Royal London Asset Management Ltd.
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 13, 2025), Royal London Asset Management Ltd. reported 743 stock positions worth $42.2 billion. Its top holding was Microsoft (MSFT) at 6.2% of the portfolio, followed by Apple (AAPL, 5.6%) and Nvidia (NVDA, 4.6%). Compared with Q4 2024, it opened 115 new positions, sold out of 4, added to 519 and reduced 93. The biggest buy was Merck (MRK, shares +174%) and the biggest sale Te Connectivity (TEL, shares −79%).
- Most Recent 13F
- Q2 2026
- Location
- UNITED KINGDOM, X0
- CIK
- 0000863748
- Portfolio Value
- $42.2B (Q1 2025)
- SEC Filing
- 0001085146-25-003015 ↗ filed May 13, 2025
Holdings Value
Holdings 743 stocks · $42.2B
| MSFT Microsoft Corp. | 6.21% | 6,986,165 | $2.6B | Add +3.8% |
| AAPL Apple Inc. | 5.62% | 10,684,941 | $2.4B | Add +7.6% |
| NVDA Nvidia Corp. | 4.58% | 17,833,059 | $1.9B | Add +7.0% |
| AMZN Amazon.com Inc. | 4.25% | 9,444,732 | $1.8B | Add +8.4% |
| GOOGL Alphabet Inc. Class A | 2.94% | 8,036,833 | $1.2B | Add +5.9% |
| V Visa Inc. Class A | 2.39% | 2,877,479 | $1.0B | Reduce -1.3% |
| META Meta Platforms Inc. Class A | 2.06% | 1,508,006 | $869.2M | Add +5.8% |
| AVGO Broadcom Inc. | 1.98% | 4,995,803 | $836.4M | Add +17.7% |
| UNH Unitedhealth Group Inc. | 1.65% | 1,329,989 | $696.6M | Add +1.9% |
| LLY Eli Lilly & Co. | 1.52% | 778,094 | $642.6M | Add +5.0% |
| JPM JPMorgan Chase & Co. | 1.35% | 2,330,624 | $571.7M | Add +6.2% |
| BRK.B Berkshire Hathaway Inc. Class B | 1.30% | 1,027,745 | $547.4M | Add +6.7% |
| HCA HCA Healthcare Inc. | 1.17% | 1,436,017 | $496.2M | Reduce -4.3% |
| MELI MercadoLibre Inc. | 1.16% | 250,635 | $489.0M | Reduce -2.8% |
| PGR Progressive Corp. | 1.06% | 1,582,741 | $447.9M | Reduce -0.8% |
| TSLA Tesla Inc. | 1.03% | 1,673,285 | $433.6M | Add +26.4% |
| TSM Taiwan Semiconductor-SP ADR | 1.00% | 2,549,701 | $423.3M | Add +0.6% |
| TMO Thermo Fisher Scientific Inc. | 0.87% | 737,436 | $366.9M | Reduce -2.8% |
| GOOG Alphabet Inc. Class C | 0.83% | 2,253,393 | $352.0M | Add +9.6% |
| BKNG Booking Holdings Inc. | 0.75% | 69,205 | $318.8M | Reduce -1.8% |
| MRK Merck & Co. Inc. | 0.73% | 3,451,556 | $309.8M | Add +173.7% |
| LIN Linde PLC | 0.73% | 663,550 | $309.0M | Add +9.6% |
| XOM Exxon Mobil Corp. | 0.70% | 2,476,241 | $294.5M | Add +15.3% |
| ABBV Abbvie Inc. | 0.67% | 1,359,439 | $284.8M | Add +4.2% |
| PG The Procter & Gamble Co. | 0.67% | 1,661,887 | $283.2M | Add +7.5% |
| NFLX Netflix Inc. | 0.67% | 301,685 | $281.3M | Add +7.8% |
| JNJ Johnson & Johnson | 0.64% | 1,619,964 | $268.7M | Reduce -0.4% |
| HD Home Depot Inc. | 0.63% | 723,523 | $265.2M | Add +14.8% |
| STLD Steel Dynamics Inc. | 0.61% | 2,054,107 | $256.9M | Reduce -2.2% |
| MA Mastercard Inc. Class A | 0.58% | 444,769 | $243.8M | Add +10.0% |
| TXN Texas Instruments Inc. | 0.57% | 1,351,565 | $242.9M | Reduce -5.4% |
