Royal London Asset Management Ltd.
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 13, 2025), Royal London Asset Management Ltd. reported 688 stock positions worth $46.5 billion. Its top holding was Microsoft (MSFT) at 6.8% of the portfolio, followed by Nvidia (NVDA, 6.8%) and Apple (AAPL, 5.5%). Compared with Q2 2025, it opened 9 new positions, sold out of 36, added to 174 and reduced 418. The biggest buy was Nvidia (NVDA, shares +2%) and the biggest sale Microsoft (MSFT, shares −5%).
- Most Recent 13F
- Q2 2026
- Location
- UNITED KINGDOM, X0
- CIK
- 0000863748
- Portfolio Value
- $46.5B (Q3 2025)
- SEC Filing
- 0000863748-25-000004 ↗ filed Nov 13, 2025
Holdings Value
Holdings 688 stocks · $46.5B
| MSFT Microsoft Corp. | 6.84% | 6,141,574 | $3.2B | Reduce -4.8% |
| NVDA Nvidia Corp. | 6.82% | 17,011,669 | $3.2B | Add +1.8% |
| AAPL Apple Inc. | 5.47% | 9,999,881 | $2.5B | Reduce -1.6% |
| AMZN Amazon.com Inc. | 4.21% | 8,930,285 | $2.0B | Add +1.1% |
| GOOGL Alphabet Inc. Class A | 3.92% | 7,509,921 | $1.8B | Reduce -1.8% |
| AVGO Broadcom Inc. | 3.02% | 4,258,670 | $1.4B | Reduce -7.4% |
| META Meta Platforms Inc. Class A | 2.10% | 1,327,350 | $974.8M | Reduce -3.5% |
| V Visa Inc. Class A | 1.81% | 2,460,096 | $839.8M | Reduce -2.9% |
| JPM JPMorgan Chase & Co. | 1.54% | 2,270,779 | $716.3M | Add +0.1% |
| TSLA Tesla Inc. | 1.45% | 1,516,235 | $674.3M | Reduce -0.2% |
| LLY Eli Lilly & Co. | 1.22% | 745,351 | $568.7M | Add +5.6% |
| MELI MercadoLibre Inc. | 1.16% | 230,493 | $538.6M | Add +12.8% |
| TSM Taiwan Semiconductor-SP ADR | 1.14% | 1,898,609 | $530.3M | Reduce -14.0% |
| GOOG Alphabet Inc. Class C | 1.05% | 1,998,119 | $486.6M | Reduce -3.1% |
| BRK.B Berkshire Hathaway Inc. Class B | 1.01% | 935,430 | $470.3M | Reduce -0.2% |
| HCA HCA Healthcare Inc. | 1.00% | 1,096,951 | $467.5M | Reduce -2.3% |
| NFLX Netflix Inc. | 0.74% | 286,883 | $343.9M | Reduce -1.9% |
| LIN Linde PLC | 0.69% | 675,740 | $321.0M | Add +1.9% |
| HD Home Depot Inc. | 0.69% | 787,361 | $319.0M | Add +10.1% |
| ORCL Oracle Corp. | 0.65% | 1,078,524 | $303.3M | Add +40.3% |
| ABBV Abbvie Inc. | 0.65% | 1,305,274 | $302.2M | Reduce -0.7% |
| TMO Thermo Fisher Scientific Inc. | 0.61% | 581,277 | $281.9M | Reduce -1.8% |
| STLD Steel Dynamics Inc. | 0.60% | 2,001,056 | $279.0M | Add +11.9% |
| PGR Progressive Corp. | 0.60% | 1,123,689 | $277.5M | Reduce -9.1% |
| CNM Core & Main Inc. Class A | 0.59% | 5,056,518 | $272.2M | Add +16.7% |
| MRK Merck & Co. Inc. | 0.58% | 3,199,871 | $268.6M | Reduce -6.1% |
| UNH Unitedhealth Group Inc. | 0.56% | 756,011 | $261.1M | Reduce -2.0% |
| XOM Exxon Mobil Corp. | 0.55% | 2,277,036 | $256.7M | Reduce -1.9% |
| PG The Procter & Gamble Co. | 0.52% | 1,567,701 | $240.9M | Reduce -1.2% |
