13F HOLDINGS REPORT (Amended)
Fulcrum Asset Management LLP
Quarter ended Q3 2025 · Filed November 24, 2025 · Accession 0001353395-25-000005
Total Value
$350.5M
Positions
183
Other Managers
0
Confidential Omitted
No
Holdings (183)
| # | Issuer | Ticker / CUSIP | Shares | Value | % of Filing |
|---|---|---|---|---|---|
| 1 | NVIDIA CORP | NVDA | 227,356 | $35.9M | 10.25% |
| 2 | MICROSOFT CORP COMP | MSFT | 60,181 | $29.9M | 8.54% |
| 3 | AMAZON.COM INC COMP | AMZN | 80,753 | $17.7M | 5.06% |
| 4 | BROADCOM INC COMP | AVGO | 57,038 | $15.7M | 4.49% |
| 5 | JPMORGAN CHASE & CO | VYLD | 38,959 | $11.3M | 3.22% |
| 6 | VISA INC-CLASS A SHARES | V | 25,246 | $9.0M | 2.56% |
| 7 | ALPHABET INC-CL A | GOOG | 47,473 | $8.4M | 2.39% |
| 8 | MASTERCARD INC - A | MA | 13,504 | $7.6M | 2.17% |
| 9 | BAKER HUGHES CO COMP | BKR | 193,647 | $7.4M | 2.12% |
| 10 | ALPHABET IN-CL C | GOOG | 40,660 | $7.2M | 2.06% |
| 11 | REPUBLIC SERVICES INC COMP | 760759100 | 26,876 | $6.6M | 1.89% |
| 12 | PROGRESSIVE CORP COMP | 743315103 | 21,653 | $5.8M | 1.65% |
| 13 | TRAVELERS COS INC/THE | TRV | 18,620 | $5.0M | 1.42% |
| 14 | SLB LTD | SLB | 146,388 | $4.9M | 1.41% |
| 15 | FISERV INC COMP | FISV | 26,877 | $4.6M | 1.32% |
| 16 | WASTE CONNECTIONS INC | WCN | 24,015 | $4.5M | 1.28% |
| 17 | BOSTON SCIENTIFIC CORP | BSX | 40,804 | $4.4M | 1.25% |
| 18 | WASTE MANAGEMENT INC | 94106L109 | 19,045 | $4.4M | 1.24% |
| 19 | AMERICAN WATER WORKS CO INC COMP | 030420103 | 30,568 | $4.3M | 1.21% |
| 20 | UNITEDHEALTH GROUP INC COMP | UNH | 13,079 | $4.1M | 1.16% |
| 21 | NEXTERA ENERGY INC COMP | NEE-PW | 58,395 | $4.1M | 1.16% |
| 22 | EVERSOURCE ENERGY COMP | ES | 63,662 | $4.1M | 1.16% |
| 23 | PALO ALTO NETWORKS INC COMP | PANW | 19,513 | $4.0M | 1.14% |
| 24 | AMETEK INC COMP | AME | 22,064 | $4.0M | 1.14% |
| 25 | INTERACTIVE BROKERS GRO-CL A COMP | 45841N107 | 67,872 | $3.8M | 1.07% |
| 26 | CHIPOTLE MEXICAN GRILL INC COMP | CMG | 66,753 | $3.7M | 1.07% |
| 27 | MICRON TECHNOLOGY INC COMP | MU | 28,841 | $3.6M | 1.01% |
| 28 | AUTODESK INC COMP | ADSK | 11,278 | $3.5M | 1.00% |
| 29 | S&P GLOBAL INC | SPGI | 6,550 | $3.5M | 0.99% |
| 30 | CORPAY INC COMP | CPAY | 10,402 | $3.5M | 0.98% |
| 31 | JOHNSON & JOHNSON | JNJ | 22,413 | $3.4M | 0.98% |
| 32 | THERMO FISHER SCIENTIFIC INC COMP | TMO | 8,261 | $3.3M | 0.96% |
| 33 | AMEREN CORPORATION COMP | AEE | 30,996 | $3.0M | 0.85% |
| 34 | ELEVANCE HEALTH INC COMP | ELV | 7,510 | $2.9M | 0.83% |
