Fulcrum Asset Management LLP

Name: Fulcrum Asset Management LLP 13F holdings, Q4 2025
Creator: Fulcrum Asset Management LLP
Published: 2026-02-05

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

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 5, 2026), Fulcrum Asset Management LLP reported 181 stock positions worth $359.4 million. Its top holding was Nvidia (NVDA) at 11.4% of the portfolio, followed by Microsoft (MSFT, 8.0%) and Amazon.com (AMZN, 5.5%). Compared with Q3 2025, it opened 6 new positions, sold out of 2, added to 31 and reduced 95. The biggest buy was Alphabet Class C (GOOG, shares +11%) and the biggest sale American Water Works (AWK, shares −52%).

Most Recent 13F: Q2 2026
Location: LONDON, X0
CIK: 0001353395
Portfolio Value: $359.4M (Q4 2025)
SEC Filing: 0001353395-26-000002 ↗ filed Feb 5, 2026

Holdings Value

Holdings 181 stocks · $359.4M


NVDA Nvidia Corp.	11.37%	218,004	$40.9M	Reduce -1.4%
MSFT Microsoft Corp.	8.01%	59,070	$28.8M	Add +0.9%
AMZN Amazon.com Inc.	5.45%	84,275	$19.6M	Add +7.3%
AVGO Broadcom Inc.	5.11%	52,526	$18.4M	Reduce -5.6%
GOOGL Alphabet Inc. Class A	3.92%	44,861	$14.1M	Reduce -2.9%
GOOG Alphabet Inc. Class C	3.84%	43,867	$13.8M	Add +10.9%
JPM JPMorgan Chase & Co.	3.31%	36,815	$11.9M	Reduce -2.9%
MU Micron Technology Inc.	2.38%	29,257	$8.6M	Reduce -14.1%
V Visa Inc. Class A	2.35%	23,856	$8.4M	Reduce -2.9%
MA Mastercard Inc. Class A	2.05%	12,762	$7.4M	Reduce -2.9%
RSG Republic Services Inc.	1.72%	28,763	$6.2M	Reduce -2.1%
BKR Baker Hughes Co.	1.46%	113,786	$5.2M	Reduce -16.1%
TRV The Travelers Cos Inc.	1.43%	17,596	$5.1M	Reduce -2.9%
NEE Nextera Energy Inc.	1.42%	63,517	$5.1M	Reduce -19.6%
PGR Progressive Corp.	1.31%	20,462	$4.7M	Reduce -2.9%
TMO Thermo Fisher Scientific Inc.	1.27%	7,808	$4.6M	Reduce -2.9%
JNJ Johnson & Johnson	1.22%	21,179	$4.4M	Reduce -2.9%
AME Ametek Inc.	1.19%	20,703	$4.3M	Reduce -3.6%
ES Eversource Energy	1.19%	63,336	$4.3M	Reduce -8.6%
IBKR Interactive Brokers Gro Class A	1.16%	64,137	$4.2M	Reduce -2.9%
WCN Waste Connections Inc.	1.14%	23,438	$4.1M	Reduce -1.9%
AEE Ameren Corporation	1.14%	40,774	$4.1M	Add +18.2%
ED Consolidated Edison Inc.	1.13%	40,754	$4.1M	Add +16.5%
BSX Boston Scientific Corp.	1.03%	38,559	$3.7M	Reduce -2.9%
PANW Palo Alto Networks Inc.	0.96%	18,440	$3.4M	Reduce -2.9%
WM Waste Management Inc.	0.94%	15,139	$3.4M	Reduce -1.8%
AMAT Applied Materials Inc.	0.91%	12,622	$3.3M	Reduce -2.9%
SPGI S&P Global Inc.	0.91%	6,189	$3.3M	Reduce -2.9%
ADSK Autodesk Inc.	0.89%	10,657	$3.2M	Reduce -2.9%
MS Morgan Stanley	0.87%	17,542	$3.1M	Reduce -2.9%
CPAY Corpay Inc.	0.83%	9,831	$3.0M	Reduce -2.9%
BAC Bank of America Corp. filed as BANK AMERICA CORP	0.83%	54,004	$3.0M	Reduce -2.9%
SLB SLB Ltd. filed as SLB LIMITED	0.82%	76,845	$3.0M	Reduce -56.7%
AMD Advanced Micro Devices	0.78%	13,078	$2.8M	Add +3.3%
AWK American Water Works Co. Inc.	0.77%	21,131	$2.8M	Reduce -51.6%
UNH Unitedhealth Group Inc.	0.76%	8,198	$2.7M	Reduce -2.9%
TJX TJX Companies Inc. filed as TJX COS INC NEW	0.71%	16,409	$2.5M	Reduce -2.9%
ARES Ares Management Corp. Class A	0.71%	15,561	$2.5M	Add +1.9%
TTWO Take-Two Interactive Softwre	0.70%	9,809	$2.5M	Reduce -2.9%
MRK Merck & Co. Inc.	0.67%	22,726	$2.4M	Reduce -2.9%
