Royal London Asset Management Ltd.
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), Royal London Asset Management Ltd. reported 715 stock positions worth $43.8 billion. Its top holding was Microsoft (MSFT) at 7.3% of the portfolio, followed by Nvidia (NVDA, 6.0%) and Apple (AAPL, 4.8%). Compared with Q1 2025, it opened 8 new positions, sold out of 37, added to 128 and reduced 490. The biggest buy was Equity Lifestyle Properties (ELS, shares +1520%) and the biggest sale Unitedhealth (UNH, shares −42%).
- Most Recent 13F
- Q2 2026
- Location
- UNITED KINGDOM, X0
- CIK
- 0000863748
- Portfolio Value
- $43.8B (Q2 2025)
- SEC Filing
- 0001085146-25-005109 ↗ filed Aug 14, 2025
Holdings Value
Holdings 715 stocks · $43.8B
| MSFT Microsoft Corp. | 7.32% | 6,451,070 | $3.2B | Reduce -7.7% |
| NVDA Nvidia Corp. | 6.03% | 16,718,652 | $2.6B | Reduce -6.3% |
| AAPL Apple Inc. | 4.76% | 10,162,156 | $2.1B | Reduce -4.9% |
| AMZN Amazon.com Inc. | 4.42% | 8,837,090 | $1.9B | Reduce -6.4% |
| GOOGL Alphabet Inc. Class A | 3.07% | 7,643,712 | $1.3B | Reduce -4.9% |
| AVGO Broadcom Inc. | 2.89% | 4,600,309 | $1.3B | Reduce -7.9% |
| META Meta Platforms Inc. Class A | 2.32% | 1,375,935 | $1.0B | Reduce -8.8% |
| V Visa Inc. Class A | 2.05% | 2,533,080 | $899.4M | Reduce -12.0% |
| JPM JPMorgan Chase & Co. | 1.50% | 2,267,675 | $657.4M | Reduce -2.7% |
| LLY Eli Lilly & Co. | 1.26% | 705,743 | $550.1M | Reduce -9.3% |
| MELI MercadoLibre Inc. | 1.22% | 204,285 | $533.9M | Reduce -18.5% |
| TSM Taiwan Semiconductor-SP ADR | 1.14% | 2,208,171 | $500.1M | Reduce -13.4% |
| TSLA Tesla Inc. | 1.10% | 1,519,478 | $482.7M | Reduce -9.2% |
| BRK.B Berkshire Hathaway Inc. Class B | 1.04% | 937,337 | $455.3M | Reduce -8.8% |
| HCA HCA Healthcare Inc. | 0.98% | 1,122,692 | $430.1M | Reduce -21.8% |
| NFLX Netflix Inc. | 0.89% | 292,382 | $391.5M | Reduce -3.1% |
| GOOG Alphabet Inc. Class C | 0.83% | 2,063,077 | $366.0M | Reduce -8.4% |
| PGR Progressive Corp. | 0.75% | 1,236,052 | $329.9M | Reduce -21.9% |
| LIN Linde PLC | 0.71% | 663,264 | $311.2M | Reduce -0.0% |
| BKNG Booking Holdings Inc. | 0.64% | 48,485 | $280.7M | Reduce -29.9% |
| MRK Merck & Co. Inc. | 0.62% | 3,406,346 | $269.6M | Reduce -1.3% |
| HD Home Depot Inc. | 0.60% | 714,908 | $262.1M | Reduce -1.2% |
| CNM Core & Main Inc. Class A | 0.60% | 4,331,533 | $261.4M | Reduce -3.2% |
| PG The Procter & Gamble Co. | 0.58% | 1,586,838 | $252.8M | Reduce -4.5% |
| XOM Exxon Mobil Corp. | 0.57% | 2,322,056 | $250.3M | Reduce -6.2% |
| INTU Intuit Inc. | 0.57% | 317,451 | $250.0M | Add +4.7% |
| ABBV Abbvie Inc. | 0.56% | 1,314,058 | $243.9M | Reduce -3.3% |
| WAB Wabtec Corp. | 0.55% | 1,159,532 | $242.7M | Reduce -1.6% |
| UNH Unitedhealth Group Inc. | 0.55% | 771,471 | $240.7M | Reduce -42.0% |
