Railway Pension Investments Ltd
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 12, 2025), Railway Pension Investments Ltd reported 212 stock positions worth $7.0 billion. Its top holding was Gilead Sciences (GILD) at 2.3% of the portfolio, followed by Visa Class A (V, 2.3%) and Abbvie (ABBV, 2.1%). Compared with Q4 2024, it opened 23 new positions, sold out of 20, added to 63 and reduced 55. The biggest buy was a new position in Public Service Enterprise GP (PEG) and the biggest sale Broadcom (AVGO, shares −42%).
- Most Recent 13F
- Q2 2026
- Location
- LONDON, X0
- CIK
- 0001658020
- Portfolio Value
- $7.0B (Q1 2025)
- SEC Filing
- 0001658020-25-000005 ↗ filed May 12, 2025
Holdings Value
Holdings 212 stocks · $7.0B
| GILD Gilead Sciences Inc. | 2.28% | 1,432,065 | $160.5M | Add +6.0% |
| V Visa Inc. Class A | 2.27% | 455,939 | $159.8M | Add +24.9% |
| ABBV Abbvie Inc. | 2.14% | 720,349 | $150.9M | Add +0.4% |
| MSFT Microsoft Corp. | 2.10% | 393,500 | $147.7M | Reduce -6.8% |
| AAPL Apple Inc. | 1.80% | 570,452 | $126.7M | Add +8.2% |
| ORLY O'reilly Automotive Inc. | 1.73% | 84,921 | $121.7M | Reduce -0.5% |
| META Meta Platforms Inc. Class A | 1.68% | 204,820 | $118.1M | Reduce -9.3% |
| JNJ Johnson & Johnson | 1.66% | 707,236 | $117.3M | Add +1.4% |
| ACN Accenture PLC Class A | 1.62% | 366,582 | $114.4M | Reduce -6.7% |
| PG The Procter & Gamble Co. | 1.61% | 665,499 | $113.4M | Add +1.4% |
| MO Altria Group Inc. | 1.57% | 1,844,800 | $110.7M | Add +5.5% |
| LNG Cheniere Energy Inc. | 1.57% | 477,700 | $110.5M | Reduce -6.5% |
| SPGI S&P Global Inc. | 1.56% | 215,700 | $109.6M | Reduce -9.5% |
| GOOGL Alphabet Inc. Class A | 1.54% | 700,220 | $108.3M | Reduce -5.4% |
| AMZN Amazon.com Inc. | 1.48% | 546,900 | $104.1M | Reduce -9.4% |
| AZO AutoZone Inc. | 1.40% | 25,902 | $98.8M | Reduce -0.5% |
| EQIX Equinix Inc. | 1.33% | 115,269 | $94.0M | Reduce -9.5% |
| NEE Nextera Energy Inc. | 1.33% | 1,321,232 | $93.7M | Reduce -9.3% |
| MCK McKesson Corp. | 1.32% | 137,922 | $92.8M | Reduce -0.4% |
| PANW Palo Alto Networks Inc. | 1.28% | 528,106 | $90.1M | Reduce -9.2% |
| CSCO Cisco Systems Inc. | 1.27% | 1,452,076 | $89.6M | Add +4.3% |
| NOW ServiceNow Inc. | 1.25% | 111,000 | $88.4M | Reduce -31.3% |
| KR Kroger Co. | 1.21% | 1,263,310 | $85.5M | Reduce -1.0% |
| CNP Centerpoint Energy Inc. | 1.18% | 2,299,745 | $83.3M | Reduce -14.9% |
| MRK Merck & Co. Inc. | 1.15% | 905,215 | $81.3M | Add +2.3% |
| PM Philip Morris International | 1.15% | 510,840 | $81.1M | Reduce -18.9% |
| CL Colgate-Palmolive Co. | 1.15% | 864,409 | $81.0M | Add +1.4% |
| CEG Constellation Energy | 1.13% | 394,900 | $79.6M | Reduce -12.6% |
| FAST Fastenal Co. | 1.11% | 1,004,355 | $77.9M | Reduce -0.1% |
| EQT Eqt Corp. | 1.09% | 1,443,300 | $77.1M | Reduce -26.5% |
