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Railway Pension Investments Ltd

13F for the quarter to June 30, 2026, filed August 14, 2026 · SEC CIK 1658020

Reported value
$8.0bn
100% in companies we cover
Positions we cover
102
Largest NVDA 5.9%
Copy, a year
+12.1%
S&P 500 +15.9%
Copy Sharpe ratio
0.57
S&P 500 0.72

How copying its 13F would have done

$10.0k$20.0k 20192020202120222023202420252026 $28.4k$22.4k
CopyS&P 500 $10,000 copying Railway Pension Investments Ltd's filed holdings in companies we cover from October 4, 2019, buying on the first trading day after each 13F was filed and holding until the next, against the S&P 500 (total return). Marked weekly, log scale. Before costs and taxes; misses trading within each quarter and anything 13F does not show (shorts, cash, bonds, non-US holdings).

Biggest drop −29.2% (S&P 500 −31.8%); beta 0.90; alpha −2.1% a year (t = −1.11); last 12 months +12.9% against +12.1%.

Reported value by quarter

Railway Pension Investments Ltd: 13F reported value Total value of all positions in each quarter's 13F, as filed (values before 2023 were filed in thousands of dollars and are converted).
$0 $5T $10T Reported value, 2018-12-31: $5B Reported value, 2019-03-31: $7.2B Reported value, 2019-06-30: $7.7B Reported value, 2019-09-30: $8.2B Reported value, 2019-12-31: $8.9B Reported value, 2020-03-31: $7.2B Reported value, 2020-06-30: $8.9B Reported value, 2020-09-30: $9.7B Reported value, 2020-12-31: $10.4B Reported value, 2021-03-31: $10.8B Reported value, 2021-06-30: $12B Reported value, 2021-09-30: $12.3B Reported value, 2021-12-31: $13.4B Reported value, 2022-03-31: $12.9B Reported value, 2022-06-30: $10.2B Reported value, 2022-09-30: $9.2B Reported value, 2022-12-31: $10T Reported value, 2023-03-31: $9.8B Reported value, 2023-06-30: $10B Reported value, 2023-09-30: $9.2B Reported value, 2023-12-31: $9.7B Reported value, 2024-03-31: $10.3B Reported value, 2024-06-30: $8.4B Reported value, 2024-09-30: $8.3B Reported value, 2024-12-31: $7.5B Reported value, 2025-03-31: $7B Reported value, 2025-06-30: $7.1B Reported value, 2025-09-30: $7.4B Reported value, 2025-12-31: $8.5B Reported value, 2026-03-31: $7B Reported value, 2026-06-30: $8B 2018-12-31 2020-06-30 2021-12-31 2023-06-30 2024-12-31 2026-06-30 $8B
View chart data
Period Reported value
2018-12-31 $5B
2019-03-31 $7.2B
2019-06-30 $7.7B
2019-09-30 $8.2B
2019-12-31 $8.9B
2020-03-31 $7.2B
2020-06-30 $8.9B
2020-09-30 $9.7B
2020-12-31 $10.4B
2021-03-31 $10.8B
2021-06-30 $12B
2021-09-30 $12.3B
2021-12-31 $13.4B
2022-03-31 $12.9B
2022-06-30 $10.2B
2022-09-30 $9.2B
2022-12-31 $10T
2023-03-31 $9.8B
2023-06-30 $10B
2023-09-30 $9.2B
2023-12-31 $9.7B
2024-03-31 $10.3B
2024-06-30 $8.4B
2024-09-30 $8.3B
2024-12-31 $7.5B
2025-03-31 $7B
2025-06-30 $7.1B
2025-09-30 $7.4B
2025-12-31 $8.5B
2026-03-31 $7B
2026-06-30 $8B

