Board of the Pension Protection Fund
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed January 6, 2026), Board of the Pension Protection Fund reported 251 stock positions worth $105.1 million. Its top holding was Centene (CNC) at 1.8% of the portfolio, followed by Twilio Class A (TWLO, 1.8%) and Zoom Communications (ZM, 1.8%). Compared with Q3 2025, it opened 134 new positions, sold out of 27, added to 59 and reduced 58. The biggest buy was a new position in General Motors (GM) and the biggest sale Leidos (LDOS, shares −90%).
- Most Recent 13F
- Q2 2026
- Location
- CROYDON, X0
- CIK
- 0002041021
- Portfolio Value
- $105.1M (Q4 2025)
- SEC Filing
- 0002041021-26-000001 ↗ filed Jan 6, 2026
Holdings Value
Holdings 251 stocks · $105.1M
| CNC Centene Corp. | 1.76% | 45,000 | $1.9M | Add +60.1% |
| TWLO Twilio Inc. Class A | 1.76% | 13,000 | $1.8M | Add +2.4% |
| ZM Zoom Communications Inc. | 1.76% | 21,400 | $1.8M | Add +25.9% |
| PCG P G & E Corp. | 1.74% | 113,800 | $1.8M | Add +80.1% |
| GM General Motors Co. | 1.73% | 22,300 | $1.8M | New |
| FOXA Fox Corp. Class A | 1.70% | 24,500 | $1.8M | Add +3.8% |
| FOX Fox Corp. Class B | 1.70% | 27,500 | $1.8M | Add +7.0% |
| EXPE Expedia Group Inc. | 1.67% | 6,200 | $1.8M | Add +34.8% |
| OMC Omnicom Group | 1.67% | 21,700 | $1.8M | Add +24.0% |
| EG Everest Group Ltd. | 1.65% | 5,120 | $1.7M | Add +293.9% |
| AIG American International Group | 1.64% | 20,200 | $1.7M | Add +296.1% |
| HPE Hewlett Packard Enterprise | 1.64% | 71,600 | $1.7M | Reduce -8.9% |
| WRB WR Berkley Corp. filed as BERKLEY W R CORP | 1.62% | 24,300 | $1.7M | Add +92.9% |
| EIX Edison International | 1.62% | 28,300 | $1.7M | Add +72.6% |
| CTSH Cognizant Tech Solutions-A | 1.60% | 20,300 | $1.7M | Add +6.8% |
| L Loews Corp. | 1.59% | 15,900 | $1.7M | Add +6.7% |
| CMCSA Comcast Corp. Class A | 1.59% | 55,900 | $1.7M | Add +214.0% |
| TRV The Travelers Cos Inc. | 1.59% | 5,760 | $1.7M | Add +12.9% |
| ACGL Arch Capital Group Ltd. | 1.59% | 17,400 | $1.7M | Add +286.7% |
| EQH Equitable Holdings Inc. | 1.57% | 34,700 | $1.7M | Add +45.2% |
| F Ford Motor Co. filed as FORD MTR CO | 1.57% | 126,000 | $1.7M | Add +77.5% |
| SYF Synchrony Financial | 1.57% | 19,800 | $1.7M | Add +26.9% |
| PFG Principal Financial Group | 1.57% | 18,700 | $1.6M | Add +315.6% |
| DOCU Docusign Inc. | 1.56% | 24,000 | $1.6M | Add +24.4% |
| HAL Halliburton Co. | 1.55% | 57,700 | $1.6M | Add +43.9% |
| HBAN Huntington Bancshares Inc. | 1.55% | 93,900 | $1.6M | Add +22.1% |
| RF Regions Financial Corp. | 1.55% | 60,100 | $1.6M | Add +117.8% |
| FLEX Flex Ltd. | 1.55% | 26,900 | $1.6M | Reduce -15.7% |
