Board of the Pension Protection Fund
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed October 9, 2025), Board of the Pension Protection Fund reported 144 stock positions worth $102.1 million. Its top holding was Hewlett Packard Enterprise (HPE) at 1.9% of the portfolio, followed by Flex (FLEX, 1.8%) and Leidos (LDOS, 1.8%). Compared with Q2 2025, it opened 85 new positions, sold out of 40, added to 29 and reduced 29. The biggest buy was a new position in Delta Air Lines (DAL) and the biggest sale an exit from AppLovin Class A (APP).
- Most Recent 13F
- Q2 2026
- Location
- CROYDON, X0
- CIK
- 0002041021
- Portfolio Value
- $102.1M (Q3 2025)
- SEC Filing
- 0002041021-25-000008 ↗ filed Oct 9, 2025
Holdings Value
Holdings 144 stocks · $102.1M
| HPE Hewlett Packard Enterprise | 1.89% | 78,600 | $1.9M | Add +30.8% |
| FLEX Flex Ltd. | 1.81% | 31,900 | $1.8M | Reduce -32.8% |
| LDOS Leidos Holdings Inc. | 1.79% | 9,700 | $1.8M | Add +11.5% |
| UAL United Airlines Holdings Inc. | 1.63% | 17,200 | $1.7M | Add +43.3% |
| TXT Textron Inc. | 1.56% | 18,900 | $1.6M | Add +182.1% |
| BNY Bank of New York Mellon Corp. filed as BANK NEW YORK MELLON CORP | 1.50% | 14,100 | $1.5M | Reduce -18.5% |
| NI Nisource Inc. | 1.48% | 35,000 | $1.5M | Add +13.3% |
| L Loews Corp. | 1.46% | 14,900 | $1.5M | Reduce -4.5% |
| CFG Citizens Financial Group | 1.46% | 28,000 | $1.5M | Reduce -13.6% |
| FOXA Fox Corp. Class A | 1.46% | 23,600 | $1.5M | Reduce -8.2% |
| HIG Hartford Insurance Group Inc. | 1.45% | 11,100 | $1.5M | Add +6.7% |
| FOX Fox Corp. Class B | 1.44% | 25,700 | $1.5M | Reduce -7.9% |
| GEN Gen Digital Inc. | 1.42% | 51,100 | $1.5M | Reduce -4.8% |
| CINF Cincinnati Financial Corp. | 1.41% | 9,100 | $1.4M | Reduce -6.2% |
| RJF Raymond James Financial Inc. | 1.40% | 8,300 | $1.4M | Add +12.2% |
| OMC Omnicom Group | 1.40% | 17,500 | $1.4M | Add +35.7% |
| TRV The Travelers Cos Inc. | 1.39% | 5,100 | $1.4M | Reduce -3.8% |
| T AT&T Inc. | 1.39% | 50,300 | $1.4M | Add +81.6% |
| ZM Zoom Communications Inc. | 1.37% | 17,000 | $1.4M | Add +153.7% |
| DOCU Docusign Inc. | 1.36% | 19,300 | $1.4M | Add +9.0% |
| FITB Fifth Third Bancorp | 1.35% | 30,900 | $1.4M | Reduce -5.5% |
| NWSA News Corp. Class A | 1.35% | 44,800 | $1.4M | Reduce -13.8% |
| VZ Verizon Communications Inc. | 1.32% | 30,600 | $1.3M | Add +1.0% |
| HBAN Huntington Bancshares Inc. | 1.30% | 76,900 | $1.3M | Reduce -16.2% |
| NWS News Corp. Class B | 1.30% | 38,400 | $1.3M | Reduce -15.4% |
| CTSH Cognizant Tech Solutions-A | 1.25% | 19,000 | $1.3M | Add +39.7% |
| TWLO Twilio Inc. Class A | 1.24% | 12,700 | $1.3M | Add +108.2% |
| TMUS T-Mobile US Inc. | 1.24% | 5,300 | $1.3M | Add +3.9% |
| ALL Allstate Corp. | 1.24% | 5,900 | $1.3M | Add +55.3% |
| PGR Progressive Corp. | 1.23% | 5,100 | $1.3M | Add +4.1% |
| CNA Cna Financial Corp. | 1.23% | 27,000 | $1.3M | Add +25.6% |
| MET Metlife Inc. | 1.23% | 15,200 | $1.3M | Add +47.6% |
| FWONA Liberty Media Corp. Class A | 1.21% | 13,000 | $1.2M | Reduce -19.8% |
| EQH Equitable Holdings Inc. | 1.19% | 23,900 | $1.2M | Reduce -15.6% |
| DAL Delta Air Lines Inc. | 1.12% | 20,100 | $1.1M | New |
