XTX Topco Ltd
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), XTX Topco Ltd reported 2,485 stock positions worth $1.9 billion. Its top holding was Nvidia (NVDA) at 1.1% of the portfolio, followed by Invesco QQQ Trust Series 1 (QQQ, 0.9%) and Johnson & Johnson (JNJ, 0.6%). Compared with Q2 2025, it opened 1,220 new positions, sold out of 1,010, added to 548 and reduced 716. The biggest buy was a new position in Johnson & Johnson (JNJ) and the biggest sale Berkshire Hathaway Class B (BRK.B, shares −98%).
- Most Recent 13F
- Q2 2026
- Location
- LONDON, X0
- CIK
- 0001828301
- Portfolio Value
- $1.9B (Q3 2025)
- SEC Filing
- 0001828301-25-000036 ↗ filed Nov 14, 2025
Holdings Value
Holdings 2,485 stocks · $1.9B
| NVDA Nvidia Corp. | 1.10% | 113,431 | $21.2M | Reduce -11.3% |
| QQQ Invesco QQQ Trust Series 1 | 0.86% | 27,604 | $16.6M | Add +86.4% |
| JNJ Johnson & Johnson | 0.59% | 60,929 | $11.3M | New |
| CME Cme Group Inc. | 0.57% | 40,762 | $11.0M | Add +1.9% |
| TMO Thermo Fisher Scientific Inc. | 0.44% | 17,368 | $8.4M | Reduce -26.0% |
| CSCO Cisco Systems Inc. | 0.42% | 116,986 | $8.0M | New |
| BMY Bristol-Myers Squibb Co. | 0.42% | 177,309 | $8.0M | Add +663.2% |
| ENB Enbridge Inc. | 0.38% | 144,697 | $7.3M | New |
| AMT American Tower Corp. | 0.37% | 37,385 | $7.2M | New |
| USB US Bancorp | 0.37% | 148,634 | $7.2M | Add +24.8% |
| AIG American International Group | 0.37% | 90,817 | $7.1M | Reduce -9.2% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.37% | 49,210 | $7.1M | Add +342.2% |
| SO The Southern Co. | 0.32% | 65,214 | $6.2M | New |
| STLA Stellantis NV | 0.31% | 644,504 | $6.0M | New |
| ARES Ares Management Corp. Class A | 0.31% | 37,508 | $6.0M | Add +547.4% |
| AAPL Apple Inc. | 0.31% | 23,402 | $6.0M | Reduce -30.9% |
| IWM iShares Russell 2000 ETF | 0.31% | 24,611 | $6.0M | New |
| JCI Johnson Controls Internation | 0.31% | 53,559 | $5.9M | New |
| WMT Walmart Inc. | 0.30% | 55,725 | $5.7M | Add +690.8% |
| GM General Motors Co. | 0.29% | 92,435 | $5.6M | Reduce -19.9% |
| ECL Ecolab Inc. | 0.29% | 20,396 | $5.6M | Add +978.6% |
| PINS Pinterest Inc. Class A | 0.29% | 171,859 | $5.5M | Add +2931.6% |
| SNAP Snap Inc. Class A | 0.29% | 712,665 | $5.5M | Reduce -3.5% |
| TEL Te Connectivity PLC | 0.27% | 23,770 | $5.2M | New |
| AMP Ameriprise Financial Inc. | 0.27% | 10,597 | $5.2M | Add +157.7% |
| MSFT Microsoft Corp. | 0.27% | 9,906 | $5.1M | Reduce -70.1% |
| RPRX Royalty Pharma PLC Class A | 0.27% | 145,144 | $5.1M | New |
| AMZN Amazon.com Inc. | 0.26% | 23,115 | $5.1M | Reduce -72.3% |
| RCL Royal Caribbean Cruises Ltd. | 0.26% | 15,434 | $5.0M | New |
| UBER Uber Technologies Inc. | 0.26% | 50,427 | $4.9M | New |
| WCN Waste Connections Inc. | 0.26% | 27,983 | $4.9M | New |
| BSX Boston Scientific Corp. | 0.25% | 49,938 | $4.9M | New |
