Railway Pension Investments Ltd

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 10, 2026), Railway Pension Investments Ltd reported 106 stock positions worth $8.5 billion. Its top holding was Microsoft (MSFT) at 6.4% of the portfolio, followed by Alphabet Class A (GOOGL, 4.4%) and Nvidia (NVDA, 3.3%). Compared with Q3 2025, it opened 4 new positions, sold out of 15, added to 38 and reduced 10. The biggest buy was a new position in Lam Research (LRCX) and the biggest sale an exit from Procter & Gamble (PG).

Most Recent 13F
Q2 2026
Location
LONDON, X0
CIK
0001658020
Portfolio Value
$8.5B (Q4 2025)
SEC Filing
0001658020-26-000002 ↗ filed Feb 10, 2026

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 Q3 2025 Q4 2025: $8.5B $8.5B Q4 2025 Q1 2026: $7.0B Q1 2026 Q2 2026: $8.0B Q2 2026

Holdings 106 stocks · $8.5B
MSFT Microsoft Corp. 6.37% 1,121,510 $542.4M Add +19.9%
GOOGL Alphabet Inc. Class A 4.41% 1,198,420 $375.1M Add +9.8%
NVDA Nvidia Corp. 3.35% 1,527,400 $284.9M Add +48.9%
AVGO Broadcom Inc. 3.31% 813,692 $281.6M Add +44.4%
TMO Thermo Fisher Scientific Inc. 3.01% 442,370 $256.3M Add +38.8%
AMZN Amazon.com Inc. 2.83% 1,045,000 $241.2M Add +16.7%
META Meta Platforms Inc. Class A 2.65% 341,820 $225.6M Add +32.8%
IDXX Idexx Laboratories Inc. 2.59% 326,080 $220.6M Add +10.0%
V Visa Inc. Class A 2.58% 625,439 $219.3M Add +6.5%
AAPL Apple Inc. 2.41% 753,452 $204.8M Add +3.7%
NEE Nextera Energy Inc. 2.37% 2,517,732 $202.1M Add +6.8%
ABBV Abbvie Inc. 2.31% 859,749 $196.4M Add +0.7%
CEG Constellation Energy 2.27% 546,740 $193.1M Add +60.1%
SPGI S&P Global Inc. 2.26% 368,900 $192.8M Add +12.7%
PANW Palo Alto Networks Inc. 2.26% 1,045,756 $192.6M Add +13.5%
MA Mastercard Inc. Class A 2.24% 334,260 $190.8M Add +1.4%
QCOM Qualcomm Inc. 2.10% 1,047,100 $179.1M Add +491.6%
LNG Cheniere Energy Inc. 2.10% 919,500 $178.7M Add +18.3%
PEG Public Service Enterprise GP 2.10% 2,225,250 $178.7M Add +17.3%
LRCX Lam Research Corp. 2.09% 1,041,500 $178.3M New
TXN Texas Instruments Inc. 2.06% 1,011,211 $175.4M Add +12.4%
EQIX Equinix Inc. 2.02% 224,309 $171.9M Add +9.9%
GILD Gilead Sciences Inc. 2.02% 1,399,265 $171.7M Reduce -1.2%
LPLA LPL Financial Holdings Inc. 1.87% 445,280 $159.0M Add +22.5%
NOW ServiceNow Inc. 1.86% 1,033,000 $158.2M Add +12.0%
DHR Danaher Corp. 1.86% 689,899 $157.9M No change
JNJ Johnson & Johnson 1.76% 723,436 $149.7M Reduce -31.2%
APH Amphenol Corp. Class A 1.49% 935,700 $126.5M Add +619.2%
MRK Merck & Co. Inc. 1.43% 1,155,015 $121.6M Reduce -1.5%
KLAC KLA Corp. 1.42% 99,500 $120.9M Add +2589.2%
ORLY O'reilly Automotive Inc. 1.35% 1,259,751 $114.9M Add +4.2%
MCK McKesson Corp. 1.22% 126,122 $103.5M No change
CSCO Cisco Systems Inc. 1.17% 1,288,676 $99.3M No change
EXPE Expedia Group Inc. 1.10% 330,900 $93.7M Add +187.2%
MO Altria Group Inc. 0.99% 1,466,800 $84.6M Reduce -14.5%
AZO AutoZone Inc. 0.96% 24,102 $81.7M Add +1.7%
FAST Fastenal Co. 0.89% 1,884,710 $75.6M No change
BKNG Booking Holdings Inc. 0.88% 13,972 $74.8M Add +1.8%
PH Parker Hannifin Corp. 0.86% 83,160 $73.1M Add +307.6%
BMY Bristol-Myers Squibb Co. 0.75% 1,184,400 $63.9M Add +3.9%
GWW WW Grainger Inc. 0.75% 63,088 $63.7M No change
CRM Salesforce Inc. 0.74% 238,300 $63.1M Add +1115.8%
NTAP Netapp Inc. 0.74% 589,450 $63.1M Add +70.9%
CDNS Cadence Design SYS Inc. 0.61% 166,240 $52.0M New
ADSK Autodesk Inc. 0.60% 171,152 $50.7M Add +370.3%