| CINF Cincinnati Financial Corp. | 1.54% | 9,900 | $1.6M | Add +8.8% |
| GEN Gen Digital Inc. | 1.53% | 59,100 | $1.6M | Add +15.7% |
| BEN Franklin Templeton Inc. | 1.52% | 66,800 | $1.6M | Add +413.9% |
| MET Metlife Inc. | 1.52% | 20,200 | $1.6M | Add +32.9% |
| PRU Prudential Financial Inc. | 1.50% | 14,000 | $1.6M | Add +311.8% |
| HIG Hartford Insurance Group Inc. | 1.50% | 11,400 | $1.6M | Add +2.7% |
| AVY Avery Dennison Corp. | 1.49% | 8,600 | $1.6M | New |
| CTRA Coterra Energy Inc. | 1.48% | 59,200 | $1.6M | Add +70.1% |
| AMCR Amcor PLC | 1.48% | 186,600 | $1.6M | Add +96.4% |
| UAL United Airlines Holdings Inc. | 1.47% | 13,800 | $1.5M | Reduce -19.8% |
| NWS News Corp. Class B | 1.46% | 51,900 | $1.5M | Add +35.2% |
| TXT Textron Inc. | 1.46% | 17,600 | $1.5M | Reduce -6.9% |
| NWSA News Corp. Class A | 1.46% | 58,700 | $1.5M | Add +31.0% |
| FNF Fidelity National Financial | 1.45% | 28,000 | $1.5M | Add +330.8% |
| VZ Verizon Communications Inc. | 1.45% | 37,400 | $1.5M | Add +22.2% |
| DAL Delta Air Lines Inc. | 1.45% | 21,900 | $1.5M | Add +9.0% |
| CNA Cna Financial Corp. | 1.43% | 31,400 | $1.5M | Add +16.3% |
| GDDY GoDaddy Inc. Class A | 1.39% | 11,800 | $1.5M | Add +883.3% |
| FWONA Liberty Media Corp. Class A | 1.38% | 16,200 | $1.4M | Add +24.6% |
| GPN Global Payments Inc. | 1.36% | 18,500 | $1.4M | Add +351.2% |
| SW Smurfit Westrock PLC | 1.36% | 36,900 | $1.4M | New |
| APTV Aptiv PLC | 1.34% | 18,500 | $1.4M | Add +72.9% |
| CNH CNH Industrial NV | 1.33% | 151,700 | $1.4M | Add +103.1% |
| DELL Dell Technologies -C | 1.33% | 11,100 | $1.4M | Add +91.4% |
| HPQ HP Inc. | 1.25% | 59,100 | $1.3M | Add +48.5% |
| PINS Pinterest Inc. Class A | 1.25% | 50,600 | $1.3M | Add +261.4% |
| CHTR Charter Communications Inc. Class A | 1.22% | 6,140 | $1.3M | Add +91.9% |
| BF.A Brown-Forman Corp. Class A | 1.20% | 48,100 | $1.3M | New |
| DOW Dow Inc. | 1.20% | 54,100 | $1.3M | Add +92.5% |
| BLDR Builders Firstsource Inc. | 1.12% | 11,400 | $1.2M | Add +46.1% |
| CDW CDW Corp. | 1.05% | 8,100 | $1.1M | Add +523.1% |
| LEN.B Lennar Corp. Class B | 1.02% | 11,300 | $1.1M | Add +37.8% |
| SMCI Super Micro Computer Inc. | 0.90% | 32,300 | $945K | Add +121.2% |
| LYB Lyondellbasell Indu Class A | 0.51% | 12,400 | $537K | New |
| FCNCA First Citizens Bcshs Class A | 0.41% | 200 | $429K | Add +100.0% |
| RPRX Royalty Pharma PLC Class A | 0.29% | 7,900 | $305K | Add +27.4% |
| MOH Molina Healthcare Inc. | 0.28% | 1,700 | $295K | Add +112.5% |
| FSLR First Solar Inc. | 0.25% | 1,000 | $261K | Reduce -73.0% |
