Railway Pension Investments Ltd
Long book
$7.03B
Q1 2026
Positions
103
Top-10 weight
35%
concentration
Last quarter
+13.7%
SPY +14.8%
Turnover
21%
of book per quarter
Strategy in plain words
auto-generated from filingsRailway Pension Investments Ltd is an institutional manager, running a $7.03B US long book across 103 positions.
The portfolio is moderately concentrated (top 10 ≈ 35% of the book). Turnover is modest: positions are typically held for years. Current anchor positions: MICROSOFT CORP, ALPHABET INC-CL A, NVIDIA CORP, CHENIERE ENERGY INC, AMAZON.COM INC.
Over the last 9 quarters its long book ran on average 1.3pp per quarter behind the S&P 500, beating the index in 2 of 9 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
Q1 2024
+0.5%
Q2 2024
+6.6%
Q3 2024
+0.0%
Q4 2024
-0.6%
Q1 2025
+7.9%
Q2 2025
+4.1%
Q3 2025
+1.1%
Q4 2025
-4.7%
Q1 2026
+13.7%
Sector allocation
Technology 40%
Healthcare 12%
Utilities 11%
Consumer discretionary 11%
Industrials 7%
Other 7%
Services media 6%
Materials 2%
Long book by quarter
What does Railway Pension own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| MSFT MICROSOFT CORP | Technology | 1.0M | $375.1M | 5.3% | -9.7% |
| GOOGL ALPHABET INC-CL A | Technology | 920.2K | $264.6M | 3.8% | -23.2% |
| NVDA NVIDIA CORP | Technology | 1.4M | $245.5M | 3.5% | -7.8% |
| LNG CHENIERE ENERGY INC | Utilities | 855.1K | $242.6M | 3.5% | -7.0% |
| AMZN AMAZON.COM INC | Consumer discretionary | 1.1M | $233.6M | 3.3% | +7.3% |
| AVGO BROADCOM INC | Technology | 754.7K | $233.6M | 3.3% | -7.3% |
| META META PLATFORMS INC-CLASS A | Technology | 399.4K | $228.5M | 3.3% | +16.9% |
| NEE NEXTERA ENERGY INC | Utilities | 2.3M | $216.3M | 3.1% | -7.5% |
| LRCX LAM RESEARCH CORP | Industrials | 982.2K | $209.9M | 3.0% | -5.7% |
| TMO THERMO FISHER SCIENTIFIC INC | Other | 408.9K | $201.0M | 2.9% | -7.6% |
| TXN TEXAS INSTRUMENTS INC | Technology | 981.5K | $190.6M | 2.7% | -2.9% |
| GILD GILEAD SCIENCES INC | Healthcare | 1.3M | $181.6M | 2.6% | -6.9% |
| CEG CONSTELLATION ENERGY | Utilities | 632.8K | $176.7M | 2.5% | +15.7% |
| ABBV ABBVIE INC | Healthcare | 800.8K | $174.2M | 2.5% | -6.9% |
| AAPL APPLE INC | Technology | 681.9K | $173.0M | 2.5% | -9.5% |
| V VISA INC-CLASS A SHARES | Services media | 560.7K | $169.5M | 2.4% | -10.4% |
| SYK STRYKER CORP | Healthcare | 489.8K | $160.9M | 2.3% | +1168.8% |
| JNJ JOHNSON & JOHNSON | Healthcare | 650.0K | $158.9M | 2.3% | -10.1% |
| PANW PALO ALTO NETWORKS INC | Technology | 982.9K | $157.6M | 2.2% | -6.0% |
| MA MASTERCARD INC - A | Services media | 292.5K | $146.1M | 2.1% | -12.5% |
| IDXX IDEXX LABORATORIES INC | Materials | 256.5K | $144.1M | 2.1% | -21.3% |
| PEG PUBLIC SERVICE ENTERPRISE GP | Utilities | 1.7M | $139.4M | 2.0% | -22.6% |
| KLAC KLA CORP | Other | 87.4K | $128.7M | 1.8% | -12.2% |
