Board of the Pension Protection Fund
In its 13F for Q1 2026 (holdings as of March 31, 2026, filed April 27, 2026), Board of the Pension Protection Fund reported 156 stock positions worth $108.8 million. Its top holding was Dell Technologies -C (DELL) at 2.2% of the portfolio, followed by Celestica (CLS, 1.8%) and Twilio Class A (TWLO, 1.8%). Compared with Q4 2025, it opened 14 new positions, sold out of 110, added to 74 and reduced 64. The biggest buy was a new position in Celestica (CLS) and the biggest sale an exit from General Motors (GM).
- Most Recent 13F
- Q2 2026
- Location
- CROYDON, X0
- CIK
- 0002041021
- Portfolio Value
- $108.8M (Q1 2026)
- SEC Filing
- 0002041021-26-000003 ↗ filed Apr 27, 2026
Holdings Value
Holdings 156 stocks · $108.8M
| DELL Dell Technologies -C | 2.19% | 14,500 | $2.4M | Add +30.6% |
| CLS Celestica Inc. | 1.84% | 5,100 | $2.0M | New |
| TWLO Twilio Inc. Class A | 1.83% | 15,800 | $2.0M | Add +21.5% |
| OTEX Open Text Corp. | 1.81% | 63,600 | $2.0M | New |
| HPE Hewlett Packard Enterprise | 1.81% | 82,700 | $2.0M | Add +15.5% |
| GIB Cgi Inc. | 1.80% | 19,200 | $2.0M | New |
| EIX Edison International | 1.78% | 26,500 | $1.9M | Reduce -6.4% |
| ZM Zoom Communications Inc. | 1.69% | 22,800 | $1.8M | Add +6.5% |
| PCG P G & E Corp. | 1.66% | 102,800 | $1.8M | Reduce -9.7% |
| NTAP Netapp Inc. | 1.65% | 17,500 | $1.8M | Add +2400.0% |
| EXC Exelon Corp. | 1.63% | 36,100 | $1.8M | Add +1344.0% |
| PYPL PayPal Holdings Inc. | 1.63% | 39,100 | $1.8M | Add +3454.6% |
| FLEX Flex Ltd. filed as FLEXTRONICS INTL LTD | 1.62% | 26,900 | $1.8M | No change |
| ATO Atmos Energy Corp. | 1.58% | 9,300 | $1.7M | Add +2225.0% |
| TRMB Trimble Inc. | 1.58% | 26,300 | $1.7M | Add +5160.0% |
| MRVL Marvell Technology Inc. | 1.58% | 17,300 | $1.7M | New |
| OMC Omnicom Group | 1.56% | 22,500 | $1.7M | Add +3.7% |
| DSGX The Descartes Systems Grp | 1.56% | 17,000 | $1.7M | New |
| DOCU Docusign Inc. | 1.53% | 35,200 | $1.7M | Add +46.7% |
| GPN Global Payments Inc. | 1.52% | 24,500 | $1.6M | Add +32.4% |
| OKTA Okta Inc. | 1.48% | 20,500 | $1.6M | Add +3316.7% |
| L Loews Corp. | 1.48% | 15,100 | $1.6M | Reduce -5.0% |
| NI Nisource Inc. | 1.47% | 34,200 | $1.6M | Add +1700.0% |
| LVS Las Vegas Sands Corp. | 1.46% | 29,500 | $1.6M | New |
| SSNC Ss&c Technologies Holdings | 1.42% | 22,900 | $1.5M | Add +2762.5% |
| SYF Synchrony Financial | 1.42% | 22,700 | $1.5M | Add +14.7% |
| FWONA Liberty Media Corp. Class A | 1.41% | 19,600 | $1.5M | Add +21.0% |
| NWS News Corp. Class B | 1.39% | 53,200 | $1.5M | Add +2.5% |
| BEN Franklin Templeton Inc. | 1.38% | 63,400 | $1.5M | Reduce -5.1% |
