Fulcrum Asset Management LLP

Name: Fulcrum Asset Management LLP 13F holdings, Q1 2026
Creator: Fulcrum Asset Management LLP
Published: 2026-05-14

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

In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 14, 2026), Fulcrum Asset Management LLP reported 219 stock positions worth $661.8 million. Its top holding was Nvidia (NVDA) at 7.4% of the portfolio, followed by Microsoft (MSFT, 3.8%) and Darling Ingredients (DAR, 3.3%). Compared with Q4 2025, it opened 52 new positions, sold out of 14, added to 85 and reduced 13. The biggest buy was a new position in Darling Ingredients (DAR) and the biggest sale an exit from Travelers Cos (TRV).

Most Recent 13F: Q2 2026
Location: LONDON, X0
CIK: 0001353395
Portfolio Value: $661.8M (Q1 2026)
SEC Filing: 0001353395-26-000004 ↗ filed May 14, 2026

Holdings Value

Holdings 219 stocks · $661.8M


NVDA Nvidia Corp.	7.41%	297,019	$49.1M	Add +36.2%
MSFT Microsoft Corp.	3.81%	70,272	$25.2M	Add +19.0%
DAR Darling Ingredients Inc.	3.34%	365,718	$22.1M	New
AMZN Amazon.com Inc.	3.23%	106,427	$21.4M	Add +26.3%
AVGO Broadcom Inc.	3.19%	71,950	$21.1M	Add +37.0%
HAL Halliburton Co.	3.04%	511,950	$20.1M	New
SLB SLB Ltd. filed as SLB LIMITED	2.63%	337,698	$17.4M	Add +339.4%
GOOG Alphabet Inc. Class C	2.62%	63,509	$17.3M	Add +44.8%
WM Waste Management Inc.	2.47%	71,009	$16.3M	Add +369.1%
GOOGL Alphabet Inc. Class A	2.08%	50,344	$13.8M	Add +12.2%
NEE Nextera Energy Inc.	2.02%	145,168	$13.4M	Add +128.6%
RSG Republic Services Inc.	2.01%	59,921	$13.3M	Add +108.3%
LBRT Liberty Energy Inc.	1.86%	427,054	$12.3M	New
PUMP Propetro Holding Corp.	1.83%	827,700	$12.1M	New
TRANE TECHNOLOGIES PLC	1.70%	27,854	$11.3M	New
JPM JPMorgan Chase & Co.	1.65%	38,377	$10.9M	Add +4.2%
PTEN Patterson-Uti Energy Inc.	1.57%	940,736	$10.4M	New
WHD Cactus Inc. Class A	1.57%	222,480	$10.4M	New
CF CF Industries Holdings Inc.	1.52%	73,201	$10.1M	New
HP Helmerich & Payne	1.48%	272,480	$9.8M	New
DVN Devon Energy Corp.	1.41%	181,714	$9.4M	New
GPRE Green Plains Inc.	1.36%	544,756	$9.0M	New
NOV Nov Inc.	1.22%	436,176	$8.1M	New
WCN Waste Connections Inc.	1.19%	48,511	$7.9M	Add +107.0%
PBF PBF Energy Inc. Class A	1.16%	152,598	$7.7M	New
V Visa Inc. Class A	1.13%	24,976	$7.5M	Add +4.7%
FTI Technipfmc PLC	1.10%	107,502	$7.3M	New
NTR Nutrien Ltd.	1.06%	91,990	$7.0M	Add +1464.5%
MU Micron Technology Inc.	1.04%	21,469	$6.9M	Reduce -26.6%
MA Mastercard Inc. Class A	1.00%	13,337	$6.6M	Add +4.5%
APH Amphenol Corp. Class A	0.96%	53,150	$6.3M	Add +264.7%
DINO HF Sinclair Corp.	0.91%	95,270	$6.0M	New
TRAVELERS COMPANIES INC	0.84%	19,028	$5.6M	New
JNJ Johnson & Johnson	0.84%	22,876	$5.5M	Add +8.0%
AEM Agnico Eagle Mines Ltd.	0.83%	28,512	$5.5M	Add +432.9%
BKR Baker Hughes Co.	0.81%	87,946	$5.3M	Reduce -22.7%
PSX Phillips 66	0.77%	27,667	$5.1M	New
KGC Kinross Gold Corp.	0.76%	175,316	$5.0M	Add +550.0%
ES Eversource Energy	0.68%	65,726	$4.5M	Add +3.8%
CVX Chevron Corp.	0.68%	21,286	$4.5M	New
AME Ametek Inc.	0.68%	21,485	$4.5M	Add +3.8%
IBKR Interactive Brokers Gro Class A	0.67%	69,413	$4.4M	Add +8.2%