| SYF Synchrony Financial | 1.09% | 15,600 | $1.1M | Add +39.3% |
| HPQ HP Inc. | 1.06% | 39,800 | $1.1M | Add +268.5% |
| P Everpure Inc. Class A filed as PURE STORAGE INC | 1.05% | 12,800 | $1.1M | New |
| BKR Baker Hughes Co. | 1.05% | 22,000 | $1.1M | New |
| WBD Warner Bros Discovery Inc. | 1.02% | 53,200 | $1.0M | New |
| CNC Centene Corp. | 0.98% | 28,100 | $1.0M | New |
| HAL Halliburton Co. | 0.97% | 40,100 | $986K | New |
| LEN.B Lennar Corp. Class B | 0.96% | 8,200 | $984K | New |
| EXPE Expedia Group Inc. | 0.96% | 4,600 | $983K | New |
| WRB WR Berkley Corp. filed as BERKLEY W R CORP | 0.95% | 12,600 | $965K | Add +106.6% |
| UHS Universal Health Services-B | 0.94% | 4,700 | $961K | New |
| PCG P G & E Corp. | 0.93% | 63,200 | $953K | New |
| BLDR Builders Firstsource Inc. | 0.93% | 7,800 | $946K | New |
| APTV Aptiv PLC | 0.90% | 10,700 | $923K | New |
| EIX Edison International | 0.89% | 16,400 | $907K | New |
| MKL Markel Group Inc. | 0.88% | 470 | $898K | Add +80.8% |
| VTRS Viatris Inc. | 0.87% | 89,700 | $888K | New |
| CHTR Charter Communications Inc. Class A | 0.86% | 3,200 | $880K | Add +33.3% |
| DVN Devon Energy Corp. | 0.86% | 25,000 | $877K | New |
| DVA Davita Inc. | 0.83% | 6,400 | $850K | New |
| F Ford Motor Co. filed as FORD MTR CO | 0.83% | 71,000 | $849K | New |
| SLB SLB Ltd. filed as SCHLUMBERGER LTD | 0.81% | 24,200 | $832K | New |
| NTAP Netapp Inc. | 0.81% | 7,000 | $829K | New |
| CTRA Coterra Energy Inc. | 0.81% | 34,800 | $823K | New |
| DELL Dell Technologies -C | 0.81% | 5,800 | $822K | New |
| FSLR First Solar Inc. | 0.80% | 3,700 | $816K | New |
| CNH CNH Industrial NV | 0.79% | 74,700 | $810K | New |
| GOOG Alphabet Inc. Class C | 0.76% | 3,200 | $779K | New |
| GOOGL Alphabet Inc. Class A | 0.76% | 3,200 | $778K | New |
| AMCR Amcor PLC | 0.76% | 95,000 | $777K | New |
| AKAM Akamai Technologies Inc. | 0.73% | 9,900 | $750K | New |
| WLK Westlake Corp. | 0.72% | 9,500 | $732K | New |
| MGM MGM Resorts International | 0.71% | 21,000 | $728K | New |
| RF Regions Financial Corp. | 0.71% | 27,600 | $728K | Add +107.5% |
| SMCI Super Micro Computer Inc. | 0.69% | 14,600 | $700K | New |
| IPG Interpublic Group of Cos Inc. | 0.66% | 24,000 | $670K | New |
| DOW Dow Inc. | 0.63% | 28,100 | $644K | New |
| EMN Eastman Chemical Co. | 0.63% | 10,200 | $643K | New |
| KEY Keycorp | 0.63% | 34,300 | $641K | Add +115.7% |
| EPAM Epam Systems Inc. | 0.62% | 4,200 | $633K | New |
| CMCSA Comcast Corp. Class A | 0.55% | 17,800 | $559K | New |
| NLY Annaly Capital Management Inc. | 0.45% | 22,700 | $459K | Add +710.7% |
| RNR Renaissancere Holdings Ltd. | 0.45% | 1,800 | $457K | New |
| EG Everest Group Ltd. | 0.45% | 1,300 | $455K | Add +1200.0% |
| PINS Pinterest Inc. Class A | 0.44% | 14,000 | $450K | New |
| WAB Wabtec Corp. | 0.43% | 2,200 | $441K | Reduce -74.4% |
| CB Chubb Ltd. | 0.41% | 1,500 | $423K | New |
| ACGL Arch Capital Group Ltd. | 0.40% | 4,500 | $408K | New |
| AIG American International Group | 0.39% | 5,100 | $401K | New |
| USB US Bancorp | 0.39% | 8,200 | $396K | New |
| FNF Fidelity National Financial | 0.39% | 6,500 | $393K | New |
| PNR Pentair PLC | 0.38% | 3,500 | $388K | New |