PEP Pepsico Inc.	0.58%	14,466	$2.1M	Reduce -2.9%
CI The Cigna Group	0.58%	7,485	$2.1M	Reduce -2.9%
WEX Wex Inc.	0.57%	13,658	$2.1M	Reduce -2.9%
RY Royal Bank of Canada	0.56%	11,835	$2.0M	New
SRE Sempra	0.56%	22,529	$2.0M	Reduce -2.9%
APH Amphenol Corp. Class A	0.55%	14,574	$2.0M	Add +13.8%
AJG Arthur J Gallagher & Co. filed as GALLAGHER ARTHUR J & CO	0.54%	7,346	$1.9M	Reduce -2.9%
DHI D.R. Horton Inc.	0.52%	12,932	$1.9M	Reduce -2.8%
WEC WEC Energy Group Inc.	0.50%	16,889	$1.8M	Add +25.9%
CRM Salesforce Inc.	0.50%	6,731	$1.8M	Reduce -2.9%
ATR Aptargroup Inc.	0.49%	14,471	$1.8M	Reduce -2.9%
TDW Tidewater Inc.	0.49%	34,740	$1.8M	Reduce -42.0%
ELV Elevance Health Inc.	0.46%	4,780	$1.7M	Reduce -2.9%
CMG Chipotle Mexican Grill Inc.	0.45%	44,060	$1.6M	Reduce -2.9%
FISV Fiserv Inc.	0.45%	25,398	$1.6M	Reduce -2.9%
TRGP Targa Resources Corp.	0.45%	8,673	$1.6M	Add +15.3%
CLH Clean Harbors Inc.	0.43%	6,569	$1.6M	No change
OKE Oneok Inc.	0.40%	19,325	$1.4M	Add +16.0%
AEP American Electric Power	0.35%	10,882	$1.3M	Reduce -31.7%
LEN Lennar Corp. Class A	0.34%	11,790	$1.2M	Reduce -2.8%
LRCX Lam Research Corp.	0.34%	6,996	$1.2M	Reduce -2.9%
ENB Enbridge Inc.	0.34%	25,174	$1.2M	Add +15.3%
ADBE Adobe Inc.	0.32%	3,270	$1.2M	Reduce -2.9%
EVRG Evergy Inc.	0.32%	15,681	$1.1M	Reduce -21.7%
WMB Williams Cos Inc.	0.31%	18,639	$1.1M	Add +15.3%
MSCI MSCI Inc.	0.30%	1,869	$1.1M	Reduce -2.9%
PTC PTC Inc.	0.27%	5,618	$985K	Reduce -2.9%
CHD Church & Dwight Co. Inc.	0.27%	11,509	$972K	Reduce -2.9%
ECL Ecolab Inc.	0.27%	3,652	$966K	Add +17.2%
INTU Intuit Inc.	0.26%	1,418	$950K	Reduce -2.9%
OII Oceaneering Intl Inc.	0.26%	38,882	$945K	Reduce -2.9%
VZ Verizon Communications Inc.	0.26%	22,589	$919K	Reduce -2.9%
AEM Agnico Eagle Mines Ltd.	0.26%	5,350	$919K	New
T AT&T Inc.	0.25%	35,911	$891K	Reduce -2.9%
KLAC KLA Corp.	0.25%	711	$884K	Reduce -11.7%
MPLX MPLX LP	0.24%	16,052	$861K	Add +15.3%
CCJ Cameco Corp.	0.24%	9,379	$859K	Reduce -17.0%
KMI Kinder Morgan Inc.	0.22%	29,151	$804K	Add +15.3%
KGC Kinross Gold Corp.	0.21%	26,970	$772K	New
NOW ServiceNow Inc.	0.21%	5,000	$771K	Reduce -2.9%
LOW Lowe's Cos Inc.	0.20%	2,955	$719K	Reduce -2.9%
AM Antero Midstream Corp.	0.20%	40,112	$716K	Add +15.3%
IDXX Idexx Laboratories Inc.	0.20%	1,037	$708K	Add +17.2%
PLD Prologis Inc.	0.19%	5,369	$693K	Reduce -2.6%
WFG West Fraser Timber Co. Ltd.	0.19%	11,329	$692K	Reduce -2.5%
GFL GFL Environmental Inc.-Sub VT	0.18%	15,070	$659K	No change
BMY Bristol-Myers Squibb Co.	0.17%	11,010	$597K	Reduce -2.9%
UNP Union Pacific Corp.	0.16%	2,476	$577K	Add +0.2%
TMUS T-Mobile US Inc.	0.16%	2,810	$573K	Reduce -2.9%
ADP Automatic Data Processing	0.15%	2,147	$557K	Reduce -2.9%
PSA Public Storage	0.15%	2,121	$554K	Reduce -2.7%
EPD Enterprise Products Partners	0.15%	16,733	$537K	Add +16.1%
CME Cme Group Inc.	0.14%	1,791	$494K	Reduce -2.9%
CTVA Corteva Inc.	0.14%	7,255	$489K	Add +17.2%
MRSH Marsh & McLennan Cos	0.14%	2,590	$485K	Reduce -2.9%
LNT Alliant Energy Corp.	0.13%	7,358	$481K	Reduce -71.2%
NXE Nexgen Energy Ltd.	0.12%	48,771	$448K	Reduce -17.0%
FCX Freeport-McMoran Inc.	0.12%	8,620	$443K	Reduce -9.1%
CSX CSX Corp.	0.12%	11,860	$432K	No change
NSC Norfolk Southern Corp.	0.11%	1,420	$412K	No change

