Railway Pension Investments Ltd
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed October 22, 2025), Railway Pension Investments Ltd reported 117 stock positions worth $7.4 billion. Its top holding was Microsoft (MSFT) at 6.6% of the portfolio, followed by Alphabet Class A (GOOGL, 3.6%) and Visa Class A (V, 2.7%). Compared with Q2 2025, it opened 3 new positions, sold out of 96, added to 54 and reduced 9. The biggest buy was Microsoft (MSFT, shares +199%) and the biggest sale an exit from Cameco (CCJ).
- Most Recent 13F
- Q2 2026
- Location
- LONDON, X0
- CIK
- 0001658020
- Portfolio Value
- $7.4B (Q3 2025)
- SEC Filing
- 0001658020-25-000013 ↗ filed Oct 22, 2025
Holdings Value
Holdings 117 stocks · $7.4B
| MSFT Microsoft Corp. | 6.57% | 935,800 | $484.7M | Add +199.2% |
| GOOGL Alphabet Inc. Class A | 3.60% | 1,091,820 | $265.4M | Add +79.8% |
| V Visa Inc. Class A | 2.72% | 587,439 | $200.5M | Add +63.6% |
| ABBV Abbvie Inc. | 2.68% | 853,949 | $197.7M | Add +33.0% |
| AMZN Amazon.com Inc. | 2.66% | 895,400 | $196.6M | Add +89.6% |
| JNJ Johnson & Johnson | 2.64% | 1,051,236 | $194.9M | Add +57.4% |
| NVDA Nvidia Corp. | 2.59% | 1,025,800 | $191.4M | New |
| IDXX Idexx Laboratories Inc. | 2.57% | 296,530 | $189.5M | Add +92.1% |
| META Meta Platforms Inc. Class A | 2.56% | 257,320 | $189.0M | Add +66.3% |
| PANW Palo Alto Networks Inc. | 2.54% | 921,506 | $187.6M | Add +104.1% |
| MA Mastercard Inc. Class A | 2.54% | 329,600 | $187.5M | Add +267.9% |
| AVGO Broadcom Inc. | 2.52% | 563,692 | $186.0M | Add +54.4% |
| AAPL Apple Inc. | 2.51% | 726,652 | $185.0M | Add +49.5% |
| LNG Cheniere Energy Inc. | 2.47% | 777,200 | $182.6M | Add +62.9% |
| NEE Nextera Energy Inc. | 2.41% | 2,356,632 | $177.9M | Add +90.3% |
| NOW ServiceNow Inc. | 2.30% | 184,400 | $169.7M | Add +101.5% |
| TXN Texas Instruments Inc. | 2.24% | 899,386 | $165.2M | Add +156.5% |
| EQIX Equinix Inc. | 2.17% | 204,169 | $159.9M | Add +101.6% |
| SPGI S&P Global Inc. | 2.16% | 327,200 | $159.3M | Add +76.0% |
| PEG Public Service Enterprise GP | 2.15% | 1,897,800 | $158.4M | Add +97.5% |
| GILD Gilead Sciences Inc. | 2.13% | 1,415,665 | $157.1M | Add +3.1% |
| TMO Thermo Fisher Scientific Inc. | 2.09% | 318,770 | $154.6M | Add +174.6% |
| DHR Danaher Corp. | 1.85% | 689,899 | $136.8M | Add +148.4% |
| ORLY O'reilly Automotive Inc. | 1.77% | 1,208,551 | $130.3M | No change |
| LPLA LPL Financial Holdings Inc. | 1.64% | 363,400 | $120.9M | Add +276.6% |
| MO Altria Group Inc. | 1.53% | 1,714,900 | $113.3M | No change |
| CEG Constellation Energy | 1.52% | 341,400 | $112.3M | Reduce -8.4% |
| AZO AutoZone Inc. | 1.38% | 23,702 | $101.7M | No change |