HCA HCA Healthcare Inc. 0.59% 106,767 $49.8M No change
TJX TJX Companies Inc. filed as TJX COS INC NEW 0.55% 306,000 $47.0M No change
CTSH Cognizant Tech Solutions-A 0.53% 541,980 $45.0M No change
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.53% 151,700 $44.9M No change
ROL Rollins Inc. 0.51% 727,617 $43.7M Reduce -3.5%
WMT Walmart Inc. 0.51% 390,139 $43.5M No change
OTIS Otis Worldwide Corp. 0.48% 470,100 $41.1M No change
TPR Tapestry Inc. 0.47% 310,800 $39.7M New
HPQ HP Inc. 0.46% 1,759,515 $39.2M Add +10.0%
CTAS Cintas Corp. 0.45% 203,896 $38.3M No change
MSI Motorola Solutions Inc. 0.44% 97,760 $37.5M Reduce -3.6%
VZ Verizon Communications Inc. 0.39% 807,000 $32.9M No change
WSM Williams-Sonoma Inc. 0.38% 179,100 $32.0M Add +413.2%
AMGN Amgen Inc. 0.37% 96,300 $31.5M No change
CHKP Check Point Software Tech 0.36% 166,329 $30.9M No change
BSX Boston Scientific Corp. 0.29% 259,900 $24.8M Reduce -5.2%
ACN Accenture PLC Class A 0.28% 90,225 $24.2M No change
CMCSA Comcast Corp. Class A 0.28% 792,500 $23.7M No change
IT Gartner Inc. 0.27% 91,378 $23.1M No change
SNA Snap-on Inc. 0.26% 65,100 $22.4M No change
ITW Illinois Tool Works 0.25% 85,763 $21.1M No change
UHS Universal Health Services-B 0.25% 96,700 $21.1M No change
TRMB Trimble Inc. 0.24% 261,800 $20.5M Add +85.3%
INTU Intuit Inc. 0.22% 28,200 $18.7M No change
GEN Gen Digital Inc. 0.21% 665,100 $18.1M No change
TT Trane Technologies PLC 0.21% 45,000 $17.5M No change
ROP Roper Technologies Inc. 0.20% 37,900 $16.9M No change
EME Emcor Group Inc. 0.17% 23,561 $14.4M No change
YUM Yum! Brands Inc. 0.17% 94,600 $14.3M No change
CL Colgate-Palmolive Co. 0.17% 178,909 $14.1M Reduce -77.4%
EA Electronic Arts Inc. 0.16% 67,301 $13.8M No change
VRSK Verisk Analytics Inc. 0.16% 61,400 $13.7M No change
SYK Stryker Corp. 0.16% 38,600 $13.6M No change
CF CF Industries Holdings Inc. filed as CF INDS HLDGS INC 0.15% 160,100 $12.4M No change
HOLX Hologic Inc. 0.14% 157,200 $11.7M No change
EXPD Expeditors Intl Wash Inc. 0.13% 75,800 $11.3M No change
VLTO Veralto Corp. 0.13% 111,000 $11.1M No change
HLT Hilton Worldwide Holdings Inc. 0.13% 38,400 $11.0M No change
VRSN Verisign Inc. 0.11% 40,200 $9.8M No change
ABT Abbott Laboratories 0.11% 74,700 $9.4M No change
BNY Bank of New York Mellon Corp. filed as BANK NEW YORK MELLON CORP 0.10% 70,300 $8.2M No change
L Loews Corp. 0.09% 75,500 $8.0M No change
AME Ametek Inc. 0.09% 35,872 $7.4M No change
RPM RPM International Inc. 0.09% 70,200 $7.3M No change
FFIV F5 Inc. 0.08% 26,330 $6.7M No change
GDDY GoDaddy Inc. Class A 0.06% 44,100 $5.5M No change
ADBE Adobe Inc. 0.06% 15,400 $5.4M No change
FNF Fidelity National Financial 0.06% 96,000 $5.2M No change
TRV The Travelers Cos Inc. 0.06% 18,000 $5.2M No change
MNST Monster Beverage Corp. 0.06% 64,700 $5.0M No change
CMI Cummins Inc. 0.05% 8,900 $4.5M No change
MDT Medtronic PLC 0.05% 45,200 $4.3M No change
DPZ Domino's Pizza Inc. 0.05% 9,700 $4.0M No change
BR Broadridge Financial Solutio 0.05% 17,700 $4.0M Add +98.9%
PM Philip Morris International 0.04% 23,040 $3.7M Reduce -95.5%
ROST Ross Stores Inc. 0.04% 18,300 $3.3M No change
PTC PTC Inc. 0.03% 15,426 $2.7M No change
DECK Deckers Outdoor Corp. 0.03% 22,500 $2.3M No change
KR Kroger Co. 0.03% 37,110 $2.3M Reduce -95.4%
RMD Resmed Inc. 0.03% 9,605 $2.3M No change
FG F&G Annuities & Life Inc. 0.00% 5,760 $178K New