| TMO Thermo Fisher Scientific Inc. | 0.55% | 591,957 | $240.0M | Reduce -19.7% |
| MA Mastercard Inc. Class A | 0.54% | 423,738 | $238.1M | Reduce -4.7% |
| COST Costco Wholesale Corp. | 0.53% | 233,989 | $231.6M | Reduce -3.4% |
| CSCO Cisco Systems Inc. | 0.53% | 3,323,142 | $230.6M | Reduce -1.8% |
| TXN Texas Instruments Inc. | 0.52% | 1,106,936 | $229.8M | Reduce -18.1% |
| STLD Steel Dynamics Inc. | 0.52% | 1,788,850 | $229.0M | Reduce -12.9% |
| PM Philip Morris International | 0.49% | 1,176,616 | $214.3M | Reduce -1.6% |
| WMT Walmart Inc. | 0.48% | 2,148,258 | $210.1M | Reduce -3.2% |
| WRB WR Berkley Corp. filed as BERKLEY W R CORP | 0.46% | 2,738,612 | $201.2M | Add +4.6% |
| ADBE Adobe Inc. | 0.44% | 503,583 | $194.8M | Reduce -9.0% |
| ISRG Intuitive Surgical Inc. | 0.44% | 351,944 | $191.2M | Reduce -3.5% |
| FERG Ferguson Enterprises Inc. | 0.43% | 859,465 | $187.1M | Reduce -23.5% |
| FIX Comfort Systems USA Inc. | 0.42% | 342,045 | $183.4M | Reduce -0.7% |
| HDB HDFC Bank Ltd.-ADR | 0.42% | 2,387,943 | $183.1M | Add +10.9% |
| ADSK Autodesk Inc. | 0.41% | 584,141 | $180.8M | Reduce -1.0% |
| NOW ServiceNow Inc. | 0.40% | 169,603 | $174.4M | Reduce -1.3% |
| ORCL Oracle Corp. | 0.38% | 768,718 | $168.1M | Add +3.0% |
| GS Goldman Sachs Group Inc. | 0.38% | 232,385 | $164.5M | Reduce -2.9% |
| FISV Fiserv Inc. | 0.37% | 945,939 | $163.1M | Add +1.5% |
| PEP Pepsico Inc. | 0.37% | 1,215,870 | $160.5M | Add +0.4% |
| AMAT Applied Materials Inc. | 0.37% | 876,669 | $160.5M | Reduce -10.4% |
| BRO Brown & Brown Inc. | 0.37% | 1,444,467 | $160.1M | Reduce -16.5% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.36% | 3,294,758 | $155.9M | Reduce -3.1% |
| CME Cme Group Inc. | 0.34% | 545,331 | $150.3M | Reduce -1.3% |
| UBS UBS Group AG-Reg | 0.34% | 4,395,785 | $148.7M | Reduce -36.0% |
| JNJ Johnson & Johnson | 0.33% | 950,119 | $145.1M | Reduce -41.4% |
| AGCO Agco Corp. | 0.33% | 1,403,065 | $144.7M | Reduce -0.2% |
| KNSL Kinsale Capital Group Inc. | 0.33% | 297,099 | $143.8M | Reduce -5.7% |
| KO The Coca-Cola Co. | 0.33% | 2,024,128 | $143.2M | Reduce -3.4% |
| SYK Stryker Corp. | 0.31% | 345,639 | $136.7M | Reduce -1.9% |
| CVX Chevron Corp. | 0.30% | 923,032 | $132.2M | Reduce -4.7% |
| ADI Analog Devices Inc. | 0.30% | 549,656 | $130.8M | Add +1.9% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.30% | 443,181 | $130.6M | Reduce -2.5% |
| BLK BlackRock Inc. | 0.30% | 123,307 | $129.4M | Reduce -1.7% |
| WFC Wells Fargo & Co. | 0.29% | 1,596,336 | $127.9M | Reduce -4.5% |
| STE Steris PLC | 0.29% | 526,863 | $126.6M | Reduce -3.2% |
| VRTX Vertex Pharmaceuticals Inc. | 0.29% | 283,345 | $126.1M | Reduce -15.6% |
| GE General Electric filed as GE AEROSPACE | 0.29% | 489,798 | $126.1M | Reduce -7.1% |
| MU Micron Technology Inc. | 0.29% | 1,021,136 | $125.9M | Add +37.8% |
