13F HOLDINGS REPORT
Fulcrum Asset Management LLP
Quarter ended Q3 2025 · Filed November 18, 2025 · Accession 0001353395-25-000004
Total Value
$135.8M
Positions
174
Other Managers
0
Confidential Omitted
No
Holdings (174)
| # | Issuer | Ticker / CUSIP | Shares | Value | % of Filing |
|---|---|---|---|---|---|
| 1 | NVIDIA CORP | NVDA | 95,431 | $17.8M | 13.11% |
| 2 | MICROSOFT CORP COMP | MSFT | 23,430 | $12.1M | 8.94% |
| 3 | BROADCOM INC COMP | AVGO | 24,046 | $7.9M | 5.84% |
| 4 | AMAZON.COM INC COMP | AMZN | 31,442 | $6.9M | 5.08% |
| 5 | JPMORGAN CHASE & CO | VYLD | 15,168 | $4.8M | 3.52% |
| 6 | VISA INC-CLASS A SHARES | V | 9,830 | $3.4M | 2.47% |
| 7 | BAKER HUGHES CO COMP | BKR | 62,031 | $3.0M | 2.21% |
| 8 | MASTERCARD INC - A | MA | 5,258 | $3.0M | 2.20% |
| 9 | SLB LTD | SLB | 86,661 | $3.0M | 2.19% |
| 10 | VISA INC-CLASS A SHARES | V | 14,733 | $2.8M | 2.05% |
| 11 | MICRON TECHNOLOGY INC COMP | MU | 15,428 | $2.6M | 1.90% |
| 12 | AMERICAN WATER WORKS CO INC COMP | 030420103 | 17,234 | $2.4M | 1.77% |
| 13 | NEXTERA ENERGY INC COMP | NEE-PW | 28,465 | $2.1M | 1.58% |
| 14 | PROGRESSIVE CORP COMP | 743315103 | 8,447 | $2.1M | 1.54% |
| 15 | TRAVELERS COS INC/THE | 98417E109 | 7,249 | $2.0M | 1.49% |
| 16 | REPUBLIC SERVICES INC COMP | 760759100 | 8,673 | $2.0M | 1.47% |
| 17 | INTERACTIVE BROKERS GRO-CL A COMP | 45841N107 | 110,170 | $1.8M | 1.34% |
| 18 | TIDEWATER INC COMP | TDGMW | 33,428 | $1.8M | 1.31% |
| 19 | JOHNSON & JOHNSON | JNJ | 8,726 | $1.6M | 1.19% |
| 20 | AMEREN CORPORATION COMP | AEE | 15,096 | $1.6M | 1.16% |
| 21 | THERMO FISHER SCIENTIFIC INC COMP | TMO | 3,217 | $1.6M | 1.15% |
| 22 | BOSTON SCIENTIFIC CORP | BSX | 15,885 | $1.6M | 1.14% |
| 23 | PALO ALTO NETWORKS INC COMP | PANW | 7,596 | $1.5M | 1.14% |
| 24 | EVERSOURCE ENERGY COMP | ES | 20,576 | $1.5M | 1.08% |
| 25 | AUTODESK INC COMP | ADSK | 4,391 | $1.4M | 1.03% |
| 26 | PINNACLE WEST CAPITAL COMP | PNW | 15,550 | $1.4M | 1.03% |
| 27 | FISERV INC COMP | FISV | 10,464 | $1.3M | 0.99% |
| 28 | WASTE CONNECTIONS INC | WCN | 7,606 | $1.3M | 0.98% |
| 29 | S&P GLOBAL INC | SPGI | 2,550 | $1.2M | 0.91% |
| 30 | UNITEDHEALTH GROUP INC COMP | UNH | 3,383 | $1.2M | 0.86% |
| 31 | CORPAY INC COMP | CPAY | 4,049 | $1.2M | 0.86% |
| 32 | MORGAN STANLEY COMP | MS-PQ | 7,229 | $1.1M | 0.85% |