| TXN Texas Instruments Inc. | 1.05% | 410,086 | $73.7M | Reduce -9.3% |
| WMT Walmart Inc. | 1.04% | 836,639 | $73.4M | Reduce -49.5% |
| PEG Public Service Enterprise GP | 1.01% | 867,300 | $71.4M | New |
| FCX Freeport-McMoran Inc. | 1.01% | 1,882,400 | $71.3M | No change |
| AVGO Broadcom Inc. | 1.01% | 425,492 | $71.2M | Reduce -41.6% |
| CCJ Cameco Corp. | 1.00% | 1,706,900 | $70.3M | No change |
| GWW WW Grainger Inc. filed as GRAINGER W W INC | 0.99% | 70,788 | $69.9M | Reduce -0.4% |
| IDXX Idexx Laboratories Inc. | 0.98% | 165,130 | $69.3M | Reduce -9.4% |
| BKNG Booking Holdings Inc. | 0.97% | 14,900 | $68.6M | Add +6.4% |
| TECK Teck Resources Ltd.-CLS B | 0.91% | 1,768,600 | $64.4M | No change |
| DASH DoorDash Inc. Class A | 0.89% | 344,212 | $62.9M | No change |
| TMO Thermo Fisher Scientific Inc. | 0.89% | 125,370 | $62.4M | Reduce -9.4% |
| DHR Danaher Corp. | 0.87% | 300,199 | $61.5M | Reduce -9.2% |
| COST Costco Wholesale Corp. | 0.85% | 63,042 | $59.6M | Reduce -1.1% |
| OTIS Otis Worldwide Corp. | 0.77% | 526,000 | $54.3M | No change |
| EOG EOG Resources Inc. | 0.76% | 420,300 | $53.9M | Reduce -21.7% |
| HD Home Depot Inc. | 0.74% | 142,758 | $52.3M | Reduce -0.6% |
| CMS CMS Energy Corp. | 0.73% | 681,200 | $51.2M | Reduce -13.9% |
| FICO Fair Isaac Corp. | 0.71% | 27,090 | $50.0M | Reduce -3.6% |
| HOOD Robinhood Markets Inc. Class A | 0.71% | 1,197,336 | $49.8M | Reduce -15.5% |
| FTNT Fortinet Inc. | 0.71% | 517,425 | $49.8M | Reduce -4.3% |
| IT Gartner Inc. | 0.67% | 112,978 | $47.4M | Add +2.1% |
| CTAS Cintas Corp. | 0.65% | 223,296 | $45.9M | Add +0.6% |
| MSI Motorola Solutions Inc. | 0.65% | 104,700 | $45.8M | No change |
| ROL Rollins Inc. | 0.62% | 810,817 | $43.8M | No change |
| HPQ HP Inc. | 0.60% | 1,524,515 | $42.2M | Add +0.5% |
| CTSH Cognizant Tech Solutions-A | 0.59% | 540,780 | $41.4M | No change |
| CHKP Check Point Software Tech | 0.58% | 179,129 | $40.8M | No change |
| HES Hess Corp. | 0.58% | 255,400 | $40.8M | New |
| RSG Republic Services Inc. | 0.58% | 168,121 | $40.7M | Reduce -0.7% |
| NDAQ Nasdaq Inc. | 0.58% | 535,200 | $40.6M | Reduce -5.8% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.57% | 162,000 | $40.3M | Add +2.7% |
| CRWD CrowdStrike Holdings Inc. Class A | 0.56% | 111,020 | $39.1M | Reduce -2.4% |
| CHD Church & Dwight Co. Inc. | 0.56% | 355,199 | $39.1M | Add +0.8% |
| CVX Chevron Corp. | 0.55% | 231,100 | $38.7M | Reduce -52.6% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.55% | 315,500 | $38.4M | No change |
| DDOG Datadog Inc. Class A | 0.52% | 371,761 | $36.9M | No change |
| VLTO Veralto Corp. | 0.52% | 373,299 | $36.4M | No change |
| JPM JPMorgan Chase & Co. | 0.52% | 148,064 | $36.3M | Add +3.2% |
| HCA HCA Healthcare Inc. | 0.51% | 104,467 | $36.1M | Reduce -29.8% |