| BAX Baxter International Inc. | 0.24% | 13,300 | $254K | Add +121.7% |
| CI The Cigna Group | 0.19% | 720 | $198K | Add +2.9% |
| LDOS Leidos Holdings Inc. | 0.17% | 1,000 | $180K | Reduce -89.7% |
| FTV Fortive Corp. | 0.17% | 3,200 | $177K | Add +10.3% |
| KR Kroger Co. | 0.11% | 1,800 | $112K | New |
| EXC Exelon Corp. | 0.10% | 2,500 | $109K | New |
| FISV Fiserv Inc. | 0.10% | 1,600 | $107K | New |
| KHC The Kraft Heinz Co. | 0.10% | 4,300 | $104K | New |
| ED Consolidated Edison Inc. | 0.09% | 1,000 | $99K | New |
| HOLX Hologic Inc. | 0.09% | 1,300 | $97K | Reduce -62.9% |
| NRG NRG Energy Inc. | 0.09% | 600 | $96K | New |
| HRL Hormel Foods Corp. | 0.09% | 3,900 | $92K | New |
| AWK American Water Works Co. Inc. | 0.09% | 700 | $91K | New |
| NI Nisource Inc. | 0.08% | 1,900 | $79K | Reduce -94.6% |
| CFG Citizens Financial Group | 0.07% | 1,300 | $76K | Reduce -95.4% |
| NTAP Netapp Inc. | 0.07% | 700 | $75K | Reduce -90.0% |
| Q Qnity Electronics Inc. | 0.07% | 900 | $73K | New |
| CNP Centerpoint Energy Inc. | 0.07% | 1,900 | $73K | New |
| KEY Keycorp | 0.07% | 3,500 | $72K | Reduce -89.8% |
| PFE Pfizer Inc. | 0.07% | 2,900 | $72K | Reduce -64.6% |
| ZBH Zimmer Biomet Holdings Inc. | 0.07% | 800 | $72K | Reduce -60.0% |
| CVS CVS Health Corp. | 0.07% | 900 | $71K | Reduce -73.5% |
| FITB Fifth Third Bancorp | 0.07% | 1,500 | $70K | Reduce -95.2% |
| BMY Bristol-Myers Squibb Co. | 0.07% | 1,300 | $70K | New |
| SSNC Ss&c Technologies Holdings | 0.07% | 800 | $70K | Reduce -66.7% |
| ES Eversource Energy | 0.06% | 1,000 | $67K | New |
| ATO Atmos Energy Corp. | 0.06% | 400 | $67K | New |
| RJF Raymond James Financial Inc. | 0.06% | 400 | $64K | Reduce -95.2% |
| PYPL PayPal Holdings Inc. | 0.06% | 1,100 | $64K | New |
| USB US Bancorp | 0.06% | 1,200 | $64K | Reduce -85.4% |
| BF.B Brown-Forman Corp. Class B | 0.06% | 2,400 | $63K | New |
| FFIV F5 Inc. | 0.06% | 240 | $61K | Reduce -65.7% |
| IT Gartner Inc. | 0.06% | 240 | $61K | New |
| MTB M & T Bank Corp. filed as M & T BK CORP | 0.06% | 300 | $60K | New |
Portfolio Sells Q3 2025 → Q4 2025
| LDOS Leidos Holdings Inc. | Reduce -89.7% | 0.17% | −1.62 |
| BNY Bank of New York Mellon Corp. | Reduce -97.2% | 0.04% | −1.46 |
| NI Nisource Inc. | Reduce -94.6% | 0.08% | −1.41 |
| T AT&T Inc. | Sold out | 0.00% | −1.39 |
| CFG Citizens Financial Group | Reduce -95.4% | 0.07% | −1.39 |
| RJF Raymond James Financial Inc. | Reduce -95.2% | 0.06% | −1.34 |
| FITB Fifth Third Bancorp | Reduce -95.2% | 0.07% | −1.28 |
| TMUS T-Mobile US Inc. | Sold out | 0.00% | −1.24 |
| ALL Allstate Corp. | Reduce -96.6% | 0.04% | −1.20 |
| PGR Progressive Corp. | Reduce -96.1% | 0.04% | −1.19 |
