Railway Pension Investments Ltd
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 13, 2025), Railway Pension Investments Ltd reported 210 stock positions worth $7.1 billion. Its top holding was Microsoft (MSFT) at 2.2% of the portfolio, followed by Gilead Sciences (GILD, 2.1%) and Visa Class A (V, 1.8%). Compared with Q1 2025, it opened 9 new positions, sold out of 11, added to 38 and reduced 90. The biggest buy was Pfizer (PFE, shares +1178%) and the biggest sale Walmart (WMT, shares −53%).
- Most Recent 13F
- Q2 2026
- Location
- LONDON, X0
- CIK
- 0001658020
- Portfolio Value
- $7.1B (Q2 2025)
- SEC Filing
- 0001658020-25-000011 ↗ filed Aug 13, 2025
Holdings Value
Holdings 210 stocks · $7.1B
| MSFT Microsoft Corp. | 2.20% | 312,800 | $155.6M | Reduce -20.5% |
| GILD Gilead Sciences Inc. | 2.15% | 1,373,465 | $152.3M | Reduce -4.1% |
| V Visa Inc. Class A | 1.80% | 359,139 | $127.5M | Reduce -21.2% |
| CCJ Cameco Corp. | 1.73% | 1,653,600 | $122.7M | Reduce -3.1% |
| CEG Constellation Energy | 1.70% | 372,800 | $120.3M | Reduce -5.6% |
| ABBV Abbvie Inc. | 1.68% | 642,149 | $119.2M | Reduce -10.9% |
| LNG Cheniere Energy Inc. | 1.64% | 477,100 | $116.2M | Reduce -0.1% |
| META Meta Platforms Inc. Class A | 1.61% | 154,720 | $114.2M | Reduce -24.5% |
| ORLY O'reilly Automotive Inc. | 1.54% | 1,208,551 | $108.9M | Reduce -5.1% |
| GOOGL Alphabet Inc. Class A | 1.51% | 607,220 | $107.0M | Reduce -13.3% |
| AMZN Amazon.com Inc. | 1.46% | 472,300 | $103.6M | Reduce -13.6% |
| JNJ Johnson & Johnson | 1.44% | 667,836 | $102.0M | Reduce -5.6% |
| AVGO Broadcom Inc. | 1.42% | 365,192 | $100.7M | Reduce -14.2% |
| MO Altria Group Inc. | 1.42% | 1,714,900 | $100.5M | Reduce -7.0% |
| AAPL Apple Inc. | 1.41% | 486,052 | $99.7M | Reduce -14.8% |
| HOOD Robinhood Markets Inc. Class A | 1.40% | 1,057,936 | $99.1M | Reduce -11.6% |
| SPGI S&P Global Inc. | 1.38% | 185,900 | $98.0M | Reduce -13.8% |
| PG The Procter & Gamble Co. | 1.38% | 613,499 | $97.7M | Reduce -7.8% |
| ACN Accenture PLC Class A | 1.37% | 323,882 | $96.8M | Reduce -11.7% |
| NOW ServiceNow Inc. | 1.33% | 91,500 | $94.1M | Reduce -17.6% |
| MCK McKesson Corp. | 1.30% | 126,122 | $92.4M | Reduce -8.6% |
| PANW Palo Alto Networks Inc. | 1.30% | 451,406 | $92.4M | Reduce -14.5% |
| PM Philip Morris International | 1.28% | 499,440 | $91.0M | Reduce -2.2% |
| MRK Merck & Co. Inc. | 1.28% | 1,146,315 | $90.7M | Add +26.6% |
| CSCO Cisco Systems Inc. | 1.26% | 1,288,676 | $89.4M | Reduce -11.3% |
| FCX Freeport-McMoran Inc. | 1.25% | 2,035,700 | $88.2M | Add +8.1% |
| AZO AutoZone Inc. | 1.24% | 23,702 | $88.0M | Reduce -8.5% |
| NEE Nextera Energy Inc. | 1.21% | 1,238,632 | $86.0M | Reduce -6.3% |