| MRK Merck & Co. Inc. | 1.33% | 1,173,015 | $98.5M | Add +2.3% |
| MCK McKesson Corp. | 1.32% | 126,122 | $97.4M | No change |
| PG The Procter & Gamble Co. | 1.28% | 613,499 | $94.3M | No change |
| FAST Fastenal Co. | 1.25% | 1,884,710 | $92.4M | Add +1.3% |
| CSCO Cisco Systems Inc. | 1.19% | 1,288,676 | $88.2M | No change |
| PM Philip Morris International | 1.13% | 514,040 | $83.4M | Add +2.9% |
| BKNG Booking Holdings Inc. | 1.00% | 13,722 | $74.1M | Add +0.2% |
| CL Colgate-Palmolive Co. | 0.86% | 792,609 | $63.4M | No change |
| GWW WW Grainger Inc. filed as GRAINGER W W INC | 0.81% | 63,088 | $60.1M | Add +3.6% |
| KR Kroger Co. | 0.73% | 800,310 | $53.9M | No change |
| HD Home Depot Inc. | 0.71% | 128,958 | $52.3M | No change |
| BMY Bristol-Myers Squibb Co. | 0.70% | 1,139,600 | $51.4M | Add +3.7% |
| MSI Motorola Solutions Inc. | 0.63% | 101,400 | $46.4M | Add +6.4% |
| HCA HCA Healthcare Inc. | 0.62% | 106,767 | $45.5M | No change |
| ROL Rollins Inc. | 0.60% | 754,117 | $44.3M | No change |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.60% | 306,000 | $44.2M | No change |
| HPQ HP Inc. | 0.59% | 1,600,015 | $43.6M | Add +6.1% |
| OTIS Otis Worldwide Corp. | 0.58% | 470,100 | $43.0M | No change |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.58% | 151,700 | $42.8M | Add +2.1% |
| CTAS Cintas Corp. | 0.57% | 203,896 | $41.9M | No change |
| NTAP Netapp Inc. | 0.55% | 344,850 | $40.9M | Add +6.2% |
| WMT Walmart Inc. | 0.54% | 390,139 | $40.2M | No change |
| CTSH Cognizant Tech Solutions-A | 0.49% | 541,980 | $36.4M | No change |
| VZ Verizon Communications Inc. | 0.48% | 807,000 | $35.5M | No change |
| LOW Lowe's Cos Inc. | 0.47% | 137,483 | $34.6M | No change |
| CHKP Check Point Software Tech | 0.47% | 166,329 | $34.4M | No change |
| MCD McDonald's Corp. | 0.45% | 108,400 | $32.9M | Add +28.9% |
| ADP Automatic Data Processing | 0.44% | 110,600 | $32.5M | No change |
| QCOM Qualcomm Inc. | 0.40% | 177,000 | $29.4M | Add +5.2% |
| PFE Pfizer Inc. | 0.40% | 1,148,500 | $29.3M | No change |
| CHD Church & Dwight Co. Inc. | 0.39% | 326,699 | $28.6M | No change |
| KMB Kimberly-Clark Corp. | 0.38% | 226,401 | $28.2M | No change |
| AMGN Amgen Inc. | 0.37% | 96,300 | $27.2M | Add +9.3% |
| BSX Boston Scientific Corp. | 0.36% | 274,100 | $26.8M | Add +1.7% |
| CMCSA Comcast Corp. Class A | 0.34% | 792,500 | $24.9M | No change |
| EXPE Expedia Group Inc. | 0.33% | 115,200 | $24.6M | Add +19.6% |
| IT Gartner Inc. | 0.33% | 91,378 | $24.0M | No change |
| SNA Snap-on Inc. | 0.31% | 65,100 | $22.6M | No change |
| ITW Illinois Tool Works | 0.30% | 85,763 | $22.4M | No change |
