739K | Reduce -16.3% |
| SYF Synchrony Financial | 0.84% | 13,900 | $736K | New |
| ELS Equity Lifestyle Properties | 0.84% | 11,000 | $734K | Add +2100.0% |
| ZTS Zoetis Inc. | 0.83% | 4,400 | $724K | Add +214.3% |
| NOW ServiceNow Inc. | 0.82% | 900 | $717K | Add +350.0% |
| MSFT Microsoft Corp. | 0.81% | 1,900 | $713K | Reduce -13.6% |
| TYL Tyler Technologies Inc. | 0.80% | 1,200 | $698K | Reduce -7.7% |
| WRB WR Berkley Corp. filed as BERKLEY W R CORP | 0.80% | 9,800 | $697K | New |
| NFLX Netflix Inc. | 0.74% | 700 | $653K | Add +600.0% |
| EQIX Equinix Inc. | 0.74% | 800 | $652K | New |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.74% | 5,300 | $646K | Reduce -10.2% |
| ITW Illinois Tool Works | 0.74% | 2,600 | $645K | Add +4.0% |
| ISRG Intuitive Surgical Inc. | 0.73% | 1,300 | $644K | Reduce -35.0% |
| AXON Axon Enterprise Inc. | 0.72% | 1,200 | $631K | Reduce -45.5% |
| HUBS HubSpot Inc. | 0.72% | 1,100 | $628K | New |
| ROST Ross Stores Inc. | 0.69% | 4,700 | $601K | Add +17.5% |
| AAPL Apple Inc. | 0.68% | 2,700 | $600K | Reduce -25.0% |
| CPB The Campbell's Company | 0.68% | 14,900 | $595K | Reduce -16.3% |
| UAL United Airlines Holdings Inc. | 0.68% | 8,600 | $594K | New |
| CLX Clorox Company | 0.67% | 4,000 | $589K | New |
| HSY The Hershey Co. | 0.66% | 3,400 | $582K | Reduce -24.4% |
| ADP Automatic Data Processing | 0.66% | 1,900 | $581K | Reduce -47.2% |
| CCL Carnival Corp. | 0.65% | 29,300 | $572K | New |
| MSI Motorola Solutions Inc. | 0.65% | 1,300 | $569K | Reduce -48.0% |
| PH Parker Hannifin Corp. | 0.62% | 900 | $547K | New |
| ETN Eaton Corp. PLC | 0.62% | 2,000 | $544K | Reduce -39.4% |
| TT Trane Technologies PLC | 0.62% | 1,600 | $539K | Reduce -27.3% |
| PKG Packaging Corp. of America | 0.61% | 2,700 | $535K | Add +2600.0% |
| CDNS Cadence Design SYS Inc. | 0.61% | 2,100 | $534K | Add +16.7% |
| PNR Pentair PLC | 0.61% | 6,100 | $534K | New |
| GOOG Alphabet Inc. Class C | 0.61% | 3,400 | $531K | No change |
| PANW Palo Alto Networks Inc. | 0.60% | 3,100 | $529K | Reduce -44.6% |
| NVDA Nvidia Corp. | 0.59% | 4,800 | $520K | Add +100.0% |
| MCO Moody's Corp. | 0.58% | 1,100 | $512K | Add +37.5% |
| DECK Deckers Outdoor Corp. | 0.56% | 4,400 | $492K | Add +214.3% |
| AXP American Express Co. | 0.55% | 1,800 | $484K | Reduce -50.0% |
| FOXA Fox Corp. Class A | 0.55% | 8,500 | $481K | New |
| FFIV F5 Inc. | 0.55% | 1,800 | $479K | Reduce -58.1% |
| DASH DoorDash Inc. Class A | 0.54% | 2,600 | $475K | New |
| PAYX Paychex Inc. | 0.53% | 3,000 | $463K | Reduce -6.3% |
| PODD Insulet Corp. | 0.51% | 1,700 | $446K | Add +6.3% |
Portfolio Sells Q4 2024 → Q1 2025
| APP AppLovin Corp. Class A | Reduce -98.5% | 0.03% | −2.44 |
| CMG Chipotle Mexican Grill Inc. | Reduce -84.7% | 0.17% | −1.19 |
| SNPS Synopsys Inc. | Sold out | 0.00% | −1.18 |
| AFL Aflac Inc. | Sold out | 0.00% | −1.17 |