| CNP Centerpoint Energy Inc. | 1.19% | 2,299,745 | $84.5M | No change |
| EQT Eqt Corp. | 1.19% | 1,443,300 | $84.2M | No change |
| IDXX Idexx Laboratories Inc. | 1.17% | 154,330 | $82.8M | Reduce -6.5% |
| PEG Public Service Enterprise GP | 1.14% | 960,700 | $80.9M | Add +10.8% |
| EQIX Equinix Inc. | 1.14% | 101,269 | $80.6M | Reduce -12.2% |
| BKNG Booking Holdings Inc. | 1.12% | 13,700 | $79.3M | Reduce -8.1% |
| FAST Fastenal Co. | 1.10% | 1,860,110 | $78.1M | Reduce -7.4% |
| DASH DoorDash Inc. Class A | 1.07% | 308,288 | $76.0M | Reduce -10.4% |
| TXN Texas Instruments Inc. | 1.03% | 350,586 | $72.8M | Reduce -14.5% |
| CL Colgate-Palmolive Co. | 1.02% | 792,609 | $72.0M | Reduce -8.3% |
| TECK Teck Resources Ltd.-CLS B | 1.01% | 1,768,600 | $71.4M | No change |
| GWW WW Grainger Inc. filed as GRAINGER W W INC | 0.89% | 60,888 | $63.3M | Reduce -14.0% |
| CRWD CrowdStrike Holdings Inc. Class A | 0.87% | 120,855 | $61.6M | Add +8.9% |
| COST Costco Wholesale Corp. | 0.82% | 58,542 | $58.0M | Reduce -7.1% |
| KR Kroger Co. | 0.81% | 800,310 | $57.4M | Reduce -36.6% |
| DHR Danaher Corp. | 0.77% | 277,699 | $54.9M | Reduce -7.5% |
| EOG EOG Resources Inc. | 0.76% | 449,100 | $53.7M | Add +6.8% |
| FTNT Fortinet Inc. | 0.72% | 484,025 | $51.2M | Reduce -6.5% |
| BMY Bristol-Myers Squibb Co. | 0.72% | 1,099,300 | $50.9M | Add +164.4% |
| MA Mastercard Inc. Class A | 0.71% | 89,600 | $50.3M | Add +81.0% |
| DDOG Datadog Inc. Class A | 0.70% | 371,761 | $49.9M | No change |
| NDAQ Nasdaq Inc. | 0.68% | 535,200 | $47.9M | No change |
| HD Home Depot Inc. | 0.67% | 128,958 | $47.3M | Reduce -9.7% |
| CMS CMS Energy Corp. | 0.67% | 681,200 | $47.2M | No change |
| TMO Thermo Fisher Scientific Inc. | 0.66% | 116,070 | $47.1M | Reduce -7.4% |
| OTIS Otis Worldwide Corp. | 0.66% | 470,100 | $46.5M | Reduce -10.6% |
| CTAS Cintas Corp. | 0.64% | 203,896 | $45.4M | Reduce -8.7% |
| FICO Fair Isaac Corp. | 0.63% | 24,590 | $44.9M | Reduce -9.2% |
| RSG Republic Services Inc. | 0.63% | 181,721 | $44.8M | Add +8.1% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.62% | 148,600 | $43.8M | Reduce -8.3% |
| ROL Rollins Inc. | 0.60% | 754,117 | $42.5M | Reduce -7.0% |
| CTSH Cognizant Tech Solutions-A | 0.60% | 541,980 | $42.3M | Add +0.2% |
| HCA HCA Healthcare Inc. | 0.58% | 106,767 | $40.9M | Add +2.2% |
| MSI Motorola Solutions Inc. | 0.57% | 95,300 | $40.1M | Reduce -9.0% |
| NTNX Nutanix Inc. Class A | 0.55% | 511,641 | $39.1M | No change |
| WMT Walmart Inc. | 0.54% | 390,139 | $38.1M | Reduce -53.4% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.53% | 306,000 | $37.8M | Reduce -3.0% |