| MA Mastercard Inc. Class A | 0.51% | 418,777 | $238.2M | Reduce -1.2% |
| WAB Wabtec Corp. | 0.50% | 1,168,778 | $234.3M | Add +0.8% |
| INTU Intuit Inc. | 0.50% | 342,221 | $233.7M | Add +7.8% |
| BKNG Booking Holdings Inc. | 0.49% | 42,361 | $228.7M | Reduce -12.6% |
| WMT Walmart Inc. | 0.47% | 2,122,733 | $218.8M | Reduce -1.2% |
| CSCO Cisco Systems Inc. | 0.47% | 3,192,482 | $218.4M | Reduce -3.9% |
| COST Costco Wholesale Corp. | 0.46% | 230,117 | $213.0M | Reduce -1.6% |
| WRB WR Berkley Corp. filed as BERKLEY W R CORP | 0.46% | 2,763,648 | $211.8M | Add +0.9% |
| JNJ Johnson & Johnson | 0.44% | 1,107,394 | $205.3M | Add +16.6% |
| TXN Texas Instruments Inc. | 0.44% | 1,111,159 | $204.2M | Add +0.4% |
| GS Goldman Sachs Group Inc. | 0.44% | 254,549 | $202.7M | Add +9.5% |
| FIX Comfort Systems USA Inc. | 0.43% | 240,548 | $198.5M | Reduce -29.7% |
| PLTR Palantir Technologies Inc. Class A | 0.42% | 1,062,204 | $193.8M | Add +32.1% |
| PM Philip Morris International | 0.41% | 1,179,951 | $191.4M | Add +0.3% |
| PEP Pepsico Inc. | 0.41% | 1,357,978 | $190.7M | Add +11.7% |
| MU Micron Technology Inc. | 0.41% | 1,137,052 | $190.3M | Add +11.3% |
| FERG Ferguson Enterprises Inc. | 0.39% | 810,893 | $182.1M | Reduce -5.7% |
| ADSK Autodesk Inc. | 0.39% | 568,306 | $180.5M | Reduce -2.7% |
| SNPS Synopsys Inc. | 0.39% | 363,110 | $179.2M | Add +104.7% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.36% | 3,290,553 | $169.8M | Reduce -0.1% |
| HDB HDFC Bank Ltd.-ADR | 0.35% | 4,816,101 | $164.5M | Add +0.8% |
| CVX Chevron Corp. | 0.34% | 1,022,217 | $158.7M | Add +10.8% |
| ISRG Intuitive Surgical Inc. | 0.34% | 350,591 | $156.8M | Reduce -0.4% |
| NOW ServiceNow Inc. | 0.34% | 169,869 | $156.3M | Add +0.2% |
| GE General Electric filed as GE AEROSPACE | 0.33% | 505,196 | $152.0M | Add +3.1% |
| BLD Topbuild Corp. | 0.32% | 385,813 | $150.8M | Add +199.4% |
| AGCO Agco Corp. | 0.32% | 1,392,491 | $149.1M | Reduce -0.8% |
| UBS UBS Group AG-Reg | 0.32% | 3,585,113 | $147.0M | Reduce -18.4% |
| CME Cme Group Inc. | 0.31% | 537,240 | $145.2M | Reduce -1.5% |
| BLK BlackRock Inc. | 0.31% | 122,338 | $142.6M | Reduce -0.8% |
| ADI Analog Devices Inc. | 0.29% | 548,595 | $134.8M | Reduce -0.2% |
| VRT Vertiv Holdings Co. Class A | 0.29% | 892,239 | $134.6M | Add +443.9% |
| KO The Coca-Cola Co. | 0.29% | 2,011,599 | $133.4M | Reduce -0.6% |
| WFC Wells Fargo & Co. | 0.28% | 1,569,992 | $131.6M | Reduce -1.6% |
| SYK Stryker Corp. | 0.27% | 341,268 | $126.2M | Reduce -1.3% |
| SCHW Schwab (charles) Corp. | 0.27% | 1,321,220 | $126.1M | Add +2.5% |
| STE Steris PLC | 0.27% | 507,301 | $125.5M | Reduce -3.7% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.27% | 443,407 | $125.1M | Add +0.1% |