CLH Clean Harbors Inc.	0.66%	15,555	$4.4M	Add +136.8%
NBR Nabors Industries Ltd.	0.65%	49,420	$4.3M	New
PGR Progressive Corp.	0.65%	21,216	$4.3M	Add +3.7%
MPC Marathon Petroleum Corp.	0.63%	17,110	$4.2M	New
RGLD Royal Gold Inc.	0.63%	17,519	$4.2M	New
OSK Oshkosh Corp.	0.63%	30,326	$4.2M	New
AMAT Applied Materials Inc.	0.63%	12,860	$4.2M	Add +1.9%
AA Alcoa Corp.	0.63%	65,662	$4.2M	New
RES RPC Inc.	0.60%	552,228	$3.9M	New
TDW Tidewater Inc.	0.58%	47,198	$3.9M	Add +35.9%
TMO Thermo Fisher Scientific Inc.	0.57%	7,907	$3.8M	Add +1.3%
BTU Peabody Energy Corp.	0.55%	102,484	$3.7M	New
ED Consolidated Edison Inc.	0.54%	31,473	$3.6M	Reduce -22.8%
PANW Palo Alto Networks Inc.	0.49%	21,196	$3.3M	Add +14.9%
VLO Valero Energy Corp.	0.49%	13,012	$3.3M	New
LRCX Lam Research Corp.	0.46%	15,104	$3.0M	Add +115.9%
AWK American Water Works Co. Inc.	0.45%	21,265	$3.0M	Add +0.6%
CPAY Corpay Inc.	0.45%	10,157	$2.9M	Add +3.3%
SPGI S&P Global Inc.	0.43%	6,814	$2.8M	Add +10.1%
MS Morgan Stanley	0.43%	17,782	$2.8M	Add +1.4%
MRK Merck & Co. Inc.	0.42%	23,792	$2.8M	Add +4.7%
ADSK Autodesk Inc.	0.42%	11,754	$2.8M	Add +10.3%
IAG Iamgold Corp.	0.41%	155,506	$2.7M	Add +675.0%
BSX Boston Scientific Corp.	0.41%	42,851	$2.7M	Add +11.1%
DNOW Dnow Inc.	0.41%	231,120	$2.7M	New
AMD Advanced Micro Devices	0.40%	13,534	$2.7M	Add +3.5%
TJX TJX Companies Inc. filed as TJX COS INC NEW	0.40%	17,023	$2.7M	Add +3.7%
AGI Alamos Gold Inc. Class A	0.40%	59,392	$2.6M	New
BAC Bank of America Corp. filed as BANK AMERICA CORP	0.40%	55,893	$2.6M	Add +3.5%
PEP Pepsico Inc.	0.37%	15,817	$2.5M	Add +9.3%
UNH Unitedhealth Group Inc.	0.36%	9,100	$2.4M	Add +11.0%
CTVA Corteva Inc.	0.36%	28,342	$2.4M	Add +290.6%
SRE Sempra	0.35%	23,917	$2.3M	Add +6.2%
DHI D.R. Horton Inc.	0.34%	17,218	$2.3M	Add +33.1%
WEX Wex Inc.	0.33%	14,305	$2.2M	Add +4.7%
TRGP Targa Resources Corp.	0.33%	8,673	$2.2M	No change
TTWO Take-Two Interactive Softwre	0.32%	11,020	$2.1M	Add +12.3%
HCC Warrior Met Coal Inc.	0.32%	22,510	$2.1M	New
LOW Lowe's Cos Inc.	0.32%	9,010	$2.1M	Add +204.9%
CI The Cigna Group	0.31%	7,956	$2.1M	Add +6.3%
CMG Chipotle Mexican Grill Inc.	0.31%	64,909	$2.0M	Add +47.3%
OKE Oneok Inc.	0.27%	19,445	$1.8M	Add +0.6%
AJG Arthur J Gallagher & Co. filed as GALLAGHER ARTHUR J & CO	0.25%	7,557	$1.6M	Add +2.9%
DK Delek US Holdings Inc.	0.23%	33,720	$1.5M	New
LEN Lennar Corp. Class A	0.23%	18,009	$1.5M	Add +52.8%
LHX L3HARRIS Technologies Inc.	0.22%	4,362	$1.5M	New
ELV Elevance Health Inc.	0.22%	5,195	$1.5M	Add +8.7%
FISV Fiserv Inc.	0.22%	27,066	$1.5M	Add +6.6%
CRM Salesforce Inc.	0.21%	7,631	$1.4M	Add +13.4%
ENB Enbridge Inc.	0.21%	25,174	$1.4M	No change
WMB Williams Cos Inc.	0.20%	18,639	$1.4M	No change
OII Oceaneering Intl Inc.	0.20%	38,817	$1.3M	Reduce -0.2%
TALO Talos Energy Inc.	0.19%	75,274	$1.2M	New
VZ Verizon Communications Inc.	0.18%	23,456	$1.2M	Add +3.8%
MOS The Mosaic Co.	0.17%	46,051	$1.2M	Add +1204.9%
MSCI MSCI Inc.	0.16%	2,048	$1.1M	Add +9.6%
T AT&T Inc.	0.16%	36,586	$1.1M	Add +1.9%
AMR Alpha Metallurgical Resource	0.16%	4,856	$1.0M	New