| NTNX Nutanix Inc. Class A | 0.51% | 511,641 | $35.7M | No change |
| KMB Kimberly-Clark Corp. | 0.50% | 247,001 | $35.1M | Add +2.7% |
| ADP Automatic Data Processing | 0.46% | 106,300 | $32.5M | Add +13.8% |
| ABT Abbott Laboratories | 0.43% | 230,900 | $30.6M | Add +5.6% |
| SOLV Solventum Corp. | 0.43% | 399,861 | $30.4M | No change |
| VZ Verizon Communications Inc. | 0.42% | 660,100 | $29.9M | Add +2.4% |
| WM Waste Management Inc. | 0.41% | 125,276 | $29.0M | No change |
| CMCSA Comcast Corp. Class A | 0.41% | 783,400 | $28.9M | No change |
| ELV Elevance Health Inc. | 0.41% | 65,728 | $28.6M | Reduce -31.5% |
| LOW Lowe's Cos Inc. | 0.41% | 122,383 | $28.5M | Add +2.0% |
| PTC PTC Inc. | 0.40% | 182,326 | $28.3M | Add +2.0% |
| NTAP Netapp Inc. | 0.40% | 318,250 | $28.0M | Reduce -0.8% |
| BSX Boston Scientific Corp. | 0.40% | 276,500 | $27.9M | Add +14.3% |
| MA Mastercard Inc. Class A | 0.39% | 49,500 | $27.1M | Add +26.6% |
| GH Guardant Health Inc. | 0.38% | 620,878 | $26.4M | No change |
| LIN Linde PLC | 0.37% | 56,600 | $26.4M | Reduce -42.2% |
| SNA Snap-on Inc. | 0.36% | 75,800 | $25.5M | No change |
| OWL Blue Owl Capital Inc. | 0.36% | 1,268,900 | $25.4M | No change |
| LULU Lululemon Athletica Inc. | 0.36% | 89,800 | $25.4M | Add +19.7% |
| BMY Bristol-Myers Squibb Co. | 0.36% | 415,800 | $25.4M | Add +9.7% |
| BILL Bill Holdings Inc. | 0.36% | 549,946 | $25.2M | No change |
| LPLA LPL Financial Holdings Inc. | 0.36% | 76,500 | $25.0M | New |
| OKTA Okta Inc. | 0.34% | 225,296 | $23.7M | No change |
| ARGX Argenx SE - ADR | 0.33% | 39,500 | $23.4M | No change |
| BAH Booz Allen Hamilton Holdings | 0.33% | 220,500 | $23.1M | Reduce -40.4% |
| ITW Illinois Tool Works | 0.32% | 91,763 | $22.8M | Add +9.0% |
| NVT Nvent Electric PLC | 0.32% | 431,481 | $22.6M | Add +9.1% |
| MRSH Marsh & McLennan Cos | 0.31% | 90,800 | $22.2M | Add +8.5% |
| UTHR United Therapeutics Corp. | 0.31% | 70,600 | $21.8M | Add +4.0% |
| ETN Eaton Corp. PLC | 0.31% | 79,500 | $21.6M | Add +1.3% |
Portfolio Sells Q4 2024 → Q1 2025
| AVGO Broadcom Inc. | Reduce -41.6% | 1.01% | −1.23 |
| NOW ServiceNow Inc. | Reduce -31.3% | 1.25% | −1.02 |
| WMT Walmart Inc. | Reduce -49.5% | 1.04% | −0.94 |
| COR Cencora Inc. | Sold out | 0.00% | −0.70 |
| ORCL Oracle Corp. | Sold out | 0.00% | −0.49 |
| CVX Chevron Corp. | Reduce -52.6% | 0.55% | −0.39 |
| NVR NVR Inc. | Reduce -74.7% | 0.12% | −0.37 |
| CAT Caterpillar Inc. | Sold out | 0.00% | −0.33 |
| GOOGL Alphabet Inc. Class A | Reduce -5.4% | 1.54% | −0.32 |
| PEP Pepsico Inc. | Reduce -59.8% | 0.23% | −0.32 |
| BAH Booz Allen Hamilton Holdings | Reduce -40.4% | 0.33% | −0.30 |
| CAH Cardinal Health Inc. | Sold out | 0.00% | −0.29 |
| AMZN Amazon.com Inc. | Reduce -9.4% | 1.48% | −0.28 |
