Board of the Pension Protection Fund

In its 13F for Q2 2026 (holdings as of June 30, 2026, filed August 7, 2026), Board of the Pension Protection Fund reported 110 stock positions worth $105.4 million. Its top holding was Ball (BALL) at 2.1% of the portfolio, followed by Magna International (MGA, 2.0%) and Incyte (INCY, 1.9%). Compared with Q1 2026, it opened 45 new positions, sold out of 91, added to 36 and reduced 28. The biggest buy was a new position in Ball (BALL) and the biggest sale an exit from Dell Technologies -C (DELL).

Most Recent 13F
Q2 2026
Location
CROYDON, X0
CIK
0002041021
Portfolio Value
$105.4M (Q2 2026)
SEC Filing
0002041021-26-000006 ↗ filed Aug 7, 2026

Holdings Value

0$50.0M$100.0M$150.0M Q4 2024: $86.6M Q4 2024 Q1 2025: $87.6M Q1 2025 Q2 2025: $92.5M Q2 2025 Q3 2025: $102.1M Q3 2025 Q4 2025: $105.1M Q4 2025 Q1 2026: $108.8M Q1 2026 Q2 2026: $105.4M $105.4M Q2 2026

Holdings 110 stocks · $105.4M
BALL Ball Corp. 2.07% 35,000 $2.2M New
MGA Magna International Inc. 1.96% 22,200 $2.1M New
INCY Incyte Corp. 1.89% 17,600 $2.0M Add +63.0%
FLEX Flex Ltd. 1.89% 12,300 $2.0M Reduce -54.3%
HPE Hewlett Packard Enterprise 1.83% 42,800 $1.9M Reduce -48.3%
CFG Citizens Financial Group 1.81% 27,200 $1.9M Add +2372.7%
GIB Cgi Inc. 1.79% 20,600 $1.9M Add +7.3%
CNC Centene Corp. 1.77% 29,000 $1.9M Add +225.8%
KEY Keycorp 1.74% 79,400 $1.8M Add +2381.3%
COO The Cooper Cos Inc. 1.73% 25,400 $1.8M New
L Loews Corp. 1.72% 16,000 $1.8M Add +6.0%
LUV Southwest Airlines Co. 1.71% 35,100 $1.8M Add +3090.9%
EIX Edison International 1.70% 24,100 $1.8M Reduce -9.1%
EQH Equitable Holdings Inc. 1.70% 40,800 $1.8M Add +17.9%
UAL United Airlines Holdings Inc. 1.66% 12,900 $1.8M Reduce -8.5%
SYF Synchrony Financial 1.66% 23,000 $1.7M Add +1.3%
IP International Paper Co. 1.65% 45,700 $1.7M New
WY Weyerhaeuser Co. 1.65% 72,500 $1.7M New
TXT Textron Inc. 1.58% 18,200 $1.7M Add +11.7%
PINS Pinterest Inc. Class A 1.56% 78,300 $1.6M Add +15.5%
MCHP Microchip Technology Inc. 1.55% 17,900 $1.6M New
KVUE Kenvue Inc. 1.55% 85,400 $1.6M New
EXE Expand Energy Corp. 1.54% 17,800 $1.6M New
TSN Tyson Foods Inc. Class A 1.53% 28,200 $1.6M New
DD Dupont DE Nemours Inc. 1.50% 11,700 $1.6M New
GPN Global Payments Inc. 1.49% 21,600 $1.6M Reduce -11.8%
OMC Omnicom Group 1.49% 21,500 $1.6M Reduce -4.4%
HIG Hartford Insurance Group Inc. 1.46% 11,600 $1.5M Add +6.4%
DAL Delta Air Lines Inc. 1.46% 16,400 $1.5M Reduce -27.1%
GEN Gen Digital Inc. 1.45% 61,400 $1.5M Reduce -16.8%
EQT Eqt Corp. 1.44% 28,600 $1.5M New
CINF Cincinnati Financial Corp. 1.42% 8,100 $1.5M Reduce -13.8%
PCG P G & E Corp. 1.35% 84,700 $1.4M Reduce -17.6%
LVS Las Vegas Sands Corp. 1.34% 30,500 $1.4M Add +3.4%
Z Zillow Group Inc. Class C 1.30% 43,600 $1.4M New
SSNC Ss&c Technologies Holdings 1.29% 22,000 $1.4M Reduce -3.9%
FE Firstenergy Corp. 1.29% 28,700 $1.4M New
HAL Halliburton Co. 1.28% 39,900 $1.4M New
FOX Fox Corp. Class B 1.27% 28,500 $1.3M Add +9.2%
FOXA Fox Corp. Class A 1.26% 25,400 $1.3M Add +9.0%
LDOS Leidos Holdings Inc. 1.25% 12,800 $1.3M Add +374.1%
GDDY GoDaddy Inc. Class A 1.25% 15,500 $1.3M Reduce -10.4%
HPQ HP Inc. 1.25% 59,900 $1.3M Reduce -10.1%
DOCU Docusign Inc. 1.24% 29,500 $1.3M Reduce -16.2%
ZG Zillow Group Inc. Class A 1.23% 41,300 $1.3M New
NWSA News Corp. Class A 1.22% 52,000 $1.3M Add +54.8%