| DAL Delta Air Lines Inc. | 1.38% | 22,500 | $1.5M | Add +2.7% |
| PTC PTC Inc. | 1.36% | 10,400 | $1.5M | Add +5100.0% |
| CINF Cincinnati Financial Corp. | 1.36% | 9,400 | $1.5M | Reduce -5.0% |
| HIG Hartford Insurance Group Inc. | 1.36% | 10,900 | $1.5M | Reduce -4.4% |
| RF Regions Financial Corp. | 1.33% | 55,400 | $1.4M | Reduce -7.8% |
| CTSH Cognizant Tech Solutions-A | 1.33% | 23,500 | $1.4M | Add +15.8% |
| CDW CDW Corp. | 1.32% | 11,900 | $1.4M | Add +46.9% |
| GDDY GoDaddy Inc. Class A | 1.31% | 17,300 | $1.4M | Add +46.6% |
| TXT Textron Inc. | 1.31% | 16,300 | $1.4M | Reduce -7.4% |
| GEN Gen Digital Inc. | 1.28% | 73,800 | $1.4M | Add +24.9% |
| FOX Fox Corp. Class B | 1.27% | 26,100 | $1.4M | Reduce -5.1% |
| HBAN Huntington Bancshares Inc. | 1.25% | 87,200 | $1.4M | Reduce -7.1% |
| FOXA Fox Corp. Class A | 1.25% | 23,300 | $1.4M | Reduce -4.9% |
| PRU Prudential Financial Inc. | 1.25% | 13,900 | $1.4M | Reduce -0.7% |
| RJF Raymond James Financial Inc. | 1.24% | 9,300 | $1.3M | Add +2225.0% |
| UAL United Airlines Holdings Inc. | 1.19% | 14,100 | $1.3M | Add +2.2% |
| EQH Equitable Holdings Inc. | 1.18% | 34,600 | $1.3M | Reduce -0.3% |
| HPQ HP Inc. | 1.18% | 66,600 | $1.3M | Add +12.7% |
| SMCI Super Micro Computer Inc. | 1.17% | 56,100 | $1.3M | Add +73.7% |
| FNF Fidelity National Financial | 1.16% | 27,200 | $1.3M | Reduce -2.9% |
| PINS Pinterest Inc. Class A | 1.14% | 67,800 | $1.2M | Add +34.0% |
| NRG NRG Energy Inc. | 1.14% | 8,500 | $1.2M | Add +1316.7% |
| CEG Constellation Energy | 1.12% | 4,360 | $1.2M | Add +3533.3% |
| AWK American Water Works Co. Inc. | 1.05% | 8,400 | $1.1M | Add +1100.0% |
| TEL Te Connectivity PLC | 1.02% | 5,300 | $1.1M | Add +5200.0% |
| FSLR First Solar Inc. | 1.00% | 5,500 | $1.1M | Add +450.0% |
| INCY Incyte Corp. | 0.93% | 10,800 | $1.0M | Add +2060.0% |
| AIG American International Group | 0.93% | 13,400 | $1.0M | Reduce -33.7% |
| HOOD Robinhood Markets Inc. Class A | 0.92% | 14,500 | $1.0M | New |
| BR Broadridge Financial Solutio | 0.90% | 6,000 | $975K | Add +5900.0% |
| PFG Principal Financial Group | 0.85% | 10,200 | $919K | Reduce -45.5% |
| BNY Bank of New York Mellon Corp. filed as BANK NEW YORK MELLON CORP | 0.82% | 7,500 | $890K | Add +1775.0% |
| NWSA News Corp. Class A | 0.77% | 33,600 | $838K | Reduce -42.8% |
| VRSN Verisign Inc. | 0.75% | 3,280 | $815K | Add +1950.0% |
| WAB Wabtec Corp. | 0.53% | 2,300 | $575K | Add +2200.0% |
| CNA Cna Financial Corp. | 0.51% | 12,100 | $556K | Reduce -61.5% |
| FDS Factset Research Systems Inc. | 0.48% | 2,400 | $521K | Add +1900.0% |
| FIS Fidelity National Info Serv | 0.46% | 10,700 | $502K | New |
