Fulcrum Asset Management LLP

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

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 Q4 2025 Q1 2026: $661.8M $661.8M Q1 2026 Q2 2026: $1.0B Q2 2026

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
CCJ Cameco Corp. 0.15% 9,379 $1.0M No change
AEP American Electric Power 0.15% 7,754 $1.0M Reduce -28.7%
EQX Equinox Gold Corp. 0.15% 69,682 $1.0M New
CRK Comstock Resources Inc. 0.15% 45,814 $1.0M New
KLAC KLA Corp. 0.15% 718 $993K Add +1.0%
KMI Kinder Morgan Inc. 0.15% 29,151 $981K No change
NI Nisource Inc. 0.15% 20,856 $970K New
ECL Ecolab Inc. 0.14% 3,652 $959K No change
AM Antero Midstream Corp. 0.14% 40,112 $927K No change
MPLX MPLX LP 0.14% 16,052 $926K No change
ATO Atmos Energy Corp. 0.14% 4,914 $909K New
AEE Ameren Corporation 0.13% 7,980 $875K Reduce -80.4%
PTC PTC Inc. 0.13% 6,255 $874K Add +11.3%
ADBE Adobe Inc. 0.13% 3,586 $865K Add +9.7%
AVAV Aerovironment Inc. 0.11% 4,234 $749K New
PLD Prologis Inc. 0.11% 5,691 $733K Add +6.0%
BMY Bristol-Myers Squibb Co. 0.11% 11,979 $716K Add +8.8%
INTU Intuit Inc. 0.10% 1,591 $683K Add +12.2%
EPD Enterprise Products Partners 0.10% 16,859 $659K Add +0.8%
PHM Pultegroup Inc. 0.09% 5,523 $628K Add +290.0%
TMUS T-Mobile US Inc. 0.09% 2,910 $623K Add +3.6%
CVI CVR Energy Inc. 0.09% 17,692 $618K New
GFL GFL Environmental Inc.-Sub VT 0.09% 15,070 $609K No change
UNP Union Pacific Corp. 0.09% 2,482 $594K Add +0.2%
CME Cme Group Inc. 0.09% 1,949 $580K Add +8.8%
IDXX Idexx Laboratories Inc. 0.09% 1,037 $578K No change
OGE Oge Energy Corp. 0.09% 11,888 $569K New
NXE Nexgen Energy Ltd. 0.09% 48,771 $566K No change
ARES Ares Management Corp. Class A 0.08% 5,106 $550K Reduce -67.2%
XEL Xcel Energy Inc. 0.08% 6,638 $525K New
PLNT Planet Fitness Inc. Class A 0.08% 6,916 $510K New
PAA Plains All Amer Pipeline LP 0.08% 22,282 $501K No change
ADP Automatic Data Processing 0.07% 2,346 $482K Add +9.3%
MRSH Marsh & McLennan Cos 0.07% 2,721 $475K Add +5.1%
CSX CSX Corp. 0.07% 11,860 $472K No change
FCX Freeport-McMoran Inc. 0.07% 8,620 $471K No change
VALE S A 0.07% 28,982 $438K New
EVRG Evergy Inc. 0.07% 5,280 $431K Reduce -66.3%
NSC Norfolk Southern Corp. 0.06% 1,420 $401K No change
NEM Newmont Corp. 0.06% 3,781 $390K Add +5.0%
PBA Pembina Pipeline Corp. 0.06% 8,566 $387K No change
ET Energy Transfer LP 0.06% 18,664 $366K No change
ZTS Zoetis Inc. 0.05% 3,114 $362K No change
WEC WEC Energy Group Inc. 0.05% 3,046 $351K Reduce -82.0%
WES Western Midstream Partners L 0.05% 7,933 $330K No change
PYPL PayPal Holdings Inc. 0.05% 7,214 $322K Add +6.4%
HD Home Depot Inc. 0.05% 976 $316K New
SQM Quimica Y Minera Chil-SP ADR filed as SOCIEDAD QUIMICA Y MINERA DE 0.05% 3,801 $308K No change
O Realty Income Corp. 0.05% 5,026 $307K No change
CNI Canadian Natl Railway Co. 0.05% 2,998 $304K No change
FORTINET INC COMP 0.04% 3,749 $296K New
ALL Allstate Corp. 0.04% 1,407 $292K Add +4.8%
LIN Linde PLC 0.04% 548 $274K New
UEC Uranium Energy Corp. 0.04% 19,405 $243K No change
DNN Denison Mines Corp. 0.04% 66,311 $235K No change
CWST Casella Waste Systems Inc. Class A 0.03% 2,793 $219K No change
EQNR Equinor ASA-Spon ADR 0.03% 4,972 $216K New
GEL Genesis Energy L.P. 0.03% 11,683 $207K No change
UUUU Energy Fuels Inc. 0.03% 10,131 $186K No change