| AMD Advanced Micro Devices | 0.26% | 760,714 | $123.1M | Reduce -2.1% |
| URI United Rentals Inc. | 0.26% | 128,180 | $122.4M | Reduce -1.2% |
| CAT Caterpillar Inc. | 0.26% | 253,930 | $121.2M | Reduce -2.6% |
| BRO Brown & Brown Inc. | 0.26% | 1,288,850 | $120.9M | Reduce -10.8% |
| ADBE Adobe Inc. | 0.26% | 337,750 | $119.1M | Reduce -32.9% |
| ALNY Alnylam Pharmaceuticals Inc. | 0.25% | 257,313 | $117.3M | Reduce -0.7% |
| AEM Agnico Eagle Mines Ltd. | 0.24% | 666,888 | $112.4M | Add +2697.7% |
| AIT Applied Industrial Tech Inc. | 0.24% | 427,826 | $111.7M | Add +8.7% |
| INTC Intel Corp. | 0.24% | 3,322,926 | $111.5M | Add +63.6% |
| AMAT Applied Materials Inc. | 0.24% | 541,707 | $110.9M | Reduce -38.2% |
| GEV GE Vernova Inc. | 0.23% | 177,313 | $109.0M | Add +16.1% |
| VRTX Vertex Pharmaceuticals Inc. | 0.23% | 277,196 | $108.6M | Reduce -2.2% |
| T AT&T Inc. | 0.23% | 3,837,569 | $108.4M | Reduce -2.2% |
| ABT Abbott Laboratories | 0.23% | 802,161 | $107.4M | Reduce -0.3% |
| SLM SLM Corp. | 0.23% | 3,862,857 | $106.9M | Add +7.5% |
| UNP Union Pacific Corp. | 0.23% | 444,514 | $105.1M | Reduce -1.6% |
| REXR Rexford Industrial Realty Inc. | 0.22% | 2,534,857 | $104.2M | Reduce -1.6% |
| MS Morgan Stanley | 0.22% | 648,457 | $103.1M | Add +1.5% |
| CRM Salesforce Inc. | 0.22% | 432,457 | $102.5M | Reduce -5.3% |
| RTX RTX Corp. | 0.22% | 611,053 | $102.2M | Reduce -3.7% |
| MCD McDonald's Corp. | 0.21% | 328,520 | $99.8M | Reduce -2.9% |
| UBER Uber Technologies Inc. | 0.21% | 1,009,238 | $98.9M | Reduce -1.5% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.21% | 857,086 | $98.1M | Reduce -1.5% |
| BRK.A Berkshire Hathaway Inc. Class A | 0.21% | 130 | $98.0M | Reduce -3.0% |
| AME Ametek Inc. | 0.21% | 516,676 | $97.1M | Add +11.7% |
| TMUS T-Mobile US Inc. | 0.20% | 391,272 | $93.7M | Reduce -1.8% |
| LRCX Lam Research Corp. | 0.20% | 699,037 | $93.6M | Reduce -1.7% |
| KNSL Kinsale Capital Group Inc. | 0.20% | 219,965 | $93.5M | Reduce -26.0% |
| ELS Equity Lifestyle Properties | 0.20% | 1,517,720 | $92.1M | Reduce -14.3% |
| PDD PDD Holdings Inc. | 0.20% | 688,372 | $91.0M | Add +24.3% |
| PCAR Paccar Inc. | 0.20% | 924,951 | $90.9M | Reduce -2.7% |
| C Citigroup Inc. | 0.19% | 889,751 | $90.3M | Reduce -0.2% |
| FTNT Fortinet Inc. | 0.19% | 1,072,094 | $90.1M | Add +9.2% |
Portfolio Sells Q2 2025 → Q3 2025
| MSFT Microsoft Corp. | Reduce -4.8% | 6.84% | −0.48 |
| FISV Fiserv Inc. | Reduce -72.3% | 0.07% | −0.30 |
| V Visa Inc. Class A | Reduce -2.9% | 1.81% | −0.25 |
| META Meta Platforms Inc. Class A | Reduce -3.5% | 2.10% | −0.22 |
| ADBE Adobe Inc. | Reduce -32.9% | 0.26% | −0.19 |
| PGR Progressive Corp. | Reduce -9.1% | 0.60% | −0.16 |
| NFLX Netflix Inc. | Reduce -1.9% | 0.74% | −0.15 |