| CRM Salesforce Inc. | 0.28% | 456,807 | $124.6M | Reduce -5.1% |
| RS Reliance Inc. | 0.28% | 385,972 | $121.2M | Reduce -42.9% |
| SLM SLM Corp. | 0.27% | 3,591,541 | $117.8M | Add +200.7% |
| SCHW Schwab (charles) Corp. | 0.27% | 1,288,327 | $117.5M | Add +0.5% |
| T AT&T Inc. | 0.26% | 3,924,561 | $113.6M | Reduce -5.5% |
| AMD Advanced Micro Devices | 0.25% | 777,111 | $110.3M | Reduce -3.8% |
| PLTR Palantir Technologies Inc. Class A | 0.25% | 804,214 | $109.6M | Reduce -20.2% |
| ABT Abbott Laboratories | 0.25% | 804,921 | $109.5M | Reduce -4.6% |
| ELS Equity Lifestyle Properties | 0.25% | 1,771,803 | $109.3M | Add +1520.4% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.25% | 869,830 | $107.9M | Reduce -2.3% |
| UNP Union Pacific Corp. | 0.24% | 451,650 | $103.9M | Reduce -1.4% |
| FTNT Fortinet Inc. | 0.24% | 982,106 | $103.8M | Add +8.1% |
| ACN Accenture PLC Class A | 0.23% | 344,215 | $102.9M | Reduce -1.8% |
| CAT Caterpillar Inc. | 0.23% | 260,759 | $101.2M | Reduce -6.5% |
| ODFL Old Dominion Freight Line | 0.23% | 623,217 | $101.1M | Reduce -24.6% |
| TT Trane Technologies PLC | 0.23% | 228,271 | $99.8M | Reduce -38.1% |
| MCD McDonald's Corp. | 0.23% | 338,208 | $98.8M | Reduce -4.5% |
| TAP Molson Coors Beverage Co. Class B | 0.22% | 2,044,028 | $98.3M | Add +317.9% |
| URI United Rentals Inc. | 0.22% | 129,754 | $97.8M | Add +33.1% |
| BRK.A Berkshire Hathaway Inc. Class A | 0.22% | 134 | $97.7M | Reduce -5.0% |
| UBER Uber Technologies Inc. | 0.22% | 1,024,614 | $95.6M | Add +6.1% |
| SPGI S&P Global Inc. | 0.22% | 180,245 | $95.0M | Reduce -3.7% |
| TMUS T-Mobile US Inc. | 0.22% | 398,562 | $95.0M | Reduce -1.7% |
| ELV Elevance Health Inc. | 0.21% | 239,386 | $93.1M | Reduce -1.1% |
| RTX RTX Corp. | 0.21% | 634,560 | $92.7M | Reduce -3.0% |
| REXR Rexford Industrial Realty Inc. | 0.21% | 2,577,210 | $91.7M | New |
| AIT Applied Industrial Tech Inc. | 0.21% | 393,743 | $91.5M | Add +69.2% |
| SNPS Synopsys Inc. | 0.21% | 177,385 | $90.9M | Add +0.2% |
| PCAR Paccar Inc. | 0.21% | 950,816 | $90.4M | Reduce -1.0% |
| MS Morgan Stanley | 0.21% | 638,958 | $90.0M | Reduce -3.8% |
| VZ Verizon Communications Inc. | 0.20% | 2,005,921 | $86.8M | Reduce -4.2% |
| LAD Lithia Motors Inc. | 0.20% | 256,824 | $86.8M | Reduce -24.2% |
Portfolio Sells Q1 2025 → Q2 2025
| UNH Unitedhealth Group Inc. | Reduce -42.0% | 0.55% | −1.10 |
| AAPL Apple Inc. | Reduce -4.9% | 4.76% | −0.86 |
| V Visa Inc. Class A | Reduce -12.0% | 2.05% | −0.34 |
| TMO Thermo Fisher Scientific Inc. | Reduce -19.7% | 0.55% | −0.32 |
| PGR Progressive Corp. | Reduce -21.9% | 0.75% | −0.31 |
| JNJ Johnson & Johnson | Reduce -41.4% | 0.33% | −0.30 |
| LLY Eli Lilly & Co. | Reduce -9.3% | 1.26% | −0.27 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -8.8% | 1.04% | −0.26 |