NVR NVR Inc. 0.02% 25 $162K Reduce -10.7%
OKTA Okta Inc. 0.02% 2,116 $160K Add +6.9%
DLR Digital Realty Trust Inc. 0.02% 768 $135K No change
EL Estee Lauder Companies Class A filed as LAUDER ESTEE COS INC 0.02% 1,790 $122K Add +27.4%
MCHP Microchip Technology Inc. 0.02% 2,006 $120K Add +2.5%
KBH KB Home 0.02% 2,377 $120K Add +3.3%
EQIX Equinix Inc. 0.02% 114 $110K No change
WFG West Fraser Timber Co. Ltd. 0.01% 1,489 $97K Reduce -86.9%
VOYA Voya Financial Inc. 0.01% 1,410 $94K Add +4.7%
FR First Industrial Realty TR 0.01% 1,531 $88K No change
TRNO Terreno Realty Corp. 0.01% 1,332 $81K No change
TOST Toast Inc. Class A 0.01% 3,092 $81K No change
EGP Eastgroup Properties Inc. 0.01% 434 $80K No change
AMT American Tower Corp. 0.01% 427 $73K No change
IP International Paper Co. 0.01% 2,062 $72K No change
LEU Centrus Energy Corp. Class A 0.01% 428 $72K No change
STAG Stag Industrial Inc. 0.01% 1,968 $71K No change
CNC Centene Corp. 0.01% 2,188 $70K Add +16.9%
HUM Humana Inc. 0.01% 410 $68K Add +5.1%
BAH Booz Allen Hamilton Holdings 0.01% 840 $66K Add +8.8%
AMH American Homes 4 Rent- A 0.01% 2,282 $64K No change
TOL Toll Brothers Inc. 0.01% 487 $64K No change
NNN NNN REIT Inc. 0.01% 1,514 $63K No change
ZETA Zeta Global Holdings Corp. Class A 0.01% 4,224 $63K No change
TPH Tri Pointe Homes Inc. 0.01% 1,308 $61K No change
QTWO Q2 Holdings Inc. filed as Q2 HLDGS INC 0.01% 1,255 $58K No change
INSW International Seaways Inc. 0.01% 822 $58K New
TMHC Taylor Morrison Home Corp. 0.01% 1,004 $57K No change
INVH Invitation Homes Inc. 0.01% 2,274 $56K No change
TNK Teekay Tankers Ltd. Class A 0.01% 720 $52K New
DHT DHT Holdings Inc. 0.01% 2,719 $49K New
EXR Extra Space Storage Inc. 0.01% 364 $47K No change
REXR Rexford Industrial Realty Inc. 0.01% 1,370 $45K No change
SNPS Synopsys Inc. 0.01% 114 $44K Add +7.5%
LPX Louisiana-Pacific Corp. 0.01% 603 $42K No change
ALKT Alkami Technology Inc. 0.01% 2,682 $42K No change
NTNX Nutanix Inc. Class A 0.01% 1,090 $41K No change
MAA Mid-America Apartment Comm 0.01% 330 $40K No change
CCI Crown Castle Inc. 0.01% 497 $40K No change
PSA Public Storage 0.01% 135 $36K Reduce -93.6%
ELS Equity Lifestyle Properties 0.01% 552 $35K No change
AVB Avalonbay Communities Inc. 0.00% 189 $31K No change
STNG Scorpio Tankers Inc. 0.00% 404 $30K New
CPT Camden Property Trust 0.00% 301 $29K No change
SBAC SBA Communications Corp. 0.00% 168 $29K No change
TRMD Torm PLC-A 0.00% 1,015 $28K New
SEMR Semrush Holdings Inc. Class A 0.00% 2,328 $28K No change
UDR Udr Inc. 0.00% 801 $27K No change
SUI Sun Communities Inc. filed as SUN CMNTYS INC 0.00% 211 $27K No change
VMRK Vivmark Residential filed as EQUITY RESIDENTIAL 0.00% 417 $24K No change
VERX Vertex Inc. Class A 0.00% 1,929 $23K No change
ESS Essex Property Trust Inc. 0.00% 88 $21K No change
CUBE Cubesmart 0.00% 548 $20K No change
MTH Meritage Homes Corp. 0.00% 311 $19K No change
CXM Sprinklr Inc. Class A 0.00% 2,770 $16K No change
NSA National Storage Affiliates 0.00% 380 $14K No change
IRT Independence Realty Trust Inc. 0.00% 896 $13K No change
DT Dynatrace Inc. 0.00% 298 $11K No change
LGIH Lgi Homes Inc. 0.00% 263 $10K No change
RY Royal Bank of Canada 0.00% 3 $485 Reduce -100.0%

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

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