| 33 | BANK OF AMERICA CORP | 060505104 | 22,250 | $1.1M | 0.85% |
| 34 | APPLIED MATERIALS INC COMP | 038222105 | 5,200 | $1.1M | 0.78% |
| 35 | TAKE-TWO INTERACTIVE SOFTWRE COMP | TTWO | 4,041 | $1.0M | 0.77% |
| 36 | WASTE MANAGEMENT INC | 94106L109 | 4,689 | $1.0M | 0.76% |
| 37 | AMPHENOL CORP-CL A COMP | 032095101 | 8,207 | $1.0M | 0.75% |
| 38 | CONSOLIDATED EDISON INC COMP | ED | 10,074 | $1.0M | 0.75% |
| 39 | AMERICAN ELECTRIC POWER COMP | 025537101 | 8,850 | $995,625 | 0.73% |
| 40 | TJX COMPANIES INC | 872540109 | 6,760 | $977,090 | 0.72% |
| 41 | ALLIANT ENERGY CORP COMP | LNT | 14,186 | $956,278 | 0.70% |
| 42 | ARTHUR J GALLAGHER & CO COMP | 363576109 | 3,026 | $937,273 | 0.69% |
| 43 | CIGNA CORP | 125523100 | 3,084 | $888,963 | 0.65% |
| 44 | WEX INC COMP | WEX | 5,628 | $886,579 | 0.65% |
| 45 | DR HORTON INC | 23331A109 | 5,095 | $863,450 | 0.64% |
| 46 | WEC ENERGY GROUP INC COMP | WEC | 7,450 | $853,696 | 0.63% |
| 47 | EVERGY INC COMP | EVRG | 11,126 | $845,799 | 0.62% |
| 48 | PEPSICO INC | PEP | 5,979 | $839,691 | 0.62% |
| 49 | SEMPRA ENERGY COMP | SREA | 9,281 | $835,104 | 0.61% |
| 50 | ADVANCED MICRO DEVICES COMP | AMD | 5,068 | $819,952 | 0.60% |
| 51 | APTARGROUP INC COMP | ATR | 5,962 | $796,881 | 0.59% |
| 52 | MERCK & CO. INC. COMP | MRK | 9,363 | $785,837 | 0.58% |
| 53 | CHIPOTLE MEXICAN GRILL INC COMP | CMG | 18,154 | $711,455 | 0.52% |
| 54 | ARES MANAGEMENT CORP - A COMP | ARES-PB | 4,321 | $690,885 | 0.51% |
| 55 | SALESFORCE.COM INC | CRM | 2,774 | $657,438 | 0.48% |
| 56 | ELEVANCE HEALTH INC COMP | ELV | 1,969 | $636,223 | 0.47% |
| 57 | LENNAR CORP-A | LEN-B | 11,539 | $598,816 | 0.44% |
| 58 | ADOBE SYSTEMS INC | ADBE | 1,347 | $475,154 | 0.35% |
| 59 | PTC INC COMP | PTC | 2,314 | $469,788 | 0.35% |
| 60 | MSCI INC COMP | MSCI | 770 | $436,906 | 0.32% |
| 61 | AT&T INC COMP | T-PC | 14,796 | $417,839 | 0.31% |
| 62 | CHURCH & DWIGHT CO INC COMP | CHD | 4,758 | $416,944 | 0.31% |
| 63 | VERIZON COMMUNICATIONS INC COMP | VZ | 9,307 | $409,043 | 0.30% |
| 64 | INTUIT INC COMP | INTU | 584 | $398,819 | 0.29% |
| 65 | OCEANEERING INTL INC COMP | 675232102 | 16,020 | $396,976 | 0.29% |
| 66 | LAM RESEARCH CORP COMP | LRCX | 2,883 | $386,034 | 0.28% |
| 67 | SERVICENOW INC COMP | NOW | 412 | $379,155 | 0.28% |
| 68 | KLA CORP COMP | KLAC | 293 | $316,030 | 0.23% |