| CSX CSX Corp. | 0.37% | 10,700 | $380K | Reduce -56.5% |
| PFG Principal Financial Group | 0.37% | 4,500 | $373K | New |
| PRU Prudential Financial Inc. | 0.35% | 3,400 | $353K | New |
| GPN Global Payments Inc. | 0.33% | 4,100 | $341K | New |
| MAS Masco Corp. | 0.33% | 4,800 | $338K | Reduce -58.3% |
| TRMB Trimble Inc. | 0.33% | 4,100 | $335K | Reduce -80.9% |
| J Jacobs Solutions Inc. | 0.32% | 2,200 | $330K | Reduce -81.7% |
| ALLY Ally Financial Inc. | 0.31% | 8,200 | $321K | New |
| XYZ Block Inc. | 0.30% | 4,300 | $311K | New |
| BEN Franklin Templeton Inc. | 0.29% | 13,000 | $301K | New |
| ALLE Allegion PLC | 0.28% | 1,600 | $284K | Reduce -44.8% |
| CHRW C.H. Robinson Worldwide Inc. | 0.27% | 2,100 | $278K | Reduce -85.1% |
| UBER Uber Technologies Inc. | 0.27% | 2,800 | $274K | New |
Portfolio Sells Q2 2025 → Q3 2025
| APP AppLovin Corp. Class A | Sold out | 0.00% | −2.12 |
| NTRS Northern Trust Corp. | Sold out | 0.00% | −2.02 |
| CSCO Cisco Systems Inc. | Sold out | 0.00% | −1.80 |
| JNPR Juniper Networks Inc. | Sold out | 0.00% | −1.70 |
| VRSN Verisign Inc. | Sold out | 0.00% | −1.69 |
| TDY Teledyne Technologies Inc. | Sold out | 0.00% | −1.61 |
| CAH Cardinal Health Inc. | Reduce -83.2% | 0.26% | −1.57 |
| WAB Wabtec Corp. | Reduce -74.4% | 0.43% | −1.51 |
| BR Broadridge Financial Solutio | Sold out | 0.00% | −1.50 |
| FFIV F5 Inc. | Reduce -86.8% | 0.22% | −1.47 |
| TRMB Trimble Inc. | Reduce -80.9% | 0.33% | −1.44 |
| J Jacobs Solutions Inc. | Reduce -81.7% | 0.32% | −1.38 |
| EXC Exelon Corp. | Sold out | 0.00% | −1.32 |
| SSNC Ss&c Technologies Holdings | Reduce -86.0% | 0.21% | −1.32 |
| STT State Street Corp. | Sold out | 0.00% | −1.29 |
| CMI Cummins Inc. | Sold out | 0.00% | −1.27 |
| EXPD Expeditors Intl Wash Inc. | Reduce -85.5% | 0.20% | −1.24 |
| CHRW C.H. Robinson Worldwide Inc. | Reduce -85.1% | 0.27% | −1.19 |
| HEI.A Heico Corp. Class A | Sold out | 0.00% | −1.18 |
| ATO Atmos Energy Corp. | Sold out | 0.00% | −1.17 |
| C Citigroup Inc. | Sold out | 0.00% | −1.10 |
| CNP Centerpoint Energy Inc. | Sold out | 0.00% | −1.01 |
| BRO Brown & Brown Inc. | Sold out | 0.00% | −0.99 |
| LH Labcorp Holdings Inc. | Sold out | 0.00% | −0.94 |
| ROL Rollins Inc. | Sold out | 0.00% | −0.86 |
| GDDY GoDaddy Inc. Class A | Reduce -76.0% | 0.16% | −0.81 |
| FLEX Flex Ltd. | Reduce -32.8% | 1.81% | −0.75 |
| WM Waste Management Inc. | Sold out | 0.00% | −0.74 |
| ADP Automatic Data Processing | Sold out | 0.00% | −0.73 |
| RSG Republic Services Inc. | Sold out | 0.00% | −0.72 |
| V Visa Inc. Class A | Sold out | 0.00% | −0.69 |
| RMD Resmed Inc. | Sold out | 0.00% | −0.67 |
| AMP Ameriprise Financial Inc. | Sold out | 0.00% | −0.63 |
| EQH Equitable Holdings Inc. | Reduce -15.6% | 1.19% | −0.53 |
| CSX CSX Corp. | Reduce -56.5% | 0.37% | −0.50 |
| MAS Masco Corp. | Reduce -58.3% | 0.33% | −0.47 |
| JKHY Jack Henry & Associates Inc. | Sold out | 0.00% | −0.47 |
| FWONA Liberty Media Corp. Class A | Reduce -19.8% | 1.21% | −0.45 |
| AFL Aflac Inc. | Sold out | 0.00% | −0.42 |
| ABBV Abbvie Inc. | Sold out | 0.00% | −0.40 |
| DGX Quest Diagnostics Inc. | Sold out | 0.00% | −0.39 |
