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

0$5.0B$10.0B$15.0B Q1 2024: $10.3B Q1 2024 Q2 2024: $8.4B Q2 2024 Q3 2024: $8.3B Q3 2024 Q4 2024: $7.5B Q4 2024 Q1 2025: $7.0B Q1 2025 Q2 2025: $7.1B Q2 2025 Q3 2025: $7.4B $7.4B Q3 2025 Q4 2025: $8.5B Q4 2025 Q1 2026: $7.0B Q1 2026 Q2 2026: $8.0B Q2 2026

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%
FNF Fidelity National Financial 0.08% 96,000 $5.8M No change
ADBE Adobe Inc. 0.07% 15,400 $5.4M No change
LII Lennox International Inc. 0.07% 9,834 $5.2M Add +35.9%
TRV The Travelers Cos Inc. 0.07% 18,000 $5.0M No change
CRM Salesforce Inc. 0.06% 19,600 $4.6M Add +67.5%
MNST Monster Beverage Corp. 0.06% 64,700 $4.4M New
MDT Medtronic PLC 0.06% 45,200 $4.3M No change
DPZ Domino's Pizza Inc. 0.06% 9,700 $4.2M Add +304.2%
KLAC KLA Corp. 0.05% 3,700 $4.0M New
CMI Cummins Inc. 0.05% 8,900 $3.8M No change
TMUS T-Mobile US Inc. 0.04% 13,500 $3.2M No change
PTC PTC Inc. 0.04% 15,426 $3.1M Reduce -91.5%
ROST Ross Stores Inc. 0.04% 18,300 $2.8M Add +103.3%
RMD Resmed Inc. 0.04% 9,605 $2.6M Add +299.4%
DECK Deckers Outdoor Corp. 0.03% 22,500 $2.3M No change
BR Broadridge Financial Solutio 0.03% 8,900 $2.1M No change
CRWD CrowdStrike Holdings Inc. Class A 0.01% 2,198 $1.1M Reduce -98.2%

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

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 102$8.0BNVDA, AAPL, GOOGL, LRCX, AVGO
Q1 2026 103$7.0BMSFT, GOOGL, NVDA, LNG, AMZN
Q4 2025 106$8.5BMSFT, GOOGL, NVDA, AVGO, TMO
Q3 2025 117$7.4BMSFT, GOOGL, V, ABBV, AMZN
Q2 2025 210$7.1BMSFT, GILD, V, CCJ, CEG
Q1 2025 212$7.0BGILD, V, ABBV, MSFT, AAPL
Q4 2024 208$7.5BMSFT, NOW, AVGO, WMT, GOOGL
Q3 2024 215$8.3BMSFT, JNJ, NOW, WMT, ABBV
Q2 2024 219$8.4BMSFT, META, NOW, GOOGL, AMZN
Q1 2024 220$10.3BMSFT, ACN, META, TSM, NOW