| 69 | LOWE'S COS INC | 548661107 | 1,217 | $305,844 | 0.23% |
| 70 | WEST FRASER TIMBER CO LTD | WFG | 4,424 | $292,737 | 0.22% |
| 71 | REPUBLIC SERVICES INC | 760759100 | 1,211 | $277,900 | 0.20% |
| 72 | T-MOBILE US INC COMP | TMUSZ | 1,158 | $277,202 | 0.20% |
| 73 | AUTOMATIC DATA PROCESSING | ADP | 883 | $259,161 | 0.19% |
| 74 | CLEAN HARBORS INC | CLH | 1,032 | $239,651 | 0.18% |
| 75 | HELIX ENERGY SOLUTIONS GROUP COMP | 42330P107 | 36,078 | $236,672 | 0.17% |
| 76 | PUBLIC STORAGE COMP | PSA-PS | 819 | $236,568 | 0.17% |
| 77 | PROLOGIS INC | PLDGP | 2,014 | $230,643 | 0.17% |
| 78 | MARSH & MCLENNAN COS | 571748102 | 1,068 | $215,234 | 0.16% |
| 79 | BRISTOL-MYERS SQUIBB CO | CELG-RI | 4,535 | $204,529 | 0.15% |
| 80 | CAMECO CORP COMP | CCJ | 2,414 | $202,557 | 0.15% |
| 81 | CME GROUP INC COMP | CME | 738 | $199,400 | 0.15% |
| 82 | TARGA RESOURCES CORP COMP | TRGP | 1,146 | $192,001 | 0.14% |
| 83 | PAYPAL HOLDINGS INC | PYPL | 2,793 | $187,299 | 0.14% |
| 84 | ONEOK INC COMP | OKE | 2,562 | $186,949 | 0.14% |
| 85 | NIKE INC -CL B COMP | NKE | 3,227 | $181,159 | 0.13% |
| 86 | REALTY INCOME CORP | O | 5,026 | $169,043 | 0.12% |
| 87 | ENBRIDGE INC COMP | ENNPF | 3,326 | $167,830 | 0.12% |
| 88 | WILLIAMS COS INC COMP | 969457100 | 2,463 | $156,031 | 0.11% |
| 89 | ECOLAB INC | ECL | 485 | $132,822 | 0.10% |
| 90 | NEWMONT GOLDCORP CORP COMP | NEMCL | 1,483 | $125,032 | 0.09% |
| 91 | ALLSTATE CORP | ALL-PJ | 553 | $118,701 | 0.09% |
| 92 | FORTINET INC COMP | FTNT | 1,380 | $116,030 | 0.09% |
| 93 | NEXGEN ENERGY LTD COMP | NXE | 12,556 | $112,392 | 0.08% |
| 94 | GFL ENVIRONMENTAL INC-SUB VT COMP | GFL | 3,210 | $112,101 | 0.08% |
| 95 | KINDER MORGAN INC COMP | EP-PC | 3,850 | $108,994 | 0.08% |
| 96 | MPLX LP COMP | MPLXP | 2,121 | $105,944 | 0.08% |
| 97 | UNION PACIFIC CORP | UNP | 444 | $104,948 | 0.08% |
| 98 | WORKDAY INC-CLASS A COMP | WDAY | 1,597 | $103,995 | 0.08% |
| 99 | ANTERO MIDSTREAM CORP COMP | AM | 5,301 | $103,051 | 0.08% |
| 100 | IDEXX LABORATORIES INC | 45168D104 | 139 | $88,806 | 0.07% |
| 101 | NORFOLK SOUTHERN CORP | 655844108 | 255 | $76,605 | 0.06% |
| 102 | CSX CORP | CSX | 2,130 | $75,636 | 0.06% |
| 103 | DIGITAL REALTY TRUST INC | 253868103 | 768 | $73,460 | 0.05% |
| 104 | FREEPORT-MCMORAN INC COMP | FCX | 1,777 | $69,694 | 0.05% |