Show all 181 holdings

Portfolio Sells Q3 2025 → Q4 2025


AWK American Water Works Co. Inc.	Reduce -51.6%	0.77%	−0.92
SLB SLB Ltd.	Reduce -56.7%	0.82%	−0.87
PNW Pinnacle West Capital	Sold out	0.00%	−0.70
FISV Fiserv Inc.	Reduce -2.9%	0.45%	−0.48
TDW Tidewater Inc.	Reduce -42.0%	0.49%	−0.39
BKR Baker Hughes Co.	Reduce -16.1%	1.46%	−0.37
LNT Alliant Energy Corp.	Reduce -71.2%	0.13%	−0.34
NEE Nextera Energy Inc.	Reduce -19.6%	1.42%	−0.23
ES Eversource Energy	Reduce -8.6%	1.19%	−0.18
RSG Republic Services Inc.	Reduce -2.1%	1.72%	−0.15
AEP American Electric Power	Reduce -31.7%	0.35%	−0.15
PGR Progressive Corp.	Reduce -2.9%	1.31%	−0.13
HOS Hornbeck Offshore Services I	Sold out	0.00%	−0.12
AJG Arthur J Gallagher & Co.	Reduce -2.9%	0.54%	−0.11
PANW Palo Alto Networks Inc.	Reduce -2.9%	0.96%	−0.11
EVRG Evergy Inc.	Reduce -21.7%	0.32%	−0.10
DHI D.R. Horton Inc.	Reduce -2.8%	0.52%	−0.10
IBKR Interactive Brokers Gro Class A	Reduce -2.9%	1.16%	−0.10
LEN Lennar Corp. Class A	Reduce -2.8%	0.34%	−0.08
ADSK Autodesk Inc.	Reduce -2.9%	0.89%	−0.08
NVDA Nvidia Corp.	Reduce -1.4%	11.37%	−0.06
ATR Aptargroup Inc.	Reduce -2.9%	0.49%	−0.06
PTC PTC Inc.	Reduce -2.9%	0.27%	−0.05
UNH Unitedhealth Group Inc.	Reduce -2.9%	0.76%	−0.05
NOW ServiceNow Inc.	Reduce -2.9%	0.21%	−0.05
BSX Boston Scientific Corp.	Reduce -2.9%	1.03%	−0.04
T AT&T Inc.	Reduce -2.9%	0.25%	−0.04
CI The Cigna Group	Reduce -2.9%	0.58%	−0.04
WEX Wex Inc.	Reduce -2.9%	0.57%	−0.04
CMG Chipotle Mexican Grill Inc.	Reduce -2.9%	0.45%	−0.04
TMUS T-Mobile US Inc.	Reduce -2.9%	0.16%	−0.03
VZ Verizon Communications Inc.	Reduce -2.9%	0.26%	−0.03
WFG West Fraser Timber Co. Ltd.	Reduce -2.5%	0.19%	−0.03
ADP Automatic Data Processing	Reduce -2.9%	0.15%	−0.02
CCJ Cameco Corp.	Reduce -17.0%	0.24%	−0.02
UEC Uranium Energy Corp.	Reduce -17.0%	0.06%	−0.02
MA Mastercard Inc. Class A	Reduce -2.9%	2.05%	−0.02
NXE Nexgen Energy Ltd.	Reduce -17.0%	0.12%	−0.02
WCN Waste Connections Inc.	Reduce -1.9%	1.14%	−0.02
PSA Public Storage	Reduce -2.7%	0.15%	−0.02
SRE Sempra	Reduce -2.9%	0.56%	−0.02
TTWO Take-Two Interactive Softwre	Reduce -2.9%	0.70%	−0.02
PYPL PayPal Holdings Inc.	Reduce -2.9%	0.11%	−0.02
NKE Nike Inc. Class B	Reduce -2.9%	0.11%	−0.02
CHD Church & Dwight Co. Inc.	Reduce -2.9%	0.27%	−0.02
LEU Centrus Energy Corp. Class A	Reduce -16.9%	0.03%	−0.01
MRSH Marsh & McLennan Cos	Reduce -2.9%	0.14%	−0.01
INTU Intuit Inc.	Reduce -2.9%	0.26%	−0.01
DNN Denison Mines Corp.	Reduce -17.0%	0.05%	−0.01
LOW Lowe's Cos Inc.	Reduce -2.9%	0.20%	−0.01

