Royal London Asset Management LTD
Reported US equity positions for Q1 2026 — $47.7B across 688 positions.
| Holding | Reported value | Share of portfolio | Shares |
|---|---|---|---|
| NVDA NVIDIA Corporation | $3.1B | 6.6% | 17,934,981 |
| AAPL Apple Inc. | $2.5B | 5.3% | 9,979,214 |
| MSFT Microsoft Corporation | $2.1B | 4.4% | 5,685,840 |
| G0593M107 Astrazeneca PLC | $2.0B | 4.3% | 10,299,563 |
| GOOGL Alphabet Inc. | $2.0B | 4.2% | 7,013,933 |
| AMZN Amazon.com, Inc. | $1.8B | 3.9% | 8,836,266 |
| AVGO Broadcom Inc. | $1.3B | 2.6% | 4,063,473 |
| META Meta Platforms, Inc. | $765.5M | 1.6% | 1,337,988 |
| V Visa Inc. | $676.8M | 1.4% | 2,239,159 |
| JPM JP Morgan Chase & Co. | $653.0M | 1.4% | 2,219,889 |
| LLY Eli Lilly and Company | $603.9M | 1.3% | 656,585 |
| GOOG Alphabet Inc. - Class C Capital Stock | $583.8M | 1.2% | 2,035,277 |
| TSLA Tesla, Inc. | $581.1M | 1.2% | 1,563,166 |
| TSM Taiwan Semiconductor Manufacturing Company Ltd. | $538.2M | 1.1% | 1,592,638 |
| BRK.B Berkshire Hathaway Inc. | $457.4M | 1.0% | 954,605 |
| MELI MercadoLibre, Inc. | $381.5M | 0.8% | 220,654 |
| XOM ExxonMobil Holdings Corporation | $379.7M | 0.8% | 2,238,022 |
| MRK Merck & Company, Inc. Common Stock (new) | $348.4M | 0.7% | 2,896,154 |
| MU Micron Technology, Inc. | $329.5M | 0.7% | 975,315 |
| JNJ Johnson & Johnson | $294.0M | 0.6% | 1,202,690 |
| ABBV AbbVie Inc. | $294.0M | 0.6% | 1,351,717 |
| CNM Core & Main, Inc. Class A | $284.2M | 0.6% | 5,752,701 |
| NFLX Netflix, Inc. | $278.2M | 0.6% | 2,893,153 |
| G54950103 Linde PLC | $277.3M | 0.6% | 559,373 |
| HCA HCA Healthcare, Inc. | $273.1M | 0.6% | 577,119 |
| WMT Walmart Inc. | $265.7M | 0.6% | 2,137,818 |
| HD The Home Depot, Inc. | $265.1M | 0.6% | 805,946 |
| TMO Thermo Fisher Scientific Inc | $250.0M | 0.5% | 508,538 |
| WAB Westinghouse Air Brake Technologies Corporation | $248.0M | 0.5% | 992,449 |
| CSCO Cisco Systems, Inc. | $243.4M | 0.5% | 3,137,547 |
| PG The Procter & Gamble Company | $242.3M | 0.5% | 1,677,217 |
| COST Costco Wholesale Corporation | $234.2M | 0.5% | 234,997 |
| PEP PepsiCo, Inc. | $216.5M | 0.5% | 1,393,887 |
| GS The Goldman Sachs Group, Inc. | $215.5M | 0.5% | 254,681 |
| AMD Advanced Micro Devices, Inc. | $210.1M | 0.4% | 1,032,605 |
| MA Mastercard Incorporated | $209.8M | 0.4% | 419,863 |
| CVX Chevron Corporation | $208.1M | 0.4% | 1,005,583 |
| UNH UnitedHealth Group Incorporated Common Stock (DE) | $204.5M | 0.4% | 755,589 |
| INTC Intel Corporation | $202.9M | 0.4% | 4,598,507 |
| PM Philip Morris International Inc | $200.9M | 0.4% | 1,214,925 |
| STLD Steel Dynamics, Inc. | $197.9M | 0.4% | 1,099,375 |
| F92124100 Totalenergies Se | $194.8M | 0.4% | 2,140,953 |
| ISRG Intuitive Surgical, Inc. | $194.0M | 0.4% | 420,836 |
| VRT Vertiv Holdings, LLC Class A | $190.9M | 0.4% | 761,668 |
| FIX Comfort Systems USA, Inc. | $190.7M | 0.4% | 138,256 |
| NXT Nextpower Inc. | $187.9M | 0.4% | 1,558,511 |
| TXN Texas Instruments Incorporated | $187.7M | 0.4% | 966,987 |
| G7709Q104 Royalty Pharma PLC | $182.7M | 0.4% | 3,808,353 |