| KR Kroger Co. | Reduce -90.7% | 0.13% | −1.15 |
| WAB Wabtec Corp. | Reduce -83.6% | 0.21% | −1.13 |
| FE Firstenergy Corp. | Sold out | 0.00% | −1.11 |
| IBM Intl Business Machines Corp. | Sold out | 0.00% | −1.09 |
| MA Mastercard Inc. Class A | Sold out | 0.00% | −1.03 |
| CSX CSX Corp. | Sold out | 0.00% | −1.03 |
| MDLZ Mondelez International Inc. Class A | Sold out | 0.00% | −1.03 |
| CTAS Cintas Corp. | Reduce -94.1% | 0.07% | −1.01 |
| AMT American Tower Corp. | Sold out | 0.00% | −1.00 |
| FTNT Fortinet Inc. | Reduce -80.2% | 0.24% | −0.97 |
| PGR Progressive Corp. | Sold out | 0.00% | −0.97 |
| HWM Howmet Aerospace Inc. | Reduce -76.9% | 0.36% | −0.96 |
| PSA Public Storage | Sold out | 0.00% | −0.93 |
| WELL Welltower Inc. | Reduce -86.3% | 0.17% | −0.89 |
| UNH Unitedhealth Group Inc. | Sold out | 0.00% | −0.88 |
| STZ Constellation Brands Inc. Class A | Sold out | 0.00% | −0.87 |
| FISV Fiserv Inc. | Reduce -80.4% | 0.23% | −0.86 |
| FSLR First Solar Inc. | Sold out | 0.00% | −0.81 |
| GRMN Garmin Ltd. | Reduce -68.0% | 0.40% | −0.79 |
| AXON Axon Enterprise Inc. | Reduce -45.5% | 0.72% | −0.79 |
| CEG Constellation Energy | Reduce -78.4% | 0.18% | −0.77 |
| ZBRA Zebra Technologies Corp. Class A | Reduce -88.9% | 0.06% | −0.74 |
| URI United Rentals Inc. | Sold out | 0.00% | −0.73 |
| WTW Willis Towers Watson PLC | Sold out | 0.00% | −0.72 |
| FFIV F5 Inc. | Reduce -58.1% | 0.55% | −0.70 |
| ODFL Old Dominion Freight Line | Sold out | 0.00% | −0.69 |
| MNST Monster Beverage Corp. | Reduce -66.8% | 0.39% | −0.69 |
| MSI Motorola Solutions Inc. | Reduce -48.0% | 0.65% | −0.68 |
| AXP American Express Co. | Reduce -50.0% | 0.55% | −0.68 |
| CAT Caterpillar Inc. | Sold out | 0.00% | −0.67 |
| ETN Eaton Corp. PLC | Reduce -39.4% | 0.62% | −0.64 |
| NTAP Netapp Inc. | Reduce -50.0% | 0.37% | −0.62 |
| LDOS Leidos Holdings Inc. | Reduce -54.0% | 0.45% | −0.60 |
| KLAC KLA Corp. | Sold out | 0.00% | −0.58 |
| ECL Ecolab Inc. | Reduce -71.0% | 0.26% | −0.58 |
| PANW Palo Alto Networks Inc. | Reduce -44.6% | 0.60% | −0.57 |
| ADP Automatic Data Processing | Reduce -47.2% | 0.66% | −0.55 |
| LLY Eli Lilly & Co. | Sold out | 0.00% | −0.53 |
| TSCO Tractor Supply Company | Sold out | 0.00% | −0.52 |
| NXPI NXP Semiconductors NV | Sold out | 0.00% | −0.50 |
| LRCX Lam Research Corp. | Sold out | 0.00% | −0.50 |
| ISRG Intuitive Surgical Inc. | Reduce -35.0% | 0.73% | −0.47 |
| ELV Elevance Health Inc. | Sold out | 0.00% | −0.47 |
| HIG Hartford Insurance Group Inc. | Sold out | 0.00% | −0.45 |
| CB Chubb Ltd. | Sold out | 0.00% | −0.45 |
| UNP Union Pacific Corp. | Sold out | 0.00% | −0.42 |
Portfolio Buys Q4 2024 → Q1 2025
| SPOT Spotify Technology SA | New | 1.38% | +1.38 |
| NET Cloudflare Inc. Class A | New | 1.21% | +1.21 |
| GLW Corning Inc. | New | 1.14% | +1.14 |
| NI Nisource Inc. | New | 1.13% | +1.13 |
| CBRE CBRE Group Inc. Class A | New | 1.12% | +1.12 |