| TSN Tyson Foods Inc. Class A | Reduce -49.6% | 0.17% | −0.22 |
| HCA HCA Healthcare Inc. | Reduce -21.8% | 0.98% | −0.19 |
| RS Reliance Inc. | Reduce -42.9% | 0.28% | −0.19 |
| UBS UBS Group AG-Reg | Reduce -36.0% | 0.34% | −0.16 |
| BRO Brown & Brown Inc. | Reduce -16.5% | 0.37% | −0.14 |
| XOM Exxon Mobil Corp. | Reduce -6.2% | 0.57% | −0.13 |
| SLVM Sylvamo Corp. | Reduce -36.9% | 0.10% | −0.13 |
| MRK Merck & Co. Inc. | Reduce -1.3% | 0.62% | −0.12 |
| ABBV Abbvie Inc. | Reduce -3.3% | 0.56% | −0.12 |
| BKNG Booking Holdings Inc. | Reduce -29.9% | 0.64% | −0.11 |
| SAIA Saia Inc. | Sold out | 0.00% | −0.11 |
| VRTX Vertex Pharmaceuticals Inc. | Reduce -15.6% | 0.29% | −0.10 |
| THO Thor Industries Inc. | Reduce -46.0% | 0.15% | −0.10 |
| PG The Procter & Gamble Co. | Reduce -4.5% | 0.58% | −0.09 |
| ODFL Old Dominion Freight Line | Reduce -24.6% | 0.23% | −0.09 |
| STLD Steel Dynamics Inc. | Reduce -12.9% | 0.52% | −0.09 |
| EXPD Expeditors Intl Wash Inc. | Reduce -87.5% | 0.01% | −0.08 |
| CVX Chevron Corp. | Reduce -4.7% | 0.30% | −0.08 |
| TT Trane Technologies PLC | Reduce -38.1% | 0.23% | −0.07 |
| PDD PDD Holdings Inc. | Reduce -19.8% | 0.13% | −0.06 |
| CNI Canadian Natl Railway Co. | Reduce -69.9% | 0.03% | −0.06 |
| ADBE Adobe Inc. | Reduce -9.0% | 0.44% | −0.06 |
| CPRT Copart Inc. | Reduce -13.5% | 0.15% | −0.06 |
| NDSN Nordson Corp. | Reduce -94.7% | 0.00% | −0.05 |
| TXN Texas Instruments Inc. | Reduce -18.1% | 0.52% | −0.05 |
| USB US Bancorp | Reduce -40.8% | 0.07% | −0.05 |
| DFS Discover Financial Services | Sold out | 0.00% | −0.05 |
| BRK.A Berkshire Hathaway Inc. Class A | Reduce -5.0% | 0.22% | −0.04 |
| TMUS T-Mobile US Inc. | Reduce -1.7% | 0.22% | −0.04 |
| BMY Bristol-Myers Squibb Co. | Reduce -1.8% | 0.10% | −0.04 |
| LAD Lithia Motors Inc. | Reduce -24.2% | 0.20% | −0.04 |
| ELV Elevance Health Inc. | Reduce -1.1% | 0.21% | −0.04 |
| MCD McDonald's Corp. | Reduce -4.5% | 0.23% | −0.04 |
| KNSL Kinsale Capital Group Inc. | Reduce -5.7% | 0.33% | −0.04 |
| AMGN Amgen Inc. | Reduce -2.7% | 0.18% | −0.04 |
| COP Conocophillips | Reduce -2.1% | 0.15% | −0.03 |
| MA Mastercard Inc. Class A | Reduce -4.7% | 0.54% | −0.03 |
| BEKE Ke Holdings Inc.-ADR | Sold out | 0.00% | −0.03 |
| CB Chubb Ltd. | Reduce -11.1% | 0.14% | −0.03 |
| HD Home Depot Inc. | Reduce -1.2% | 0.60% | −0.03 |
| BJ Bj's Wholesale Club Holdings | Reduce -26.5% | 0.06% | −0.03 |
| KO The Coca-Cola Co. | Reduce -3.4% | 0.33% | −0.03 |
Portfolio Buys Q1 2025 → Q2 2025
| ELS Equity Lifestyle Properties | Add +1520.4% | 0.25% | +0.23 |
| REXR Rexford Industrial Realty Inc. | New | 0.21% | +0.21 |
| SLM SLM Corp. | Add +200.7% | 0.27% | +0.19 |
| TAP Molson Coors Beverage Co. Class B | Add +317.9% | 0.22% | +0.15 |
| ORCL Oracle Corp. | Add +3.0% | 0.38% | +0.14 |