| KMI Kinder Morgan, Inc. | $180.1M | 0.4% | 5,370,393 |
| CAT Caterpillar, Inc. | $176.3M | 0.4% | 248,917 |
| H1467J104 Chubb LTD Switz | $174.3M | 0.4% | 534,858 |
| BLD* Topbuild Cor | $173.2M | 0.4% | 496,774 |
| ADI Analog Devices, Inc. | $171.2M | 0.4% | 538,182 |
| INTU Intuit Inc. | $170.5M | 0.4% | 394,416 |
| SUNB Sunbelt Rentals Holdings INC | $164.6M | 0.3% | 2,528,983 |
| AMAT Applied Materials, Inc. | $163.7M | 0.3% | 478,933 |
| FERG Ferguson Enterprises Inc. | $163.0M | 0.3% | 698,932 |
| ORCL Oracle Corporation | $162.8M | 0.3% | 1,106,805 |
| CME CME Group Inc. | $162.4M | 0.3% | 549,846 |
| PLTR Palantir Technologies Inc. | $157.8M | 0.3% | 1,078,765 |
Long US equity positions only, as filed. 13F does not cover short positions, cash, bonds or non-US listings, so this is not the whole portfolio.
What changed last quarter
| Holding | Change | Now | Was | Shares |
|---|---|---|---|---|
| NVDA NVIDIA Corporation | Add | $3.1B | $3.3B | +2% |
| MSFT Microsoft Corporation | Trim | $2.1B | $2.9B | -5% |
| AMZN Amazon.com, Inc. | Add | $1.8B | $2.0B | +3% |
| AVGO Broadcom Inc. | Add | $1.3B | $1.4B | +4% |
| V Visa Inc. | Trim | $676.8M | $827.4M | -5% |
| LLY Eli Lilly and Company | Trim | $603.9M | $795.1M | -11% |
| GOOG Alphabet Inc. - Class C Capital Stock | Add | $583.8M | $625.8M | +2% |
| TSLA Tesla, Inc. | Add | $581.1M | $686.9M | +2% |
| TSM Taiwan Semiconductor Manufacturing Company Ltd. | Trim | $538.2M | $577.9M | -16% |
| BRK.B Berkshire Hathaway Inc. | Add | $457.4M | $473.0M | +1% |
| MELI MercadoLibre, Inc. | Trim | $381.5M | $458.2M | -3% |
| MRK Merck & Company, Inc. Common Stock (new) | Trim | $348.4M | $336.5M | -9% |
| MU Micron Technology, Inc. | Trim | $329.5M | $319.6M | -13% |
| JNJ Johnson & Johnson | Add | $294.0M | $236.2M | +5% |
| ABBV AbbVie Inc. | Add | $294.0M | $300.4M | +3% |
| CNM Core & Main, Inc. Class A | Add | $284.2M | $295.6M | +1% |
| G54950103 Linde PLC | Trim | $277.3M | $259.2M | -8% |
| HCA HCA Healthcare, Inc. | Trim | $273.1M | $340.1M | -21% |
| WMT Walmart Inc. | Add | $265.7M | $234.9M | +1% |
| TMO Thermo Fisher Scientific Inc | Trim | $250.0M | $313.4M | -6% |
| WAB Westinghouse Air Brake Technologies Corporation | Trim | $248.0M | $243.4M | -13% |
| CSCO Cisco Systems, Inc. | Trim | $243.4M | $245.2M | -1% |
| PG The Procter & Gamble Company | Add | $242.3M | $227.0M | +6% |
| COST Costco Wholesale Corporation | Add | $234.2M | $196.9M | +3% |
| PEP PepsiCo, Inc. | Add | $216.5M | $196.5M | +2% |
| AMD Advanced Micro Devices, Inc. | Add | $210.1M | $166.1M | +33% |
| STLD Steel Dynamics, Inc. | Trim | $197.9M | $258.6M | -28% |
| ISRG Intuitive Surgical, Inc. | Add | $194.0M | $226.5M | +5% |
| VRT Vertiv Holdings, LLC Class A | Trim | $190.9M | $147.7M | -16% |
| FIX Comfort Systems USA, Inc. | Trim | $190.7M | $181.8M | -29% |
| TXN Texas Instruments Incorporated | Trim | $187.7M | $190.7M | -12% |
| CAT Caterpillar, Inc. | Trim | $176.3M | $144.4M | -1% |
| H1467J104 Chubb LTD Switz | Add | $174.3M | $65.1M | +156% |