| IT Gartner Inc. | 0.52% | 91,378 | $36.9M | Reduce -19.1% |
| HPQ HP Inc. | 0.52% | 1,507,615 | $36.9M | Reduce -1.1% |
| CHKP Check Point Software Tech | 0.52% | 166,329 | $36.8M | Reduce -7.2% |
| VLTO Veralto Corp. | 0.52% | 363,299 | $36.7M | Reduce -2.7% |
| LPLA LPL Financial Holdings Inc. | 0.51% | 96,500 | $36.2M | Add +26.1% |
| HES Hess Corp. | 0.50% | 255,400 | $35.4M | No change |
| VZ Verizon Communications Inc. | 0.49% | 807,000 | $34.9M | Add +22.3% |
| NTAP Netapp Inc. | 0.49% | 324,850 | $34.6M | Add +2.1% |
| ADP Automatic Data Processing | 0.48% | 110,600 | $34.1M | Add +4.0% |
| CVX Chevron Corp. | 0.47% | 231,100 | $33.1M | No change |
| WM Waste Management Inc. | 0.47% | 143,976 | $32.9M | Add +14.9% |
| GH Guardant Health Inc. | 0.46% | 620,878 | $32.3M | No change |
| NVT Nvent Electric PLC | 0.45% | 431,481 | $31.6M | No change |
| PTC PTC Inc. | 0.44% | 182,326 | $31.4M | No change |
| ABT Abbott Laboratories | 0.44% | 230,900 | $31.4M | No change |
| CHD Church & Dwight Co. Inc. | 0.44% | 326,699 | $31.4M | Reduce -8.0% |
| LOW Lowe's Cos Inc. | 0.43% | 137,483 | $30.5M | Add +12.3% |
| KMB Kimberly-Clark Corp. | 0.41% | 226,401 | $29.2M | Reduce -8.3% |
| BSX Boston Scientific Corp. | 0.41% | 269,500 | $28.9M | Reduce -2.5% |
| CMCSA Comcast Corp. Class A | 0.40% | 792,500 | $28.3M | Add +1.2% |
| PFE Pfizer Inc. | 0.39% | 1,148,500 | $27.8M | Add +1177.5% |
| QCOM Qualcomm Inc. | 0.38% | 168,300 | $26.8M | Add +279.9% |
| ELV Elevance Health Inc. | 0.36% | 66,428 | $25.8M | Add +1.1% |
| BILL Bill Holdings Inc. | 0.36% | 549,946 | $25.4M | No change |
| CRC California Resources Corp. | 0.35% | 545,528 | $24.9M | Add +15.4% |
| TWLO Twilio Inc. Class A | 0.35% | 199,727 | $24.8M | No change |
| AMGN Amgen Inc. | 0.35% | 88,100 | $24.6M | Add +28.2% |
| MCD McDonald's Corp. | 0.35% | 84,100 | $24.6M | Add +131.0% |
| OWL Blue Owl Capital Inc. | 0.34% | 1,268,900 | $24.4M | No change |
| XYZ Block Inc. | 0.34% | 354,123 | $24.1M | No change |
| JPM JPMorgan Chase & Co. | 0.33% | 81,164 | $23.5M | Reduce -45.2% |
| OKTA Okta Inc. | 0.32% | 225,296 | $22.5M | No change |
| MRSH Marsh & McLennan Cos | 0.32% | 102,800 | $22.5M | Add +13.2% |
| INTU Intuit Inc. | 0.31% | 28,200 | $22.2M | Add +24.2% |
| EL Estee Lauder Companies Class A filed as LAUDER ESTEE COS INC | 0.31% | 271,500 | $21.9M | No change |
Portfolio Sells Q1 2025 → Q2 2025
| WMT Walmart Inc. | Reduce -53.4% | 0.54% | −0.50 |
| V Visa Inc. Class A | Reduce -21.2% | 1.80% | −0.47 |
| ABBV Abbvie Inc. | Reduce -10.9% | 1.68% | −0.46 |
| SOLV Solventum Corp. | Reduce -96.0% | 0.02% | −0.41 |
| KR Kroger Co. | Reduce -36.6% | 0.81% | −0.40 |
