Board of the Pension Protection Fund
Long book
$108.8M
Q1 2026
Positions
156
Top-10 weight
18%
concentration
Last quarter
+19.5%
SPY +14.8%
Turnover
47%
of book per quarter
Strategy in plain words
auto-generated from filingsBoard of the Pension Protection Fund is a quantitative fund whose holdings reflect models, not opinions, running a $108.8M US long book across 156 positions.
The portfolio is broadly diversified across 156 positions (top 10 only 18%). The portfolio is actively managed, with meaningful quarterly turnover. Current anchor positions: DELL TECHNOLOGIES -C, CELESTICA INC, TWILIO INC - A, OPEN TEXT CORP, HEWLETT PACKARD ENTERPRISE.
Over the last 6 quarters its long book ran on average 1.6pp per quarter ahead of the S&P 500, beating the index in 5 of 6 quarters. Signal value of individual moves is limited — treat changes as weak evidence.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q4 2024
+0.1%
Q1 2025
+11.1%
Q2 2025
+7.2%
Q3 2025
+3.1%
Q4 2025
-3.4%
Q1 2026
+19.5%
Sector allocation
Technology 37%
Financials 20%
Utilities 12%
Services media 10%
Industrials 8%
Communications 4%
Other 4%
Consumer discretionary 3%
Long book by quarter
What does Board of own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| DELL DELL TECHNOLOGIES -C | Technology | 14.5K | $2.4M | 2.2% | +30.6% |
| CLS CELESTICA INC | Technology | 5.1K | $2.0M | 1.8% | New |
| TWLO TWILIO INC - A | Technology | 15.8K | $2.0M | 1.8% | +21.5% |
| OTEX OPEN TEXT CORP | Technology | 63.6K | $2.0M | 1.8% | New |
| HPE HEWLETT PACKARD ENTERPRISE | Technology | 82.7K | $2.0M | 1.8% | +15.5% |
| GIB CGI INC | Services media | 19.2K | $2.0M | 1.8% | New |
| EIX EDISON INTERNATIONAL | Utilities | 26.5K | $1.9M | 1.8% | -6.4% |
| ZM ZOOM COMMUNICATIONS INC | Technology | 22.8K | $1.8M | 1.7% | +6.5% |
| PCG P G & E CORP | Utilities | 102.8K | $1.8M | 1.7% | -9.7% |
| NTAP NETAPP INC | Technology | 17.5K | $1.8M | 1.6% | +2400.0% |
| EXC EXELON CORP | Utilities | 36.1K | $1.8M | 1.6% | +1344.0% |
| PYPL PAYPAL HOLDINGS INC | Services media | 39.1K | $1.8M | 1.6% | +3454.5% |
| FLEX FLEX LTD | Technology | 26.9K | $1.8M | 1.6% | Held |
| ATO ATMOS ENERGY CORP | Utilities | 9.3K | $1.7M | 1.6% | +2225.0% |
| TRMB TRIMBLE INC | Other | 26.3K | $1.7M | 1.6% | +5160.0% |
| MRVL MARVELL TECHNOLOGY INC | Technology | 17.3K | $1.7M | 1.6% | New |
| OMC OMNICOM GROUP | Services media | 22.5K | $1.7M | 1.6% | +3.7% |
| DSGX DESCARTES SYSTEMS GRP/THE | Technology | 17.0K | $1.7M | 1.6% | New |
| DOCU DOCUSIGN INC | Technology | 35.2K | $1.7M | 1.5% | +46.7% |
| GPN GLOBAL PAYMENTS INC | Services media | 24.5K | $1.6M | 1.5% | +32.4% |
| OKTA OKTA INC | Technology | 20.5K | $1.6M | 1.5% | +3316.7% |
| L LOEWS CORP | Financials | 15.1K | $1.6M | 1.5% | -5.0% |
| NI NISOURCE INC | Utilities | 34.2K | $1.6M | 1.5% | +1700.0% |
| LVS LAS VEGAS SANDS CORP | Services media | 29.5K | $1.6M | 1.5% | New |
| SSNC SS&C TECHNOLOGIES HOLDINGS | Technology | 22.9K | $1.5M | 1.4% | +2762.5% |
| SYF SYNCHRONY FINANCIAL | Financials | 22.7K | $1.5M | 1.4% | +14.6% |
| FWONA LIBERTY MEDIA CORP-FORMULA-A | Communications | 19.6K | $1.5M | 1.4% | +21.0% |
| NWS NEWS CORP - CLASS B | Other | 53.2K | $1.5M | 1.4% | +2.5% |
| BEN FRANKLIN RESOURCES INC | Financials | 63.4K | $1.5M | 1.4% | -5.1% |
| DAL DELTA AIR LINES INC | Industrials | 22.5K | $1.5M | 1.4% | +2.7% |
| PTC PTC INC | Technology | 10.4K | $1.5M | 1.4% | +5100.0% |
| CINF CINCINNATI FINANCIAL CORP | Financials | 9.4K | $1.5M | 1.4% | -5.1% |
| HIG HARTFORD INSURANCE GROUP INC | Financials | 10.9K | $1.5M | 1.4% | -4.4% |
| RF REGIONS FINANCIAL CORP | Financials | 55.4K | $1.4M | 1.3% | -7.8% |
| CTSH COGNIZANT TECH SOLUTIONS-A | Technology | 23.5K | $1.4M | 1.3% | +15.8% |
| CDW CDW CORP/DE | Consumer discretionary | 11.9K | $1.4M | 1.3% | +46.9% |
| GDDY GODADDY INC - CLASS A | Technology | 17.3K | $1.4M | 1.3% | +46.6% |
| TXT TEXTRON INC | Industrials | 16.3K | $1.4M | 1.3% | -7.4% |
| GEN GEN DIGITAL INC | Technology | 73.8K | $1.4M | 1.3% | +24.9% |
| FOX FOX CORP - CLASS B | Communications | 26.1K | $1.4M | 1.3% | -5.1% |
| HBAN HUNTINGTON BANCSHARES INC | Financials | 87.2K | $1.4M | 1.3% | -7.1% |
| FOXA FOX CORP - CLASS A | Communications | 23.3K | $1.4M | 1.3% | -4.9% |
| PRU PRUDENTIAL FINANCIAL INC | Financials | 13.9K | $1.4M | 1.2% | -0.7% |
| RJF RAYMOND JAMES FINANCIAL INC | Financials | 9.3K | $1.3M | 1.2% | +2225.0% |
| UAL UNITED AIRLINES HOLDINGS INC | Industrials | 14.1K | $1.3M | 1.2% | +2.2% |
| EQH EQUITABLE HOLDINGS INC | Financials | 34.6K | $1.3M | 1.2% | -0.3% |
| HPQ HP INC | Technology | 66.6K | $1.3M | 1.2% | +12.7% |
| SMCI SUPER MICRO COMPUTER INC | Technology | 56.1K | $1.3M | 1.2% | +73.7% |
| FNF FIDELITY NATIONAL FINANCIAL | Financials | 27.2K | $1.3M | 1.2% | -2.9% |
| PINS PINTEREST INC- CLASS A | Technology | 67.8K | $1.2M | 1.1% | +34.0% |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | Apr 27, 2026 | 156 | $108.8M | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Jan 6, 2026 | 251 | $105.1M | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Oct 9, 2025 | 144 | $102.1M | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Jul 25, 2025 | 99 | $92.5M | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | Apr 24, 2025 | 141 | $87.6M | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Jan 14, 2025 | 135 | $86.6M | canonical | SEC ↗ |
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