RPRX Royalty Pharma PLC Class A 1.21% 22,800 $1.3M Add +235.3%
LYB Lyondellbasell Indu Class A 1.20% 24,100 $1.3M New
AIG American International Group 1.16% 16,400 $1.2M Add +22.4%
CMCSA Comcast Corp. Class A 1.15% 49,400 $1.2M Add +558.7%
DOW Dow Inc. filed as DOW HLDGS INC 1.14% 44,100 $1.2M New
FIS Fidelity National Info Serv 1.06% 28,800 $1.1M Add +169.2%
SMCI Super Micro Computer Inc. 1.05% 37,900 $1.1M Reduce -32.4%
NWS News Corp. Class B 1.00% 37,600 $1.1M Reduce -29.3%
F Ford Motor Co. filed as FORD MTR CO 0.99% 74,900 $1.0M New
HCA HCA Healthcare Inc. 0.98% 2,640 $1.0M Add +340.0%
MKC McCormick & Co.-Non VTG SHRS 0.98% 20,400 $1.0M New
PYPL PayPal Holdings Inc. 0.96% 23,500 $1.0M Reduce -39.9%
ALL Allstate Corp. 0.88% 3,900 $928K New
CTSH Cognizant Tech Solutions-A 0.83% 22,500 $871K Reduce -4.3%
ACGL Arch Capital Group Ltd. 0.79% 8,600 $835K New
NI Nisource Inc. 0.78% 17,400 $827K Reduce -49.1%
DG Dollar General Corp. 0.75% 6,900 $794K New
EXC Exelon Corp. 0.75% 17,000 $793K Reduce -52.9%
FISV Fiserv Inc. 0.73% 15,800 $775K Add +829.4%
CSGP Costar Group Inc. 0.63% 23,500 $666K New
KR Kroger Co. 0.61% 11,600 $644K New
RF Regions Financial Corp. 0.61% 21,300 $643K Reduce -61.5%
DGX Quest Diagnostics Inc. 0.60% 3,000 $636K Add +1400.0%
CAH Cardinal Health Inc. 0.56% 2,500 $594K Add +2400.0%
DVN Devon Energy Corp. 0.55% 14,100 $583K New
PNR Pentair PLC 0.54% 7,400 $567K Add +111.4%
KHC The Kraft Heinz Co. 0.54% 24,000 $567K Add +2300.0%
STZ Constellation Brands Inc. Class A 0.53% 4,000 $556K New
APTV Aptiv PLC 0.51% 8,700 $534K Add +248.0%
T AT&T Inc. 0.47% 24,100 $499K New
BCE Bce Inc. 0.44% 15,100 $461K New
SYY Sysco Corp. 0.41% 5,200 $435K New
RJF Raymond James Financial Inc. 0.39% 2,700 $410K Reduce -71.0%
AMP Ameriprise Financial Inc. 0.33% 760 $349K Add +1800.0%
BKR Baker Hughes Co. 0.31% 5,800 $322K New
CBRE CBRE Group Inc. Class A 0.23% 1,800 $242K New
KIM Kimco Realty Corp. 0.22% 9,000 $228K New
GEHC GE Healthcare Technology 0.21% 3,400 $218K Add +580.0%
ALLE Allegion PLC 0.17% 1,300 $183K No change
PTC PTC Inc. 0.16% 1,500 $170K Reduce -85.6%
ON On Semiconductor 0.15% 1,700 $161K Add +142.9%
FTV Fortive Corp. 0.12% 2,100 $128K Reduce -59.6%
EL Estee Lauder Companies Class A filed as LAUDER ESTEE COS INC 0.12% 1,600 $126K New
CNP Centerpoint Energy Inc. 0.12% 2,800 $123K Add +64.7%
NEM Newmont Corp. 0.12% 1,300 $121K New
KMI Kinder Morgan Inc. 0.11% 3,500 $112K New
USB US Bancorp 0.10% 1,800 $109K Add +80.0%
BMY Bristol-Myers Squibb Co. 0.10% 1,800 $104K Add +63.6%
QSR Restaurant Brands Intern 0.10% 1,000 $103K New
KDP Keurig Dr Pepper Inc. 0.09% 3,000 $98K New
ES Eversource Energy 0.09% 1,300 $94K Add +62.5%
ROL Rollins Inc. 0.09% 2,200 $92K Reduce -52.2%
JKHY Jack Henry & Associates Inc. filed as HENRY JACK & ASSOC INC 0.08% 600 $83K New
FNF Fidelity National Financial 0.08% 1,700 $80K Reduce -93.8%
BR Broadridge Financial Solutio 0.06% 500 $68K Reduce -91.7%
MPC Marathon Petroleum Corp. 0.05% 200 $51K New
TRU Transunion 0.05% 700 $50K New
OTIS Otis Worldwide Corp. 0.05% 700 $50K Add +133.3%
TWLO Twilio Inc. Class A 0.04% 200 $41K Reduce -98.7%
KEYS Keysight Technologies Inc. 0.03% 80 $28K New
VTR Ventas Inc. 0.03% 300 $27K New
CARR Carrier Global Corp. 0.02% 300 $22K New
NVDA Nvidia Corp. 0.02% 100 $20K New
TEAM Atlassian Corp. Class A 0.01% 200 $16K New

