Board of the Pension Protection Fund
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed July 25, 2025), Board of the Pension Protection Fund reported 99 stock positions worth $92.5 million. Its top holding was Flex (FLEX) at 2.6% of the portfolio, followed by AppLovin Class A (APP, 2.1%) and Northern Trust (NTRS, 2.0%). Compared with Q1 2025, it opened 62 new positions, sold out of 104, added to 22 and reduced 15. The biggest buy was a new position in Flex (FLEX) and the biggest sale an exit from Cboe Global Markets (CBOE).
- Most Recent 13F
- Q2 2026
- Location
- CROYDON, X0
- CIK
- 0002041021
- Portfolio Value
- $92.5M (Q2 2025)
- SEC Filing
- 0002041021-25-000005 ↗ filed Jul 25, 2025
Holdings Value
Holdings 99 stocks · $92.5M
| FLEX Flex Ltd. | 2.56% | 47,500 | $2.4M | New |
| APP AppLovin Corp. Class A | 2.12% | 5,600 | $2.0M | Add +5500.0% |
| NTRS Northern Trust Corp. | 2.02% | 14,700 | $1.9M | New |
| WAB Wabtec Corp. | 1.95% | 8,600 | $1.8M | Add +760.0% |
| CAH Cardinal Health Inc. | 1.83% | 10,100 | $1.7M | New |
| CSCO Cisco Systems Inc. | 1.80% | 24,000 | $1.7M | Add +93.5% |
| TRMB Trimble Inc. | 1.77% | 21,500 | $1.6M | New |
| EQH Equitable Holdings Inc. | 1.72% | 28,300 | $1.6M | New |
| GEN Gen Digital Inc. | 1.71% | 53,700 | $1.6M | New |
| J Jacobs Solutions Inc. | 1.71% | 12,000 | $1.6M | New |
| BNY Bank of New York Mellon Corp. filed as BANK NEW YORK MELLON CORP | 1.70% | 17,300 | $1.6M | Add +69.6% |
| JNPR Juniper Networks Inc. | 1.70% | 39,400 | $1.6M | New |
| FFIV F5 Inc. | 1.69% | 5,300 | $1.6M | Add +194.4% |
| VRSN Verisign Inc. | 1.69% | 5,400 | $1.6M | New |
| NWS News Corp. Class B | 1.68% | 45,400 | $1.6M | New |
| NWSA News Corp. Class A | 1.67% | 52,000 | $1.5M | New |
| HBAN Huntington Bancshares Inc. | 1.66% | 91,800 | $1.5M | New |
| FWONA Liberty Media Corp. Class A | 1.66% | 16,200 | $1.5M | Add +72.3% |
| TDY Teledyne Technologies Inc. | 1.61% | 2,900 | $1.5M | Add +1350.0% |
| CFG Citizens Financial Group | 1.57% | 32,400 | $1.4M | New |
| CINF Cincinnati Financial Corp. | 1.56% | 9,700 | $1.4M | New |
| FOX Fox Corp. Class B | 1.56% | 27,900 | $1.4M | New |
| FOXA Fox Corp. Class A | 1.56% | 25,700 | $1.4M | Add +202.3% |
| L Loews Corp. | 1.55% | 15,600 | $1.4M | New |
| TRV The Travelers Cos Inc. | 1.53% | 5,300 | $1.4M | New |
| SSNC Ss&c Technologies Holdings | 1.53% | 17,100 | $1.4M | New |
| BR Broadridge Financial Solutio | 1.50% | 5,700 | $1.4M | Add +83.9% |
| DOCU Docusign Inc. | 1.49% | 17,700 | $1.4M | Add +86.3% |
| LDOS Leidos Holdings Inc. | 1.48% | 8,700 | $1.4M | Add +200.0% |
| CHRW C.H. Robinson Worldwide Inc. | 1.46% | 14,100 | $1.4M | New |
| FITB Fifth Third Bancorp | 1.45% | 32,700 | $1.3M | New |
| EXPD Expeditors Intl Wash Inc. | 1.45% | 11,700 | $1.3M | New |
| HIG Hartford Insurance Group Inc. | 1.43% | 10,400 | $1.3M | New |
| VZ Verizon Communications Inc. | 1.42% | 30,300 | $1.3M | New |
| PGR Progressive Corp. | 1.41% | 4,900 | $1.3M | New |
| NI Nisource Inc. | 1.35% | 30,900 | $1.2M | Add +25.6% |
| HPE Hewlett Packard Enterprise | 1.33% | 60,100 | $1.2M | New |
