Fulcrum Asset Management LLP

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

0$500.0M$1.0B$1.5B Q2 2024: $0 Q2 2024 Q3 2024: $0 Q3 2024 Q4 2024: $0 Q4 2024 Q1 2025: $0 Q1 2025 Q2 2025: $350.5M Q2 2025 Q3 2025: $360.7M Q3 2025 Q4 2025: $359.4M $359.4M Q4 2025 Q1 2026: $661.8M Q1 2026 Q2 2026: $1.0B Q2 2026

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
PYPL PayPal Holdings Inc. 0.11% 6,782 $401K Reduce -2.9%
PAA Plains All Amer Pipeline LP 0.11% 22,282 $398K Add +15.3%
ZTS Zoetis Inc. 0.11% 3,114 $394K Add +17.2%
NKE Nike Inc. Class B 0.11% 6,304 $386K Reduce -2.9%
VALE Vale SA-SP ADR 0.11% 28,982 $380K Reduce -9.1%
NTR Nutrien Ltd. 0.10% 5,880 $367K Add +17.2%
NEM Newmont Corp. 0.10% 3,600 $367K Reduce -2.9%
IAG Iamgold Corp. 0.09% 20,066 $336K New
PBA Pembina Pipeline Corp. 0.09% 8,566 $327K Add +15.3%
WES Western Midstream Partners L 0.09% 7,933 $314K Add +15.2%
ET Energy Transfer LP 0.09% 18,664 $309K Add +16.4%
CNI Canadian Natl Railway Co. 0.08% 2,998 $298K No change
O Realty Income Corp. 0.08% 5,026 $287K No change
ALL Allstate Corp. 0.08% 1,342 $281K Reduce -2.9%
CWST Casella Waste Systems Inc. Class A 0.08% 2,793 $280K No change
FTNT Fortinet Inc. 0.07% 3,351 $269K Reduce -2.9%
SQM Quimica Y Minera Chil-SP ADR filed as SOCIEDAD QUIMICA Y MINERA DE 0.07% 3,801 $262K Add +17.1%
UEC Uranium Energy Corp. 0.06% 19,405 $228K Reduce -17.0%
WDAY Workday Inc. Class A 0.06% 1,050 $228K Reduce -2.9%
NVR NVR Inc. 0.06% 28 $205K Reduce -3.5%
GEL Genesis Energy L.P. 0.05% 11,683 $184K Add +15.3%
DNN Denison Mines Corp. 0.05% 66,311 $176K Reduce -17.0%
OKTA Okta Inc. 0.05% 1,980 $173K Reduce -1.8%
PHM Pultegroup Inc. 0.05% 1,416 $167K Reduce -1.7%
NGD New Gold Inc. 0.05% 18,592 $164K New
EL Estee Lauder Companies Class A filed as LAUDER ESTEE COS INC 0.04% 1,405 $149K Reduce -2.9%
UUUU Energy Fuels Inc. 0.04% 10,131 $147K Reduce -17.0%
GIL Gildan Activewear Inc. 0.04% 2,225 $139K New
KBH KB Home 0.04% 2,302 $131K Reduce -1.8%
MCHP Microchip Technology Inc. 0.04% 1,957 $127K Reduce -2.9%
DLR Digital Realty Trust Inc. 0.03% 768 $120K No change
TOST Toast Inc. Class A 0.03% 3,092 $112K No change
BR Broadridge Financial Solutio 0.03% 480 $108K Reduce -2.8%
LEU Centrus Energy Corp. Class A 0.03% 428 $106K Reduce -16.9%
HUM Humana Inc. 0.03% 390 $101K Reduce -3.0%
VOYA Voya Financial Inc. 0.03% 1,347 $101K Reduce -2.9%
QTWO Q2 Holdings Inc. filed as Q2 HLDGS INC 0.03% 1,255 $92K No change
FR First Industrial Realty TR 0.02% 1,531 $89K No change
ZETA Zeta Global Holdings Corp. Class A 0.02% 4,224 $88K No change
EQIX Equinix Inc. 0.02% 114 $88K No change