| BKR Baker Hughes Co. | Reduce -96.8% | 0.03% | −1.02 |
| P Everpure Inc. Class A | Reduce -96.1% | 0.03% | −1.02 |
| WBD Warner Bros Discovery Inc. | Sold out | 0.00% | −1.02 |
| UHS Universal Health Services-B | Sold out | 0.00% | −0.94 |
| VTRS Viatris Inc. | Sold out | 0.00% | −0.87 |
| MKL Markel Group Inc. | Reduce -95.7% | 0.04% | −0.84 |
| DVA Davita Inc. | Sold out | 0.00% | −0.83 |
| DVN Devon Energy Corp. | Reduce -95.2% | 0.04% | −0.82 |
| SLB SLB Ltd. | Reduce -94.2% | 0.05% | −0.76 |
| GOOG Alphabet Inc. Class C | Sold out | 0.00% | −0.76 |
| GOOGL Alphabet Inc. Class A | Sold out | 0.00% | −0.76 |
| NTAP Netapp Inc. | Reduce -90.0% | 0.07% | −0.74 |
| AKAM Akamai Technologies Inc. | Sold out | 0.00% | −0.73 |
| WLK Westlake Corp. | Sold out | 0.00% | −0.72 |
| MGM MGM Resorts International | Sold out | 0.00% | −0.71 |
| IPG Interpublic Group of Cos Inc. | Sold out | 0.00% | −0.66 |
| EMN Eastman Chemical Co. | Sold out | 0.00% | −0.63 |
| EPAM Epam Systems Inc. | Sold out | 0.00% | −0.62 |
| KEY Keycorp | Reduce -89.8% | 0.07% | −0.56 |
| FSLR First Solar Inc. | Reduce -73.0% | 0.25% | −0.55 |
| NLY Annaly Capital Management Inc. | Sold out | 0.00% | −0.45 |
| RNR Renaissancere Holdings Ltd. | Sold out | 0.00% | −0.45 |
| WAB Wabtec Corp. | Reduce -95.5% | 0.02% | −0.41 |
| CB Chubb Ltd. | Reduce -89.3% | 0.05% | −0.37 |
| PNR Pentair PLC | Reduce -91.4% | 0.03% | −0.35 |
| CSX CSX Corp. | Reduce -89.7% | 0.04% | −0.33 |
| USB US Bancorp | Reduce -85.4% | 0.06% | −0.33 |
| ALLY Ally Financial Inc. | Sold out | 0.00% | −0.31 |
| MAS Masco Corp. | Reduce -87.5% | 0.04% | −0.29 |
| TRMB Trimble Inc. | Reduce -87.8% | 0.04% | −0.29 |
| J Jacobs Solutions Inc. | Reduce -86.4% | 0.04% | −0.28 |
| CHRW C.H. Robinson Worldwide Inc. | Sold out | 0.00% | −0.27 |
| FLEX Flex Ltd. | Reduce -15.7% | 1.55% | −0.26 |
| TER Teradyne Inc. | Sold out | 0.00% | −0.26 |
| HPE Hewlett Packard Enterprise | Reduce -8.9% | 1.64% | −0.25 |
| SWKS Skyworks Solutions Inc. | Sold out | 0.00% | −0.25 |
| XYZ Block Inc. | Reduce -79.1% | 0.06% | −0.25 |
| ALLE Allegion PLC | Reduce -87.5% | 0.03% | −0.25 |
| GD General Dynamics Corp. | Reduce -90.0% | 0.03% | −0.24 |
| UBER Uber Technologies Inc. | Reduce -85.7% | 0.03% | −0.24 |
Portfolio Buys Q3 2025 → Q4 2025
| GM General Motors Co. | New | 1.73% | +1.73 |
| AVY Avery Dennison Corp. | New | 1.49% | +1.49 |
| SW Smurfit Westrock PLC | New | 1.36% | +1.36 |
| AIG American International Group | Add +296.1% | 1.64% | +1.25 |
| GDDY GoDaddy Inc. Class A | Add +883.3% | 1.39% | +1.23 |