| BKNG Booking Holdings Inc. | Reduce -12.6% | 0.49% | −0.15 |
| RS Reliance Inc. | Reduce -44.8% | 0.13% | −0.15 |
| ODFL Old Dominion Freight Line | Reduce -55.0% | 0.08% | −0.15 |
| AMAT Applied Materials Inc. | Reduce -38.2% | 0.24% | −0.13 |
| KNSL Kinsale Capital Group Inc. | Reduce -26.0% | 0.20% | −0.13 |
| BRO Brown & Brown Inc. | Reduce -10.8% | 0.26% | −0.11 |
| TT Trane Technologies PLC | Reduce -38.8% | 0.13% | −0.10 |
| ISRG Intuitive Surgical Inc. | Reduce -0.4% | 0.34% | −0.10 |
| KHC The Kraft Heinz Co. | Reduce -76.2% | 0.03% | −0.09 |
| THO Thor Industries Inc. | Reduce -63.3% | 0.06% | −0.09 |
| KKR KKR & Co. Inc. | Reduce -90.6% | 0.01% | −0.08 |
| TSN Tyson Foods Inc. Class A | Reduce -43.3% | 0.09% | −0.08 |
| COST Costco Wholesale Corp. | Reduce -1.6% | 0.46% | −0.07 |
| CRM Salesforce Inc. | Reduce -5.3% | 0.22% | −0.06 |
| OGE Oge Energy Corp. | Sold out | 0.00% | −0.06 |
| IDA Idacorp Inc. | Sold out | 0.00% | −0.06 |
| PG The Procter & Gamble Co. | Reduce -1.2% | 0.52% | −0.06 |
| CSCO Cisco Systems Inc. | Reduce -3.9% | 0.47% | −0.06 |
| ACN Accenture PLC Class A | Reduce -1.9% | 0.18% | −0.06 |
| VRTX Vertex Pharmaceuticals Inc. | Reduce -2.2% | 0.23% | −0.05 |
| ELS Equity Lifestyle Properties | Reduce -14.3% | 0.20% | −0.05 |
| REGN Regeneron Pharmaceuticals | Reduce -90.3% | 0.01% | −0.05 |
| ELV Elevance Health Inc. | Reduce -1.8% | 0.16% | −0.05 |
| AMT American Tower Corp. | Reduce -13.6% | 0.10% | −0.04 |
| ANSS Ansys Inc. | Sold out | 0.00% | −0.04 |
| SYK Stryker Corp. | Reduce -1.3% | 0.27% | −0.04 |
| TNET Trinet Group Inc. | Sold out | 0.00% | −0.04 |
| KO The Coca-Cola Co. | Reduce -0.6% | 0.29% | −0.04 |
| TAP Molson Coors Beverage Co. Class B | Reduce -6.6% | 0.19% | −0.04 |
| MRK Merck & Co. Inc. | Reduce -6.1% | 0.58% | −0.04 |
| CMG Chipotle Mexican Grill Inc. | Reduce -1.7% | 0.07% | −0.04 |
| HES Hess Corp. | Sold out | 0.00% | −0.04 |
| CMCSA Comcast Corp. Class A | Reduce -2.4% | 0.15% | −0.04 |
| FERG Ferguson Enterprises Inc. | Reduce -5.7% | 0.39% | −0.04 |
| DIS The Walt Disney Co. | Reduce -1.5% | 0.21% | −0.04 |
| LAD Lithia Motors Inc. | Reduce -4.9% | 0.17% | −0.03 |
| MA Mastercard Inc. Class A | Reduce -1.2% | 0.51% | −0.03 |
| CME Cme Group Inc. | Reduce -1.5% | 0.31% | −0.03 |
| SPGI S&P Global Inc. | Reduce -1.1% | 0.19% | −0.03 |
| DG Dollar General Corp. | Reduce -7.3% | 0.11% | −0.03 |
| INFY Infosys Ltd.-SP ADR | Reduce -93.0% | 0.00% | −0.03 |
| DE Deere & Co. | Reduce -1.5% | 0.14% | −0.03 |
| LSTR Landstar System Inc. | Sold out | 0.00% | −0.03 |
Portfolio Buys Q2 2025 → Q3 2025
| NVDA Nvidia Corp. | Add +1.8% | 6.82% | +0.80 |
| ORCL Oracle Corp. | Add +40.3% | 0.65% | +0.27 |
| VRT Vertiv Holdings Co. Class A | Add +443.9% | 0.29% | +0.24 |