Show all 219 holdings

Portfolio Sells Q4 2025 → Q1 2026


TRV The Travelers Cos Inc.	Sold out	0.00%	−1.43
MU Micron Technology Inc.	Reduce -26.6%	1.04%	−1.34
AEE Ameren Corporation	Reduce -80.4%	0.13%	−1.01
BKR Baker Hughes Co.	Reduce -22.7%	0.81%	−0.65
ARES Ares Management Corp. Class A	Reduce -67.2%	0.08%	−0.62
ED Consolidated Edison Inc.	Reduce -22.8%	0.54%	−0.59
RY Royal Bank of Canada	Reduce -100.0%	0.00%	−0.56
ATR Aptargroup Inc.	Sold out	0.00%	−0.49
WEC WEC Energy Group Inc.	Reduce -82.0%	0.05%	−0.45
CHD Church & Dwight Co. Inc.	Sold out	0.00%	−0.27
EVRG Evergy Inc.	Reduce -66.3%	0.07%	−0.25
NOW ServiceNow Inc.	Sold out	0.00%	−0.21
AEP American Electric Power	Reduce -28.7%	0.15%	−0.20
WFG West Fraser Timber Co. Ltd.	Reduce -86.9%	0.01%	−0.18
PSA Public Storage	Reduce -93.6%	0.01%	−0.15
LNT Alliant Energy Corp.	Sold out	0.00%	−0.13
NKE Nike Inc. Class B	Sold out	0.00%	−0.11
VALE Vale SA-SP ADR	Sold out	0.00%	−0.11
FTNT Fortinet Inc.	Sold out	0.00%	−0.07
WDAY Workday Inc. Class A	Sold out	0.00%	−0.06
OII Oceaneering Intl Inc.	Reduce -0.2%	0.20%	−0.06
NGD New Gold Inc.	Sold out	0.00%	−0.05
GIL Gildan Activewear Inc.	Sold out	0.00%	−0.04
NVR NVR Inc.	Reduce -10.7%	0.02%	−0.03
BR Broadridge Financial Solutio	Sold out	0.00%	−0.03
CFLT Confluent Inc. Class A	Sold out	0.00%	−0.01
JAMF Jamf Holding Corp.	Sold out	0.00%	−0.00