| 35 | CONSOLIDATED EDISON INC COMP | ED | 28,852 | $2.9M | 0.83% |
| 36 | BANK OF AMERICA CORP | 060505104 | 57,149 | $2.7M | 0.77% |
| 37 | ARES MANAGEMENT CORP - A COMP | ARES-PB | 15,282 | $2.6M | 0.76% |
| 38 | CIGNA CORP | 125523100 | 7,920 | $2.6M | 0.75% |
| 39 | MORGAN STANLEY COMP | MS-PQ | 18,564 | $2.6M | 0.75% |
| 40 | TAKE-TWO INTERACTIVE SOFTWRE COMP | TTWO | 10,379 | $2.5M | 0.72% |
| 41 | ARTHUR J GALLAGHER & CO COMP | 363576109 | 7,774 | $2.5M | 0.71% |
| 42 | APPLIED MATERIALS INC COMP | 038222105 | 13,358 | $2.4M | 0.70% |
| 43 | APTARGROUP INC COMP | ATR | 15,313 | $2.4M | 0.68% |
| 44 | CLEAN HARBORS INC | CLH | 10,226 | $2.4M | 0.67% |
| 45 | TJX COMPANIES INC | 872540109 | 17,364 | $2.1M | 0.61% |
| 46 | WEX INC COMP | WEX | 14,453 | $2.1M | 0.61% |
| 47 | PEPSICO INC | PEP | 15,310 | $2.0M | 0.58% |
| 48 | SALESFORCE.COM INC | CRM | 7,124 | $1.9M | 0.55% |
| 49 | MERCK & CO. INC. COMP | MRK | 24,049 | $1.9M | 0.54% |
| 50 | ADVANCED MICRO DEVICES COMP | AMD | 13,017 | $1.8M | 0.53% |
| 51 | REPUBLIC SERVICES INC | 760759100 | 7,408 | $1.8M | 0.52% |
| 52 | SEMPRA ENERGY COMP | SREA | 23,840 | $1.8M | 0.52% |
| 53 | DR HORTON INC | 23331A109 | 13,651 | $1.8M | 0.50% |
| 54 | CENTENE CORP COMP | CNC | 27,384 | $1.5M | 0.42% |
| 55 | LENNAR CORP-A | LEN-B | 12,462 | $1.4M | 0.39% |
| 56 | ONEOK INC COMP | OKE | 16,654 | $1.4M | 0.39% |
| 57 | ADOBE SYSTEMS INC | ADBE | 3,460 | $1.3M | 0.38% |
| 58 | TARGA RESOURCES CORP COMP | TRGP | 7,524 | $1.3M | 0.37% |
| 59 | PINNACLE WEST CAPITAL COMP | PNW | 13,704 | $1.2M | 0.35% |
| 60 | GFL ENVIRONMENTAL INC-SUB VT COMP | GFL | 23,432 | $1.2M | 0.34% |
| 61 | INTUIT INC COMP | INTU | 1,499 | $1.2M | 0.34% |
| 62 | CHURCH & DWIGHT CO INC COMP | CHD | 12,178 | $1.2M | 0.33% |
| 63 | MSCI INC COMP | MSCI | 1,978 | $1.1M | 0.33% |
| 64 | AT&T INC COMP | T-PC | 38,005 | $1.1M | 0.31% |
| 65 | SERVICENOW INC COMP | NOW | 1,058 | $1.1M | 0.31% |
| 66 | VERIZON COMMUNICATIONS INC COMP | VZ | 23,905 | $1.0M | 0.30% |
| 67 | CIGNA CORP COMP | 125523100 | 3,106 | $1.0M | 0.29% |
| 68 | PTC INC COMP | PTC | 5,946 | $1.0M | 0.29% |
| 69 | WILLIAMS COS INC COMP | 969457100 | 16,172 | $1.0M | 0.29% |
| 70 | ENBRIDGE INC COMP | ENNPF | 21,842 | $989,879 | 0.28% |
| 71 | HELIX ENERGY SOLUTIONS GROUP COMP | 42330P107 | 157,474 | $982,638 | 0.28% |
| 72 | TOAST INC-CLASS A COMP | TOST | 21,752 | $963,396 | 0.27% |
| 73 | AGNICO EAGLE MINES LTD COMP | AEM | 7,686 | $914,096 | 0.26% |