| MSFT Microsoft Corp. | Reduce -6.8% | 2.10% | −0.26 |
| EQIX Equinix Inc. | Reduce -9.5% | 1.33% | −0.26 |
| CDNS Cadence Design SYS Inc. | Sold out | 0.00% | −0.24 |
| UNH Unitedhealth Group Inc. | Reduce -49.0% | 0.29% | −0.22 |
| CEG Constellation Energy | Reduce -12.6% | 1.13% | −0.21 |
| ACN Accenture PLC Class A | Reduce -6.7% | 1.62% | −0.21 |
| DPZ Domino's Pizza Inc. | Reduce -93.7% | 0.02% | −0.20 |
| KLAC KLA Corp. | Sold out | 0.00% | −0.18 |
| LIN Linde PLC | Reduce -42.2% | 0.37% | −0.17 |
| AMAT Applied Materials Inc. | Sold out | 0.00% | −0.17 |
| DHR Danaher Corp. | Reduce -9.2% | 0.87% | −0.13 |
| PANW Palo Alto Networks Inc. | Reduce -9.2% | 1.28% | −0.12 |
| LRCX Lam Research Corp. | Sold out | 0.00% | −0.12 |
| VRTX Vertex Pharmaceuticals Inc. | Sold out | 0.00% | −0.12 |
| PWR Quanta Services Inc. | Sold out | 0.00% | −0.11 |
| EOG EOG Resources Inc. | Reduce -21.7% | 0.76% | −0.11 |
| EQT Eqt Corp. | Reduce -26.5% | 1.09% | −0.11 |
| AMGN Amgen Inc. | Reduce -40.8% | 0.30% | −0.10 |
| NTAP Netapp Inc. | Reduce -0.8% | 0.40% | −0.10 |
| HCA HCA Healthcare Inc. | Reduce -29.8% | 0.51% | −0.08 |
| META Meta Platforms Inc. Class A | Reduce -9.3% | 1.68% | −0.08 |
| TXN Texas Instruments Inc. | Reduce -9.3% | 1.05% | −0.08 |
| HPE Hewlett Packard Enterprise | Reduce -6.3% | 0.20% | −0.08 |
| ACGL Arch Capital Group Ltd. | Sold out | 0.00% | −0.07 |
| TMO Thermo Fisher Scientific Inc. | Reduce -9.4% | 0.89% | −0.07 |
| ELV Elevance Health Inc. | Reduce -31.5% | 0.41% | −0.06 |
| HON Honeywell International Inc. | Sold out | 0.00% | −0.06 |
| NEE Nextera Energy Inc. | Reduce -9.3% | 1.33% | −0.06 |
| MANH Manhattan Associates Inc. | Reduce -74.3% | 0.01% | −0.06 |
| MCHP Microchip Technology Inc. | Sold out | 0.00% | −0.05 |
| NXPI NXP Semiconductors NV | Sold out | 0.00% | −0.05 |
| DGX Quest Diagnostics Inc. | Reduce -79.0% | 0.02% | −0.05 |
| WCN Waste Connections Inc. | Reduce -44.8% | 0.10% | −0.05 |
| IR Ingersoll-Rand Inc. | Sold out | 0.00% | −0.04 |
| EA Electronic Arts Inc. | Reduce -23.7% | 0.15% | −0.03 |
| FICO Fair Isaac Corp. | Reduce -3.6% | 0.71% | −0.03 |
| ROST Ross Stores Inc. | Reduce -50.5% | 0.03% | −0.03 |
Portfolio Buys Q4 2024 → Q1 2025
| PEG Public Service Enterprise GP | New | 1.01% | +1.01 |
| V Visa Inc. Class A | Add +24.9% | 2.27% | +0.74 |
| GILD Gilead Sciences Inc. | Add +6.0% | 2.28% | +0.62 |
| HES Hess Corp. | New | 0.58% | +0.58 |
| ABBV Abbvie Inc. | Add +0.4% | 2.14% | +0.45 |
| MO Altria Group Inc. | Add +5.5% | 1.57% | +0.36 |
| LPLA LPL Financial Holdings Inc. | New | 0.36% | +0.36 |
| JNJ Johnson & Johnson | Add +1.4% | 1.66% | +0.33 |
| CRC California Resources Corp. | New | 0.30% | +0.30 |
| AJG Arthur J Gallagher & Co. | New | 0.20% | +0.20 |
| RYAN Ryan Specialty Holdings Inc. | New | 0.19% | +0.19 |