MOS The Mosaic Co. 0.02% 3,529 $85K Add +17.2%
IP International Paper Co. 0.02% 2,062 $82K Add +0.5%
TRNO Terreno Realty Corp. 0.02% 1,332 $80K No change
EGP Eastgroup Properties Inc. 0.02% 434 $79K No change
CNC Centene Corp. 0.02% 1,871 $77K Reduce -2.9%
AMT American Tower Corp. 0.02% 427 $75K No change
AMH American Homes 4 Rent- A 0.02% 2,282 $74K No change
STAG Stag Industrial Inc. 0.02% 1,968 $73K No change
TOL Toll Brothers Inc. 0.02% 487 $67K No change
BAH Booz Allen Hamilton Holdings 0.02% 772 $66K Reduce -2.9%
INVH Invitation Homes Inc. 0.02% 2,274 $64K No change
ALKT Alkami Technology Inc. 0.02% 2,682 $62K No change
NNN NNN REIT Inc. 0.02% 1,514 $60K No change
TMHC Taylor Morrison Home Corp. 0.02% 1,004 $59K No change
NTNX Nutanix Inc. Class A 0.02% 1,090 $57K No change
REXR Rexford Industrial Realty Inc. 0.02% 1,370 $54K No change
CFLT Confluent Inc. Class A 0.01% 1,740 $52K No change
SNPS Synopsys Inc. 0.01% 106 $50K Reduce -2.8%
LPX Louisiana-Pacific Corp. 0.01% 603 $50K No change
EXR Extra Space Storage Inc. 0.01% 364 $48K No change
MAA Mid-America Apartment Comm 0.01% 330 $46K No change
CCI Crown Castle Inc. 0.01% 497 $44K No change
TPH Tri Pointe Homes Inc. 0.01% 1,308 $42K No change
VERX Vertex Inc. Class A 0.01% 1,929 $39K No change
AVB Avalonbay Communities Inc. 0.01% 189 $35K No change
ELS Equity Lifestyle Properties 0.01% 552 $34K No change
CPT Camden Property Trust 0.01% 301 $33K No change
SBAC SBA Communications Corp. 0.01% 168 $33K No change
UDR Udr Inc. 0.01% 801 $30K No change
SEMR Semrush Holdings Inc. Class A 0.01% 2,328 $28K No change
VMRK Vivmark Residential filed as EQUITY RESIDENTIAL 0.01% 417 $26K No change
SUI Sun Communities Inc. filed as SUN CMNTYS INC 0.01% 211 $26K No change
ESS Essex Property Trust Inc. 0.01% 88 $23K No change
CXM Sprinklr Inc. Class A 0.01% 2,770 $22K No change
MTH Meritage Homes Corp. 0.01% 311 $21K No change
CUBE Cubesmart 0.01% 548 $20K No change
IRT Independence Realty Trust Inc. 0.00% 896 $16K No change
DT Dynatrace Inc. 0.00% 298 $13K No change
LGIH Lgi Homes Inc. 0.00% 263 $11K No change
NSA National Storage Affiliates 0.00% 380 $11K No change
JAMF Jamf Holding Corp. filed as JAMF HLDG CORP 0.00% 529 $7K No change

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

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 1,027$1.0BNVDA, AAPL, MU, AMZN, MSFT
Q1 2026 219$661.8MNVDA, MSFT, DAR, AMZN, AVGO
Q4 2025Amended 181$359.4MNVDA, MSFT, AMZN, AVGO, GOOGL
Q3 2025Amended 177$360.7MNVDA, MSFT, AVGO, AMZN, JPM
Q2 2025Amended 181$350.5MNVDA, MSFT, AMZN, AVGO, JPM
Q1 2025 0$0
Q4 2024 0$0
Q3 2024 0$0
Q2 2024 0$0