| BEN Franklin Templeton Inc. | Add +413.9% | 1.52% | +1.22 |
| EG Everest Group Ltd. | Add +293.9% | 1.65% | +1.21 |
| PFG Principal Financial Group | Add +315.6% | 1.57% | +1.20 |
| BF.A Brown-Forman Corp. Class A | New | 1.20% | +1.20 |
| ACGL Arch Capital Group Ltd. | Add +286.7% | 1.59% | +1.19 |
| PRU Prudential Financial Inc. | Add +311.8% | 1.50% | +1.16 |
| FNF Fidelity National Financial | Add +330.8% | 1.45% | +1.07 |
| CMCSA Comcast Corp. Class A | Add +214.0% | 1.59% | +1.04 |
| GPN Global Payments Inc. | Add +351.2% | 1.36% | +1.03 |
| CDW CDW Corp. | Add +523.1% | 1.05% | +0.85 |
| RF Regions Financial Corp. | Add +117.8% | 1.55% | +0.84 |
| PCG P G & E Corp. | Add +80.1% | 1.74% | +0.81 |
| PINS Pinterest Inc. Class A | Add +261.4% | 1.25% | +0.81 |
| CNC Centene Corp. | Add +60.1% | 1.76% | +0.78 |
| F Ford Motor Co. | Add +77.5% | 1.57% | +0.74 |
| EIX Edison International | Add +72.6% | 1.62% | +0.73 |
| AMCR Amcor PLC | Add +96.4% | 1.48% | +0.72 |
| EXPE Expedia Group Inc. | Add +34.8% | 1.67% | +0.71 |
| CTRA Coterra Energy Inc. | Add +70.1% | 1.48% | +0.68 |
| WRB WR Berkley Corp. | Add +92.9% | 1.62% | +0.68 |
| HAL Halliburton Co. | Add +43.9% | 1.55% | +0.59 |
| DOW Dow Inc. | Add +92.5% | 1.20% | +0.57 |
| CNH CNH Industrial NV | Add +103.1% | 1.33% | +0.54 |
| DELL Dell Technologies -C | Add +91.4% | 1.33% | +0.52 |
| TWLO Twilio Inc. Class A | Add +2.4% | 1.76% | +0.52 |
| LYB Lyondellbasell Indu Class A | New | 0.51% | +0.51 |
| SYF Synchrony Financial | Add +26.9% | 1.57% | +0.49 |
| APTV Aptiv PLC | Add +72.9% | 1.34% | +0.44 |
| EQH Equitable Holdings Inc. | Add +45.2% | 1.57% | +0.39 |
| ZM Zoom Communications Inc. | Add +25.9% | 1.76% | +0.38 |
| CHTR Charter Communications Inc. Class A | Add +91.9% | 1.22% | +0.36 |
| CTSH Cognizant Tech Solutions-A | Add +6.8% | 1.60% | +0.36 |
| DAL Delta Air Lines Inc. | Add +9.0% | 1.45% | +0.33 |
| MET Metlife Inc. | Add +32.9% | 1.52% | +0.29 |
| OMC Omnicom Group | Add +24.0% | 1.67% | +0.27 |
| FOX Fox Corp. Class B | Add +7.0% | 1.70% | +0.26 |
| HBAN Huntington Bancshares Inc. | Add +22.1% | 1.55% | +0.25 |
| FOXA Fox Corp. Class A | Add +3.8% | 1.70% | +0.25 |
| FCNCA First Citizens Bcshs Class A | Add +100.0% | 0.41% | +0.23 |
| SMCI Super Micro Computer Inc. | Add +121.2% | 0.90% | +0.21 |
| DOCU Docusign Inc. | Add +24.4% | 1.56% | +0.20 |
| CNA Cna Financial Corp. | Add +16.3% | 1.43% | +0.20 |
| TRV The Travelers Cos Inc. | Add +12.9% | 1.59% | +0.20 |
| HPQ HP Inc. | Add +48.5% | 1.25% | +0.19 |
| BLDR Builders Firstsource Inc. | Add +46.1% | 1.12% | +0.19 |
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 |