| EXC Exelon Corp. | 1.32% | 28,200 | $1.2M | New |
| TMUS T-Mobile US Inc. | 1.31% | 5,100 | $1.2M | New |
| STT State Street Corp. | 1.29% | 11,200 | $1.2M | Add +761.5% |
| CMI Cummins Inc. | 1.27% | 3,600 | $1.2M | Add +414.3% |
| RJF Raymond James Financial Inc. | 1.23% | 7,400 | $1.1M | Add +27.6% |
| HEI.A Heico Corp. Class A | 1.18% | 4,200 | $1.1M | Reduce -2.3% |
| ATO Atmos Energy Corp. | 1.17% | 7,000 | $1.1M | Add +12.9% |
| CTSH Cognizant Tech Solutions-A | 1.15% | 13,600 | $1.1M | Add +385.7% |
| C Citigroup Inc. | 1.10% | 12,000 | $1.0M | New |
| CNA Cna Financial Corp. | 1.08% | 21,500 | $1.0M | New |
| CHTR Charter Communications Inc. Class A | 1.06% | 2,400 | $981K | New |
| UAL United Airlines Holdings Inc. | 1.03% | 12,000 | $956K | Add +39.5% |
| CNP Centerpoint Energy Inc. | 1.01% | 25,500 | $937K | New |
| OMC Omnicom Group | 1.00% | 12,900 | $928K | New |
| BRO Brown & Brown Inc. | 0.99% | 8,300 | $920K | Add +22.1% |
| GDDY GoDaddy Inc. Class A | 0.97% | 5,000 | $900K | Add +21.9% |
| LH Labcorp Holdings Inc. | 0.94% | 3,300 | $866K | New |
| MET Metlife Inc. | 0.90% | 10,300 | $828K | New |
| CSX CSX Corp. | 0.87% | 24,600 | $803K | New |
| T AT&T Inc. | 0.87% | 27,700 | $802K | New |
| ROL Rollins Inc. | 0.86% | 14,100 | $796K | Reduce -8.4% |
| ALL Allstate Corp. | 0.83% | 3,800 | $765K | New |
| TWLO Twilio Inc. Class A | 0.82% | 6,100 | $759K | New |
| SYF Synchrony Financial | 0.81% | 11,200 | $747K | Reduce -19.4% |
| MAS Masco Corp. | 0.80% | 11,500 | $740K | New |
| WM Waste Management Inc. | 0.74% | 3,000 | $686K | New |
| ADP Automatic Data Processing | 0.73% | 2,200 | $678K | Add +15.8% |
| RSG Republic Services Inc. | 0.72% | 2,700 | $666K | Reduce -50.0% |
| V Visa Inc. Class A | 0.69% | 1,800 | $639K | Reduce -28.0% |
| RMD Resmed Inc. | 0.67% | 2,400 | $619K | Reduce -47.8% |
| AMP Ameriprise Financial Inc. | 0.63% | 1,100 | $587K | New |
| TXT Textron Inc. | 0.58% | 6,700 | $538K | New |
| ZM Zoom Communications Inc. | 0.56% | 6,700 | $522K | New |
| MKL Markel Group Inc. | 0.56% | 260 | $519K | New |
| RPRX Royalty Pharma PLC Class A | 0.51% | 13,000 | $468K | Reduce -58.3% |
| WRB WR Berkley Corp. filed as BERKLEY W R CORP | 0.48% | 6,100 | $448K | Reduce -37.8% |
| BMRN Biomarin Pharmaceutical Inc. | 0.48% | 8,100 | $445K | New |
| JKHY Jack Henry & Associates Inc. filed as HENRY JACK & ASSOC INC | 0.47% | 2,400 | $432K | Reduce -57.1% |
| ALLE Allegion PLC | 0.45% | 2,900 | $418K | New |
| AFL Aflac Inc. | 0.42% | 3,700 | $390K | New |
| ABBV Abbvie Inc. | 0.40% | 2,000 | $371K | Reduce -53.5% |
| DGX Quest Diagnostics Inc. | 0.39% | 2,000 | $359K | Reduce -20.0% |
| LPLA LPL Financial Holdings Inc. | 0.36% | 900 | $337K | New |
| PNC PNC Financial Services Group | 0.36% | 1,800 | $336K | New |
| RF Regions Financial Corp. | 0.34% | 13,300 | $313K | New |
| MMM 3M Co. | 0.33% | 2,000 | $304K | New |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.31% | 6,100 | $289K | New |
| KEY Keycorp | 0.30% | 15,900 | $277K | New |
| HPQ HP Inc. | 0.29% | 10,800 | $264K | New |
| FTNT Fortinet Inc. | 0.26% | 2,300 | $243K | Add +4.5% |