| BLD* Topbuild Cor | Add | $173.2M | $194.7M | +6% |
| INTU Intuit Inc. | Add | $170.5M | $223.9M | +17% |
| AMAT Applied Materials, Inc. | Trim | $163.7M | $138.7M | -11% |
| ORCL Oracle Corporation | Add | $162.8M | $212.8M | +1% |
| PLTR Palantir Technologies Inc. | Trim | $157.8M | $196.4M | -2% |
| PGR The Progressive Corporation | Trim | $154.6M | $238.1M | -30% |
| KO The Coca-Cola Company | Add | $153.6M | $139.3M | +1% |
New and exited positions are only shown for managers whose entire filed portfolio fits inside the positions stored here. For a manager filing more than that, a holding leaving the stored set is indistinguishable from a holding being sold, so those are reported as adds and trims only.
What a 13F is
Any institutional manager exercising discretion over more than $100 million in US-listed equities must file a Form 13F with the SEC within 45 days of each quarter end, listing what they held on the last day of that quarter. The threshold was set in 1975 and has never been raised, so the filer population now runs to several thousand.
The four things it does not tell you
- It is stale. A filing describes positions as of quarter end and can arrive 45 days later. A manager who sold everything in week one of the new quarter files the same document as one who held.
- Long US equities only. No short positions, no cash, no bonds, no commodities, no foreign listings. A fund that looks heavily long in a 13F may be hedged in instruments that never appear.
- Not the whole firm. Assets are reported by the entity with discretion, so one manager can file under several CIKs, and the figure here is what that entity reported.
- Confidential treatment exists. A manager can apply to delay disclosing a position while building it. Those holdings appear later, if at all.
Why the biggest filers are not the interesting ones
The largest managers by reported value are index providers — they hold nearly everything, in proportion to the indices they track, because clients asked them to. Reading their filings for conviction is a category error. The filings worth attention are concentrated ones, where a small number of positions make up most of the portfolio, since that reflects a decision rather than a mandate.
The share-of-portfolio column is the one to read for this. A position that is 15% of a fund says something; the same dollar amount at 0.2% of an index tracker does not.
Where this comes from
The SEC's own quarterly Form 13F structured data sets, parsed here rather than bought from a vendor. Holdings are identified in the filings by CUSIP, and the mapping from CUSIP to ticker is the awkward part — that identifier is licensed rather than public, so the mapping is resolved through OpenFIGI and built up over time. Around 95% of reported value currently sits on a resolved ticker; the rest shows its CUSIP.
The rest of the section is on the Markets overview — including insider transactions, which are the same idea at the individual level, and the correlation finder, where each ticker's page carries its institutional ownership.