| CSCO Cisco Systems Inc. | Add +4.3% | 1.27% | +0.18 |
| MCD McDonald's Corp. | New | 0.16% | +0.16 |
| PG The Procter & Gamble Co. | Add +1.4% | 1.61% | +0.15 |
| ACI Albertsons Cos Inc. Class A | Add +120.7% | 0.22% | +0.14 |
| CL Colgate-Palmolive Co. | Add +1.4% | 1.15% | +0.12 |
| CTAS Cintas Corp. | Add +0.6% | 0.65% | +0.11 |
| MA Mastercard Inc. Class A | Add +26.6% | 0.39% | +0.11 |
| IBM Intl Business Machines Corp. | Add +2.7% | 0.57% | +0.11 |
| BSX Boston Scientific Corp. | Add +14.3% | 0.40% | +0.11 |
| ABT Abbott Laboratories | Add +5.6% | 0.43% | +0.11 |
| FNF Fidelity National Financial | New | 0.11% | +0.11 |
| BLK BlackRock Inc. | Add +85.6% | 0.22% | +0.10 |
| HLT Hilton Worldwide Holdings Inc. | Add +758.5% | 0.11% | +0.10 |
| ADP Automatic Data Processing | Add +13.8% | 0.46% | +0.10 |
| KO The Coca-Cola Co. | Add +45.5% | 0.22% | +0.10 |
| RDDT Reddit Inc. Class A | New | 0.09% | +0.09 |
| PGR Progressive Corp. | Add +12.8% | 0.30% | +0.09 |
| MCO Moody's Corp. | New | 0.09% | +0.09 |
| VRSN Verisign Inc. | Add +77.5% | 0.15% | +0.09 |
| VZ Verizon Communications Inc. | Add +2.4% | 0.42% | +0.08 |
| KMB Kimberly-Clark Corp. | Add +2.7% | 0.50% | +0.08 |
| ROP Roper Technologies Inc. | Add +16.4% | 0.27% | +0.08 |
| MRSH Marsh & McLennan Cos | Add +8.5% | 0.31% | +0.08 |
| VRSK Verisk Analytics Inc. | Add +47.8% | 0.19% | +0.08 |
| L Loews Corp. | Add +287.2% | 0.10% | +0.08 |
| BMY Bristol-Myers Squibb Co. | Add +9.7% | 0.36% | +0.08 |
| ADSK Autodesk Inc. | Add +163.0% | 0.12% | +0.07 |
| CHD Church & Dwight Co. Inc. | Add +0.8% | 0.56% | +0.07 |
| JPM JPMorgan Chase & Co. | Add +3.2% | 0.52% | +0.06 |
| BKNG Booking Holdings Inc. | Add +6.4% | 0.97% | +0.05 |
| TMUS T-Mobile US Inc. | New | 0.05% | +0.05 |
| RJF Raymond James Financial Inc. | New | 0.05% | +0.05 |
| T AT&T Inc. | Add +178.3% | 0.07% | +0.05 |
| GEN Gen Digital Inc. | Add +18.6% | 0.25% | +0.05 |
| AAPL Apple Inc. | Add +8.2% | 1.80% | +0.05 |
| PAYX Paychex Inc. | Add +4.2% | 0.26% | +0.05 |
| UHS Universal Health Services-B | Add +8.9% | 0.26% | +0.05 |
| EME Emcor Group Inc. | Add +76.7% | 0.13% | +0.05 |
| TRV The Travelers Cos Inc. | Add +157.1% | 0.07% | +0.05 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 102 | $8.0B | NVDA, AAPL, GOOGL, LRCX, AVGO |
| Q1 2026 | 103 | $7.0B | MSFT, GOOGL, NVDA, LNG, AMZN |
| Q4 2025 | 106 | $8.5B | MSFT, GOOGL, NVDA, AVGO, TMO |
| Q3 2025 | 117 | $7.4B | MSFT, GOOGL, V, ABBV, AMZN |
| Q2 2025 | 210 | $7.1B | MSFT, GILD, V, CCJ, CEG |
| Q1 2025 | 212 | $7.0B | GILD, V, ABBV, MSFT, AAPL |
| Q4 2024 | 208 | $7.5B | MSFT, NOW, AVGO, WMT, GOOGL |
| Q3 2024 | 215 | $8.3B | MSFT, JNJ, NOW, WMT, ABBV |
| Q2 2024 | 219 | $8.4B | MSFT, META, NOW, GOOGL, AMZN |
| Q1 2024 | 220 | $10.3B | MSFT, ACN, META, TSM, NOW |