| COST Costco Wholesale Corp. | 0.54% | 242,204 | $229.1M | Add +12.8% |
| CNM Core & Main Inc. Class A | 0.51% | 4,472,951 | $216.1M | Add +17.4% |
| BRO Brown & Brown Inc. | 0.51% | 1,729,576 | $215.2M | Reduce -2.2% |
| WAB Wabtec Corp. | 0.51% | 1,177,881 | $213.6M | Add +2.3% |
| ADBE Adobe Inc. | 0.50% | 553,615 | $212.3M | Reduce -0.5% |
| UBS UBS Group AG-Reg | 0.50% | 6,868,003 | $210.4M | Add +1.4% |
| CSCO Cisco Systems Inc. | 0.49% | 3,383,746 | $208.8M | Add +6.0% |
| FISV Fiserv Inc. | 0.49% | 931,978 | $205.8M | Add +265.1% |
| RS Reliance Inc. | 0.46% | 675,757 | $195.1M | Reduce -2.5% |
| WMT Walmart Inc. | 0.46% | 2,219,359 | $194.8M | Add +12.9% |
| PM Philip Morris International | 0.45% | 1,196,106 | $189.9M | Add +5.2% |
| WRB WR Berkley Corp. filed as BERKLEY W R CORP | 0.44% | 2,617,567 | $186.3M | Add +993.4% |
| INTU Intuit Inc. | 0.44% | 303,222 | $186.2M | Add +5.4% |
| PEP Pepsico Inc. | 0.43% | 1,211,345 | $181.6M | Add +6.3% |
| ISRG Intuitive Surgical Inc. | 0.43% | 364,536 | $180.5M | Add +5.2% |
| FERG Ferguson Enterprises Inc. | 0.43% | 1,123,154 | $180.0M | Reduce -23.7% |
| TSN Tyson Foods Inc. Class A | 0.39% | 2,581,120 | $164.7M | Reduce -2.3% |
| VRTX Vertex Pharmaceuticals Inc. | 0.39% | 335,642 | $162.7M | Reduce -7.6% |
| CVX Chevron Corp. | 0.38% | 968,521 | $162.0M | Add +11.6% |
| ADSK Autodesk Inc. | 0.37% | 590,275 | $154.5M | Add +1.1% |
| KNSL Kinsale Capital Group Inc. | 0.36% | 315,170 | $153.4M | Reduce -2.3% |
| KO The Coca-Cola Co. | 0.36% | 2,095,422 | $150.1M | Add +9.7% |
| CME Cme Group Inc. | 0.35% | 552,589 | $146.6M | Add +12.0% |
| HDB HDFC Bank Ltd.-ADR | 0.34% | 2,152,609 | $143.0M | Reduce -1.0% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.34% | 3,401,814 | $142.0M | Add +11.0% |
| AMAT Applied Materials Inc. | 0.34% | 978,102 | $141.9M | Add +9.7% |
| NOW ServiceNow Inc. | 0.32% | 171,872 | $136.8M | Add +7.3% |
| ODFL Old Dominion Freight Line | 0.32% | 826,674 | $136.8M | Reduce -6.7% |
| SYK Stryker Corp. | 0.31% | 352,384 | $131.2M | Add +5.9% |
| GS Goldman Sachs Group Inc. | 0.31% | 239,308 | $130.7M | Add +7.3% |
| AGCO Agco Corp. | 0.31% | 1,405,768 | $130.1M | Add +85.4% |
| CRM Salesforce Inc. | 0.31% | 481,239 | $129.1M | Reduce -15.6% |
| TT Trane Technologies PLC | 0.29% | 368,759 | $124.2M | Reduce -27.8% |
| STE Steris PLC | 0.29% | 544,182 | $123.3M | Reduce -3.0% |
| WFC Wells Fargo & Co. | 0.28% | 1,672,115 | $120.0M | Add +8.6% |
| BLK BlackRock Inc. | 0.28% | 125,394 | $118.7M | Add +6.3% |
| T AT&T Inc. | 0.28% | 4,152,361 | $117.4M | Add +9.8% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.27% | 454,680 | $113.1M | Add +12.7% |
| BRK.A Berkshire Hathaway Inc. Class A | 0.27% | 141 | $112.6M | Add +1.4% |
| ABT Abbott Laboratories | 0.27% | 843,946 | $111.9M | Add +10.6% |
| FIX Comfort Systems USA Inc. | 0.26% | 344,517 | $111.0M | Add +51.6% |