| MU Micron Technology Inc. | Add +37.8% | 0.29% | +0.13 |
| INTU Intuit Inc. | Add +4.7% | 0.57% | +0.13 |
| AIT Applied Industrial Tech Inc. | Add +69.2% | 0.21% | +0.08 |
| HDB HDFC Bank Ltd.-ADR | Add +10.9% | 0.42% | +0.08 |
| URI United Rentals Inc. | Add +33.1% | 0.22% | +0.08 |
| GEV GE Vernova Inc. | Add +1.6% | 0.18% | +0.08 |
| BRKR Bruker Corp. | New | 0.07% | +0.07 |
| COF Capital One Financial Corp. | Add +63.2% | 0.14% | +0.06 |
| HALO Halozyme Therapeutics Inc. | Add +122.3% | 0.13% | +0.06 |
| UBER Uber Technologies Inc. | Add +6.1% | 0.22% | +0.05 |
| HOOD Robinhood Markets Inc. Class A | Add +17.2% | 0.08% | +0.05 |
| CRWD CrowdStrike Holdings Inc. Class A | Add +3.4% | 0.15% | +0.04 |
| COIN Coinbase Global Inc. Class A | Add +5.5% | 0.08% | +0.04 |
| ADI Analog Devices Inc. | Add +1.9% | 0.30% | +0.04 |
| LW Lamb Weston Holdings Inc. | Add +4547.0% | 0.04% | +0.04 |
| RBLX Roblox Corp. Class A | Add +18.6% | 0.07% | +0.04 |
| NET Cloudflare Inc. Class A | Add +4.6% | 0.07% | +0.03 |
| NU Nu Holdings Ltd./Cayman Isl-A | Add +0.0% | 0.14% | +0.03 |
| SCHW Schwab (charles) Corp. | Add +0.5% | 0.27% | +0.03 |
| FTNT Fortinet Inc. | Add +8.1% | 0.24% | +0.03 |
| MSTR Strategy Inc. | Add +3.1% | 0.10% | +0.03 |
| IBP Installed Building Products | Add +57.5% | 0.08% | +0.03 |
| SNPS Synopsys Inc. | Add +0.2% | 0.21% | +0.03 |
| FLUT Flutter Entertainment PLC-Di | Add +0.7% | 0.14% | +0.03 |
| APP AppLovin Corp. Class A | Add +4.7% | 0.10% | +0.03 |
| RCL Royal Caribbean Cruises Ltd. | Add +0.5% | 0.08% | +0.02 |
| CVNA Carvana Co. | Add +16.8% | 0.05% | +0.02 |
| APG Api Group Corp. | Add +116.0% | 0.04% | +0.02 |
| ZS Zscaler Inc. | Add +19.7% | 0.04% | +0.02 |
| WRB WR Berkley Corp. | Add +4.6% | 0.46% | +0.02 |
| DDOG Datadog Inc. Class A | Add +13.2% | 0.05% | +0.02 |
| CCL Carnival Corp. | Add +4.4% | 0.05% | +0.02 |
| GLW Corning Inc. | Add +295.2% | 0.02% | +0.01 |
| TTD Trade Desk Inc./the Class A | Add +3.2% | 0.05% | +0.01 |
| AMRZ Amrize Ltd. | New | 0.01% | +0.01 |
| GPC Genuine Parts Co. | Add +59.0% | 0.03% | +0.01 |
| XYZ Block Inc. | Add +7.3% | 0.04% | +0.01 |
| EXE Expand Energy Corp. | Add +111.4% | 0.02% | +0.01 |
| SFM Sprouts Farmers Market Inc. | Add +0.4% | 0.19% | +0.01 |
| TTWO Take-Two Interactive Softwre | Add +5.4% | 0.05% | +0.01 |
| BAP Credicorp Ltd. | Add +1.5% | 0.05% | +0.01 |
| AME Ametek Inc. | Add +2.5% | 0.19% | +0.01 |
| TWLO Twilio Inc. Class A | Add +9.5% | 0.03% | +0.01 |
| CCEP Coca-Cola Europacific Partne | Add +0.8% | 0.17% | +0.01 |
| WSM Williams-Sonoma Inc. | Add +55.8% | 0.02% | +0.01 |
Notes & Other Activity Q1 2025 → Q2 2025
| OXY.WS Occidental Petroleum-CW27 | *W EXP 08/03/202 | Sold out | 16,587 | $459Kbefore exit |
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
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 |