| APP AppLovin Corp. Class A | 0.44% | 1,200 | $478K | Add +2900.0% |
| CRM Salesforce Inc. | 0.43% | 2,500 | $467K | Add +2400.0% |
| LDOS Leidos Holdings Inc. | 0.39% | 2,700 | $420K | Add +170.0% |
| CAT Caterpillar Inc. | 0.36% | 560 | $397K | New |
| QCOM Qualcomm Inc. | 0.34% | 2,900 | $373K | Add +1350.0% |
| PWR Quanta Services Inc. | 0.34% | 680 | $373K | Add +1600.0% |
| XYL Xylem Inc. | 0.33% | 3,000 | $359K | Add +1400.0% |
| MET Metlife Inc. | 0.31% | 4,700 | $332K | Reduce -76.7% |
| RPRX Royalty Pharma PLC Class A | 0.30% | 6,800 | $326K | Reduce -13.9% |
| FCNCA First Citizens Bcshs Class A | 0.29% | 170 | $320K | Reduce -15.0% |
| AVGO Broadcom Inc. | 0.28% | 1,000 | $310K | New |
| MPWR Monolithic Power Systems Inc. | 0.28% | 280 | $306K | New |
| PNR Pentair PLC | 0.28% | 3,500 | $305K | Add +1066.7% |
| HOLX Hologic Inc. | 0.27% | 3,900 | $295K | Add +200.0% |
| CNC Centene Corp. | 0.27% | 8,900 | $291K | Reduce -80.2% |
| FTV Fortive Corp. | 0.26% | 5,200 | $287K | Add +62.5% |
| HCA HCA Healthcare Inc. | 0.26% | 600 | $284K | Add +650.0% |
| J Jacobs Solutions Inc. | 0.26% | 2,200 | $280K | Add +633.3% |
| FERG Ferguson Enterprises Inc. | 0.26% | 1,200 | $280K | Add +1100.0% |
| EXPD Expeditors Intl Wash Inc. | 0.25% | 1,900 | $272K | Add +533.3% |
| DOV Dover Corp. | 0.25% | 1,300 | $271K | Add +1200.0% |
| ED Consolidated Edison Inc. | 0.23% | 2,200 | $249K | Add +120.0% |
| MAS Masco Corp. | 0.23% | 4,100 | $248K | Add +583.3% |
| GD General Dynamics Corp. | 0.23% | 720 | $247K | Add +800.0% |
| SNA Snap-on Inc. | 0.23% | 680 | $247K | Add +466.7% |
| ROL Rollins Inc. | 0.23% | 4,600 | $246K | Add +820.0% |
| AXP American Express Co. | 0.22% | 800 | $242K | New |
| CNH CNH Industrial NV | 0.21% | 20,900 | $230K | Reduce -86.2% |
| VRT Vertiv Holdings Co. Class A | 0.21% | 900 | $226K | Add +800.0% |
| CMCSA Comcast Corp. Class A | 0.20% | 7,500 | $215K | Reduce -86.6% |
| AAPL Apple Inc. | 0.19% | 800 | $203K | New |
| CSCO Cisco Systems Inc. | 0.18% | 2,500 | $194K | Add +525.0% |
| ALLE Allegion PLC | 0.17% | 1,300 | $189K | Add +550.0% |
Portfolio Sells Q4 2025 → Q1 2026
| GM General Motors Co. | Sold out | 0.00% | −1.73 |
| EXPE Expedia Group Inc. | Sold out | 0.00% | −1.67 |
| EG Everest Group Ltd. | Sold out | 0.00% | −1.65 |
| WRB WR Berkley Corp. | Sold out | 0.00% | −1.62 |
| TRV The Travelers Cos Inc. | Sold out | 0.00% | −1.59 |
| ACGL Arch Capital Group Ltd. | Sold out | 0.00% | −1.59 |
| F Ford Motor Co. | Sold out | 0.00% | −1.57 |
| HAL Halliburton Co. | Sold out | 0.00% | −1.55 |
| CNC Centene Corp. | Reduce -80.2% | 0.27% | −1.49 |
| AVY Avery Dennison Corp. | Sold out | 0.00% | −1.49 |
