XTX Topco Ltd

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), XTX Topco Ltd reported 3,255 stock positions worth $3.8 billion. Its top holding was Procter & Gamble (PG) at 0.7% of the portfolio, followed by JPMorgan Chase (JPM, 0.7%) and Nvidia (NVDA, 0.7%). Compared with Q3 2025, it opened 1,494 new positions, sold out of 726, added to 1,107 and reduced 652. The biggest buy was Procter & Gamble (PG, shares +836%) and the biggest sale Invesco QQQ Trust Series 1 (QQQ, shares −47%).

Most Recent 13F
Q2 2026
Location
LONDON, X0
CIK
0001828301
Portfolio Value
$3.8B (Q4 2025)
SEC Filing
0001828301-26-000001 ↗ filed Feb 17, 2026

Holdings Value

0$2.0B$4.0B$6.0B$8.0B Q1 2024: $741.8M Q1 2024 Q2 2024: $1.2B Q2 2024 Q3 2024: $1.4B Q3 2024 Q4 2024: $1.2B Q4 2024 Q1 2025: $2.0B Q1 2025 Q2 2025: $2.4B Q2 2025 Q3 2025: $1.9B Q3 2025 Q4 2025: $3.8B $3.8B Q4 2025 Q1 2026: $5.8B Q1 2026 Q2 2026: $7.7B Q2 2026