| MMM 3M Co. | 0.25% | 31,389 | $4.9M | Add +98.7% |
| RTX RTX Corp. | 0.25% | 28,816 | $4.8M | New |
| IWB iShares Russell 1000 ETF | 0.25% | 13,054 | $4.8M | Add +929.5% |
| MFC Manulife Financial Corp. | 0.25% | 153,023 | $4.8M | Add +12.1% |
| WSO Watsco Inc. | 0.25% | 11,715 | $4.7M | Add +145.3% |
| AMAT Applied Materials Inc. | 0.24% | 22,792 | $4.7M | New |
| XLI SS Industrial Select Sector | 0.24% | 30,181 | $4.7M | New |
| CART Maplebear Inc. | 0.24% | 125,878 | $4.6M | New |
| FTS Fortis Inc. | 0.23% | 88,756 | $4.5M | Add +169.0% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.23% | 6,754 | $4.5M | Add +418.7% |
| FSLR First Solar Inc. | 0.23% | 20,377 | $4.5M | Add +83.0% |
| TWLO Twilio Inc. Class A | 0.23% | 44,824 | $4.5M | New |
| SNDK Sandisk Corp. | 0.23% | 39,819 | $4.5M | Reduce -6.8% |
| CEG Constellation Energy | 0.23% | 13,450 | $4.4M | New |
| CYBR Cyberark Software Ltd./Israel | 0.23% | 9,058 | $4.4M | New |
| USFD US Foods Holding Corp. | 0.22% | 55,192 | $4.2M | New |
| ABT Abbott Laboratories | 0.22% | 31,563 | $4.2M | New |
| FISV Fiserv Inc. | 0.22% | 32,640 | $4.2M | Add +204.8% |
| T AT&T Inc. | 0.22% | 147,368 | $4.2M | Add +1346.5% |
| KMI Kinder Morgan Inc. | 0.21% | 144,697 | $4.1M | New |
| TRP TC Energy Corp. | 0.21% | 75,251 | $4.1M | Add +74.0% |
| TD Toronto-Dominion Bank | 0.21% | 50,908 | $4.1M | Reduce -52.4% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.21% | 34,771 | $4.0M | New |
| DELL Dell Technologies -C | 0.21% | 28,072 | $4.0M | New |
| MCHP Microchip Technology Inc. | 0.21% | 61,885 | $4.0M | Add +54.2% |
| LITE Lumentum Holdings Inc. | 0.21% | 24,402 | $4.0M | New |
| WFC Wells Fargo & Co. | 0.20% | 46,984 | $3.9M | Reduce -46.4% |
| BNY Bank of New York Mellon Corp. filed as BANK NEW YORK MELLON CORP | 0.20% | 35,938 | $3.9M | Add +81.8% |
| MCD McDonald's Corp. | 0.20% | 12,785 | $3.9M | Reduce -73.9% |
| CFG Citizens Financial Group | 0.20% | 72,719 | $3.9M | New |
| XLV SS Health Care Select Sector | 0.20% | 27,495 | $3.8M | Add +428.8% |
| VRTX Vertex Pharmaceuticals Inc. | 0.20% | 9,690 | $3.8M | Add +114.1% |
| PBA Pembina Pipeline Corp. | 0.20% | 93,485 | $3.8M | Add +133.4% |
| HYG Ishr Ibx Usd Hiyld CB ETF-Ui | 0.19% | 45,740 | $3.7M | New |
| CTSH Cognizant Tech Solutions-A | 0.19% | 55,358 | $3.7M | Add +843.1% |
| DXCM Dexcom Inc. | 0.19% | 55,133 | $3.7M | Add +421.2% |
| SU Suncor Energy Inc. | 0.19% | 88,668 | $3.7M | Reduce -56.1% |
| CI The Cigna Group | 0.19% | 12,860 | $3.7M | New |
| SNOW Snowflake Inc. | 0.19% | 16,297 | $3.7M | Add +191.3% |
| GDDY GoDaddy Inc. Class A | 0.19% | 26,755 | $3.7M | Add +64.0% |
| C Citigroup Inc. | 0.19% | 35,771 | $3.6M | Reduce -69.7% |
| ZM Zoom Communications Inc. | 0.19% | 43,303 | $3.6M | Reduce -37.3% |
| UTHR United Therapeutics Corp. | 0.19% | 8,521 | $3.6M | Add +75.7% |