Holdings and moves

CompanyShare of portfolioValueSharesChange in shares
NVDANVIDIA Corporation5.93%$471.5m2.36M+67.4% Added
AAPLApple Inc.4.80%$382.2m1.32M+93.7% Added
GOOGLAlphabet Inc. (Class A)4.17%$332.0m929.0K+1.0% Added
LRCXLam Research4.11%$327.0m754.7K−23.2% Reduced
AVGOBroadcom4.05%$321.9m852.2K+12.9% Added
KLACKLA Corporation3.52%$279.6m926.7K+960.4% Added
AMZNAmazon2.98%$237.4m996.0K−11.2% Reduced
MSFTMicrosoft Corporation2.89%$230.2m617.2K−39.1% Reduced
TXNTexas Instruments2.85%$226.6m760.4K−22.5% Reduced
VVisa Inc.2.71%$215.7m628.7K+12.1% Added
ANETArista Networks2.53%$201.3m1.18MNew
ABBVAbbVie2.51%$199.5m792.9K−1.0% Reduced
BACBank of America2.50%$198.6m3.49MNew
METAMeta Platforms2.42%$192.8m342.2K−14.3% Reduced
NEENextEra Energy2.27%$180.5m2.06M−11.7% Reduced
TMOThermo Fisher Scientific2.26%$180.0m359.0K−12.2% Reduced
EQIXEquinix2.15%$170.9m164.0K−20.6% Reduced
JNJJohnson & Johnson2.08%$165.1m650.0K0.0%
GILDGilead Sciences2.06%$163.7m1.30M−0.6% Reduced
CEGConstellation Energy1.94%$154.2m621.0K−1.9% Reduced
APHAmphenol1.90%$151.1m857.1K+1.2% Added
QCOMQualcomm1.88%$149.2m807.4K−14.3% Reduced
MAMastercard1.87%$148.8m289.6K−1.0% Reduced
LNGCheniere Energy, Inc.1.76%$140.1m586.3K−31.4% Reduced
CSCOCisco1.74%$138.0m1.18M+3.3% Added
SYKStryker Corporation1.61%$128.4m407.7K−16.8% Reduced
PEGPublic Service Enterprise Group1.39%$110.4m1.36M−21.0% Reduced
MOAltria1.14%$91.0m1.26M−2.2% Reduced
NTAPNetApp1.03%$82.2m531.3K+3.1% Added
MCKMcKesson1.02%$81.3m107.6K−1.9% Reduced
FASTFastenal1.00%$79.5m1.66M−1.8% Reduced
GWWW. W. Grainger0.92%$73.5m54.0K−2.1% Reduced
PHParker Hannifin0.90%$71.8m73.4K0.0%
EXPEExpedia Group0.86%$68.7m268.7K+1.1% Added
INSMInsmed Inc0.81%$64.5m604.7KNew
BMYBristol Myers Squibb0.75%$60.0m1.04M0.0%
CDNSCadence Design Systems Inc0.69%$54.9m146.2K+3.9% Added
TPRTapestry, Inc.0.66%$52.2m356.6K+39.1% Added
TTTrane Technologies0.64%$51.1m104.0K+131.1% Added
ADIAnalog Devices0.63%$50.0m125.9K+102.5% Added
FTNTFortinet0.60%$47.6m309.8KNew
ADBEAdobe Inc.0.56%$44.6m217.8K+146.3% Added
TJXTJX Companies0.52%$40.9m270.2K+1.2% Added
HPQHP Inc.0.49%$39.2m1.79M+24.7% Added
ADSKAutodesk, Inc.0.49%$38.9m200.3K+44.9% Added
FFIVF5, Inc.0.48%$37.9m91.0K+245.7% Added
FTVFortive0.46%$36.9m604.4K+55.5% Added
WSMWilliams-Sonoma, Inc.0.46%$36.3m155.7K0.0%
KEYSKeysight Technologies0.45%$36.1m103.1KNew
HCAHCA Healthcare0.45%$36.0m92.4K0.0%
MSIMotorola Solutions0.45%$35.5m85.6K0.0%
CRMSalesforce0.44%$34.9m223.0K+16.8% Added
IBMIBM0.43%$34.2m121.6K0.0%
INTUIntuit0.42%$33.4m128.0K+149.8% Added
GENGen Digital Inc.0.41%$32.9m1.32M+98.6% Added
CAHCardinal Health0.39%$31.1m131.0K+52.1% Added
HLTHilton Worldwide0.38%$30.5m92.2K+140.1% Added
AMGNAmgen0.38%$30.4m84.0K0.0%
CTASCintas0.38%$30.2m177.8K0.0%
VZVerizon0.36%$28.4m671.9K−4.7% Reduced
OTISOtis Worldwide0.35%$28.3m394.8K−3.7% Reduced
PTCPTC Inc.0.34%$26.7m234.6K+1421.0% Added
ROLRollins, Inc.0.33%$26.5m635.4K0.0%
ROSTRoss Stores0.30%$24.3m114.0K+37.5% Added
ACNAccenture0.30%$23.9m192.1K+113.0% Added
IDXXIdexx Laboratories0.30%$23.9m45.4K−82.3% Reduced
EMEEmcor0.30%$23.8m28.7K+13.1% Added
ITWIllinois Tool Works0.30%$23.6m87.2K+14.5% Added
SNASnap-on0.29%$23.3m57.9K0.0%
CTSHCognizant0.25%$19.6m505.5K+16.3% Added
WDAYWorkday, Inc.0.21%$16.4m134.1KNew
CLColgate-Palmolive0.21%$16.4m178.9K0.0%
CMCSAComcast0.20%$16.2m658.4K−6.6% Reduced
CFCF Industries0.20%$16.1m148.6K−7.2% Reduced
DECKDeckers Brands0.20%$15.8m159.5K+608.8% Added
TRGPTarga Resources0.19%$15.1m56.5KNew
YUMYum! Brands0.19%$15.1m94.6K0.0%
DGXQuest Diagnostics0.18%$14.0m66.0K+91.3% Added
MTDMettler Toledo0.17%$13.9m10.8K+327.2% Added
AMEAmetek0.17%$13.7m56.7K+58.0% Added
CBOECboe Global Markets0.17%$13.6m56.2K+48.7% Added
TRMBTrimble Inc.0.17%$13.4m261.8K0.0%
FNFFidelity National Financial, Inc.0.17%$13.1m278.6K+190.2% Added
EXPDExpeditors International0.15%$12.4m75.8K0.0%
NDSNNordson Corporation0.13%$10.3m34.3KNew
BNYBNY Mellon0.13%$10.2m70.3K0.0%
VRSNVerisign Inc0.13%$10.1m40.2K0.0%
VLTOVeralto0.12%$9.8m111.0K0.0%
VRSKVerisk Analytics, Inc.0.12%$9.7m54.3K−11.6% Reduced
RMDResMed|0.12%$9.5m48.6K+406.0% Added
LLoews Corporation0.09%$7.2m63.4K−16.0% Reduced
ALLAllstate0.09%$7.1m29.8KNew
RPMRPM International Inc0.09%$7.0m63.1KNew
MNSTMonster Beverage0.08%$6.2m64.7K0.0%
TRVThe Travelers Companies0.06%$4.6m13.8K−23.3% Reduced
PMPhilip Morris International0.05%$4.2m23.0K0.0%
MPCMarathon Petroleum0.05%$3.9m15.2KNew
FOXAFox Corporation (Class A)0.04%$3.4m65.1K0.0%
DPZDomino's0.04%$2.9m9.7K0.0%
BRBroadridge Financial Solutions0.03%$2.4m17.7K0.0%
KRKroger0.03%$2.1m37.1K0.0%
CRWDCrowdStrike0.02%$1.7m2.2KNew
CompanyBought (value)Shares
KLACKLA Corporation$253.2m839.3K
ANETArista Networks$201.3m1.18M
BACBank of America$198.6m3.49M
NVDANVIDIA Corporation$189.8m948.6K
AAPLApple Inc.$184.9m638.9K
INSMInsmed Inc$64.5m604.7K
FTNTFortinet$47.6m309.8K
AVGOBroadcom$36.8m97.5K
KEYSKeysight Technologies$36.1m103.1K
TTTrane Technologies$29.0m59.0K
FFIVF5, Inc.$26.9m64.7K
ADBEAdobe Inc.$26.5m129.4K
ADIAnalog Devices$25.3m63.7K
PTCPTC Inc.$24.9m219.2K
VVisa Inc.$23.3m68.0K