Portfolio Sells Q1 2026 → Q2 2026
DELL Dell Technologies -C Sold out 0.00% −2.19
CLS Celestica Inc. Sold out 0.00% −1.84
OTEX Open Text Corp. Sold out 0.00% −1.81
TWLO Twilio Inc. Class A Reduce -98.7% 0.04% −1.79
ZM Zoom Communications Inc. Sold out 0.00% −1.69
NTAP Netapp Inc. Sold out 0.00% −1.65
ATO Atmos Energy Corp. Sold out 0.00% −1.58
TRMB Trimble Inc. Sold out 0.00% −1.58
MRVL Marvell Technology Inc. Sold out 0.00% −1.58
DSGX The Descartes Systems Grp Sold out 0.00% −1.56
OKTA Okta Inc. Sold out 0.00% −1.48
FWONA Liberty Media Corp. Class A Sold out 0.00% −1.41
BEN Franklin Templeton Inc. Sold out 0.00% −1.38
CDW CDW Corp. Sold out 0.00% −1.32
HBAN Huntington Bancshares Inc. Sold out 0.00% −1.25
PRU Prudential Financial Inc. Sold out 0.00% −1.25
PTC PTC Inc. Reduce -85.6% 0.16% −1.20
NRG NRG Energy Inc. Sold out 0.00% −1.14
CEG Constellation Energy Sold out 0.00% −1.12
FNF Fidelity National Financial Reduce -93.8% 0.08% −1.08
AWK American Water Works Co. Inc. Sold out 0.00% −1.05
TEL Te Connectivity PLC Sold out 0.00% −1.02
FSLR First Solar Inc. Sold out 0.00% −1.00
HOOD Robinhood Markets Inc. Class A Sold out 0.00% −0.92
EXC Exelon Corp. Reduce -52.9% 0.75% −0.88
RJF Raymond James Financial Inc. Reduce -71.0% 0.39% −0.85
PFG Principal Financial Group Sold out 0.00% −0.85
BR Broadridge Financial Solutio Reduce -91.7% 0.06% −0.83
BNY Bank of New York Mellon Corp. Sold out 0.00% −0.82
VRSN Verisign Inc. Sold out 0.00% −0.75
RF Regions Financial Corp. Reduce -61.5% 0.61% −0.72
NI Nisource Inc. Reduce -49.1% 0.78% −0.68
PYPL PayPal Holdings Inc. Reduce -39.9% 0.96% −0.66
WAB Wabtec Corp. Sold out 0.00% −0.53
CNA Cna Financial Corp. Sold out 0.00% −0.51
CTSH Cognizant Tech Solutions-A Reduce -4.3% 0.83% −0.50
FDS Factset Research Systems Inc. Sold out 0.00% −0.48
APP AppLovin Corp. Class A Sold out 0.00% −0.44
CRM Salesforce Inc. Sold out 0.00% −0.43
NWS News Corp. Class B Reduce -29.3% 1.00% −0.39
CAT Caterpillar Inc. Sold out 0.00% −0.36
QCOM Qualcomm Inc. Sold out 0.00% −0.34
PWR Quanta Services Inc. Sold out 0.00% −0.34
XYL Xylem Inc. Sold out 0.00% −0.33
PCG P G & E Corp. Reduce -17.6% 1.35% −0.31
MET Metlife Inc. Sold out 0.00% −0.31
FCNCA First Citizens Bcshs Class A Sold out 0.00% −0.29
DOCU Docusign Inc. Reduce -16.2% 1.24% −0.29
AVGO Broadcom Inc. Sold out 0.00% −0.28
MPWR Monolithic Power Systems Inc. Sold out 0.00% −0.28