Holdings 3,255 stocks · $3.8B
PG The Procter & Gamble Co. 0.73% 194,429 $27.9M Add +835.6%
JPM JPMorgan Chase & Co. 0.68% 80,927 $26.1M Add +646.9%
NVDA Nvidia Corp. 0.66% 134,487 $25.1M Add +18.6%
SPY SS SPDR S&P 500 ETF Trust-US 0.64% 35,938 $24.5M Add +432.1%
AAPL Apple Inc. 0.57% 79,600 $21.6M Add +240.1%
CME Cme Group Inc. 0.53% 73,956 $20.2M Add +81.4%
KR Kroger Co. 0.46% 277,580 $17.3M Add +6023.5%
T AT&T Inc. 0.44% 675,689 $16.8M Add +358.5%
VTI VG Morningstar TS MKT ETF-US 0.41% 46,771 $15.7M New
TMUS T-Mobile US Inc. 0.40% 74,738 $15.2M New
FCNCA First Citizens Bcshs Class A 0.38% 6,703 $14.4M Add +263.9%
SPGI S&P Global Inc. 0.37% 26,829 $14.0M New
ACI Albertsons Cos Inc. Class A 0.36% 790,089 $13.6M Add +2062.7%
ORLY O'reilly Automotive Inc. 0.34% 140,632 $12.8M Add +356.8%
OBDC Blue Owl Capital Corp. 0.30% 934,403 $11.6M New
TAP Molson Coors Beverage Co. Class B 0.29% 236,823 $11.1M Add +952.8%
ETN Eaton Corp. PLC 0.28% 33,910 $10.8M New
A Agilent Technologies Inc. 0.28% 78,256 $10.6M New
PYPL PayPal Holdings Inc. 0.28% 181,062 $10.6M Add +752.0%
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.28% 192,004 $10.6M Add +620.0%
FYBR Frontier Communications Pare 0.27% 266,442 $10.1M Add +1717.2%
O Realty Income Corp. 0.27% 179,632 $10.1M Add +653.9%
DBX Dropbox Inc. Class A 0.27% 363,777 $10.1M Add +259.1%
AVGO Broadcom Inc. 0.26% 28,796 $10.0M Add +658.0%
MDLZ Mondelez International Inc. Class A 0.26% 182,025 $9.8M New
ARCC Ares Capital Corp. 0.26% 482,915 $9.8M New
DOCU Docusign Inc. 0.25% 140,997 $9.6M Add +330.4%
NVR NVR Inc. 0.25% 1,317 $9.6M Add +458.1%
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.25% 83,911 $9.5M Add +141.3%
TRV The Travelers Cos Inc. 0.25% 32,507 $9.4M New
ADBE Adobe Inc. 0.25% 26,929 $9.4M Add +945.4%
RITM Rithm Capital Corp. 0.25% 856,883 $9.3M Add +7463.0%
AMP Ameriprise Financial Inc. 0.24% 18,895 $9.3M Add +78.3%
AFL Aflac Inc. 0.24% 82,366 $9.1M New
VST Vistra Corp. 0.24% 55,517 $9.0M New
QQQ Invesco QQQ Trust Series 1 0.23% 14,545 $8.9M Reduce -47.3%
NTNX Nutanix Inc. Class A 0.23% 168,956 $8.7M Add +757.4%
XEL Xcel Energy Inc. 0.22% 115,733 $8.5M Add +308.2%
PFE Pfizer Inc. 0.22% 342,375 $8.5M New
WTW Willis Towers Watson PLC 0.22% 25,924 $8.5M New
IBN Icici Bank Ltd.-Spon ADR 0.22% 284,203 $8.5M Add +217.9%
CCI Crown Castle Inc. 0.22% 94,400 $8.4M New
AMZN Amazon.com Inc. 0.22% 36,302 $8.4M Add +57.0%
UBER Uber Technologies Inc. 0.22% 102,546 $8.4M Add +103.4%
MUFG Mitsubishi Ufj Finl-Spon ADR 0.22% 526,856 $8.4M Add +714.2%
FDS Factset Research Systems Inc. 0.22% 28,728 $8.3M Add +1449.5%
COP Conocophillips 0.22% 88,474 $8.3M Add +1173.9%
DOW Dow Inc. 0.22% 350,576 $8.2M New
MPC Marathon Petroleum Corp. 0.22% 50,390 $8.2M Add +338.0%
EG Everest Group Ltd. 0.21% 24,075 $8.2M New
