Board of the Pension Protection Fund

Name: Board of the Pension Protection Fund 13F holdings, Q3 2025
Creator: Board of the Pension Protection Fund
Published: 2025-10-09

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

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
GD General Dynamics Corp.	0.27%	800	$273K	New
CAH Cardinal Health Inc.	0.26%	1,700	$267K	Reduce -83.2%
TER Teradyne Inc.	0.26%	1,900	$262K	New
CVS CVS Health Corp.	0.25%	3,400	$256K	New
HCA HCA Healthcare Inc.	0.25%	600	$256K	New
INCY Incyte Corp.	0.25%	3,000	$254K	New
SWKS Skyworks Solutions Inc.	0.25%	3,300	$254K	New
CPNG Coupang Inc.	0.24%	7,500	$242K	New
VLO Valero Energy Corp.	0.23%	1,400	$238K	New
HOLX Hologic Inc.	0.23%	3,500	$236K	New
PCAR Paccar Inc.	0.23%	2,400	$236K	New
MPC Marathon Petroleum Corp.	0.23%	1,200	$231K	New
ON On Semiconductor	0.22%	4,600	$227K	New
FFIV F5 Inc.	0.22%	700	$226K	Reduce -86.8%
RPRX Royalty Pharma PLC Class A	0.21%	6,200	$219K	Reduce -52.3%
SSNC Ss&c Technologies Holdings	0.21%	2,400	$213K	Reduce -86.0%
PFE Pfizer Inc.	0.20%	8,200	$209K	New
IQV Iqvia Holdings Inc.	0.20%	1,100	$209K	New
EXPD Expeditors Intl Wash Inc.	0.20%	1,700	$208K	Reduce -85.5%
SNA Snap-on Inc.	0.20%	600	$208K	New
CDW CDW Corp.	0.20%	1,300	$207K	New
CI The Cigna Group	0.20%	700	$202K	New
ZBH Zimmer Biomet Holdings Inc.	0.19%	2,000	$197K	New
BIIB Biogen Inc.	0.19%	1,400	$196K	New
ELV Elevance Health Inc.	0.19%	600	$194K	New
MRK Merck & Co. Inc.	0.19%	2,300	$193K	New
SWK Stanley Black & Decker Inc.	0.18%	2,500	$186K	New
FCNCA First Citizens Bcshs Class A	0.18%	100	$179K	New
ZBRA Zebra Technologies Corp. Class A	0.17%	600	$178K	New
AVTR Avantor Inc.	0.17%	13,700	$171K	New
FDX FedEx Corp.	0.16%	700	$165K	New
GDDY GoDaddy Inc. Class A	0.16%	1,200	$164K	Reduce -76.0%
BMRN Biomarin Pharmaceutical Inc.	0.15%	2,900	$157K	Reduce -64.2%
EOG EOG Resources Inc.	0.15%	1,400	$157K	New
MOH Molina Healthcare Inc.	0.15%	800	$153K	New
JBHT Hunt (jb) Transprt SVCS Inc.	0.14%	1,100	$148K	New
FTV Fortive Corp.	0.14%	2,900	$142K	New
GFS Globalfoundries Inc.	0.14%	3,900	$140K	New
BAX Baxter International Inc.	0.13%	6,000	$137K	Add +87.5%
OKE Oneok Inc.	0.11%	1,600	$117K	New
OXY Occidental Petroleum Corp.	0.10%	2,200	$104K	New
LUV Southwest Airlines Co.	0.10%	3,100	$99K	No change
IQ Iqiyi Inc.-ADR	0.05%	18,700	$48K	New
JOYY Joyy Inc.-ADR	0.03%	600	$35K	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