Portfolio Buys Q3 2025 → Q4 2025


GOOG Alphabet Inc. Class C	Add +10.9%	3.84%	+1.17
AMZN Amazon.com Inc.	Add +7.3%	5.45%	+0.67
RY Royal Bank of Canada	New	0.56%	+0.56
AEM Agnico Eagle Mines Ltd.	New	0.26%	+0.26
AMD Advanced Micro Devices	Add +3.3%	0.78%	+0.22
KGC Kinross Gold Corp.	New	0.21%	+0.21
ED Consolidated Edison Inc.	Add +16.5%	1.13%	+0.16
AEE Ameren Corporation	Add +18.2%	1.14%	+0.14
APH Amphenol Corp. Class A	Add +13.8%	0.55%	+0.11
TRGP Targa Resources Corp.	Add +15.3%	0.45%	+0.10
IAG Iamgold Corp.	New	0.09%	+0.09
WEC WEC Energy Group Inc.	Add +25.9%	0.50%	+0.07
OKE Oneok Inc.	Add +16.0%	0.40%	+0.06
MPLX MPLX LP	Add +15.3%	0.24%	+0.05
NGD New Gold Inc.	New	0.05%	+0.05
IDXX Idexx Laboratories Inc.	Add +17.2%	0.20%	+0.04
GIL Gildan Activewear Inc.	New	0.04%	+0.04
SQM Quimica Y Minera Chil-SP ADR	Add +17.1%	0.07%	+0.03
ECL Ecolab Inc.	Add +17.2%	0.27%	+0.03
ENB Enbridge Inc.	Add +15.3%	0.34%	+0.03
ARES Ares Management Corp. Class A	Add +1.9%	0.71%	+0.03
WMB Williams Cos Inc.	Add +15.3%	0.31%	+0.03
KMI Kinder Morgan Inc.	Add +15.3%	0.22%	+0.03
EPD Enterprise Products Partners	Add +16.1%	0.15%	+0.02
NTR Nutrien Ltd.	Add +17.2%	0.10%	+0.02
CTVA Corteva Inc.	Add +17.2%	0.14%	+0.02
PAA Plains All Amer Pipeline LP	Add +15.3%	0.11%	+0.02
WES Western Midstream Partners L	Add +15.2%	0.09%	+0.01
AM Antero Midstream Corp.	Add +15.3%	0.20%	+0.01
ET Energy Transfer LP	Add +16.4%	0.09%	+0.01
PBA Pembina Pipeline Corp.	Add +15.3%	0.09%	+0.01
GEL Genesis Energy L.P.	Add +15.3%	0.05%	+0.00
ZTS Zoetis Inc.	Add +17.2%	0.11%	+0.00
UNP Union Pacific Corp.	Add +0.2%	0.16%	−0.00
IP International Paper Co.	Add +0.5%	0.02%	−0.00
MOS The Mosaic Co.	Add +17.2%	0.02%	−0.01
MSFT Microsoft Corp.	Add +0.9%	8.01%	−0.40

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