| 105 | ENTERPRISE PRODUCTS PARTNERS COMP | 293792107 | 2,177 | $68,075 | 0.05% |
| 106 | URANIUM ENERGY CORP COMP | UEC | 5,005 | $66,767 | 0.05% |
| 107 | CORTEVA INC COMP | CTVA | 966 | $65,331 | 0.05% |
| 108 | VALE SA-SP ADR COMP | VALE | 5,974 | $64,878 | 0.05% |
| 109 | TOAST INC-CLASS A COMP | TOST | 17,800 | $62,459 | 0.05% |
| 110 | ZOETIS INC | ZTS | 415 | $60,723 | 0.04% |
| 111 | NVR INC COMP | NVR | 7 | $56,243 | 0.04% |
| 112 | MICROCHIP TECHNOLOGY INC COMP | MCHPP | 806 | $51,761 | 0.04% |
| 113 | ESTEE LAUDER COMPANIES-CL A COMP | 518439104 | 3,716 | $50,933 | 0.04% |
| 114 | CANADIAN NATL RAILWAY CO COMP | 136375102 | 538 | $50,733 | 0.04% |
| 115 | Q2 HOLDINGS INC COMP | QTWO | 1,255 | $50,265 | 0.04% |
| 116 | PLAINS ALL AMER PIPELINE LP COMP | 726503105 | 2,944 | $50,225 | 0.04% |
| 117 | EQUINIX INC | EQIX | 114 | $49,402 | 0.04% |
| 118 | OKTA INC COMP | OKTA | 759 | $47,226 | 0.03% |
| 119 | DENISON MINES CORP COMP | DNN | 17,057 | $46,932 | 0.03% |
| 120 | BROADRIDGE FINANCIAL SOLUTIO COMP | 11133T103 | 196 | $46,681 | 0.03% |
| 121 | PULTEGROUP INC COMP | 745867101 | 353 | $46,642 | 0.03% |
| 122 | ZETA GLOBAL HOLDINGS CORP-A COMP | ZETA | 11,958 | $46,437 | 0.03% |
| 123 | NUTRIEN LTD | NTR | 781 | $45,853 | 0.03% |
| 124 | PEMBINA PIPELINE CORP COMP | PPLOF | 1,131 | $45,760 | 0.03% |
| 125 | NUTANIX INC - A COMP | NTNX | 1,090 | $44,863 | 0.03% |
| 126 | FIRST INDUSTRIAL REALTY TR | 32054K103 | 1,531 | $43,599 | 0.03% |
| 127 | TERRENO REALTY CORP | 88146M101 | 1,332 | $41,823 | 0.03% |
| 128 | CASELLA WASTE SYSTEMS INC-A COMP | CWST | 525 | $41,652 | 0.03% |
| 129 | HUMANA INC | HUM | 160 | $41,627 | 0.03% |
| 130 | VOYA FINANCIAL INC | VOYA-PB | 556 | $41,589 | 0.03% |
| 131 | ENERGY TRANSFER LP COMP | ET-PI | 3,017 | $41,510 | 0.03% |
| 132 | WESTERN MIDSTREAM PARTNERS L COMP | WES | 1,048 | $41,176 | 0.03% |
| 133 | EASTGROUP PROPERTIES INC | 277276101 | 434 | $40,643 | 0.03% |
| 134 | ENERGY FUELS INC COMP | UUUU | 2,606 | $40,008 | 0.03% |
| 135 | STAG INDUSTRIAL INC | 85254J102 | 1,968 | $38,426 | 0.03% |
| 136 | TOLL BROTHERS INC COMP | TOL | 487 | $37,221 | 0.03% |
| 137 | INVITATION HOMES INC | INVH | 2,274 | $36,902 | 0.03% |
| 138 | ALKAMI TECHNOLOGY INC COMP | ALKT | 2,682 | $36,860 | 0.03% |
| 139 | TAYLOR MORRISON HOME CORP-A | TMHC | 1,004 | $36,668 | 0.03% |