| MCD McDonald's Corp. | 0.26% | 354,164 | $110.6M | Add +11.1% |
| ACN Accenture PLC Class A | 0.26% | 350,683 | $109.4M | Add +10.1% |
| ADI Analog Devices Inc. | 0.26% | 539,475 | $108.8M | Add +9.2% |
| UNP Union Pacific Corp. | 0.26% | 457,914 | $108.2M | Add +7.2% |
| TMUS T-Mobile US Inc. | 0.26% | 405,529 | $108.2M | Add +6.4% |
| GE General Electric filed as GE AEROSPACE | 0.25% | 527,219 | $105.5M | Add +11.0% |
| ELV Elevance Health Inc. | 0.25% | 242,101 | $105.3M | Add +4.7% |
| ORCL Oracle Corp. | 0.25% | 746,503 | $104.4M | Add +60.0% |
| THO Thor Industries Inc. | 0.24% | 1,359,401 | $103.1M | Reduce -28.9% |
| SCHW Schwab (charles) Corp. | 0.24% | 1,281,683 | $100.3M | Add +8.0% |
| LAD Lithia Motors Inc. | 0.24% | 338,940 | $99.5M | Reduce -6.4% |
| SLVM Sylvamo Corp. | 0.23% | 1,451,242 | $97.3M | Reduce -1.3% |
| SPGI S&P Global Inc. | 0.23% | 187,168 | $95.1M | Add +12.5% |
| VZ Verizon Communications Inc. | 0.22% | 2,093,578 | $95.0M | Add +10.3% |
| PCAR Paccar Inc. | 0.22% | 960,626 | $93.5M | Add +10.0% |
| AMGN Amgen Inc. | 0.22% | 296,449 | $92.4M | Add +28.4% |
| CAT Caterpillar Inc. | 0.22% | 278,955 | $92.0M | Add +8.9% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.21% | 890,300 | $87.9M | Add +11.6% |
| FTNT Fortinet Inc. | 0.21% | 908,434 | $87.4M | Add +16.1% |
| CMCSA Comcast Corp. Class A | 0.21% | 2,352,197 | $86.8M | Add +8.6% |
| RTX RTX Corp. | 0.21% | 653,973 | $86.6M | Add +10.2% |
| CPRT Copart Inc. | 0.20% | 1,523,853 | $86.2M | Add +5.0% |
| PLTR Palantir Technologies Inc. Class A | 0.20% | 1,007,690 | $85.0M | Add +18.7% |
| QCOM Qualcomm Inc. | 0.20% | 551,738 | $84.8M | Add +11.6% |
| AMD Advanced Micro Devices | 0.20% | 807,363 | $82.9M | Add +11.5% |
| PDD PDD Holdings Inc. | 0.19% | 690,772 | $81.8M | Add +9.4% |
| SU Suncor Energy Inc. | 0.19% | 2,107,324 | $81.6M | Add +0.3% |
| PLD Prologis Inc. | 0.19% | 727,463 | $81.3M | Add +4.5% |
Other holdings (1): bonds, preferreds, convertibles and warrants · $459K (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| OXY.WS Occidental Petroleum-CW27 | *W EXP 08/03/202 | 16,587 | $459K | No change |
Total filed on the 13F, all lines: $42.2B.
Portfolio Sells Q4 2024 → Q1 2025
| TEL Te Connectivity PLC | Reduce -79.2% | 0.05% | −0.21 |
| CNI Canadian Natl Railway Co. | Reduce -68.4% | 0.09% | −0.21 |
| THO Thor Industries Inc. | Reduce -28.9% | 0.24% | −0.20 |
| FERG Ferguson Enterprises Inc. | Reduce -23.7% | 0.43% | −0.20 |
| NDSN Nordson Corp. | Reduce -76.5% | 0.05% | −0.19 |
| TT Trane Technologies PLC | Reduce -27.8% | 0.29% | −0.17 |
| CRM Salesforce Inc. | Reduce -15.6% | 0.31% | −0.16 |
| ADBE Adobe Inc. | Reduce -0.5% | 0.50% | −0.10 |
| BKNG Booking Holdings Inc. | Reduce -1.8% | 0.75% | −0.10 |
| TMO Thermo Fisher Scientific Inc. | Reduce -2.8% | 0.87% | −0.09 |
| TKR Timken Co. | Sold out | 0.00% | −0.08 |