| CTRA Coterra Energy Inc. | Sold out | 0.00% | −1.48 |
| AMCR Amcor PLC | Sold out | 0.00% | −1.48 |
| VZ Verizon Communications Inc. | Sold out | 0.00% | −1.45 |
| CMCSA Comcast Corp. Class A | Reduce -86.6% | 0.20% | −1.39 |
| SW Smurfit Westrock PLC | Sold out | 0.00% | −1.36 |
| CHTR Charter Communications Inc. Class A | Sold out | 0.00% | −1.22 |
| MET Metlife Inc. | Reduce -76.7% | 0.31% | −1.21 |
| DOW Dow Inc. | Sold out | 0.00% | −1.20 |
| APTV Aptiv PLC | Reduce -86.5% | 0.16% | −1.18 |
| BF.A Brown-Forman Corp. Class A | Reduce -95.4% | 0.05% | −1.15 |
| CNH CNH Industrial NV | Reduce -86.2% | 0.21% | −1.12 |
| BLDR Builders Firstsource Inc. | Reduce -87.7% | 0.11% | −1.01 |
| LEN.B Lennar Corp. Class B | Reduce -98.2% | 0.02% | −1.01 |
| CNA Cna Financial Corp. | Reduce -61.5% | 0.51% | −0.92 |
| PFG Principal Financial Group | Reduce -45.5% | 0.85% | −0.72 |
| AIG American International Group | Reduce -33.7% | 0.93% | −0.72 |
| NWSA News Corp. Class A | Reduce -42.8% | 0.77% | −0.69 |
| LYB Lyondellbasell Indu Class A | Sold out | 0.00% | −0.51 |
| FOXA Fox Corp. Class A | Reduce -4.9% | 1.25% | −0.45 |
| FOX Fox Corp. Class B | Reduce -5.1% | 1.27% | −0.43 |
| EQH Equitable Holdings Inc. | Reduce -0.3% | 1.18% | −0.39 |
| HBAN Huntington Bancshares Inc. | Reduce -7.1% | 1.25% | −0.30 |
| FNF Fidelity National Financial | Reduce -2.9% | 1.16% | −0.29 |
| PRU Prudential Financial Inc. | Reduce -0.7% | 1.25% | −0.26 |
| BAX Baxter International Inc. | Sold out | 0.00% | −0.24 |
| RF Regions Financial Corp. | Reduce -7.8% | 1.33% | −0.22 |
| CINF Cincinnati Financial Corp. | Reduce -5.0% | 1.36% | −0.18 |
| TXT Textron Inc. | Reduce -7.4% | 1.31% | −0.15 |
| BEN Franklin Templeton Inc. | Reduce -5.1% | 1.38% | −0.14 |
| HIG Hartford Insurance Group Inc. | Reduce -4.4% | 1.36% | −0.14 |
| FCNCA First Citizens Bcshs Class A | Reduce -15.0% | 0.29% | −0.11 |
| L Loews Corp. | Reduce -5.0% | 1.48% | −0.11 |
| MOH Molina Healthcare Inc. | Reduce -17.6% | 0.17% | −0.11 |
| KR Kroger Co. | Sold out | 0.00% | −0.11 |
| HRL Hormel Foods Corp. | Sold out | 0.00% | −0.09 |
| PCG P G & E Corp. | Reduce -9.7% | 1.66% | −0.08 |
| KHC The Kraft Heinz Co. | Reduce -76.7% | 0.02% | −0.08 |
| PFE Pfizer Inc. | Sold out | 0.00% | −0.07 |
| BF.B Brown-Forman Corp. Class B | Sold out | 0.00% | −0.06 |
| FFIV F5 Inc. | Sold out | 0.00% | −0.06 |
Portfolio Buys Q4 2025 → Q1 2026
| CLS Celestica Inc. | New | 1.84% | +1.84 |
| OTEX Open Text Corp. | New | 1.81% | +1.81 |
| GIB Cgi Inc. | New | 1.80% | +1.80 |
| NTAP Netapp Inc. | Add +2400.0% | 1.65% | +1.58 |
| MRVL Marvell Technology Inc. | New | 1.58% | +1.58 |