| 74 | WEST FRASER TIMBER CO LTD | WFG | 11,900 | $873,307 | 0.25% |
| 75 | OCEANEERING INTL INC COMP | 675232102 | 41,146 | $852,545 | 0.24% |
| 76 | CAMECO CORP COMP | CCJ | 11,297 | $840,345 | 0.24% |
| 77 | ECOLAB INC | ECL | 3,116 | $839,575 | 0.24% |
| 78 | Q2 HOLDINGS INC COMP | QTWO | 8,821 | $825,557 | 0.24% |
| 79 | MOLINA HEALTHCARE INC COMP | MOH | 2,730 | $813,267 | 0.23% |
| 80 | AMERICAN ELECTRIC POWER COMP | 025537101 | 7,800 | $809,328 | 0.23% |
| 81 | TIDEWATER INC COMP | TDGMW | 17,473 | $806,029 | 0.23% |
| 82 | KINROSS GOLD CORP COMP | KGCRF | 50,038 | $782,094 | 0.22% |
| 83 | ALLIANT ENERGY CORP COMP | LNT | 12,500 | $755,875 | 0.22% |
| 84 | KINDER MORGAN INC COMP | EP-PC | 25,293 | $743,614 | 0.21% |
| 85 | KLA CORP COMP | KLAC | 827 | $740,777 | 0.21% |
| 86 | LAM RESEARCH CORP COMP | LRCX | 7,405 | $720,803 | 0.21% |
| 87 | MPLX LP COMP | MPLXP | 13,928 | $717,431 | 0.20% |
| 88 | T-MOBILE US INC COMP | TMUSZ | 2,974 | $708,585 | 0.20% |
| 89 | AUTOMATIC DATA PROCESSING | ADP | 2,273 | $700,993 | 0.20% |
| 90 | LOWE'S COS INC | 548661107 | 3,126 | $693,566 | 0.20% |
| 91 | WEC ENERGY GROUP INC COMP | WEC | 6,567 | $684,281 | 0.20% |
| 92 | EVERGY INC COMP | EVRG | 9,807 | $675,997 | 0.19% |
| 93 | ANTERO MIDSTREAM CORP COMP | AM | 34,803 | $659,517 | 0.19% |
| 94 | PUBLIC STORAGE COMP | PSA-PS | 2,238 | $656,674 | 0.19% |
| 95 | OKTA INC COMP | OKTA | 6,451 | $644,906 | 0.18% |
| 96 | UNION PACIFIC CORP | UNP | 2,644 | $608,332 | 0.17% |
| 97 | MARSH & MCLENNAN COS | 571748102 | 2,741 | $599,292 | 0.17% |
| 98 | PROLOGIS INC | PLDGP | 5,656 | $594,559 | 0.17% |
| 99 | NUTANIX INC - A COMP | NTNX | 7,673 | $586,524 | 0.17% |
| 100 | ALKAMI TECHNOLOGY INC COMP | ALKT | 18,869 | $568,712 | 0.16% |
| 101 | BRISTOL-MYERS SQUIBB CO | CELG-RI | 11,650 | $539,279 | 0.15% |
| 102 | PAYPAL HOLDINGS INC | PYPL | 7,177 | $533,395 | 0.15% |
| 103 | CME GROUP INC COMP | CME | 1,894 | $522,024 | 0.15% |
| 104 | CASELLA WASTE SYSTEMS INC-A COMP | CWST | 4,349 | $501,788 | 0.14% |
| 105 | VERTEX INC - CLASS A COMP | VERX | 13,583 | $479,955 | 0.14% |
| 106 | IDEXX LABORATORIES INC | 45168D104 | 885 | $474,661 | 0.14% |
| 107 | NIKE INC -CL B COMP | NKE | 6,672 | $473,979 | 0.14% |
| 108 | CORTEVA INC COMP | CTVA | 6,191 | $461,415 | 0.13% |
| 109 | ZETA GLOBAL HOLDINGS CORP-A COMP | ZETA | 29,718 | $460,332 | 0.13% |
| 110 | ENTERPRISE PRODUCTS PARTNERS COMP | 293792107 | 14,289 | $443,102 | 0.13% |
