Fulcrum Asset Management LLP

Name: Fulcrum Asset Management LLP 13F holdings, Q3 2025
Creator: Fulcrum Asset Management LLP
Published: 2025-11-24

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

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 24, 2025), Fulcrum Asset Management LLP reported 177 stock positions worth $360.7 million. Its top holding was Nvidia (NVDA) at 11.4% of the portfolio, followed by Microsoft (MSFT, 8.4%) and Broadcom (AVGO, 5.1%). Compared with Q2 2025, it opened 1 new position, sold out of 5, added to 17 and reduced 102. The biggest buy was Tidewater (TDW, shares +243%) and the biggest sale Chipotle Mexican Grill (CMG, shares −32%).

Most Recent 13F: Q2 2026
Location: LONDON, X0
CIK: 0001353395
Portfolio Value: $360.7M (Q3 2025)
SEC Filing: 0001353395-25-000006 ↗ filed Nov 24, 2025

Holdings Value

Holdings 177 stocks · $360.7M


NVDA Nvidia Corp.	11.43%	221,056	$41.2M	Reduce -2.8%
MSFT Microsoft Corp.	8.41%	58,555	$30.3M	Reduce -2.7%
AVGO Broadcom Inc.	5.09%	55,666	$18.4M	Reduce -2.4%
AMZN Amazon.com Inc.	4.78%	78,572	$17.3M	Reduce -2.7%
JPM JPMorgan Chase & Co.	3.31%	37,906	$12.0M	Reduce -2.7%
GOOGL Alphabet Inc. Class A	3.11%	46,190	$11.2M	Reduce -2.7%
GOOG Alphabet Inc. Class C	2.67%	39,560	$9.6M	Reduce -2.7%
V Visa Inc. Class A	2.32%	24,563	$8.4M	Reduce -2.7%
MA Mastercard Inc. Class A	2.07%	13,140	$7.5M	Reduce -2.7%
RSG Republic Services Inc.	1.87%	29,387	$6.7M	Reduce -14.3%
BKR Baker Hughes Co.	1.83%	135,701	$6.6M	Reduce -29.9%
SLB SLB Ltd. filed as SCHLUMBERGER LTD	1.69%	177,598	$6.1M	Add +21.3%
AWK American Water Works Co. Inc.	1.69%	43,701	$6.1M	Add +43.0%
NEE Nextera Energy Inc.	1.65%	79,025	$6.0M	Add +35.3%
MU Micron Technology Inc.	1.58%	34,070	$5.7M	Add +18.1%
PGR Progressive Corp.	1.44%	21,069	$5.2M	Reduce -2.7%
TRV The Travelers Cos Inc.	1.40%	18,117	$5.1M	Reduce -2.7%
ES Eversource Energy	1.37%	69,323	$4.9M	Add +8.9%
IBKR Interactive Brokers Gro Class A	1.26%	66,038	$4.5M	Reduce -2.7%
WCN Waste Connections Inc.	1.16%	23,894	$4.2M	Reduce -0.5%
JNJ Johnson & Johnson	1.12%	21,807	$4.0M	Reduce -2.7%
AME Ametek Inc.	1.12%	21,482	$4.0M	Reduce -2.6%
TMO Thermo Fisher Scientific Inc.	1.08%	8,039	$3.9M	Reduce -2.7%
BSX Boston Scientific Corp.	1.07%	39,701	$3.9M	Reduce -2.7%
PANW Palo Alto Networks Inc.	1.07%	18,986	$3.9M	Reduce -2.7%
AEE Ameren Corporation	1.00%	34,503	$3.6M	Add +11.3%
ED Consolidated Edison Inc.	0.97%	34,971	$3.5M	Add +21.2%
ADSK Autodesk Inc.	0.97%	10,973	$3.5M	Reduce -2.7%
WM Waste Management Inc.	0.94%	15,408	$3.4M	Reduce -19.1%
FISV Fiserv Inc.	0.93%	26,151	$3.4M	Reduce -2.7%
TDW Tidewater Inc.	0.88%	59,849	$3.2M	Add +242.5%
SPGI S&P Global Inc.	0.86%	6,372	$3.1M	Reduce -2.7%
CPAY Corpay Inc.	0.81%	10,122	$2.9M	Reduce -2.7%
UNH Unitedhealth Group Inc.	0.81%	8,441	$2.9M	Reduce -35.5%
MS Morgan Stanley	0.80%	18,062	$2.9M	Reduce -2.7%
BAC Bank of America Corp. filed as BANK AMERICA CORP	0.80%	55,604	$2.9M	Reduce -2.7%
AMAT Applied Materials Inc.	0.74%	12,996	$2.7M	Reduce -2.7%
TTWO Take-Two Interactive Softwre	0.72%	10,100	$2.6M	Reduce -2.7%
PNW Pinnacle West Capital	0.70%	27,984	$2.5M	Add +104.2%
ARES Ares Management Corp. Class A	0.68%	15,278	$2.4M	Reduce -0.0%
TJX TJX Companies Inc. filed as TJX COS INC NEW	0.68%	16,895	$2.4M	Reduce -2.7%