| PYPL PayPal Holdings Inc. | Add +3454.6% | 1.63% | +1.56 |
| DSGX The Descartes Systems Grp | New | 1.56% | +1.56 |
| TRMB Trimble Inc. | Add +5160.0% | 1.58% | +1.54 |
| EXC Exelon Corp. | Add +1344.0% | 1.63% | +1.52 |
| ATO Atmos Energy Corp. | Add +2225.0% | 1.58% | +1.52 |
| LVS Las Vegas Sands Corp. | New | 1.46% | +1.46 |
| OKTA Okta Inc. | Add +3316.7% | 1.48% | +1.43 |
| NI Nisource Inc. | Add +1700.0% | 1.47% | +1.39 |
| SSNC Ss&c Technologies Holdings | Add +2762.5% | 1.42% | +1.36 |
| PTC PTC Inc. | Add +5100.0% | 1.36% | +1.33 |
| RJF Raymond James Financial Inc. | Add +2225.0% | 1.24% | +1.18 |
| CEG Constellation Energy | Add +3533.3% | 1.12% | +1.08 |
| NRG NRG Energy Inc. | Add +1316.7% | 1.14% | +1.05 |
| TEL Te Connectivity PLC | Add +5200.0% | 1.02% | +1.00 |
| AWK American Water Works Co. Inc. | Add +1100.0% | 1.05% | +0.96 |
| HOOD Robinhood Markets Inc. Class A | New | 0.92% | +0.92 |
| INCY Incyte Corp. | Add +2060.0% | 0.93% | +0.89 |
| BR Broadridge Financial Solutio | Add +5900.0% | 0.90% | +0.88 |
| DELL Dell Technologies -C | Add +30.6% | 2.19% | +0.86 |
| BNY Bank of New York Mellon Corp. | Add +1775.0% | 0.82% | +0.77 |
| FSLR First Solar Inc. | Add +450.0% | 1.00% | +0.75 |
| VRSN Verisign Inc. | Add +1950.0% | 0.75% | +0.71 |
| WAB Wabtec Corp. | Add +2200.0% | 0.53% | +0.51 |
| FIS Fidelity National Info Serv | New | 0.46% | +0.46 |
| FDS Factset Research Systems Inc. | Add +1900.0% | 0.48% | +0.45 |
| APP AppLovin Corp. Class A | Add +2900.0% | 0.44% | +0.41 |
| CRM Salesforce Inc. | Add +2400.0% | 0.43% | +0.40 |
| CAT Caterpillar Inc. | New | 0.36% | +0.36 |
| PWR Quanta Services Inc. | Add +1600.0% | 0.34% | +0.33 |
| QCOM Qualcomm Inc. | Add +1350.0% | 0.34% | +0.31 |
| XYL Xylem Inc. | Add +1400.0% | 0.33% | +0.30 |
| AVGO Broadcom Inc. | New | 0.28% | +0.28 |
| MPWR Monolithic Power Systems Inc. | New | 0.28% | +0.28 |
| SMCI Super Micro Computer Inc. | Add +73.7% | 1.17% | +0.27 |
| CDW CDW Corp. | Add +46.9% | 1.32% | +0.27 |
| PNR Pentair PLC | Add +1066.7% | 0.28% | +0.25 |
| FERG Ferguson Enterprises Inc. | Add +1100.0% | 0.26% | +0.24 |
| DOV Dover Corp. | Add +1200.0% | 0.25% | +0.23 |
| HCA HCA Healthcare Inc. | Add +650.0% | 0.26% | +0.23 |
| AXP American Express Co. | New | 0.22% | +0.22 |
| J Jacobs Solutions Inc. | Add +633.3% | 0.26% | +0.22 |
| LDOS Leidos Holdings Inc. | Add +170.0% | 0.39% | +0.21 |
| EXPD Expeditors Intl Wash Inc. | Add +533.3% | 0.25% | +0.21 |
| GD General Dynamics Corp. | Add +800.0% | 0.23% | +0.20 |
| ROL Rollins Inc. | Add +820.0% | 0.23% | +0.20 |
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 |