| ANSS Ansys Inc. | 0.23% | 600 | $211K | New |
| MTB M & T Bank Corp. filed as M & T BK CORP | 0.19% | 900 | $175K | New |
| IT Gartner Inc. | 0.17% | 400 | $162K | Reduce -79.0% |
| RTX RTX Corp. | 0.14% | 900 | $131K | Reduce -89.0% |
| LUV Southwest Airlines Co. | 0.11% | 3,100 | $101K | New |
| BAX Baxter International Inc. | 0.10% | 3,200 | $97K | New |
| VRSK Verisk Analytics Inc. | 0.10% | 300 | $93K | Reduce -66.7% |
| NLY Annaly Capital Management Inc. | 0.06% | 2,800 | $53K | New |
| WFC Wells Fargo & Co. | 0.04% | 500 | $40K | New |
| EG Everest Group Ltd. | 0.04% | 100 | $34K | New |
| AMTM Amentum Holdings Inc. | 0.02% | 730 | $17K | New |
| ANET Arista Networks Inc. | 0.01% | 100 | $10K | Reduce -98.2% |
Portfolio Sells Q1 2025 → Q2 2025
| CBOE Cboe Global Markets Inc. | Sold out | 0.00% | −1.45 |
| COR Cencora Inc. | Sold out | 0.00% | −1.40 |
| SPOT Spotify Technology SA | Sold out | 0.00% | −1.38 |
| WMB Williams Cos Inc. | Sold out | 0.00% | −1.30 |
| MRSH Marsh & McLennan Cos | Sold out | 0.00% | −1.25 |
| BSX Boston Scientific Corp. | Sold out | 0.00% | −1.23 |
| CHD Church & Dwight Co. Inc. | Sold out | 0.00% | −1.23 |
| NET Cloudflare Inc. Class A | Sold out | 0.00% | −1.21 |
| SYY Sysco Corp. | Sold out | 0.00% | −1.20 |
| GLW Corning Inc. | Sold out | 0.00% | −1.14 |
| GWW WW Grainger Inc. | Sold out | 0.00% | −1.13 |
| CBRE CBRE Group Inc. Class A | Sold out | 0.00% | −1.12 |
| CHKP Check Point Software Tech | Sold out | 0.00% | −1.12 |
| META Meta Platforms Inc. Class A | Sold out | 0.00% | −1.12 |
| DVA Davita Inc. | Sold out | 0.00% | −1.12 |
| RTX RTX Corp. | Reduce -89.0% | 0.14% | −1.10 |
| NDAQ Nasdaq Inc. | Sold out | 0.00% | −1.09 |
| MKC McCormick & Co.-Non VTG SHRS | Sold out | 0.00% | −1.06 |
| SPG Simon Property Group Inc. | Sold out | 0.00% | −1.06 |
| KMB Kimberly-Clark Corp. | Sold out | 0.00% | −1.04 |
| PG The Procter & Gamble Co. | Sold out | 0.00% | −1.03 |
| PLTR Palantir Technologies Inc. Class A | Sold out | 0.00% | −1.01 |
| HEI Heico Corp. | Sold out | 0.00% | −1.01 |
| WMT Walmart Inc. | Sold out | 0.00% | −1.00 |
| BAP Credicorp Ltd. | Sold out | 0.00% | −0.98 |
| ACN Accenture PLC Class A | Sold out | 0.00% | −0.96 |
| FAST Fastenal Co. | Sold out | 0.00% | −0.95 |
| AME Ametek Inc. | Sold out | 0.00% | −0.94 |
| ORCL Oracle Corp. | Sold out | 0.00% | −0.94 |
| TRGP Targa Resources Corp. | Sold out | 0.00% | −0.94 |
| APH Amphenol Corp. Class A | Sold out | 0.00% | −0.94 |
| GIS General Mills Inc. | Sold out | 0.00% | −0.93 |
| DRI Darden Restaurants Inc. | Sold out | 0.00% | −0.92 |
| GM General Motors Co. | Sold out | 0.00% | −0.91 |
| HUBB Hubbell Inc. | Sold out | 0.00% | −0.91 |
| SYK Stryker Corp. | Sold out | 0.00% | −0.89 |
| FDS Factset Research Systems Inc. | Sold out | 0.00% | −0.88 |
| SPGI S&P Global Inc. | Sold out | 0.00% | −0.87 |
| COST Costco Wholesale Corp. | Sold out | 0.00% | −0.86 |
| AVGO Broadcom Inc. | Sold out | 0.00% | −0.86 |
| RCL Royal Caribbean Cruises Ltd. | Sold out | 0.00% | −0.84 |
| ELS Equity Lifestyle Properties | Sold out | 0.00% | −0.84 |