| MO Altria Group Inc. | 0.18% | 53,236 | $3.5M | Reduce -46.6% |
| HBAN Huntington Bancshares Inc. | 0.18% | 203,179 | $3.5M | New |
| AXS Axis Capital Holdings Ltd. | 0.18% | 36,118 | $3.5M | New |
| TU Telus Corp. | 0.18% | 219,136 | $3.5M | Add +84.7% |
| JPM JPMorgan Chase & Co. | 0.18% | 10,835 | $3.4M | Reduce -39.3% |
| NDAQ Nasdaq Inc. | 0.18% | 38,587 | $3.4M | New |
| KKR KKR & Co. Inc. | 0.18% | 26,254 | $3.4M | Add +698.7% |
| PLTR Palantir Technologies Inc. Class A | 0.17% | 18,448 | $3.4M | New |
| VTR Ventas Inc. | 0.17% | 47,543 | $3.3M | Reduce -53.7% |
| ORLY O'reilly Automotive Inc. | 0.17% | 30,789 | $3.3M | Add +21.3% |
| MRK Merck & Co. Inc. | 0.17% | 39,536 | $3.3M | New |
| FCNCA First Citizens Bcshs Class A | 0.17% | 1,842 | $3.3M | Add +70.7% |
| BCS Barclays PLC-Spons ADR | 0.17% | 156,760 | $3.2M | Reduce -16.0% |
| XRT SS SPDR S&P Retail ETF | 0.17% | 37,550 | $3.2M | Add +339.1% |
| DT Dynatrace Inc. | 0.17% | 66,577 | $3.2M | Add +584.7% |
| CARR Carrier Global Corp. | 0.17% | 53,982 | $3.2M | New |
| KEY Keycorp | 0.17% | 172,140 | $3.2M | New |
| NFLX Netflix Inc. | 0.17% | 2,677 | $3.2M | Add +11.0% |
| PG The Procter & Gamble Co. | 0.17% | 20,782 | $3.2M | Add +149.8% |
| CMS CMS Energy Corp. | 0.16% | 43,207 | $3.2M | Reduce -15.8% |
| AEP American Electric Power | 0.16% | 27,983 | $3.1M | New |
| NTR Nutrien Ltd. | 0.16% | 53,309 | $3.1M | Add +20.9% |
| BTI British American Tob-SP ADR | 0.16% | 58,874 | $3.1M | Reduce -54.4% |
| NTRA Natera Inc. | 0.16% | 19,413 | $3.1M | Add +340.0% |
| FLEX Flex Ltd. | 0.16% | 53,777 | $3.1M | New |
Options reported separately and not counted above: CB calls ($1.3M).
Other holdings (4): bonds, preferreds, convertibles and warrants · $397K (not counted above)
Total filed on the 13F, all lines: $1.9B.
Portfolio Sells Q2 2025 → Q3 2025
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -97.8% | 0.02% | −0.62 |
| PM Philip Morris International | Reduce -83.5% | 0.13% | −0.59 |
| ORCL Oracle Corp. | Reduce -92.3% | 0.08% | −0.55 |
| ADBE Adobe Inc. | Reduce -93.0% | 0.05% | −0.55 |
| AMZN Amazon.com Inc. | Reduce -72.3% | 0.26% | −0.50 |
| PGR Progressive Corp. | Reduce -84.2% | 0.10% | −0.46 |
| V Visa Inc. Class A | Reduce -88.0% | 0.07% | −0.44 |
| APH Amphenol Corp. Class A | Reduce -89.9% | 0.08% | −0.44 |
| MSFT Microsoft Corp. | Reduce -70.1% | 0.27% | −0.42 |
| TMUS T-Mobile US Inc. | Sold out | 0.00% | −0.41 |
| CVX Chevron Corp. | Reduce -91.6% | 0.05% | −0.40 |
| TGT Target Corp. | Reduce -96.2% | 0.02% | −0.39 |
| MCD McDonald's Corp. | Reduce -73.9% | 0.20% | −0.39 |
| MA Mastercard Inc. Class A | Reduce -86.4% | 0.08% | −0.36 |
| K Kellanova | Reduce -77.3% | 0.15% | −0.36 |
| REGN Regeneron Pharmaceuticals | Sold out | 0.00% | −0.33 |
| AJG Arthur J Gallagher & Co. | Reduce -94.1% | 0.03% | −0.32 |
| TSM Taiwan Semiconductor-SP ADR | Reduce -97.9% | 0.01% | −0.32 |