NWSA News Corp. Class A 0.21% 310,109 $8.1M Add +579.8%
ZG Zillow Group Inc. Class A 0.21% 117,388 $8.0M New
WBD Warner Bros Discovery Inc. 0.21% 276,794 $8.0M Add +239.8%
AMT American Tower Corp. 0.21% 45,004 $7.9M Add +20.4%
DT Dynatrace Inc. 0.21% 182,295 $7.9M Add +173.8%
REXR Rexford Industrial Realty Inc. 0.20% 199,747 $7.7M Add +2164.7%
CMG Chipotle Mexican Grill Inc. 0.20% 208,357 $7.7M Add +754.3%
MSFT Microsoft Corp. 0.20% 15,625 $7.6M Add +57.7%
ETR Entergy Corp. 0.20% 81,487 $7.5M New
LMT Lockheed Martin Corp. 0.20% 15,394 $7.4M New
DIA SS SPDR Dow Jones Indus Avg filed as SPDR DOW JONES INDL AVERAGE 0.20% 15,471 $7.4M Add +1117.2%
ALL Allstate Corp. 0.19% 35,358 $7.4M Add +479.1%
WDAY Workday Inc. Class A 0.19% 33,886 $7.3M Add +474.5%
CNH CNH Industrial NV 0.19% 772,873 $7.1M Add +1377.7%
PLTR Palantir Technologies Inc. Class A 0.19% 39,710 $7.1M Add +115.3%
FSK FS KKR Capital Corp. 0.19% 476,236 $7.1M New
HXL Hexcel Corp. 0.18% 91,778 $6.8M New
NOW ServiceNow Inc. 0.18% 43,705 $6.7M Add +2397.4%
MORN Morningstar Inc. 0.17% 30,112 $6.5M Add +1007.1%
RJF Raymond James Financial Inc. 0.17% 40,621 $6.5M Add +668.2%
DOCS Doximity Inc. Class A 0.17% 146,782 $6.5M Add +1502.6%
MU Micron Technology Inc. 0.17% 22,648 $6.5M Add +641.6%
AGCO Agco Corp. 0.17% 61,070 $6.4M New
ACN Accenture PLC Class A 0.17% 23,680 $6.4M Add +718.5%
ABT Abbott Laboratories 0.16% 50,123 $6.3M Add +58.8%
BKNG Booking Holdings Inc. 0.16% 1,166 $6.2M New
ACM Aecom 0.16% 65,494 $6.2M Add +384.5%
CYBR Cyberark Software Ltd./Israel 0.16% 13,956 $6.2M Add +54.1%
MMM 3M Co. 0.16% 38,634 $6.2M Add +23.1%
VICI Vici Properties Inc. filed as VICI PPTYS INC 0.16% 219,721 $6.2M Add +2907.8%
HPQ HP Inc. 0.16% 274,943 $6.1M Add +654.8%
V Visa Inc. Class A 0.16% 17,456 $6.1M Add +313.8%
LUV Southwest Airlines Co. 0.16% 147,900 $6.1M New
VALE Vale SA-SP ADR 0.16% 467,887 $6.1M Add +521.9%
MGM MGM Resorts International 0.16% 166,878 $6.1M Add +2014.5%
DE Deere & Co. 0.16% 13,074 $6.1M Add +401.9%
ZM Zoom Communications Inc. 0.16% 70,133 $6.1M Add +62.0%
NXPI NXP Semiconductors NV 0.16% 27,715 $6.0M New
OXY Occidental Petroleum Corp. 0.16% 145,714 $6.0M New
DEO Diageo PLC-Sponsored ADR 0.16% 68,940 $5.9M Add +1481.6%
C Citigroup Inc. 0.16% 50,836 $5.9M Add +42.1%
AMAT Applied Materials Inc. 0.16% 23,014 $5.9M Add +1.0%
VMC Vulcan Materials Co. 0.15% 20,582 $5.9M New
AXSM Axsome Therapeutics Inc. 0.15% 31,854 $5.8M Add +1632.1%
LYB Lyondellbasell Indu Class A 0.15% 132,988 $5.8M Add +1544.5%
SPOT Spotify Technology SA 0.15% 9,913 $5.8M New
CYTK Cytokinetics Inc. 0.15% 90,579 $5.8M Add +2170.2%
BLD Topbuild Corp. 0.15% 13,647 $5.7M New
KHC The Kraft Heinz Co. 0.15% 234,526 $5.7M New
CHE Chemed Corp. 0.15% 13,030 $5.6M Add +2053.7%