| AAPL Apple Inc. | Reduce -14.8% | 1.41% | −0.39 |
| BAH Booz Allen Hamilton Holdings | Sold out | 0.00% | −0.33 |
| ACN Accenture PLC Class A | Reduce -11.7% | 1.37% | −0.26 |
| PG The Procter & Gamble Co. | Reduce -7.8% | 1.38% | −0.23 |
| JNJ Johnson & Johnson | Reduce -5.6% | 1.44% | −0.22 |
| BLK BlackRock Inc. | Sold out | 0.00% | −0.22 |
| MOH Molina Healthcare Inc. | Sold out | 0.00% | −0.22 |
| TMO Thermo Fisher Scientific Inc. | Reduce -7.4% | 0.66% | −0.22 |
| LIN Linde PLC | Reduce -57.2% | 0.16% | −0.21 |
| HPE Hewlett Packard Enterprise | Sold out | 0.00% | −0.20 |
| EQIX Equinix Inc. | Reduce -12.2% | 1.14% | −0.20 |
| ORLY O'reilly Automotive Inc. | Reduce -5.1% | 1.54% | −0.19 |
| BALL Ball Corp. | Reduce -75.0% | 0.07% | −0.19 |
| JPM JPMorgan Chase & Co. | Reduce -45.2% | 0.33% | −0.18 |
| RS Reliance Inc. | Sold out | 0.00% | −0.17 |
| SPGI S&P Global Inc. | Reduce -13.8% | 1.38% | −0.17 |
| AZO AutoZone Inc. | Reduce -8.5% | 1.24% | −0.16 |
| LEN Lennar Corp. Class A | Sold out | 0.00% | −0.15 |
| MO Altria Group Inc. | Reduce -7.0% | 1.42% | −0.15 |
| IT Gartner Inc. | Reduce -19.1% | 0.52% | −0.15 |
| BLDR Builders Firstsource Inc. | Sold out | 0.00% | −0.15 |
| CL Colgate-Palmolive Co. | Reduce -8.3% | 1.02% | −0.13 |
| GILD Gilead Sciences Inc. | Reduce -4.1% | 2.15% | −0.13 |
| CB Chubb Ltd. | Reduce -59.3% | 0.08% | −0.12 |
| NEE Nextera Energy Inc. | Reduce -6.3% | 1.21% | −0.12 |
| OTIS Otis Worldwide Corp. | Reduce -10.6% | 0.66% | −0.11 |
| CHD Church & Dwight Co. Inc. | Reduce -8.0% | 0.44% | −0.11 |
| CBRE CBRE Group Inc. Class A | Reduce -63.8% | 0.07% | −0.11 |
| DHR Danaher Corp. | Reduce -7.5% | 0.77% | −0.10 |
| GWW WW Grainger Inc. | Reduce -14.0% | 0.89% | −0.10 |
| AFL Aflac Inc. | Reduce -59.6% | 0.06% | −0.10 |
| AMP Ameriprise Financial Inc. | Sold out | 0.00% | −0.09 |
| KMB Kimberly-Clark Corp. | Reduce -8.3% | 0.41% | −0.09 |
| MSI Motorola Solutions Inc. | Reduce -9.0% | 0.57% | −0.08 |
| HPQ HP Inc. | Reduce -1.1% | 0.52% | −0.08 |
| SNA Snap-on Inc. | Reduce -14.1% | 0.29% | −0.08 |
| HD Home Depot Inc. | Reduce -9.7% | 0.67% | −0.07 |
| FICO Fair Isaac Corp. | Reduce -9.2% | 0.63% | −0.07 |
| META Meta Platforms Inc. Class A | Reduce -24.5% | 1.61% | −0.06 |
| CHKP Check Point Software Tech | Reduce -7.2% | 0.52% | −0.06 |
| ETN Eaton Corp. PLC | Reduce -38.4% | 0.25% | −0.06 |
| DECK Deckers Outdoor Corp. | Reduce -60.9% | 0.03% | −0.06 |
| PGR Progressive Corp. | Reduce -12.8% | 0.25% | −0.05 |
| SEIC Sei Investments Company | Sold out | 0.00% | −0.04 |
| PKG Packaging Corp. of America | Reduce -22.8% | 0.12% | −0.04 |
Portfolio Buys Q1 2025 → Q2 2025
| PFE Pfizer Inc. | Add +1177.5% | 0.39% | +0.36 |