| ACN Accenture PLC Class A | 0.30% | 90,225 | $22.2M | Reduce -72.1% |
| UHS Universal Health Services-B | 0.27% | 96,700 | $19.8M | No change |
| INTU Intuit Inc. | 0.26% | 28,200 | $19.3M | No change |
| TT Trane Technologies PLC | 0.26% | 45,000 | $19.0M | Add +14.2% |
| ROP Roper Technologies Inc. | 0.26% | 37,900 | $18.9M | Add +8.9% |
| GEN Gen Digital Inc. | 0.26% | 665,100 | $18.9M | Add +3.6% |
| APH Amphenol Corp. Class A | 0.22% | 130,100 | $16.1M | No change |
| RSG Republic Services Inc. | 0.22% | 69,921 | $16.0M | Reduce -61.5% |
| PH Parker Hannifin Corp. | 0.21% | 20,400 | $15.5M | Add +2.0% |
| VRSK Verisk Analytics Inc. | 0.21% | 61,400 | $15.4M | Add +24.0% |
| EME Emcor Group Inc. | 0.21% | 23,561 | $15.3M | Add +7.3% |
| YUM Yum! Brands Inc. | 0.19% | 94,600 | $14.4M | No change |
| CF CF Industries Holdings Inc. filed as CF INDS HLDGS INC | 0.19% | 160,100 | $14.4M | No change |
| SYK Stryker Corp. | 0.19% | 38,600 | $14.3M | No change |
| EA Electronic Arts Inc. | 0.18% | 67,301 | $13.6M | Reduce -5.2% |
| PAYX Paychex Inc. | 0.18% | 106,837 | $13.5M | No change |
| ACI Albertsons Cos Inc. Class A | 0.18% | 768,000 | $13.4M | No change |
| VLTO Veralto Corp. | 0.16% | 111,000 | $11.8M | Reduce -69.5% |
| ADSK Autodesk Inc. | 0.16% | 36,392 | $11.6M | Add +17.8% |
| TRMB Trimble Inc. | 0.16% | 141,300 | $11.5M | No change |
| VRSN Verisign Inc. | 0.15% | 40,200 | $11.2M | Add +11.1% |
| HOLX Hologic Inc. | 0.14% | 157,200 | $10.6M | No change |
| ABT Abbott Laboratories | 0.14% | 74,700 | $10.0M | Reduce -67.7% |
| HLT Hilton Worldwide Holdings Inc. | 0.14% | 38,400 | $10.0M | Add +15.0% |
| EXPD Expeditors Intl Wash Inc. | 0.13% | 75,800 | $9.3M | No change |
| FFIV F5 Inc. | 0.12% | 26,330 | $8.5M | Add +27.0% |
| RPM RPM International Inc. | 0.11% | 70,200 | $8.3M | No change |
| MAS Masco Corp. | 0.11% | 113,650 | $8.0M | No change |
| BNY Bank of New York Mellon Corp. filed as BANK NEW YORK MELLON CORP | 0.10% | 70,300 | $7.7M | No change |
| L Loews Corp. | 0.10% | 75,500 | $7.6M | No change |
| WSM Williams-Sonoma Inc. | 0.09% | 34,900 | $6.8M | Reduce -22.6% |
| AME Ametek Inc. | 0.09% | 35,872 | $6.7M | No change |
| GDDY GoDaddy Inc. Class A | 0.08% | 44,100 | $6.0M | Add +112.0% |
Portfolio Sells Q2 2025 → Q3 2025
| CCJ Cameco Corp. | Sold out | 0.00% | −1.73 |
| HOOD Robinhood Markets Inc. Class A | Sold out | 0.00% | −1.40 |
| FCX Freeport-McMoran Inc. | Sold out | 0.00% | −1.25 |
| CNP Centerpoint Energy Inc. | Sold out | 0.00% | −1.19 |
| EQT Eqt Corp. | Sold out | 0.00% | −1.19 |
| DASH DoorDash Inc. Class A | Sold out | 0.00% | −1.07 |