| 111 | FREEPORT-MCMORAN INC COMP | FCX | 10,064 | $436,274 | 0.12% |
| 112 | ZOETIS INC | ZTS | 2,657 | $414,359 | 0.12% |
| 113 | CSX CORP | CSX | 12,694 | $414,205 | 0.12% |
| 114 | NEXGEN ENERGY LTD COMP | NXE | 58,751 | $408,446 | 0.12% |
| 115 | NORFOLK SOUTHERN CORP | 655844108 | 1,520 | $389,074 | 0.11% |
| 116 | FORTINET INC COMP | FTNT | 3,546 | $374,883 | 0.11% |
| 117 | PLAINS ALL AMER PIPELINE LP COMP | 726503105 | 19,333 | $354,181 | 0.10% |
| 118 | AMPHENOL CORP-CL A COMP | 032095101 | 3,544 | $349,970 | 0.10% |
| 119 | CANADIAN NATL RAILWAY CO COMP | 136375102 | 3,209 | $333,864 | 0.10% |
| 120 | VALE SA-SP ADR COMP | VALE | 33,835 | $328,538 | 0.09% |
| 121 | IAMGOLD CORP COMP | IAG | 44,578 | $327,648 | 0.09% |
| 122 | CONFLUENT INC-CLASS A COMP | 20717M103 | 12,242 | $305,193 | 0.09% |
| 123 | HUMANA INC | HUM | 1,206 | $294,843 | 0.08% |
| 124 | NUTRIEN LTD | NTR | 5,018 | $292,248 | 0.08% |
| 125 | REALTY INCOME CORP | O | 5,026 | $289,548 | 0.08% |
| 126 | ENERGY TRANSFER LP COMP | ET-PI | 15,886 | $288,013 | 0.08% |
| 127 | ALLSTATE CORP | ALL-PJ | 1,421 | $286,062 | 0.08% |
| 128 | PEMBINA PIPELINE CORP COMP | PPLOF | 7,432 | $278,774 | 0.08% |
| 129 | WORKDAY INC-CLASS A COMP | WDAY | 1,111 | $266,640 | 0.08% |
| 130 | WESTERN MIDSTREAM PARTNERS L COMP | WES | 6,884 | $266,411 | 0.08% |
| 131 | NEWMONT GOLDCORP CORP COMP | NEMCL | 3,811 | $222,029 | 0.06% |
| 132 | NVR INC COMP | NVR | 29 | $214,184 | 0.06% |
| 133 | NEW GOLD INC COMP | 644535106 | 36,070 | $178,547 | 0.05% |
| 134 | GENESIS ENERGY L.P. COMP | GEL | 10,137 | $174,661 | 0.05% |
| 135 | SPRINKLR INC-A COMP | CXM | 19,497 | $164,945 | 0.05% |
| 136 | URANIUM ENERGY CORP COMP | UEC | 23,384 | $159,011 | 0.05% |
| 137 | PULTEGROUP INC COMP | 745867101 | 1,466 | $154,604 | 0.04% |
| 138 | SEMRUSH HOLDINGS INC-A COMP | SEMR | 16,386 | $148,293 | 0.04% |
| 139 | DENISON MINES CORP COMP | DNN | 79,869 | $146,152 | 0.04% |
| 140 | MICROCHIP TECHNOLOGY INC COMP | MCHPP | 2,071 | $145,736 | 0.04% |
| 141 | DIGITAL REALTY TRUST INC | 253868103 | 768 | $133,885 | 0.04% |
| 142 | KB HOME | KBH | 2,383 | $126,228 | 0.04% |
| 143 | BROADRIDGE FINANCIAL SOLUTIO COMP | 11133T103 | 506 | $122,973 | 0.04% |
| 144 | ESTEE LAUDER COMPANIES-CL A COMP | 518439104 | 1,486 | $120,069 | 0.03% |
| 145 | DYNATRACE INC COMP | DT | 2,101 | $115,996 | 0.03% |
| 146 | QUIMICA Y MINERA CHIL-SP ADR COMP | 833635105 | 3,245 | $114,451 | 0.03% |