Change in shares on the previous quarter's 13F, valued at this quarter's reported price.

CompanySold (value)Shares
PANWPalo Alto Networks−$157.6m−982.9K
MSFTMicrosoft Corporation−$147.8m−396.1K
IDXXIdexx Laboratories−$111.1m−211.1K
ORLYO'Reilly Automotive−$106.7m−1.16M
LRCXLam Research−$98.6m−227.5K
NOWServiceNow−$93.3m−892.3K
TXNTexas Instruments−$65.9m−221.1K
LNGCheniere Energy, Inc.−$64.3m−268.8K
BKNGBooking Holdings−$48.3m−11.5K
EQIXEquinix−$44.3m−42.5K
WMTWalmart−$42.3m−340.2K
MARMarriott International−$34.9m−106.6K
METAMeta Platforms−$32.2m−57.2K
AMZNAmazon−$30.0m−125.8K
PEGPublic Service Enterprise Group−$29.4m−361.7K

Change in shares on the previous quarter's 13F, valued at this quarter's reported price.

CompanyValue last quarterShares
PANWPalo Alto Networks$157.6m982.9K
ORLYO'Reilly Automotive$106.7m1.16M
NOWServiceNow$93.3m892.3K
BKNGBooking Holdings$48.3m11.5K
WMTWalmart$42.3m340.2K
MARMarriott International$34.9m106.6K
GDDYGodaddy Inc.$21.8m263.7K
UHSUniversal Health Services$17.2m95.9K
ITGartner$14.5m91.4K
DOCUDocusign, Inc.$4.1m87.2K
MDTMedtronic$3.9m45.2K
SOLVSolventum$3.1m47.8K
TTANServicetitan, Inc.$270,9744.3K
  • Technology45.2%
  • Health Care15.1%
  • Financials7.8%
  • Communication Services7.2%
  • Consumer Discretionary6.6%
  • Industrials6.6%
  • Utilities5.6%
  • Real Estate2.1%
  • Energy2.0%
  • Consumer Staples1.5%
  • Materials0.3%

Share of the value held in companies we cover, by sector.

PeriodCopy, a yearS&P 500SharpeS&P 500Biggest dropBeta
Whole backtestOctober 4, 2019 to November 2, 2026+12.1%+15.9%0.570.72−29.2%0.90
Last three yearsNovember 3, 2023 to November 2, 2026+18.3%+21.8%1.091.16−12.9%0.81
Last yearNovember 7, 2025 to November 2, 2026+13.9%+14.2%0.880.84−7.2%0.83

From SEC Form 13F data sets. A 13F lists long positions in US-listed shares at the quarter's end, filed up to 45 days later; it does not show shorts, cash, bonds, non-US holdings or trades within the quarter. Positions in companies outside our coverage are not listed here. Research, not investment advice.