| LAD Lithia Motors Inc. | Reduce -6.4% | 0.24% | −0.08 |
| TXN Texas Instruments Inc. | Reduce -5.4% | 0.57% | −0.08 |
| BMY Bristol-Myers Squibb Co. | Reduce -38.4% | 0.14% | −0.08 |
| ODFL Old Dominion Freight Line | Reduce -6.7% | 0.32% | −0.06 |
| SLVM Sylvamo Corp. | Reduce -1.3% | 0.23% | −0.05 |
| ARGX Argenx SE - ADR | Reduce -94.2% | 0.00% | −0.04 |
| SAIA Saia Inc. | Reduce -0.1% | 0.11% | −0.04 |
| A Agilent Technologies Inc. | Reduce -38.8% | 0.04% | −0.04 |
| GM General Motors Co. | Reduce -4.0% | 0.16% | −0.03 |
| INFY Infosys Ltd.-SP ADR | Reduce -30.1% | 0.03% | −0.03 |
| HAL Halliburton Co. | Reduce -35.2% | 0.04% | −0.02 |
| USB US Bancorp | Reduce -1.0% | 0.12% | −0.02 |
| CCL Carnival Corp. | Reduce -1.0% | 0.04% | −0.01 |
| SFM Sprouts Farmers Market Inc. | Reduce -19.4% | 0.19% | −0.01 |
| ADM Archer-Daniels-Midland Co. | Reduce -21.9% | 0.03% | −0.01 |
| PII Polaris Inc. | Reduce -1.6% | 0.02% | −0.01 |
| ENPH Enphase Energy Inc. | Reduce -90.6% | 0.00% | −0.01 |
| ALB Albemarle Corp. | Reduce -87.3% | 0.00% | −0.01 |
| MU Micron Technology Inc. | Reduce -5.8% | 0.15% | −0.01 |
| WYNN WYNN Resorts Ltd. | Reduce -88.7% | 0.00% | −0.01 |
| LKQ LKQ Corp. | Reduce -91.0% | 0.00% | −0.01 |
| PEG Public Service Enterprise GP | Reduce -2.5% | 0.09% | −0.01 |
| LW Lamb Weston Holdings Inc. | Reduce -85.8% | 0.00% | −0.01 |
| SYF Synchrony Financial | Reduce -6.2% | 0.02% | −0.01 |
| SIRI Sirius XM Holdings Inc. | Sold out | 0.00% | −0.01 |
| QRVO Qorvo Inc. | Reduce -92.2% | 0.00% | −0.01 |
| CE Celanese Corp. | Reduce -88.0% | 0.00% | −0.01 |
| CRL Charles River Laboratories | Reduce -86.1% | 0.00% | −0.01 |
| WBA Walgreens Boots Alliance Inc. | Reduce -88.9% | 0.00% | −0.01 |
| MRNA Moderna Inc. | Reduce -0.2% | 0.01% | −0.01 |
| SNOW Snowflake Inc. | Reduce -1.8% | 0.05% | −0.01 |
| APA Apa Corp. | Reduce -86.8% | 0.00% | −0.01 |
| BLD Topbuild Corp. | Reduce -0.1% | 0.10% | −0.01 |
| LEA Lear Corp. | Reduce -1.8% | 0.04% | −0.00 |
| RNR Renaissancere Holdings Ltd. | Reduce -27.4% | 0.01% | −0.00 |
| GILD Gilead Sciences Inc. | Reduce -17.6% | 0.15% | −0.00 |
| IBP Installed Building Products | Reduce -2.1% | 0.05% | −0.00 |
| CPB The Campbell's Company | Reduce -19.3% | 0.01% | −0.00 |
| FLEX Flex Ltd. | Reduce -0.3% | 0.02% | −0.00 |
Portfolio Buys Q4 2024 → Q1 2025
| MRK Merck & Co. Inc. | Add +173.7% | 0.73% | +0.43 |
| WRB WR Berkley Corp. | Add +993.4% | 0.44% | +0.41 |
| FISV Fiserv Inc. | Add +265.1% | 0.49% | +0.36 |
| BRK.B Berkshire Hathaway Inc. Class B | Add +6.7% | 1.30% | +0.23 |
| AGCO Agco Corp. | Add +85.4% | 0.31% | +0.14 |
| XOM Exxon Mobil Corp. | Add +15.3% | 0.70% | +0.13 |
| CCEP Coca-Cola Europacific Partne | Add +290.9% | 0.17% | +0.13 |
| LLY Eli Lilly & Co. | Add +5.0% | 1.52% | +0.13 |
| AIT Applied Industrial Tech Inc. | New | 0.12% | +0.12 |
| PM Philip Morris International | Add +5.2% | 0.45% | +0.12 |