| RPRX Royalty Pharma PLC Class A | New | 1.11% | +1.11 |
| ATO Atmos Energy Corp. | New | 1.09% | +1.09 |
| NDAQ Nasdaq Inc. | New | 1.09% | +1.09 |
| MKC McCormick & Co.-Non VTG SHRS | New | 1.06% | +1.06 |
| SPG Simon Property Group Inc. | New | 1.06% | +1.06 |
| BNY Bank of New York Mellon Corp. | New | 0.98% | +0.98 |
| ACN Accenture PLC Class A | New | 0.96% | +0.96 |
| RJF Raymond James Financial Inc. | New | 0.92% | +0.92 |
| GM General Motors Co. | New | 0.91% | +0.91 |
| HUBB Hubbell Inc. | New | 0.91% | +0.91 |
| DOCU Docusign Inc. | New | 0.88% | +0.88 |
| COST Costco Wholesale Corp. | New | 0.86% | +0.86 |
| FWONA Liberty Media Corp. Class A | Add +4600.0% | 0.87% | +0.85 |
| BRO Brown & Brown Inc. | Add +580.0% | 0.97% | +0.85 |
| SYF Synchrony Financial | New | 0.84% | +0.84 |
| ELS Equity Lifestyle Properties | Add +2100.0% | 0.84% | +0.80 |
| WRB WR Berkley Corp. | New | 0.80% | +0.80 |
| RCL Royal Caribbean Cruises Ltd. | Add +1100.0% | 0.84% | +0.76 |
| SPGI S&P Global Inc. | Add +650.0% | 0.87% | +0.75 |
| EQIX Equinix Inc. | New | 0.74% | +0.74 |
| RTX RTX Corp. | Add +115.8% | 1.24% | +0.73 |
| BR Broadridge Financial Solutio | Add +520.0% | 0.86% | +0.73 |
| SYK Stryker Corp. | Add +425.0% | 0.89% | +0.73 |
| HUBS HubSpot Inc. | New | 0.72% | +0.72 |
| UAL United Airlines Holdings Inc. | New | 0.68% | +0.68 |
| CLX Clorox Company | New | 0.67% | +0.67 |
| HEI.A Heico Corp. Class A | Add +152.9% | 1.04% | +0.67 |
| CCL Carnival Corp. | New | 0.65% | +0.65 |
| NFLX Netflix Inc. | Add +600.0% | 0.74% | +0.64 |
| GWW WW Grainger Inc. | Add +150.0% | 1.13% | +0.64 |
| PH Parker Hannifin Corp. | New | 0.62% | +0.62 |
| PNR Pentair PLC | New | 0.61% | +0.61 |
| PKG Packaging Corp. of America | Add +2600.0% | 0.61% | +0.58 |
| NOW ServiceNow Inc. | Add +350.0% | 0.82% | +0.57 |
| ZTS Zoetis Inc. | Add +214.3% | 0.83% | +0.56 |
| FOXA Fox Corp. Class A | New | 0.55% | +0.55 |
| GIS General Mills Inc. | Add +158.5% | 0.93% | +0.54 |
| DASH DoorDash Inc. Class A | New | 0.54% | +0.54 |
| RSG Republic Services Inc. | Add +31.7% | 1.49% | +0.54 |
| ABBV Abbvie Inc. | Add +72.0% | 1.03% | +0.52 |
| CSCO Cisco Systems Inc. | Add +134.0% | 0.87% | +0.51 |
| TRGP Targa Resources Corp. | Add +95.2% | 0.94% | +0.51 |
| CHD Church & Dwight Co. Inc. | Add +60.7% | 1.23% | +0.49 |
| BAP Credicorp Ltd. | Add +100.0% | 0.98% | +0.49 |
| WMB Williams Cos Inc. | Add +43.6% | 1.30% | +0.47 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 110 | $105.4M | BALL, MGA, INCY, FLEX, HPE |
| Q1 2026 | 156 | $108.8M | DELL, CLS, TWLO, OTEX, HPE |
| Q4 2025 | 251 | $105.1M | CNC, TWLO, ZM, PCG, GM |
| Q3 2025 | 144 | $102.1M | HPE, FLEX, LDOS, UAL, TXT |
| Q2 2025 | 99 | $92.5M | FLEX, APP, NTRS, WAB, CAH |
| Q1 2025 | 141 | $87.6M | RSG, CBOE, COR, SPOT, WMB |
| Q4 2024 | 135 | $86.6M | APP, AXON, WMT, CMG, APH |