| ZTS Zoetis Inc. | Sold out | 0.00% | −0.83 |
| NOW ServiceNow Inc. | Sold out | 0.00% | −0.82 |
| MSFT Microsoft Corp. | Sold out | 0.00% | −0.81 |
| TYL Tyler Technologies Inc. | Sold out | 0.00% | −0.80 |
| RSG Republic Services Inc. | Reduce -50.0% | 0.72% | −0.77 |
| NFLX Netflix Inc. | Sold out | 0.00% | −0.74 |
| EQIX Equinix Inc. | Sold out | 0.00% | −0.74 |
| TJX TJX Companies Inc. | Sold out | 0.00% | −0.74 |
Portfolio Buys Q1 2025 → Q2 2025
| FLEX Flex Ltd. | New | 2.56% | +2.56 |
| APP AppLovin Corp. Class A | Add +5500.0% | 2.12% | +2.09 |
| NTRS Northern Trust Corp. | New | 2.02% | +2.02 |
| CAH Cardinal Health Inc. | New | 1.83% | +1.83 |
| TRMB Trimble Inc. | New | 1.77% | +1.77 |
| WAB Wabtec Corp. | Add +760.0% | 1.95% | +1.74 |
| EQH Equitable Holdings Inc. | New | 1.72% | +1.72 |
| GEN Gen Digital Inc. | New | 1.71% | +1.71 |
| J Jacobs Solutions Inc. | New | 1.71% | +1.71 |
| JNPR Juniper Networks Inc. | New | 1.70% | +1.70 |
| VRSN Verisign Inc. | New | 1.69% | +1.69 |
| NWS News Corp. Class B | New | 1.68% | +1.68 |
| NWSA News Corp. Class A | New | 1.67% | +1.67 |
| HBAN Huntington Bancshares Inc. | New | 1.66% | +1.66 |
| CFG Citizens Financial Group | New | 1.57% | +1.57 |
| CINF Cincinnati Financial Corp. | New | 1.56% | +1.56 |
| FOX Fox Corp. Class B | New | 1.56% | +1.56 |
| L Loews Corp. | New | 1.55% | +1.55 |
| TRV The Travelers Cos Inc. | New | 1.53% | +1.53 |
| SSNC Ss&c Technologies Holdings | New | 1.53% | +1.53 |
| TDY Teledyne Technologies Inc. | Add +1350.0% | 1.61% | +1.49 |
| CHRW C.H. Robinson Worldwide Inc. | New | 1.46% | +1.46 |
| FITB Fifth Third Bancorp | New | 1.45% | +1.45 |
| EXPD Expeditors Intl Wash Inc. | New | 1.45% | +1.45 |
| HIG Hartford Insurance Group Inc. | New | 1.43% | +1.43 |
| VZ Verizon Communications Inc. | New | 1.42% | +1.42 |
| PGR Progressive Corp. | New | 1.41% | +1.41 |
| HPE Hewlett Packard Enterprise | New | 1.33% | +1.33 |
| EXC Exelon Corp. | New | 1.32% | +1.32 |
| TMUS T-Mobile US Inc. | New | 1.31% | +1.31 |
| STT State Street Corp. | Add +761.5% | 1.29% | +1.15 |
| FFIV F5 Inc. | Add +194.4% | 1.69% | +1.14 |
| C Citigroup Inc. | New | 1.10% | +1.10 |
| CNA Cna Financial Corp. | New | 1.08% | +1.08 |
| CHTR Charter Communications Inc. Class A | New | 1.06% | +1.06 |
| LDOS Leidos Holdings Inc. | Add +200.0% | 1.48% | +1.04 |
| CMI Cummins Inc. | Add +414.3% | 1.27% | +1.02 |
| CNP Centerpoint Energy Inc. | New | 1.01% | +1.01 |
| FOXA Fox Corp. Class A | Add +202.3% | 1.56% | +1.01 |
| OMC Omnicom Group | New | 1.00% | +1.00 |
| LH Labcorp Holdings Inc. | New | 0.94% | +0.94 |
| CSCO Cisco Systems Inc. | Add +93.5% | 1.80% | +0.93 |
| CTSH Cognizant Tech Solutions-A | Add +385.7% | 1.15% | +0.90 |
| MET Metlife Inc. | New | 0.90% | +0.90 |
| CSX CSX Corp. | New | 0.87% | +0.87 |
| T AT&T Inc. | New | 0.87% | +0.87 |
| ALL Allstate Corp. | New | 0.83% | +0.83 |
| TWLO Twilio Inc. Class A | New | 0.82% | +0.82 |
| MAS Masco Corp. | New | 0.80% | +0.80 |
| FWONA Liberty Media Corp. Class A | Add +72.3% | 1.66% | +0.79 |
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 |