| NOW ServiceNow Inc. | Reduce -95.4% | 0.02% | −0.31 |
| DASH DoorDash Inc. Class A | Reduce -94.0% | 0.03% | −0.30 |
| EXE Expand Energy Corp. | Sold out | 0.00% | −0.30 |
| KVUE Kenvue Inc. | Reduce -91.5% | 0.03% | −0.30 |
| MSI Motorola Solutions Inc. | Sold out | 0.00% | −0.27 |
| WM Waste Management Inc. | Reduce -83.6% | 0.06% | −0.26 |
| DTE DTE Energy Company | Reduce -95.4% | 0.02% | −0.25 |
| ZTS Zoetis Inc. | Reduce -73.5% | 0.11% | −0.24 |
| RSG Republic Services Inc. | Sold out | 0.00% | −0.24 |
| PNC PNC Financial Services Group | Sold out | 0.00% | −0.24 |
| INSM Insmed Inc. | Sold out | 0.00% | −0.24 |
| HAL Halliburton Co. | Sold out | 0.00% | −0.23 |
| C Citigroup Inc. | Reduce -69.7% | 0.19% | −0.23 |
| SJM The JM Smucker Co. | Sold out | 0.00% | −0.23 |
| IR Ingersoll-Rand Inc. | Reduce -81.0% | 0.07% | −0.22 |
| LLY Eli Lilly & Co. | Reduce -66.6% | 0.15% | −0.22 |
| STZ Constellation Brands Inc. Class A | Reduce -91.1% | 0.02% | −0.22 |
| TTWO Take-Two Interactive Softwre | Reduce -87.7% | 0.04% | −0.22 |
| SEIC Sei Investments Company | Sold out | 0.00% | −0.22 |
| GOOGL Alphabet Inc. Class A | Reduce -82.3% | 0.10% | −0.22 |
| BJ Bj's Wholesale Club Holdings | Sold out | 0.00% | −0.21 |
| TFC Truist Financial Corp. | Sold out | 0.00% | −0.21 |
| AVB Avalonbay Communities Inc. | Reduce -94.1% | 0.02% | −0.21 |
| AIT Applied Industrial Tech Inc. | Sold out | 0.00% | −0.21 |
| PLD Prologis Inc. | Sold out | 0.00% | −0.21 |
| THC Tenet Healthcare Corp. | Reduce -96.1% | 0.01% | −0.20 |
| PRMB Primo Brands Corp. | Sold out | 0.00% | −0.20 |
| XBI SS SPDR S&P Biotech ETF | Reduce -88.2% | 0.04% | −0.20 |
| COIN Coinbase Global Inc. Class A | Reduce -79.2% | 0.06% | −0.19 |
| PKG Packaging Corp. of America | Sold out | 0.00% | −0.19 |
| HSY The Hershey Co. | Sold out | 0.00% | −0.19 |
| BXP BXP Inc. | Sold out | 0.00% | −0.19 |
Portfolio Buys Q2 2025 → Q3 2025
| JNJ Johnson & Johnson | New | 0.59% | +0.59 |
| QQQ Invesco QQQ Trust Series 1 | Add +86.4% | 0.86% | +0.52 |
| CSCO Cisco Systems Inc. | New | 0.42% | +0.42 |
| ENB Enbridge Inc. | New | 0.38% | +0.38 |
| AMT American Tower Corp. | New | 0.37% | +0.37 |
| BMY Bristol-Myers Squibb Co. | Add +663.2% | 0.42% | +0.37 |
| SO The Southern Co. | New | 0.32% | +0.32 |
| STLA Stellantis NV | New | 0.31% | +0.31 |
| TJX TJX Companies Inc. | Add +342.2% | 0.37% | +0.31 |
| IWM iShares Russell 2000 ETF | New | 0.31% | +0.31 |
| JCI Johnson Controls Internation | New | 0.31% | +0.31 |
| PINS Pinterest Inc. Class A | Add +2931.6% | 0.29% | +0.28 |
| TEL Te Connectivity PLC | New | 0.27% | +0.27 |
| ARES Ares Management Corp. Class A | Add +547.4% | 0.31% | +0.27 |
| WMT Walmart Inc. | Add +690.8% | 0.30% | +0.27 |
| ECL Ecolab Inc. | Add +978.6% | 0.29% | +0.27 |
| RPRX Royalty Pharma PLC Class A | New | 0.27% | +0.27 |
