Fulcrum Asset Management LLP
Long book
$661.8M
Q1 2026
Positions
219
Top-10 weight
34%
concentration
Last quarter
+5.3%
SPY +14.8%
Turnover
28%
of book per quarter
Strategy in plain words
auto-generated from filingsFulcrum Asset Management LLP is a diversified fundamental manager, running a $661.8M US long book across 219 positions.
The portfolio is moderately concentrated (top 10 ≈ 34% of the book). The portfolio is actively managed, with meaningful quarterly turnover. Current anchor positions: NVIDIA CORP, MICROSOFT CORP, DARLING INGREDIENTS INC, AMAZON.COM INC, BROADCOM INC.
Over the last 4 quarters its long book ran on average 2.4pp per quarter behind the S&P 500, beating the index in 2 of 4 quarters. We rate its filings as signal-bearing: position changes reflect genuine views.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q2 2025
+6.8%
Q3 2025
+2.8%
Q4 2025
-3.3%
Q1 2026
+5.3%
Sector allocation
Technology 26%
Energy 22%
Utilities 13%
Industrials 9%
Financials 6%
Other 5%
Consumer discretionary 4%
Materials 4%
Long book by quarter
What does Fulcrum Asset own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| NVDA NVIDIA CORP | Technology | 297.0K | $49.1M | 7.4% | +36.2% |
| MSFT MICROSOFT CORP | Technology | 70.3K | $25.2M | 3.8% | +19.0% |
| DAR DARLING INGREDIENTS INC | Consumer staples | 365.7K | $22.1M | 3.3% | New |
| AMZN AMAZON.COM INC | Consumer discretionary | 106.4K | $21.4M | 3.2% | +26.3% |
| AVGO BROADCOM INC | Technology | 72.0K | $21.1M | 3.2% | +37.0% |
| HAL HALLIBURTON CO | Energy | 511.9K | $20.1M | 3.0% | New |
| SLB SLB LTD | Energy | 337.7K | $17.4M | 2.6% | +339.5% |
| GOOG ALPHABET INC-CL C | Technology | 63.5K | $17.3M | 2.6% | +44.8% |
| WM WASTE MANAGEMENT INC | Utilities | 71.0K | $16.3M | 2.5% | +369.0% |
| GOOGL ALPHABET INC-CL A | Technology | 50.3K | $13.8M | 2.1% | +12.2% |
| NEE NEXTERA ENERGY INC | Utilities | 145.2K | $13.4M | 2.0% | +128.5% |
| RSG REPUBLIC SERVICES INC | Utilities | 59.9K | $13.3M | 2.0% | +108.3% |
| LBRT LIBERTY ENERGY INC | Energy | 427.1K | $12.3M | 1.9% | New |
| PUMP PROPETRO HOLDING CORP | Energy | 827.7K | $12.1M | 1.8% | New |
| JPM JPMORGAN CHASE & CO | Financials | 38.4K | $10.9M | 1.6% | +4.2% |
| PTEN PATTERSON-UTI ENERGY INC | Energy | 940.7K | $10.4M | 1.6% | New |
| WHD CACTUS INC - A | Industrials | 222.5K | $10.4M | 1.6% | New |
| CF CF INDUSTRIES HOLDINGS INC | Other | 73.2K | $10.1M | 1.5% | New |
| HP HELMERICH & PAYNE | Energy | 272.5K | $9.8M | 1.5% | New |
| DVN DEVON ENERGY CORP | Energy | 181.7K | $9.4M | 1.4% | New |
| GPRE GREEN PLAINS INC | Other | 544.8K | $9.0M | 1.4% | New |
| NOV NOV INC | Industrials | 436.2K | $8.1M | 1.2% | New |
| WCN WASTE CONNECTIONS INC | Utilities | 48.5K | $7.9M | 1.2% | +107.0% |
