Board of the Pension Protection Fund

Name: Board of the Pension Protection Fund 13F holdings, Q1 2026
Creator: Board of the Pension Protection Fund
Published: 2026-04-27

Q2 2026Q4 2025Q3 2025Q2 2025Q1 2025Q4 2024

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%
MOH Molina Healthcare Inc.	0.17%	1,400	$187K	Reduce -17.6%
UBER Uber Technologies Inc.	0.17%	2,500	$180K	Add +525.0%
APH Amphenol Corp. Class A	0.16%	1,400	$177K	Add +600.0%
VLTO Veralto Corp.	0.16%	2,000	$177K	Add +566.7%
APTV Aptiv PLC	0.16%	2,500	$174K	Reduce -86.5%
CI The Cigna Group	0.16%	640	$171K	Reduce -11.1%
NDAQ Nasdaq Inc.	0.14%	1,800	$153K	New
IT Gartner Inc.	0.13%	920	$146K	Add +283.3%
HUBB Hubbell Inc.	0.13%	280	$137K	Add +600.0%
HEI.A Heico Corp. Class A	0.12%	640	$135K	Add +433.3%
P Everpure Inc. Class A	0.12%	2,200	$130K	Add +340.0%
BLDR Builders Firstsource Inc.	0.11%	1,400	$115K	Reduce -87.7%
CMI Cummins Inc.	0.10%	200	$108K	Add +400.0%
ADBE Adobe Inc.	0.10%	440	$107K	Add +175.0%
FISV Fiserv Inc.	0.09%	1,700	$95K	Add +6.3%
PAYX Paychex Inc.	0.08%	900	$83K	Add +200.0%
VSNT Versant Media Group Inc.	0.07%	2,200	$81K	Reduce -1.6%
Q Qnity Electronics Inc.	0.07%	700	$81K	Reduce -22.2%
CNP Centerpoint Energy Inc.	0.07%	1,700	$73K	Reduce -10.5%
BMY Bristol-Myers Squibb Co.	0.06%	1,100	$67K	Reduce -15.4%
CFG Citizens Financial Group	0.06%	1,100	$66K	Reduce -15.4%
KEY Keycorp	0.06%	3,200	$64K	Reduce -8.6%
COR Cencora Inc.	0.06%	200	$63K	Add +66.7%
FITB Fifth Third Bancorp	0.06%	1,300	$60K	Reduce -13.3%
BF.A Brown-Forman Corp. Class A	0.05%	2,200	$59K	Reduce -95.4%
ES Eversource Energy	0.05%	800	$55K	Reduce -20.0%
ZBH Zimmer Biomet Holdings Inc.	0.05%	600	$54K	Reduce -25.0%
USB US Bancorp	0.05%	1,000	$52K	Reduce -16.7%
CVS CVS Health Corp.	0.05%	700	$50K	Reduce -22.2%
ON On Semiconductor	0.04%	700	$43K	Reduce -12.5%
XYZ Block Inc.	0.04%	700	$42K	Reduce -22.2%
LUV Southwest Airlines Co.	0.04%	1,100	$41K	Reduce -8.3%
PEG Public Service Enterprise GP	0.04%	500	$40K	Reduce -28.6%
DGX Quest Diagnostics Inc.	0.04%	200	$39K	Reduce -33.3%
GEHC GE Healthcare Technology	0.03%	500	$36K	Reduce -16.7%
CPAY Corpay Inc.	0.03%	120	$35K	Reduce -25.0%
BRO Brown & Brown Inc.	0.02%	400	$26K	Reduce -20.0%
ZBRA Zebra Technologies Corp. Class A	0.02%	120	$25K	Reduce -25.0%
VLO Valero Energy Corp.	0.02%	100	$25K	Reduce -50.0%
ADP Automatic Data Processing	0.02%	120	$24K	No change
EW Edwards Lifesciences Corp.	0.02%	300	$24K	Reduce -25.0%
OTIS Otis Worldwide Corp.	0.02%	300	$23K	Reduce -25.0%
KHC The Kraft Heinz Co.	0.02%	1,000	$22K	Reduce -76.7%
HEI Heico Corp.	0.02%	80	$22K	No change
CAH Cardinal Health Inc.	0.02%	100	$21K	Reduce -50.0%
HUM Humana Inc.	0.02%	120	$21K	Reduce -40.0%
MTB M & T Bank Corp. filed as M & T BK CORP	0.02%	100	$21K	Reduce -66.7%
ACN Accenture PLC Class A	0.02%	100	$20K	No change
SRE Sempra	0.02%	200	$19K	Reduce -50.0%
MKL Markel Group Inc.	0.02%	10	$19K	Reduce -50.0%
TROW T Rowe Price Group Inc. filed as PRICE T ROWE GROUP INC	0.02%	200	$18K	Reduce -50.0%
AMP Ameriprise Financial Inc.	0.02%	40	$18K	Reduce -66.7%
ALGN Align Technology Inc.	0.02%	100	$17K	Reduce -66.7%
LEN.B Lennar Corp. Class B	0.02%	200	$17K	Reduce -98.2%
LHX L3HARRIS Technologies Inc.	0.01%	40	$14K	Reduce -66.7%
STT State Street Corp.	0.01%	100	$13K	Reduce -66.7%

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