Show all 3,255 holdings

Portfolio Sells Q3 2025 → Q4 2025
QQQ Invesco QQQ Trust Series 1 Reduce -47.3% 0.23% −0.63
JNJ Johnson & Johnson Sold out 0.00% −0.59
TMO Thermo Fisher Scientific Inc. Sold out 0.00% −0.44
BMY Bristol-Myers Squibb Co. Reduce -97.8% 0.01% −0.41
CSCO Cisco Systems Inc. Reduce -92.4% 0.02% −0.40
AIG American International Group Sold out 0.00% −0.37
USB US Bancorp Reduce -77.6% 0.05% −0.33
ENB Enbridge Inc. Reduce -68.6% 0.06% −0.32
SO The Southern Co. Reduce -94.2% 0.01% −0.31
ARES Ares Management Corp. Class A Sold out 0.00% −0.31
STLA Stellantis NV Reduce -93.5% 0.01% −0.30
ECL Ecolab Inc. Sold out 0.00% −0.29
WMT Walmart Inc. Reduce -84.4% 0.03% −0.27
TJX TJX Companies Inc. Reduce -50.1% 0.10% −0.27
RPRX Royalty Pharma PLC Class A Sold out 0.00% −0.27
GM General Motors Co. Reduce -79.5% 0.04% −0.25
JCI Johnson Controls Internation Reduce -67.2% 0.06% −0.25
TEL Te Connectivity PLC Reduce -84.9% 0.02% −0.25
RCL Royal Caribbean Cruises Ltd. Reduce -90.6% 0.01% −0.25
RTX RTX Corp. Reduce -95.8% 0.01% −0.24
FSLR First Solar Inc. Sold out 0.00% −0.23
PINS Pinterest Inc. Class A Reduce -39.8% 0.07% −0.22
LITE Lumentum Holdings Inc. Sold out 0.00% −0.21
SNDK Sandisk Corp. Reduce -88.8% 0.03% −0.20
TD Toronto-Dominion Bank Reduce -90.8% 0.01% −0.20
VRTX Vertex Pharmaceuticals Inc. Sold out 0.00% −0.20
SNAP Snap Inc. Class A Reduce -40.6% 0.09% −0.20
HYG Ishr Ibx Usd Hiyld CB ETF-Ui Sold out 0.00% −0.19
CTSH Cognizant Tech Solutions-A Sold out 0.00% −0.19
XLV SS Health Care Select Sector Reduce -93.1% 0.01% −0.19
WFC Wells Fargo & Co. Reduce -87.7% 0.01% −0.19
IWM iShares Russell 2000 ETF Reduce -22.6% 0.12% −0.19
MFC Manulife Financial Corp. Reduce -57.2% 0.06% −0.19
GDDY GoDaddy Inc. Class A Reduce -92.8% 0.01% −0.18
WCN Waste Connections Inc. Reduce -43.1% 0.07% −0.18
CART Maplebear Inc. Reduce -60.7% 0.06% −0.18
NDAQ Nasdaq Inc. Sold out 0.00% −0.18
CEG Constellation Energy Reduce -57.3% 0.05% −0.18
TU Telus Corp. Reduce -94.7% 0.00% −0.18
FTS Fortis Inc. Reduce -51.4% 0.06% −0.17
CFG Citizens Financial Group Reduce -76.2% 0.03% −0.17
TWLO Twilio Inc. Class A Reduce -64.7% 0.06% −0.17
MRK Merck & Co. Inc. Sold out 0.00% −0.17
AXS Axis Capital Holdings Ltd. Reduce -90.8% 0.01% −0.17
PBA Pembina Pipeline Corp. Reduce -70.7% 0.03% −0.17
XRT SS SPDR S&P Retail ETF Sold out 0.00% −0.17
MCD McDonald's Corp. Reduce -65.1% 0.04% −0.17
FISV Fiserv Inc. Reduce -7.3% 0.05% −0.17
UTHR United Therapeutics Corp. Reduce -81.4% 0.02% −0.17
VTR Ventas Inc. Reduce -91.4% 0.01% −0.16