Portfolio Buys Q4 2025 → Q1 2026


DAR Darling Ingredients Inc.	New	3.34%	+3.34
HAL Halliburton Co.	New	3.04%	+3.04
LBRT Liberty Energy Inc.	New	1.86%	+1.86
PUMP Propetro Holding Corp.	New	1.83%	+1.83
SLB SLB Ltd.	Add +339.4%	2.63%	+1.81
TRANE TECHNOLOGIES PLC	New	1.70%	+1.70
PTEN Patterson-Uti Energy Inc.	New	1.57%	+1.57
WHD Cactus Inc. Class A	New	1.57%	+1.57
WM Waste Management Inc.	Add +369.1%	2.47%	+1.53
CF CF Industries Holdings Inc.	New	1.52%	+1.52
HP Helmerich & Payne	New	1.48%	+1.48
DVN Devon Energy Corp.	New	1.41%	+1.41
GPRE Green Plains Inc.	New	1.36%	+1.36
NOV Nov Inc.	New	1.22%	+1.22
PBF PBF Energy Inc. Class A	New	1.16%	+1.16
FTI Technipfmc PLC	New	1.10%	+1.10
NTR Nutrien Ltd.	Add +1464.5%	1.06%	+0.96
DINO HF Sinclair Corp.	New	0.91%	+0.91
TRAVELERS COMPANIES INC	New	0.84%	+0.84
PSX Phillips 66	New	0.77%	+0.77
CVX Chevron Corp.	New	0.68%	+0.68
NBR Nabors Industries Ltd.	New	0.65%	+0.65
MPC Marathon Petroleum Corp.	New	0.63%	+0.63
RGLD Royal Gold Inc.	New	0.63%	+0.63
OSK Oshkosh Corp.	New	0.63%	+0.63
AA Alcoa Corp.	New	0.63%	+0.63
RES RPC Inc.	New	0.60%	+0.60
NEE Nextera Energy Inc.	Add +128.6%	2.02%	+0.60
AEM Agnico Eagle Mines Ltd.	Add +432.9%	0.83%	+0.57
BTU Peabody Energy Corp.	New	0.55%	+0.55
KGC Kinross Gold Corp.	Add +550.0%	0.76%	+0.54
VLO Valero Energy Corp.	New	0.49%	+0.49
DNOW Dnow Inc.	New	0.41%	+0.41
APH Amphenol Corp. Class A	Add +264.7%	0.96%	+0.40
AGI Alamos Gold Inc. Class A	New	0.40%	+0.40
HCC Warrior Met Coal Inc.	New	0.32%	+0.32
IAG Iamgold Corp.	Add +675.0%	0.41%	+0.32
RSG Republic Services Inc.	Add +108.3%	2.01%	+0.29
DK Delek US Holdings Inc.	New	0.23%	+0.23
LHX L3HARRIS Technologies Inc.	New	0.22%	+0.22
CLH Clean Harbors Inc.	Add +136.8%	0.66%	+0.22
CTVA Corteva Inc.	Add +290.6%	0.36%	+0.22
TALO Talos Energy Inc.	New	0.19%	+0.19
AMR Alpha Metallurgical Resource	New	0.16%	+0.16
EQX Equinox Gold Corp.	New	0.15%	+0.15
CRK Comstock Resources Inc.	New	0.15%	+0.15
MOS The Mosaic Co.	Add +1204.9%	0.17%	+0.15
NI Nisource Inc.	New	0.15%	+0.15
ATO Atmos Energy Corp.	New	0.14%	+0.14
LRCX Lam Research Corp.	Add +115.9%	0.46%	+0.12

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