| 147 | MOSAIC CO/THE COMP | MOS | 3,011 | $109,841 | 0.03% |
| 148 | VOYA FINANCIAL INC | VOYA-PB | 1,426 | $101,246 | 0.03% |
| 149 | INTERNATIONAL PAPER CO | 460146103 | 2,044 | $95,721 | 0.03% |
| 150 | AMERICAN TOWER CORP | 03027X100 | 427 | $94,376 | 0.03% |
| 151 | CENTRUS ENERGY CORP-CLASS A COMP | LEU | 515 | $94,338 | 0.03% |
| 152 | EQUINIX INC | EQIX | 114 | $90,684 | 0.03% |
| 153 | BOOZ ALLEN HAMILTON HOLDINGS COMP | BAH | 816 | $84,970 | 0.02% |
| 154 | AMERICAN HOMES 4 RENT- A | AMH-PG | 2,282 | $82,312 | 0.02% |
| 155 | TERRENO REALTY CORP | 88146M101 | 1,332 | $74,685 | 0.02% |
| 156 | INVITATION HOMES INC | INVH | 2,274 | $74,587 | 0.02% |
| 157 | FIRST INDUSTRIAL REALTY TR | 32054K103 | 1,531 | $73,687 | 0.02% |
| 158 | EASTGROUP PROPERTIES INC | 277276101 | 434 | $72,530 | 0.02% |
| 159 | STAG INDUSTRIAL INC | 85254J102 | 1,968 | $71,399 | 0.02% |
| 160 | ENERGY FUELS INC COMP | UUUU | 12,202 | $70,572 | 0.02% |
| 161 | NATIONAL RETAIL PROPERTIES | NNN | 1,514 | $65,375 | 0.02% |
| 162 | TAYLOR MORRISON HOME CORP-A | TMHC | 1,004 | $61,666 | 0.02% |
| 163 | TOLL BROTHERS INC COMP | TOL | 487 | $55,581 | 0.02% |
| 164 | EXTRA SPACE STORAGE INC COMP | EXR | 364 | $53,668 | 0.02% |
| 165 | LOUISIANA-PACIFIC CORP | LPX | 603 | $51,852 | 0.01% |
| 166 | CROWN CASTLE INTL CORP | CCI | 497 | $51,057 | 0.01% |
| 167 | MID-AMERICA APARTMENT COMM | 59522J103 | 330 | $48,843 | 0.01% |
| 168 | REXFORD INDUSTRIAL REALTY IN | 76169C100 | 1,370 | $48,731 | 0.01% |
| 169 | TRI POINTE GROUP INC | TPH | 1,308 | $41,791 | 0.01% |
| 170 | SBA COMMUNICATIONS CORP | SBAC | 168 | $39,453 | 0.01% |
| 171 | AVALONBAY COMMUNITIES INC | AWX | 189 | $38,462 | 0.01% |
| 172 | JAMF HOLDING CORP COMP | 47074L105 | 3,714 | $35,320 | 0.01% |
| 173 | EQUITY LIFESTYLE PROPERTIES | 29472R108 | 552 | $34,042 | 0.01% |
| 174 | CAMDEN PROPERTY TRUST | 133131102 | 301 | $33,920 | 0.01% |
| 175 | UDR INC | UDR | 801 | $32,705 | 0.01% |
| 176 | EQUITY RESIDENTIAL | EQR | 417 | $28,143 | 0.01% |
| 177 | SUN COMMUNITIES INC | 866674104 | 211 | $26,689 | 0.01% |
| 178 | ESSEX PROPERTY TRUST INC | 297178105 | 88 | $24,939 | 0.01% |
| 179 | CUBESMART COMP | CUBE | 548 | $23,290 | 0.01% |
| 180 | MERITAGE HOMES CORP | MTH | 311 | $20,828 | 0.01% |
| 181 | INDEPENDENCE REALTY TRUST IN COMP | 45378A106 | 896 | $15,850 | 0.00% |
| 182 | LGI HOMES INC | LGIH | 263 | $13,550 | 0.00% |
| 183 | NATIONAL STORAGE AFFILIATES COMP | NSA-PB | 380 | $12,156 | 0.00% |