AJG Arthur J Gallagher & Co. filed as GALLAGHER ARTHUR J & CO	0.65%	7,564	$2.3M	Reduce -2.7%
DHI D.R. Horton Inc.	0.62%	13,298	$2.3M	Reduce -2.6%
CI The Cigna Group	0.62%	7,707	$2.2M	Reduce -30.1%
WEX Wex Inc.	0.61%	14,063	$2.2M	Reduce -2.7%
PEP Pepsico Inc.	0.58%	14,896	$2.1M	Reduce -2.7%
SRE Sempra	0.58%	23,196	$2.1M	Reduce -2.7%
AMD Advanced Micro Devices	0.57%	12,665	$2.0M	Reduce -2.7%
ATR Aptargroup Inc.	0.55%	14,900	$2.0M	Reduce -2.7%
MRK Merck & Co. Inc.	0.54%	23,399	$2.0M	Reduce -2.7%
AEP American Electric Power	0.50%	15,927	$1.8M	Add +104.2%
CMG Chipotle Mexican Grill Inc.	0.49%	45,366	$1.8M	Reduce -32.0%
LNT Alliant Energy Corp.	0.48%	25,525	$1.7M	Add +104.2%
CRM Salesforce Inc.	0.46%	6,931	$1.6M	Reduce -2.7%
ELV Elevance Health Inc.	0.44%	4,921	$1.6M	Reduce -34.5%
APH Amphenol Corp. Class A	0.44%	12,805	$1.6M	Add +261.3%
WEC WEC Energy Group Inc.	0.43%	13,409	$1.5M	Add +104.2%
LEN Lennar Corp. Class A	0.42%	12,132	$1.5M	Reduce -2.6%
CLH Clean Harbors Inc.	0.42%	6,569	$1.5M	Reduce -35.8%
EVRG Evergy Inc.	0.42%	20,025	$1.5M	Add +104.2%
TRGP Targa Resources Corp.	0.35%	7,524	$1.3M	No change
OKE Oneok Inc.	0.34%	16,654	$1.2M	No change
ADBE Adobe Inc.	0.33%	3,367	$1.2M	Reduce -2.7%
PTC PTC Inc.	0.33%	5,785	$1.2M	Reduce -2.7%
ENB Enbridge Inc.	0.31%	21,842	$1.1M	No change
MSCI MSCI Inc.	0.30%	1,924	$1.1M	Reduce -2.7%
T AT&T Inc.	0.29%	36,975	$1.0M	Reduce -2.7%
CHD Church & Dwight Co. Inc.	0.29%	11,851	$1.0M	Reduce -2.7%
WMB Williams Cos Inc.	0.28%	16,172	$1.0M	No change
VZ Verizon Communications Inc.	0.28%	23,258	$1.0M	Reduce -2.7%
INTU Intuit Inc.	0.28%	1,460	$997K	Reduce -2.6%
OII Oceaneering Intl Inc.	0.28%	40,034	$992K	Reduce -2.7%
LRCX Lam Research Corp.	0.27%	7,204	$965K	Reduce -2.7%
CCJ Cameco Corp.	0.26%	11,297	$948K	No change
NOW ServiceNow Inc.	0.26%	1,030	$948K	Reduce -2.6%
KLAC KLA Corp.	0.24%	805	$868K	Reduce -2.7%
ECL Ecolab Inc.	0.24%	3,116	$853K	No change
WFG West Fraser Timber Co. Ltd.	0.22%	11,620	$790K	Reduce -2.4%
LOW Lowe's Cos Inc.	0.21%	3,042	$764K	Reduce -2.7%
KMI Kinder Morgan Inc.	0.20%	25,293	$716K	No change
GFL GFL Environmental Inc.-Sub VT	0.20%	15,070	$714K	Reduce -35.7%
MPLX MPLX LP	0.19%	13,928	$696K	No change
TMUS T-Mobile US Inc.	0.19%	2,893	$693K	Reduce -2.7%
AM Antero Midstream Corp.	0.19%	34,803	$677K	No change
ADP Automatic Data Processing	0.18%	2,211	$649K	Reduce -2.7%
PLD Prologis Inc.	0.18%	5,514	$631K	Reduce -2.5%
PSA Public Storage	0.17%	2,180	$630K	Reduce -2.6%
UNP Union Pacific Corp.	0.16%	2,470	$584K	Reduce -6.6%
IDXX Idexx Laboratories Inc.	0.16%	885	$565K	No change
MRSH Marsh & McLennan Cos	0.15%	2,667	$537K	Reduce -2.7%
NXE Nexgen Energy Ltd.	0.15%	58,751	$526K	No change
BMY Bristol-Myers Squibb Co.	0.14%	11,336	$511K	Reduce -2.7%
CME Cme Group Inc.	0.14%	1,844	$498K	Reduce -2.6%
PYPL PayPal Holdings Inc.	0.13%	6,983	$468K	Reduce -2.7%
NKE Nike Inc. Class B	0.13%	6,491	$453K	Reduce -2.7%
EPD Enterprise Products Partners	0.12%	14,413	$451K	Add +0.9%
NSC Norfolk Southern Corp.	0.12%	1,420	$427K	Reduce -6.6%
HOS Hornbeck Offshore Services I filed as HELIX ENERGY SOLUTIONS GRP I	0.12%	64,595	$424K	Reduce -59.0%
CSX CSX Corp.	0.12%	11,860	$421K	Reduce -6.6%
CTVA Corteva Inc.	0.12%	6,191	$419K	No change