| PBF PBF ENERGY INC-CLASS A | Energy | 152.6K | $7.7M | 1.2% | New |
| V VISA INC-CLASS A SHARES | Services media | 25.0K | $7.5M | 1.1% | +4.7% |
| FTI TECHNIPFMC PLC | Industrials | 107.5K | $7.3M | 1.1% | New |
| NTR NUTRIEN LTD | Other | 92.0K | $7.0M | 1.1% | +1464.5% |
| MU MICRON TECHNOLOGY INC | Technology | 21.5K | $6.9M | 1.0% | -26.6% |
| MA MASTERCARD INC - A | Services media | 13.3K | $6.6M | 1.0% | +4.5% |
| APH AMPHENOL CORP-CL A | Technology | 53.1K | $6.3M | 1.0% | +264.7% |
| DINO HF SINCLAIR CORP | Energy | 95.3K | $6.0M | 0.9% | New |
| JNJ JOHNSON & JOHNSON | Healthcare | 22.9K | $5.5M | 0.8% | +8.0% |
| AEM AGNICO EAGLE MINES LTD | Materials | 28.5K | $5.5M | 0.8% | +432.9% |
| BKR BAKER HUGHES CO | Industrials | 87.9K | $5.3M | 0.8% | -22.7% |
| PSX PHILLIPS 66 | Energy | 27.7K | $5.1M | 0.8% | New |
| KGC KINROSS GOLD CORP | Materials | 175.3K | $5.0M | 0.8% | +550.0% |
| ES EVERSOURCE ENERGY | Utilities | 65.7K | $4.5M | 0.7% | +3.8% |
| CVX CHEVRON CORP | Energy | 21.3K | $4.5M | 0.7% | New |
| AME AMETEK INC | Technology | 21.5K | $4.5M | 0.7% | +3.8% |
| IBKR INTERACTIVE BROKERS GRO-CL A | Financials | 69.4K | $4.4M | 0.7% | +8.2% |
| CLH CLEAN HARBORS INC | Utilities | 15.6K | $4.4M | 0.7% | +136.8% |
| NBR NABORS INDUSTRIES LTD | Energy | 49.4K | $4.3M | 0.7% | New |
| PGR PROGRESSIVE CORP | Financials | 21.2K | $4.3M | 0.6% | +3.7% |
| MPC MARATHON PETROLEUM CORP | Energy | 17.1K | $4.2M | 0.6% | New |
| RGLD ROYAL GOLD INC | Financials | 17.5K | $4.2M | 0.6% | New |
| OSK OSHKOSH CORP | Industrials | 30.3K | $4.2M | 0.6% | New |
| AMAT APPLIED MATERIALS INC | Technology | 12.9K | $4.2M | 0.6% | +1.9% |
| AA ALCOA CORP | Industrials | 65.7K | $4.2M | 0.6% | New |
| RES RPC INC | Energy | 552.2K | $3.9M | 0.6% | New |
| TDW TIDEWATER INC | Industrials | 47.2K | $3.9M | 0.6% | +35.9% |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 14, 2026 | 220 | $661.8M | canonical | SEC ↗ |
| Q4 2025 | 13F-HR/ARESTATEMENT | Feb 5, 2026 | 182 | $359.4M | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 3, 2026 | 182 | $359.4M | SEC ↗ | |
| Q3 2025 | 13F-HR/ARESTATEMENT | Nov 24, 2025 | 178 | $360.7M | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 18, 2025 | 174 | $135.8M | SEC ↗ | |
| Q2 2025 | 13F-HR/ARESTATEMENT | Nov 24, 2025 | 183 | $350.5M | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 12, 2025 | 101 | $130.1M | SEC ↗ | |
| Q1 2025 | 13F-HR | Apr 24, 2025 | 205 | $516.1M | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 3, 2025 | 16 | $21.4M | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Oct 15, 2024 | 19 | $43.6M | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Jul 15, 2024 | 16 | $32.1M | canonical | SEC ↗ |
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