Board of the Pension Protection Fund

Name: Board of the Pension Protection Fund 13F holdings, Q1 2025
Creator: Board of the Pension Protection Fund
Published: 2025-04-24

Q2 2026Q1 2026Q4 2025Q3 2025Q2 2025Q4 2024

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%
ANET Arista Networks Inc.	0.49%	5,500	$426K	Reduce -14.1%
DGX Quest Diagnostics Inc.	0.48%	2,500	$423K	Add +316.7%
LDOS Leidos Holdings Inc.	0.45%	2,900	$391K	Reduce -54.0%
KO The Coca-Cola Co.	0.43%	5,300	$380K	Reduce -1.9%
AON Aon PLC Class A	0.41%	900	$359K	New
GRMN Garmin Ltd.	0.40%	1,600	$347K	Reduce -68.0%
DDOG Datadog Inc. Class A	0.40%	3,500	$347K	New
MNST Monster Beverage Corp.	0.39%	5,900	$345K	Reduce -66.8%
TEAM Atlassian Corp. Class A	0.39%	1,600	$340K	New
HON Honeywell International Inc.	0.39%	1,600	$339K	Reduce -42.9%
NTAP Netapp Inc.	0.37%	3,700	$325K	Reduce -50.0%
CL Colgate-Palmolive Co.	0.36%	3,400	$319K	New
HWM Howmet Aerospace Inc.	0.36%	2,400	$311K	Reduce -76.9%
PWR Quanta Services Inc.	0.35%	1,200	$305K	New
CPAY Corpay Inc.	0.32%	800	$279K	Add +300.0%
VRSK Verisk Analytics Inc.	0.31%	900	$268K	New
MRVL Marvell Technology Inc.	0.27%	3,800	$234K	New
ECL Ecolab Inc.	0.26%	900	$228K	Reduce -71.0%
ULTA Ulta Beauty Inc.	0.25%	600	$220K	New
CMI Cummins Inc.	0.25%	700	$219K	New
CTSH Cognizant Tech Solutions-A	0.24%	2,800	$214K	Add +16.7%
FTNT Fortinet Inc.	0.24%	2,200	$212K	Reduce -80.2%
PEP Pepsico Inc.	0.24%	1,400	$210K	Add +133.3%
FISV Fiserv Inc.	0.23%	900	$199K	Reduce -80.4%
WAB Wabtec Corp.	0.21%	1,000	$181K	Reduce -83.6%
VRT Vertiv Holdings Co. Class A	0.20%	2,400	$173K	Reduce -33.3%
CEG Constellation Energy	0.18%	800	$161K	Reduce -78.4%
CME Cme Group Inc.	0.18%	600	$159K	New
OKE Oneok Inc.	0.18%	1,600	$159K	New
WELL Welltower Inc.	0.17%	1,000	$153K	Reduce -86.3%
CMG Chipotle Mexican Grill Inc.	0.17%	3,000	$151K	Reduce -84.7%
STT State Street Corp.	0.13%	1,300	$116K	New
KR Kroger Co.	0.13%	1,700	$115K	Reduce -90.7%
ADSK Autodesk Inc.	0.12%	400	$105K	New
TTD Trade Desk Inc./the Class A filed as THE TRADE DESK INC	0.12%	1,900	$104K	New
TDY Teledyne Technologies Inc.	0.11%	200	$100K	New
GOOGL Alphabet Inc. Class A	0.11%	600	$93K	New
CTAS Cintas Corp.	0.07%	300	$62K	Reduce -94.1%
ZBRA Zebra Technologies Corp. Class A	0.06%	200	$57K	Reduce -88.9%
ABT Abbott Laboratories	0.06%	400	$53K	New
APP AppLovin Corp. Class A	0.03%	100	$26K	Reduce -98.5%

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