Show all 177 holdings

Portfolio Sells Q2 2025 → Q3 2025


CMG Chipotle Mexican Grill Inc.	Reduce -32.0%	0.49%	−0.58
RSG Republic Services Inc.	Reduce -14.3%	1.87%	−0.54
CI The Cigna Group	Reduce -30.1%	0.62%	−0.42
CNC Centene Corp.	Reduce -93.0%	0.02%	−0.41
ELV Elevance Health Inc.	Reduce -34.5%	0.44%	−0.39
FISV Fiserv Inc.	Reduce -2.7%	0.93%	−0.39
UNH Unitedhealth Group Inc.	Reduce -35.5%	0.81%	−0.36
WM Waste Management Inc.	Reduce -19.1%	0.94%	−0.30
BKR Baker Hughes Co.	Reduce -29.9%	1.83%	−0.29
AMZN Amazon.com Inc.	Reduce -2.7%	4.78%	−0.27
AEM Agnico Eagle Mines Ltd.	Sold out	0.00%	−0.26
CLH Clean Harbors Inc.	Reduce -35.8%	0.42%	−0.25
TOST Toast Inc. Class A	Reduce -85.8%	0.03%	−0.24
V Visa Inc. Class A	Reduce -2.7%	2.32%	−0.23
MOH Molina Healthcare Inc.	Sold out	0.00%	−0.23
KGC Kinross Gold Corp.	Sold out	0.00%	−0.22
QTWO Q2 Holdings Inc.	Reduce -85.8%	0.03%	−0.21
PGR Progressive Corp.	Reduce -2.7%	1.44%	−0.21
CPAY Corpay Inc.	Reduce -2.7%	0.81%	−0.18
BSX Boston Scientific Corp.	Reduce -2.7%	1.07%	−0.18
HOS Hornbeck Offshore Services I	Reduce -59.0%	0.12%	−0.16
NTNX Nutanix Inc. Class A	Reduce -85.8%	0.02%	−0.14
ALKT Alkami Technology Inc.	Reduce -85.8%	0.02%	−0.14
GFL GFL Environmental Inc.-Sub VT	Reduce -35.7%	0.20%	−0.14
MSFT Microsoft Corp.	Reduce -2.7%	8.41%	−0.13
OKTA Okta Inc.	Reduce -68.7%	0.05%	−0.13
ATR Aptargroup Inc.	Reduce -2.7%	0.55%	−0.13
SPGI S&P Global Inc.	Reduce -2.7%	0.86%	−0.13
VERX Vertex Inc. Class A	Reduce -85.8%	0.01%	−0.12
WCN Waste Connections Inc.	Reduce -0.5%	1.16%	−0.12
ZETA Zeta Global Holdings Corp. Class A	Reduce -85.8%	0.02%	−0.11
CRM Salesforce Inc.	Reduce -2.7%	0.46%	−0.10
IAG Iamgold Corp.	Sold out	0.00%	−0.09
MA Mastercard Inc. Class A	Reduce -2.7%	2.07%	−0.09
ARES Ares Management Corp. Class A	Reduce -0.0%	0.68%	−0.08
CFLT Confluent Inc. Class A	Reduce -85.8%	0.01%	−0.08
CWST Casella Waste Systems Inc. Class A	Reduce -35.8%	0.07%	−0.07
PANW Palo Alto Networks Inc.	Reduce -2.7%	1.07%	−0.07
AJG Arthur J Gallagher & Co.	Reduce -2.7%	0.65%	−0.06
INTU Intuit Inc.	Reduce -2.6%	0.28%	−0.06
HUM Humana Inc.	Reduce -66.7%	0.03%	−0.06
ADBE Adobe Inc.	Reduce -2.7%	0.33%	−0.05
NGD New Gold Inc.	Sold out	0.00%	−0.05
NOW ServiceNow Inc.	Reduce -2.6%	0.26%	−0.05
CHD Church & Dwight Co. Inc.	Reduce -2.7%	0.29%	−0.05
CXM Sprinklr Inc. Class A	Reduce -85.8%	0.01%	−0.04
SEMR Semrush Holdings Inc. Class A	Reduce -85.8%	0.00%	−0.04
WFG West Fraser Timber Co. Ltd.	Reduce -2.4%	0.22%	−0.03
ADSK Autodesk Inc.	Reduce -2.7%	0.97%	−0.03
DT Dynatrace Inc.	Reduce -85.8%	0.00%	−0.03