| ANET Arista Networks Inc. | New | 0.11% | +0.11 |
| LIN Linde PLC | Add +9.6% | 0.73% | +0.11 |
| ABBV Abbvie Inc. | Add +4.2% | 0.67% | +0.11 |
| SLM SLM Corp. | New | 0.08% | +0.08 |
| PH Parker Hannifin Corp. | Add +113.9% | 0.16% | +0.08 |
| CVX Chevron Corp. | Add +11.6% | 0.38% | +0.08 |
| HALO Halozyme Therapeutics Inc. | New | 0.07% | +0.07 |
| AMGN Amgen Inc. | Add +28.4% | 0.22% | +0.07 |
| JPM JPMorgan Chase & Co. | Add +6.2% | 1.35% | +0.07 |
| T AT&T Inc. | Add +9.8% | 0.28% | +0.07 |
| CME Cme Group Inc. | Add +12.0% | 0.35% | +0.07 |
| KO The Coca-Cola Co. | Add +9.7% | 0.36% | +0.07 |
| COST Costco Wholesale Corp. | Add +12.8% | 0.54% | +0.06 |
| MA Mastercard Inc. Class A | Add +10.0% | 0.58% | +0.06 |
| NFLX Netflix Inc. | Add +7.8% | 0.67% | +0.06 |
| ORCL Oracle Corp. | Add +60.0% | 0.25% | +0.06 |
| GE General Electric | Add +11.0% | 0.25% | +0.06 |
| ABT Abbott Laboratories | Add +10.6% | 0.27% | +0.05 |
| IBM Intl Business Machines Corp. | Add +12.7% | 0.27% | +0.05 |
| TMUS T-Mobile US Inc. | Add +6.4% | 0.26% | +0.05 |
| EXC Exelon Corp. | Add +38.5% | 0.12% | +0.05 |
| ED Consolidated Edison Inc. | Add +48.5% | 0.10% | +0.04 |
| PLTR Palantir Technologies Inc. Class A | Add +18.7% | 0.20% | +0.04 |
| PDD PDD Holdings Inc. | Add +9.4% | 0.19% | +0.04 |
| ELV Elevance Health Inc. | Add +4.7% | 0.25% | +0.04 |
| VZ Verizon Communications Inc. | Add +10.3% | 0.22% | +0.04 |
| PG The Procter & Gamble Co. | Add +7.5% | 0.67% | +0.04 |
| UNH Unitedhealth Group Inc. | Add +1.9% | 1.65% | +0.04 |
| CNM Core & Main Inc. Class A | Add +17.4% | 0.51% | +0.04 |
| UBER Uber Technologies Inc. | Add +10.4% | 0.17% | +0.04 |
| RTX RTX Corp. | Add +10.2% | 0.21% | +0.04 |
| CRH CRH PLC | Add +48.0% | 0.14% | +0.04 |
| MCD McDonald's Corp. | Add +11.1% | 0.26% | +0.04 |
| CVS CVS Health Corp. | Add +11.6% | 0.09% | +0.04 |
| BRK.A Berkshire Hathaway Inc. Class A | Add +1.4% | 0.27% | +0.04 |
| ICE Intercontinental Exchange Inc. | Add +15.8% | 0.15% | +0.03 |
| CSCO Cisco Systems Inc. | Add +6.0% | 0.49% | +0.03 |
| BSX Boston Scientific Corp. | Add +12.2% | 0.17% | +0.03 |
| HOOD Robinhood Markets Inc. Class A | New | 0.03% | +0.03 |
| AMT American Tower Corp. | Add +9.4% | 0.15% | +0.03 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 678 | $54.3B | NVDA, AAPL, GOOGL, MSFT, AMZN |
| Q1 2026 | 688 | $47.7B | NVDA, AAPL, MSFT, AZN, GOOGL |
| Q4 2025 | 702 | $47.5B | NVDA, MSFT, AAPL, GOOGL, AMZN |
| Q3 2025 | 688 | $46.5B | MSFT, NVDA, AAPL, AMZN, GOOGL |
| Q2 2025 | 715 | $43.8B | MSFT, NVDA, AAPL, AMZN, GOOGL |
| Q1 2025 | 743 | $42.2B | MSFT, AAPL, NVDA, AMZN, GOOGL |
| Q4 2024 | 631 | $41.0B | MSFT, AAPL, NVDA, AMZN, GOOGL |
| Q3 2024 | 634 | $40.6B | MSFT, AAPL, NVDA, AMZN, GOOGL |
| Q2 2024 | 665 | $39.2B | MSFT, NVDA, AAPL, AMZN, GOOGL |
| Q1 2024 | 667 | $40.1B | MSFT, AAPL, NVDA, AMZN, GOOGL |