Portfolio Buys Q3 2025 → Q4 2025
PG The Procter & Gamble Co. Add +835.6% 0.73% +0.57
JPM JPMorgan Chase & Co. Add +646.9% 0.68% +0.51
KR Kroger Co. Add +6023.5% 0.46% +0.44
VTI VG Morningstar TS MKT ETF-US New 0.41% +0.41
SPY SS SPDR S&P 500 ETF Trust-US Add +432.1% 0.64% +0.41
TMUS T-Mobile US Inc. New 0.40% +0.40
SPGI S&P Global Inc. New 0.37% +0.37
ACI Albertsons Cos Inc. Class A Add +2062.7% 0.36% +0.32
OBDC Blue Owl Capital Corp. New 0.30% +0.30
ETN Eaton Corp. PLC New 0.28% +0.28
A Agilent Technologies Inc. New 0.28% +0.28
AAPL Apple Inc. Add +240.1% 0.57% +0.26
MDLZ Mondelez International Inc. Class A New 0.26% +0.26
ARCC Ares Capital Corp. New 0.26% +0.26
TRV The Travelers Cos Inc. New 0.25% +0.25
RITM Rithm Capital Corp. Add +7463.0% 0.25% +0.24
AFL Aflac Inc. New 0.24% +0.24
FYBR Frontier Communications Pare Add +1717.2% 0.27% +0.24
TAP Molson Coors Beverage Co. Class B Add +952.8% 0.29% +0.24
VST Vistra Corp. New 0.24% +0.24
T AT&T Inc. Add +358.5% 0.44% +0.22
PFE Pfizer Inc. New 0.22% +0.22
WTW Willis Towers Watson PLC New 0.22% +0.22
CCI Crown Castle Inc. New 0.22% +0.22
DOW Dow Inc. New 0.22% +0.22
EG Everest Group Ltd. New 0.21% +0.21
ZG Zillow Group Inc. Class A New 0.21% +0.21
FCNCA First Citizens Bcshs Class A Add +263.9% 0.38% +0.21
BAC Bank of America Corp. Add +620.0% 0.28% +0.21
PYPL PayPal Holdings Inc. Add +752.0% 0.28% +0.20
ADBE Adobe Inc. Add +945.4% 0.25% +0.20
ETR Entergy Corp. New 0.20% +0.20
AVGO Broadcom Inc. Add +658.0% 0.26% +0.20
LMT Lockheed Martin Corp. New 0.20% +0.20
FDS Factset Research Systems Inc. Add +1449.5% 0.22% +0.19
O Realty Income Corp. Add +653.9% 0.27% +0.19
FSK FS KKR Capital Corp. New 0.19% +0.19
REXR Rexford Industrial Realty Inc. Add +2164.7% 0.20% +0.18
COP Conocophillips Add +1173.9% 0.22% +0.18
HXL Hexcel Corp. New 0.18% +0.18
AGCO Agco Corp. New 0.17% +0.17
MUFG Mitsubishi Ufj Finl-Spon ADR Add +714.2% 0.22% +0.17
DIA SS SPDR Dow Jones Indus Avg Add +1117.2% 0.20% +0.16
ORLY O'reilly Automotive Inc. Add +356.8% 0.34% +0.16
BKNG Booking Holdings Inc. New 0.16% +0.16
LUV Southwest Airlines Co. New 0.16% +0.16
NOW ServiceNow Inc. Add +2397.4% 0.18% +0.16
NXPI NXP Semiconductors NV New 0.16% +0.16
CNH CNH Industrial NV Add +1377.7% 0.19% +0.16
OXY Occidental Petroleum Corp. New 0.16% +0.16

Options Activity Q3 2025 → Q4 2025
CB Chubb Ltd. call Sold out 4,477 $1.3Mbefore exit

Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.

Notes & Other Activity Q3 2025 → Q4 2025
ARQQW Arqit Quantum Inc. -CW26 *W EXP 09/03/202 Sold out 8,396 $325Kbefore exit
VLNWF Valens Semiconductor -CW26 *W EXP 09/30/202 Sold out 29,135 $52Kbefore exit
RVSNW Rail Vision Ltd.-CW27 *W EXP 03/27/202 Sold out 41,431 $18Kbefore exit
MSPRZ MSP Recovery -CW26 *W EXP 05/23/202 Sold out 858,922 $2Kbefore exit

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 4,087$7.7BCVX, BRK.B, SMH, CME, NFLX
Q1 2026 3,773$5.8BEWY, SPY, DIA, CME, NVDA
Q4 2025 3,255$3.8BPG, JPM, NVDA, SPY, AAPL
Q3 2025 2,485$1.9BNVDA, QQQ, JNJ, CME, TMO
Q2 2025 2,275$2.4BNVDA, AMZN, PM, MSFT, BRK.B
Q1 2025 2,330$2.0BCME, MCD, NFLX, CRH, GE
Q4 2024 2,206$1.2BUNH, CME, NVDA, TSLA, WMT
Q3 2024 2,013$1.4BV, NFLX, META, NVDA, CME
Q2 2024 1,784$1.2BAAPL, META, MSFT, GOOG, CVX
Q1 2024 1,775$741.8MSMCI, TSLA, META, GE, REGN