Portfolio Sells Q3 2025 → Q4 2025
PG The Procter & Gamble Co. Sold out 0.00% −1.28
PM Philip Morris International Reduce -95.5% 0.04% −1.09
JNJ Johnson & Johnson Reduce -31.2% 1.76% −0.88
HD Home Depot Inc. Sold out 0.00% −0.71
KR Kroger Co. Reduce -95.4% 0.03% −0.70
CL Colgate-Palmolive Co. Reduce -77.4% 0.17% −0.69
MO Altria Group Inc. Reduce -14.5% 0.99% −0.54
LOW Lowe's Cos Inc. Sold out 0.00% −0.47
MCD McDonald's Corp. Sold out 0.00% −0.45
ADP Automatic Data Processing Sold out 0.00% −0.44
PFE Pfizer Inc. Sold out 0.00% −0.40
CHD Church & Dwight Co. Inc. Sold out 0.00% −0.39
KMB Kimberly-Clark Corp. Sold out 0.00% −0.38
RSG Republic Services Inc. Sold out 0.00% −0.22
MSI Motorola Solutions Inc. Reduce -3.6% 0.44% −0.19
PAYX Paychex Inc. Sold out 0.00% −0.18
ACI Albertsons Cos Inc. Class A Sold out 0.00% −0.18
GILD Gilead Sciences Inc. Reduce -1.2% 2.02% −0.11
MAS Masco Corp. Sold out 0.00% −0.11
ROL Rollins Inc. Reduce -3.5% 0.51% −0.09
BSX Boston Scientific Corp. Reduce -5.2% 0.29% −0.07
LII Lennox International Inc. Sold out 0.00% −0.07
TMUS T-Mobile US Inc. Sold out 0.00% −0.04
CRWD CrowdStrike Holdings Inc. Class A Sold out 0.00% −0.01
MRK Merck & Co. Inc. Reduce -1.5% 1.43% +0.09

Portfolio Buys Q3 2025 → Q4 2025
LRCX Lam Research Corp. New 2.09% +2.09
QCOM Qualcomm Inc. Add +491.6% 2.10% +1.71
KLAC KLA Corp. Add +2589.2% 1.42% +1.37
APH Amphenol Corp. Class A Add +619.2% 1.49% +1.27
TMO Thermo Fisher Scientific Inc. Add +38.8% 3.01% +0.92
GOOGL Alphabet Inc. Class A Add +9.8% 4.41% +0.81
AVGO Broadcom Inc. Add +44.4% 3.31% +0.79
EXPE Expedia Group Inc. Add +187.2% 1.10% +0.77
NVDA Nvidia Corp. Add +48.9% 3.35% +0.75
CEG Constellation Energy Add +60.1% 2.27% +0.75
CRM Salesforce Inc. Add +1115.8% 0.74% +0.68
PH Parker Hannifin Corp. Add +307.6% 0.86% +0.65
CDNS Cadence Design SYS Inc. New 0.61% +0.61
TPR Tapestry Inc. New 0.47% +0.47
ADSK Autodesk Inc. Add +370.3% 0.60% +0.44
WSM Williams-Sonoma Inc. Add +413.2% 0.38% +0.28
LPLA LPL Financial Holdings Inc. Add +22.5% 1.87% +0.23
NTAP Netapp Inc. Add +70.9% 0.74% +0.19
AMZN Amazon.com Inc. Add +16.7% 2.83% +0.17
SPGI S&P Global Inc. Add +12.7% 2.26% +0.11
META Meta Platforms Inc. Class A Add +32.8% 2.65% +0.09
TRMB Trimble Inc. Add +85.3% 0.24% +0.08
BMY Bristol-Myers Squibb Co. Add +3.9% 0.75% +0.05
IDXX Idexx Laboratories Inc. Add +10.0% 2.59% +0.03
BR Broadridge Financial Solutio Add +98.9% 0.05% +0.02
FG F&G Annuities & Life Inc. New 0.00% +0.00
NEE Nextera Energy Inc. Add +6.8% 2.37% −0.04
PEG Public Service Enterprise GP Add +17.3% 2.10% −0.05
AAPL Apple Inc. Add +3.7% 2.41% −0.10
BKNG Booking Holdings Inc. Add +1.8% 0.88% −0.12
HPQ HP Inc. Add +10.0% 0.46% −0.13
V Visa Inc. Class A Add +6.5% 2.58% −0.14
EQIX Equinix Inc. Add +9.9% 2.02% −0.15
TXN Texas Instruments Inc. Add +12.4% 2.06% −0.18
MSFT Microsoft Corp. Add +19.9% 6.37% −0.19
PANW Palo Alto Networks Inc. Add +13.5% 2.26% −0.28
MA Mastercard Inc. Class A Add +1.4% 2.24% −0.30
ABBV Abbvie Inc. Add +0.7% 2.31% −0.37
LNG Cheniere Energy Inc. Add +18.3% 2.10% −0.37
ORLY O'reilly Automotive Inc. Add +4.2% 1.35% −0.42
AZO AutoZone Inc. Add +1.7% 0.96% −0.42
NOW ServiceNow Inc. Add +12.0% 1.86% −0.44

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