| BMY Bristol-Myers Squibb Co. | Add +164.4% | 0.72% | +0.36 |
| MA Mastercard Inc. Class A | Add +81.0% | 0.71% | +0.33 |
| CRWD CrowdStrike Holdings Inc. Class A | Add +8.9% | 0.87% | +0.31 |
| QCOM Qualcomm Inc. | Add +279.9% | 0.38% | +0.28 |
| CI The Cigna Group | New | 0.28% | +0.28 |
| VIK Viking Holdings Ltd. | New | 0.24% | +0.24 |
| FCX Freeport-McMoran Inc. | Add +8.1% | 1.25% | +0.23 |
| JBL Jabil Inc. | New | 0.23% | +0.23 |
| CF CF Industries Holdings Inc. | New | 0.21% | +0.21 |
| EXPE Expedia Group Inc. | Add +652.3% | 0.23% | +0.20 |
| CW Curtiss-Wright Corp. | New | 0.20% | +0.20 |
| MCD McDonald's Corp. | Add +131.0% | 0.35% | +0.19 |
| RDDT Reddit Inc. Class A | Add +99.5% | 0.26% | +0.17 |
| LPLA LPL Financial Holdings Inc. | Add +26.1% | 0.51% | +0.16 |
| TRMB Trimble Inc. | New | 0.15% | +0.15 |
| COR Cencora Inc. | New | 0.14% | +0.14 |
| PEG Public Service Enterprise GP | Add +10.8% | 1.14% | +0.13 |
| MRK Merck & Co. Inc. | Add +26.6% | 1.28% | +0.13 |
| INTU Intuit Inc. | Add +24.2% | 0.31% | +0.12 |
| NTAP Netapp Inc. | Add +2.1% | 0.49% | +0.09 |
| RYAN Ryan Specialty Holdings Inc. | Add +52.6% | 0.27% | +0.08 |
| YUM Yum! Brands Inc. | Add +69.2% | 0.20% | +0.07 |
| VZ Verizon Communications Inc. | Add +22.3% | 0.49% | +0.07 |
| HCA HCA Healthcare Inc. | Add +2.2% | 0.58% | +0.07 |
| CAH Cardinal Health Inc. | New | 0.06% | +0.06 |
| CRC California Resources Corp. | Add +15.4% | 0.35% | +0.06 |
| RSG Republic Services Inc. | Add +8.1% | 0.63% | +0.05 |
| WM Waste Management Inc. | Add +14.9% | 0.47% | +0.05 |
| AMGN Amgen Inc. | Add +28.2% | 0.35% | +0.04 |
| VRSK Verisk Analytics Inc. | Add +12.0% | 0.22% | +0.03 |
| LOW Lowe's Cos Inc. | Add +12.3% | 0.43% | +0.03 |
| ADP Automatic Data Processing | Add +4.0% | 0.48% | +0.02 |
| CCEP Coca-Cola Europacific Partne | New | 0.02% | +0.02 |
| WRB WR Berkley Corp. | Add +70.6% | 0.04% | +0.02 |
| WCN Waste Connections Inc. | Add +17.0% | 0.11% | +0.01 |
| ACI Albertsons Cos Inc. Class A | Add +7.5% | 0.23% | +0.01 |
| CTSH Cognizant Tech Solutions-A | Add +0.2% | 0.60% | +0.01 |
| PHM Pultegroup Inc. | Add +2.4% | 0.21% | +0.01 |
| BR Broadridge Financial Solutio | Add +39.1% | 0.03% | +0.01 |
| ROP Roper Technologies Inc. | Add +6.8% | 0.28% | +0.01 |
| MRSH Marsh & McLennan Cos | Add +13.2% | 0.32% | +0.00 |
| DVA Davita Inc. | Add +6.4% | 0.19% | −0.00 |
| EOG EOG Resources Inc. | Add +6.8% | 0.76% | −0.01 |
| AJG Arthur J Gallagher & Co. | Add +3.9% | 0.19% | −0.01 |
| CMCSA Comcast Corp. Class A | Add +1.2% | 0.40% | −0.01 |
| ELV Elevance Health Inc. | Add +1.1% | 0.36% | −0.04 |
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 |