| AEM Agnico Eagle Mines Ltd. | Add +2697.7% | 0.24% | +0.24 |
| BLD Topbuild Corp. | Add +199.4% | 0.32% | +0.23 |
| SNPS Synopsys Inc. | Add +104.7% | 0.39% | +0.18 |
| PLTR Palantir Technologies Inc. Class A | Add +32.1% | 0.42% | +0.17 |
| INTC Intel Corp. | Add +63.6% | 0.24% | +0.14 |
| MU Micron Technology Inc. | Add +11.3% | 0.41% | +0.12 |
| JNJ Johnson & Johnson | Add +16.6% | 0.44% | +0.11 |
| VST Vistra Corp. | Add +138.4% | 0.18% | +0.10 |
| WPM Wheaton Precious Metals Corp. | Add +1298.1% | 0.10% | +0.09 |
| HD Home Depot Inc. | Add +10.1% | 0.69% | +0.09 |
| LW Lamb Weston Holdings Inc. | Add +195.4% | 0.13% | +0.09 |
| NJR New Jersey Resources Corp. | New | 0.08% | +0.08 |
| STLD Steel Dynamics Inc. | Add +11.9% | 0.60% | +0.08 |
| PEG Public Service Enterprise GP | Add +93.6% | 0.15% | +0.07 |
| PDD PDD Holdings Inc. | Add +24.3% | 0.20% | +0.06 |
| GS Goldman Sachs Group Inc. | Add +9.5% | 0.44% | +0.06 |
| NEM Newmont Corp. | Add +32.3% | 0.13% | +0.06 |
| HOOD Robinhood Markets Inc. Class A | Add +15.1% | 0.13% | +0.05 |
| GEV GE Vernova Inc. | Add +16.1% | 0.23% | +0.05 |
| HALO Halozyme Therapeutics Inc. | Add +3.8% | 0.18% | +0.05 |
| PEP Pepsico Inc. | Add +11.7% | 0.41% | +0.04 |
| GM General Motors Co. | Add +9.2% | 0.19% | +0.04 |
| JPM JPMorgan Chase & Co. | Add +0.1% | 1.54% | +0.04 |
| CVX Chevron Corp. | Add +10.8% | 0.34% | +0.04 |
| GE General Electric | Add +3.1% | 0.33% | +0.04 |
| VLO Valero Energy Corp. | Add +7.2% | 0.17% | +0.04 |
| GLW Corning Inc. | Add +96.5% | 0.05% | +0.03 |
| BX Blackstone Inc. | Add +63.5% | 0.07% | +0.03 |
| AIT Applied Industrial Tech Inc. | Add +8.7% | 0.24% | +0.03 |
| SHOP Shopify Inc. Class A | Add +1.0% | 0.16% | +0.03 |
| WBD Warner Bros Discovery Inc. | Add +253.7% | 0.03% | +0.03 |
| WELL Welltower Inc. | Add +14.5% | 0.13% | +0.03 |
| HWM Howmet Aerospace Inc. | Add +32.3% | 0.10% | +0.02 |
| COF Capital One Financial Corp. | Add +24.9% | 0.16% | +0.02 |
| CVS CVS Health Corp. | Add +20.4% | 0.11% | +0.02 |
| WDC Western Digital Corp. | Add +6.9% | 0.04% | +0.02 |
| NOC Northrop Grumman Corp. | Add +1.3% | 0.15% | +0.02 |
| SW Smurfit Westrock PLC | Add +1136.0% | 0.02% | +0.02 |
| PLD Prologis Inc. | Add +7.7% | 0.19% | +0.02 |
| AME Ametek Inc. | Add +11.7% | 0.21% | +0.02 |
| CG The Carlyle Group Inc. | Add +101.5% | 0.03% | +0.02 |
| CAH Cardinal Health Inc. | Add +59.8% | 0.06% | +0.02 |
| MS Morgan Stanley | Add +1.5% | 0.22% | +0.02 |
| STX Seagate Technology Holdings | Add +0.9% | 0.04% | +0.02 |
| CMI Cummins Inc. | Add +8.2% | 0.07% | +0.02 |
| RDDT Reddit Inc. Class A | Add +944.9% | 0.02% | +0.01 |
| LEN Lennar Corp. Class A | Add +443.9% | 0.02% | +0.01 |
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 |