| ACN Accenture PLC Class A | Reduce -72.1% | 0.30% | −1.07 |
| TECK Teck Resources Ltd.-CLS B | Sold out | 0.00% | −1.01 |
| CRWD CrowdStrike Holdings Inc. Class A | Reduce -98.2% | 0.01% | −0.85 |
| COST Costco Wholesale Corp. | Sold out | 0.00% | −0.82 |
| EOG EOG Resources Inc. | Sold out | 0.00% | −0.76 |
| FTNT Fortinet Inc. | Sold out | 0.00% | −0.72 |
| DDOG Datadog Inc. Class A | Sold out | 0.00% | −0.70 |
| NDAQ Nasdaq Inc. | Sold out | 0.00% | −0.68 |
| CMS CMS Energy Corp. | Sold out | 0.00% | −0.67 |
| FICO Fair Isaac Corp. | Sold out | 0.00% | −0.63 |
| NTNX Nutanix Inc. Class A | Sold out | 0.00% | −0.55 |
| HES Hess Corp. | Sold out | 0.00% | −0.50 |
| CVX Chevron Corp. | Sold out | 0.00% | −0.47 |
| WM Waste Management Inc. | Sold out | 0.00% | −0.47 |
| GH Guardant Health Inc. | Sold out | 0.00% | −0.46 |
| NVT Nvent Electric PLC | Sold out | 0.00% | −0.45 |
| RSG Republic Services Inc. | Reduce -61.5% | 0.22% | −0.42 |
| PTC PTC Inc. | Reduce -91.5% | 0.04% | −0.40 |
| ELV Elevance Health Inc. | Sold out | 0.00% | −0.36 |
| BILL Bill Holdings Inc. | Sold out | 0.00% | −0.36 |
| VLTO Veralto Corp. | Reduce -69.5% | 0.16% | −0.36 |
| CRC California Resources Corp. | Sold out | 0.00% | −0.35 |
| TWLO Twilio Inc. Class A | Sold out | 0.00% | −0.35 |
| OWL Blue Owl Capital Inc. | Sold out | 0.00% | −0.34 |
| XYZ Block Inc. | Sold out | 0.00% | −0.34 |
| JPM JPMorgan Chase & Co. | Sold out | 0.00% | −0.33 |
| OKTA Okta Inc. | Sold out | 0.00% | −0.32 |
| MRSH Marsh & McLennan Cos | Sold out | 0.00% | −0.32 |
| EL Estee Lauder Companies Class A | Sold out | 0.00% | −0.31 |
| ABT Abbott Laboratories | Reduce -67.7% | 0.14% | −0.31 |
| ARGX Argenx SE - ADR | Sold out | 0.00% | −0.31 |
| LULU Lululemon Athletica Inc. | Sold out | 0.00% | −0.30 |
| UTHR United Therapeutics Corp. | Sold out | 0.00% | −0.29 |
| CI The Cigna Group | Sold out | 0.00% | −0.28 |
| RYAN Ryan Specialty Holdings Inc. | Sold out | 0.00% | −0.27 |
| CGNX Cognex Corp. | Sold out | 0.00% | −0.26 |
| RDDT Reddit Inc. Class A | Sold out | 0.00% | −0.26 |
| ETN Eaton Corp. PLC | Sold out | 0.00% | −0.25 |
| PGR Progressive Corp. | Sold out | 0.00% | −0.25 |
| VIK Viking Holdings Ltd. | Sold out | 0.00% | −0.24 |
| JBL Jabil Inc. | Sold out | 0.00% | −0.23 |
| ABNB Airbnb Inc. Class A | Sold out | 0.00% | −0.23 |
| KO The Coca-Cola Co. | Sold out | 0.00% | −0.22 |
| TENB Tenable Holdings Inc. | Sold out | 0.00% | −0.21 |
Portfolio Buys Q2 2025 → Q3 2025
| MSFT Microsoft Corp. | Add +199.2% | 6.57% | +4.37 |
| NVDA Nvidia Corp. | New | 2.59% | +2.59 |
| GOOGL Alphabet Inc. Class A | Add +79.8% | 3.60% | +2.08 |