| QCOM QUALCOMM INC | Technology | 942.6K | $121.4M | 1.7% | -10.0% |
| APH AMPHENOL CORP-CL A | Technology | 847.2K | $107.0M | 1.5% | -9.5% |
| ORLY O'REILLY AUTOMOTIVE INC | Consumer discretionary | 1.2M | $106.7M | 1.5% | -8.2% |
| MCK MCKESSON CORP | Consumer discretionary | 109.7K | $94.9M | 1.4% | -13.0% |
| NOW SERVICENOW INC | Technology | 892.3K | $93.3M | 1.3% | -13.6% |
| CSCO CISCO SYSTEMS INC | Technology | 1.1M | $88.3M | 1.3% | -11.7% |
| MO ALTRIA GROUP INC | Consumer staples | 1.3M | $85.3M | 1.2% | -11.9% |
| FAST FASTENAL CO | Consumer discretionary | 1.7M | $78.3M | 1.1% | -10.5% |
| PH PARKER HANNIFIN CORP | Industrials | 73.4K | $65.7M | 0.9% | -11.7% |
| BMY BRISTOL-MYERS SQUIBB CO | Healthcare | 1.0M | $63.1M | 0.9% | -12.1% |
| EXPE EXPEDIA GROUP INC | Industrials | 265.7K | $61.3M | 0.9% | -19.7% |
| GWW WW GRAINGER INC | Consumer discretionary | 55.2K | $60.2M | 0.9% | -12.5% |
| NTAP NETAPP INC | Technology | 515.1K | $52.7M | 0.8% | -12.6% |
| BKNG BOOKING HOLDINGS INC | Industrials | 11.5K | $48.3M | 0.7% | -17.9% |
| HCA HCA HEALTHCARE INC | Healthcare | 92.4K | $43.7M | 0.6% | -13.4% |
| TJX TJX COMPANIES INC | Consumer discretionary | 267.1K | $42.7M | 0.6% | -12.7% |
| WMT WALMART INC | Consumer discretionary | 340.2K | $42.3M | 0.6% | -12.8% |
| CDNS CADENCE DESIGN SYS INC | Technology | 140.7K | $39.1M | 0.6% | -15.4% |
| MSI MOTOROLA SOLUTIONS INC | Technology | 85.6K | $37.1M | 0.5% | -12.5% |
| TPR TAPESTRY INC | Other | 256.4K | $36.2M | 0.5% | -17.5% |
| CRM SALESFORCE INC | Technology | 191.0K | $35.7M | 0.5% | -19.8% |
| VZ VERIZON COMMUNICATIONS INC | Communications | 705.0K | $35.4M | 0.5% | -12.6% |
| MAR MARRIOTT INTERNATIONAL -CL A | Services media | 106.6K | $34.9M | 0.5% | New |
| ROL ROLLINS INC | Services media | 635.4K | $33.9M | 0.5% | -12.7% |
| ADSK AUTODESK INC | Technology | 138.2K | $33.1M | 0.5% | -19.3% |
| OTIS OTIS WORLDWIDE CORP | Industrials | 410.0K | $31.6M | 0.4% | -12.8% |
| CTAS CINTAS CORP | Other | 177.8K | $30.1M | 0.4% | -12.8% |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 12, 2026 | 103 | $7.03B | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 10, 2026 | 106 | $8.51B | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Oct 22, 2025 | 117 | $7.38B | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 13, 2025 | 210 | $7.08B | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 12, 2025 | 212 | $7.05B | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 12, 2025 | 208 | $7.54B | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 13, 2024 | 215 | $8.34B | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Jul 26, 2024 | 219 | $8.37B | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | Jun 7, 2024 | 220 | $10.28B | canonical | SEC ↗ |
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