Portfolio Buys Q2 2025 → Q3 2025


TDW Tidewater Inc.	Add +242.5%	0.88%	+0.65
MU Micron Technology Inc.	Add +18.1%	1.58%	+0.57
NEE Nextera Energy Inc.	Add +35.3%	1.65%	+0.50
AWK American Water Works Co. Inc.	Add +43.0%	1.69%	+0.47
PNW Pinnacle West Capital	Add +104.2%	0.70%	+0.35
APH Amphenol Corp. Class A	Add +261.3%	0.44%	+0.34
SLB SLB Ltd.	Add +21.3%	1.69%	+0.28
AEP American Electric Power	Add +104.2%	0.50%	+0.27
LNT Alliant Energy Corp.	Add +104.2%	0.48%	+0.26
WEC WEC Energy Group Inc.	Add +104.2%	0.43%	+0.23
EVRG Evergy Inc.	Add +104.2%	0.42%	+0.23
ES Eversource Energy	Add +8.9%	1.37%	+0.21
AEE Ameren Corporation	Add +11.3%	1.00%	+0.15
ED Consolidated Edison Inc.	Add +21.2%	0.97%	+0.15
SNPS Synopsys Inc.	New	0.01%	+0.01
IP International Paper Co.	Add +0.4%	0.03%	−0.00
EPD Enterprise Products Partners	Add +0.9%	0.12%	−0.00
ET Energy Transfer LP	Add +1.0%	0.08%	−0.01

All Filings

Quarter	Positions	13F Reported Value	Top Holdings
Q2 2026	1,027	$1.0B	NVDA, AAPL, MU, AMZN, MSFT
Q1 2026	219	$661.8M	NVDA, MSFT, DAR, AMZN, AVGO
Q4 2025Amended	181	$359.4M	NVDA, MSFT, AMZN, AVGO, GOOGL
Q3 2025Amended	177	$360.7M	NVDA, MSFT, AVGO, AMZN, JPM
Q2 2025Amended	181	$350.5M	NVDA, MSFT, AMZN, AVGO, JPM
Q1 2025	0	$0
Q4 2024	0	$0
Q3 2024	0	$0
Q2 2024	0	$0