| MA Mastercard Inc. Class A | Add +267.9% | 2.54% | +1.83 |
| TMO Thermo Fisher Scientific Inc. | Add +174.6% | 2.09% | +1.43 |
| IDXX Idexx Laboratories Inc. | Add +92.1% | 2.57% | +1.40 |
| PANW Palo Alto Networks Inc. | Add +104.1% | 2.54% | +1.24 |
| TXN Texas Instruments Inc. | Add +156.5% | 2.24% | +1.21 |
| AMZN Amazon.com Inc. | Add +89.6% | 2.66% | +1.20 |
| JNJ Johnson & Johnson | Add +57.4% | 2.64% | +1.20 |
| NEE Nextera Energy Inc. | Add +90.3% | 2.41% | +1.20 |
| LPLA LPL Financial Holdings Inc. | Add +276.6% | 1.64% | +1.13 |
| AAPL Apple Inc. | Add +49.5% | 2.51% | +1.10 |
| AVGO Broadcom Inc. | Add +54.4% | 2.52% | +1.10 |
| DHR Danaher Corp. | Add +148.4% | 1.85% | +1.08 |
| EQIX Equinix Inc. | Add +101.6% | 2.17% | +1.03 |
| PEG Public Service Enterprise GP | Add +97.5% | 2.15% | +1.00 |
| ABBV Abbvie Inc. | Add +33.0% | 2.68% | +1.00 |
| NOW ServiceNow Inc. | Add +101.5% | 2.30% | +0.97 |
| META Meta Platforms Inc. Class A | Add +66.3% | 2.56% | +0.95 |
| V Visa Inc. Class A | Add +63.6% | 2.72% | +0.92 |
| LNG Cheniere Energy Inc. | Add +62.9% | 2.47% | +0.83 |
| SPGI S&P Global Inc. | Add +76.0% | 2.16% | +0.77 |
| FAST Fastenal Co. | Add +1.3% | 1.25% | +0.15 |
| EXPE Expedia Group Inc. | Add +19.6% | 0.33% | +0.10 |
| MCD McDonald's Corp. | Add +28.9% | 0.45% | +0.10 |
| HPQ HP Inc. | Add +6.1% | 0.59% | +0.07 |
| NTAP Netapp Inc. | Add +6.2% | 0.55% | +0.06 |
| MSI Motorola Solutions Inc. | Add +6.4% | 0.63% | +0.06 |
| MNST Monster Beverage Corp. | New | 0.06% | +0.06 |
| KLAC KLA Corp. | New | 0.05% | +0.05 |
| MRK Merck & Co. Inc. | Add +2.3% | 1.33% | +0.05 |
| DPZ Domino's Pizza Inc. | Add +304.2% | 0.06% | +0.04 |
| EME Emcor Group Inc. | Add +7.3% | 0.21% | +0.04 |
| FFIV F5 Inc. | Add +27.0% | 0.12% | +0.03 |
| GDDY GoDaddy Inc. Class A | Add +112.0% | 0.08% | +0.03 |
| RMD Resmed Inc. | Add +299.4% | 0.04% | +0.03 |
| ADSK Autodesk Inc. | Add +17.8% | 0.16% | +0.02 |
| ROST Ross Stores Inc. | Add +103.3% | 0.04% | +0.02 |
| AMGN Amgen Inc. | Add +9.3% | 0.37% | +0.02 |
| QCOM Qualcomm Inc. | Add +5.2% | 0.40% | +0.02 |
| CRM Salesforce Inc. | Add +67.5% | 0.06% | +0.02 |
| TT Trane Technologies PLC | Add +14.2% | 0.26% | +0.01 |
| PH Parker Hannifin Corp. | Add +2.0% | 0.21% | +0.01 |
| LII Lennox International Inc. | Add +35.9% | 0.07% | +0.01 |
| HLT Hilton Worldwide Holdings Inc. | Add +15.0% | 0.14% | +0.01 |
| VRSN Verisign Inc. | Add +11.1% | 0.15% | +0.00 |
| VRSK Verisk Analytics Inc. | Add +24.0% | 0.21% | −0.01 |
| GEN Gen Digital Inc. | Add +3.6% | 0.26% | −0.01 |
| GILD Gilead Sciences Inc. | Add +3.1% | 2.13% | −0.02 |
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 |