| RCL Royal Caribbean Cruises Ltd. | New | 0.26% | +0.26 |
| UBER Uber Technologies Inc. | New | 0.26% | +0.26 |
| WCN Waste Connections Inc. | New | 0.26% | +0.26 |
| BSX Boston Scientific Corp. | New | 0.25% | +0.25 |
| RTX RTX Corp. | New | 0.25% | +0.25 |
| AMAT Applied Materials Inc. | New | 0.24% | +0.24 |
| XLI SS Industrial Select Sector | New | 0.24% | +0.24 |
| CART Maplebear Inc. | New | 0.24% | +0.24 |
| TWLO Twilio Inc. Class A | New | 0.23% | +0.23 |
| CEG Constellation Energy | New | 0.23% | +0.23 |
| IWB iShares Russell 1000 ETF | Add +929.5% | 0.25% | +0.23 |
| CYBR Cyberark Software Ltd./Israel | New | 0.23% | +0.23 |
| ABT Abbott Laboratories | New | 0.22% | +0.22 |
| USFD US Foods Holding Corp. | New | 0.22% | +0.22 |
| KMI Kinder Morgan Inc. | New | 0.21% | +0.21 |
| DIS The Walt Disney Co. | New | 0.21% | +0.21 |
| DELL Dell Technologies -C | New | 0.21% | +0.21 |
| LITE Lumentum Holdings Inc. | New | 0.21% | +0.21 |
| T AT&T Inc. | Add +1346.5% | 0.22% | +0.20 |
| CFG Citizens Financial Group | New | 0.20% | +0.20 |
| SPY SS SPDR S&P 500 ETF Trust-US | Add +418.7% | 0.23% | +0.20 |
| HYG Ishr Ibx Usd Hiyld CB ETF-Ui | New | 0.19% | +0.19 |
| CI The Cigna Group | New | 0.19% | +0.19 |
| HBAN Huntington Bancshares Inc. | New | 0.18% | +0.18 |
| AXS Axis Capital Holdings Ltd. | New | 0.18% | +0.18 |
| AMP Ameriprise Financial Inc. | Add +157.7% | 0.27% | +0.18 |
| NDAQ Nasdaq Inc. | New | 0.18% | +0.18 |
| PLTR Palantir Technologies Inc. Class A | New | 0.17% | +0.17 |
| CTSH Cognizant Tech Solutions-A | Add +843.1% | 0.19% | +0.17 |
| MRK Merck & Co. Inc. | New | 0.17% | +0.17 |
| XLV SS Health Care Select Sector | Add +428.8% | 0.20% | +0.17 |
| FTS Fortis Inc. | Add +169.0% | 0.23% | +0.17 |
| CARR Carrier Global Corp. | New | 0.17% | +0.17 |
Options Activity Q2 2025 → Q3 2025
| CB Chubb Ltd. | call | New | 4,477 | $1.3M |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q2 2025 → Q3 2025
| ARQQW Arqit Quantum Inc. -CW26 | *W EXP 09/03/202 | New | 8,396 | $325K |
| VLNWF Valens Semiconductor -CW26 | *W EXP 09/30/202 | New | 29,135 | $52K |
| RVSNW Rail Vision Ltd.-CW27 | *W EXP 03/27/202 | New | 41,431 | $18K |
| MSPRZ MSP Recovery -CW26 | *W EXP 05/23/202 | New | 858,922 | $2K |
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 | 4,087 | $7.7B | CVX, BRK.B, SMH, CME, NFLX |
| Q1 2026 | 3,773 | $5.8B | EWY, SPY, DIA, CME, NVDA |
| Q4 2025 | 3,255 | $3.8B | PG, JPM, NVDA, SPY, AAPL |
| Q3 2025 | 2,485 | $1.9B | NVDA, QQQ, JNJ, CME, TMO |
| Q2 2025 | 2,275 | $2.4B | NVDA, AMZN, PM, MSFT, BRK.B |
| Q1 2025 | 2,330 | $2.0B | CME, MCD, NFLX, CRH, GE |
| Q4 2024 | 2,206 | $1.2B | UNH, CME, NVDA, TSLA, WMT |
| Q3 2024 | 2,013 | $1.4B | V, NFLX, META, NVDA, CME |
| Q2 2024 | 1,784 | $1.2B | AAPL, META, MSFT, GOOG, CVX |
| Q1 2024 | 1,775 | $741.8M | SMCI, TSLA, META, GE, REGN |