Portfolio Buys Q1 2026 → Q2 2026
BALL Ball Corp. New 2.07% +2.07
MGA Magna International Inc. New 1.96% +1.96
CFG Citizens Financial Group Add +2372.7% 1.81% +1.75
COO The Cooper Cos Inc. New 1.73% +1.73
KEY Keycorp Add +2381.3% 1.74% +1.68
LUV Southwest Airlines Co. Add +3090.9% 1.71% +1.67
IP International Paper Co. New 1.65% +1.65
WY Weyerhaeuser Co. New 1.65% +1.65
MCHP Microchip Technology Inc. New 1.55% +1.55
KVUE Kenvue Inc. New 1.55% +1.55
EXE Expand Energy Corp. New 1.54% +1.54
TSN Tyson Foods Inc. Class A New 1.53% +1.53
DD Dupont DE Nemours Inc. New 1.50% +1.50
CNC Centene Corp. Add +225.8% 1.77% +1.50
EQT Eqt Corp. New 1.44% +1.44
Z Zillow Group Inc. Class C New 1.30% +1.30
FE Firstenergy Corp. New 1.29% +1.29
HAL Halliburton Co. New 1.28% +1.28
ZG Zillow Group Inc. Class A New 1.23% +1.23
LYB Lyondellbasell Indu Class A New 1.20% +1.20
DOW Dow Inc. New 1.14% +1.14
F Ford Motor Co. New 0.99% +0.99
MKC McCormick & Co.-Non VTG SHRS New 0.98% +0.98
INCY Incyte Corp. Add +63.0% 1.89% +0.96
CMCSA Comcast Corp. Class A Add +558.7% 1.15% +0.95
RPRX Royalty Pharma PLC Class A Add +235.3% 1.21% +0.91
ALL Allstate Corp. New 0.88% +0.88
LDOS Leidos Holdings Inc. Add +374.1% 1.25% +0.86
ACGL Arch Capital Group Ltd. New 0.79% +0.79
DG Dollar General Corp. New 0.75% +0.75
HCA HCA Healthcare Inc. Add +340.0% 0.98% +0.72
FISV Fiserv Inc. Add +829.4% 0.73% +0.65
CSGP Costar Group Inc. New 0.63% +0.63
KR Kroger Co. New 0.61% +0.61
FIS Fidelity National Info Serv Add +169.2% 1.06% +0.60
DGX Quest Diagnostics Inc. Add +1400.0% 0.60% +0.57
DVN Devon Energy Corp. New 0.55% +0.55
CAH Cardinal Health Inc. Add +2400.0% 0.56% +0.54
STZ Constellation Brands Inc. Class A New 0.53% +0.53
EQH Equitable Holdings Inc. Add +17.9% 1.70% +0.52
KHC The Kraft Heinz Co. Add +2300.0% 0.54% +0.52
T AT&T Inc. New 0.47% +0.47
NWSA News Corp. Class A Add +54.8% 1.22% +0.45
BCE Bce Inc. New 0.44% +0.44
PINS Pinterest Inc. Class A Add +15.5% 1.56% +0.42
SYY Sysco Corp. New 0.41% +0.41
APTV Aptiv PLC Add +248.0% 0.51% +0.35
AMP Ameriprise Financial Inc. Add +1800.0% 0.33% +0.31
BKR Baker Hughes Co. New 0.31% +0.31
TXT Textron Inc. Add +11.7% 1.58% +0.27

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 110$105.4MBALL, MGA, INCY, FLEX, HPE
Q1 2026 156$108.8MDELL, CLS, TWLO, OTEX, HPE
Q4 2025 251$105.1MCNC, TWLO, ZM, PCG, GM
Q3 2025 144$102.1MHPE, FLEX, LDOS, UAL, TXT
Q2 2025 99$92.5MFLEX, APP, NTRS, WAB, CAH
Q1 2025 141$87.6MRSG, CBOE, COR, SPOT, WMB
Q4 2024 135$86.6MAPP, AXON, WMT, CMG, APH