| NWS News Corp. Class B | Reduce -15.4% | 1.30% | −0.39 |
| LPLA LPL Financial Holdings Inc. | Sold out | 0.00% | −0.36 |
| HBAN Huntington Bancshares Inc. | Reduce -16.2% | 1.30% | −0.36 |
| PNC PNC Financial Services Group | Sold out | 0.00% | −0.36 |
| MMM 3M Co. | Sold out | 0.00% | −0.33 |
| BMRN Biomarin Pharmaceutical Inc. | Reduce -64.2% | 0.15% | −0.33 |
| NWSA News Corp. Class A | Reduce -13.8% | 1.35% | −0.32 |
| BAC Bank of America Corp. | Sold out | 0.00% | −0.31 |
| RPRX Royalty Pharma PLC Class A | Reduce -52.3% | 0.21% | −0.29 |
Portfolio Buys Q2 2025 → Q3 2025
| DAL Delta Air Lines Inc. | New | 1.12% | +1.12 |
| P Everpure Inc. Class A | New | 1.05% | +1.05 |
| BKR Baker Hughes Co. | New | 1.05% | +1.05 |
| WBD Warner Bros Discovery Inc. | New | 1.02% | +1.02 |
| TXT Textron Inc. | Add +182.1% | 1.56% | +0.98 |
| CNC Centene Corp. | New | 0.98% | +0.98 |
| HAL Halliburton Co. | New | 0.97% | +0.97 |
| LEN.B Lennar Corp. Class B | New | 0.96% | +0.96 |
| EXPE Expedia Group Inc. | New | 0.96% | +0.96 |
| UHS Universal Health Services-B | New | 0.94% | +0.94 |
| PCG P G & E Corp. | New | 0.93% | +0.93 |
| BLDR Builders Firstsource Inc. | New | 0.93% | +0.93 |
| APTV Aptiv PLC | New | 0.90% | +0.90 |
| EIX Edison International | New | 0.89% | +0.89 |
| VTRS Viatris Inc. | New | 0.87% | +0.87 |
| DVN Devon Energy Corp. | New | 0.86% | +0.86 |
| DVA Davita Inc. | New | 0.83% | +0.83 |
| F Ford Motor Co. | New | 0.83% | +0.83 |
| SLB SLB Ltd. | New | 0.81% | +0.81 |
| NTAP Netapp Inc. | New | 0.81% | +0.81 |
| ZM Zoom Communications Inc. | Add +153.7% | 1.37% | +0.81 |
| CTRA Coterra Energy Inc. | New | 0.81% | +0.81 |
| DELL Dell Technologies -C | New | 0.81% | +0.81 |
| FSLR First Solar Inc. | New | 0.80% | +0.80 |
| CNH CNH Industrial NV | New | 0.79% | +0.79 |
| HPQ HP Inc. | Add +268.5% | 1.06% | +0.78 |
| GOOG Alphabet Inc. Class C | New | 0.76% | +0.76 |
| GOOGL Alphabet Inc. Class A | New | 0.76% | +0.76 |
| AMCR Amcor PLC | New | 0.76% | +0.76 |
| AKAM Akamai Technologies Inc. | New | 0.73% | +0.73 |
| WLK Westlake Corp. | New | 0.72% | +0.72 |
| MGM MGM Resorts International | New | 0.71% | +0.71 |
| SMCI Super Micro Computer Inc. | New | 0.69% | +0.69 |
| IPG Interpublic Group of Cos Inc. | New | 0.66% | +0.66 |
| DOW Dow Inc. | New | 0.63% | +0.63 |
| EMN Eastman Chemical Co. | New | 0.63% | +0.63 |
| EPAM Epam Systems Inc. | New | 0.62% | +0.62 |
| UAL United Airlines Holdings Inc. | Add +43.3% | 1.63% | +0.59 |
| HPE Hewlett Packard Enterprise | Add +30.8% | 1.89% | +0.56 |
| CMCSA Comcast Corp. Class A | New | 0.55% | +0.55 |
| T AT&T Inc. | Add +81.6% | 1.39% | +0.52 |
| WRB WR Berkley Corp. | Add +106.6% | 0.95% | +0.46 |
| RNR Renaissancere Holdings Ltd. | New | 0.45% | +0.45 |
| PINS Pinterest Inc. Class A | New | 0.44% | +0.44 |
| TWLO Twilio Inc. Class A | Add +108.2% | 1.24% | +0.42 |
| CB Chubb Ltd. | New | 0.41% | +0.41 |
| ALL Allstate Corp. | Add +55.3% | 1.24% | +0.41 |
| EG Everest Group Ltd. | Add +1200.0% | 0.45% | +0.41 |
| ACGL Arch Capital Group Ltd. | New | 0.40% | +0.40 |
| OMC Omnicom Group | Add +35.7% | 1.40% | +0.39 |
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 |