| 140 | KB HOME | KBH | 616 | $36,338 | 0.03% |
| 141 | NATIONAL RETAIL PROPERTIES | NNN | 1,514 | $35,659 | 0.03% |
| 142 | CENTRUS ENERGY CORP-CLASS A COMP | LEU | 116 | $34,108 | 0.03% |
| 143 | BOOZ ALLEN HAMILTON HOLDINGS COMP | BAH | 318 | $31,784 | 0.02% |
| 144 | REXFORD INDUSTRIAL REALTY IN | 76169C100 | 1,370 | $31,161 | 0.02% |
| 145 | EXTRA SPACE STORAGE INC COMP | EXR | 364 | $28,384 | 0.02% |
| 146 | CENTENE CORP COMP | CNC | 771 | $27,509 | 0.02% |
| 147 | CROWN CASTLE INTL CORP | CCI | 497 | $26,533 | 0.02% |
| 148 | VERTEX INC - CLASS A COMP | VERX | 40,074 | $26,458 | 0.02% |
| 149 | GENESIS ENERGY L.P. COMP | GEL | 1,544 | $25,784 | 0.02% |
| 150 | MID-AMERICA APARTMENT COMM | 59522J103 | 330 | $25,512 | 0.02% |
| 151 | TRI POINTE GROUP INC | TPH | 1,308 | $24,584 | 0.02% |
| 152 | QUIMICA Y MINERA CHIL-SP ADR COMP | 833635105 | 1,010 | $21,705 | 0.02% |
| 153 | SYNOPSYS INC COMP | SNPS | 43 | $21,216 | 0.02% |
| 154 | AVALONBAY COMMUNITIES INC | AWX | 189 | $20,200 | 0.01% |
| 155 | CONFLUENT INC-CLASS A COMP | 20717M103 | 12,919 | $19,062 | 0.01% |
| 156 | EQUITY LIFESTYLE PROPERTIES | 29472R108 | 552 | $18,538 | 0.01% |
| 157 | SBA COMMUNICATIONS CORP | SBAC | 168 | $17,972 | 0.01% |
| 158 | CAMDEN PROPERTY TRUST | 133131102 | 301 | $17,783 | 0.01% |
| 159 | UDR INC | UDR | 801 | $16,513 | 0.01% |
| 160 | MOSAIC CO/THE COMP | MOS | 470 | $16,300 | 0.01% |
| 161 | INTERNATIONAL PAPER CO | 460146103 | 348 | $16,147 | 0.01% |
| 162 | SUN COMMUNITIES INC | 866674104 | 211 | $15,060 | 0.01% |
| 163 | EQUITY RESIDENTIAL | EQR | 417 | $14,934 | 0.01% |
| 164 | ESSEX PROPERTY TRUST INC | 297178105 | 88 | $13,032 | 0.01% |
| 165 | MERITAGE HOMES CORP | MTH | 311 | $12,463 | 0.01% |
| 166 | CUBESMART COMP | CUBE | 548 | $12,328 | 0.01% |
| 167 | SPRINKLR INC-A COMP | CXM | 35,585 | $11,832 | 0.01% |
| 168 | LOUISIANA-PACIFIC CORP | LPX | 103 | $9,151 | 0.01% |
| 169 | SEMRUSH HOLDINGS INC-A COMP | SEMR | 6,993 | $9,119 | 0.01% |
| 170 | INDEPENDENCE REALTY TRUST IN COMP | 45378A106 | 896 | $8,125 | 0.01% |
| 171 | DYNATRACE INC COMP | DT | 298 | $7,988 | 0.01% |
| 172 | LGI HOMES INC | LGIH | 263 | $7,524 | 0.01% |
| 173 | NATIONAL STORAGE AFFILIATES COMP | NSA-PB | 521 | $6,354 | 0.00% |
| 174 | JAMF HOLDING CORP COMP | 47074L105 | 529 | $3,132 | 0.00% |