13F HOLDINGS REPORT (Amended)
Fulcrum Asset Management LLP
Quarter ended Q3 2025 · Filed November 24, 2025 · Accession 0001353395-25-000006
Total Value
$360.7M
Positions
178
Other Managers
0
Confidential Omitted
No
Holdings (178)
| # | Issuer | Ticker / CUSIP | Shares | Value | % of Filing |
|---|---|---|---|---|---|
| 1 | NVIDIA CORP | NVDA | 221,056 | $41.2M | 11.43% |
| 2 | MICROSOFT CORP COMP | MSFT | 58,555 | $30.3M | 8.41% |
| 3 | BROADCOM INC COMP | AVGO | 55,666 | $18.4M | 5.09% |
| 4 | AMAZON.COM INC COMP | AMZN | 78,572 | $17.3M | 4.78% |
| 5 | JPMORGAN CHASE & CO | VYLD | 37,906 | $12.0M | 3.31% |
| 6 | ALPHABET INC-CL A | GOOG | 46,190 | $11.2M | 3.11% |
| 7 | ALPHABET IN-CL C | GOOG | 39,560 | $9.6M | 2.67% |
| 8 | VISA INC-CLASS A SHARES | V | 24,563 | $8.4M | 2.32% |
| 9 | MASTERCARD INC - A | MA | 13,140 | $7.5M | 2.07% |
| 10 | BAKER HUGHES CO COMP | BKR | 135,701 | $6.6M | 1.83% |
| 11 | SLB LTD | SLB | 177,598 | $6.1M | 1.69% |
| 12 | AMERICAN WATER WORKS CO INC COMP | 030420103 | 43,701 | $6.1M | 1.69% |
| 13 | NEXTERA ENERGY INC COMP | NEE-PW | 79,025 | $6.0M | 1.65% |
| 14 | MICRON TECHNOLOGY INC COMP | MU | 34,070 | $5.7M | 1.58% |
| 15 | PROGRESSIVE CORP COMP | 743315103 | 21,069 | $5.2M | 1.44% |
| 16 | TRAVELERS COS INC/THE | TRV | 18,117 | $5.1M | 1.40% |
| 17 | REPUBLIC SERVICES INC COMP | 760759100 | 21,674 | $5.0M | 1.38% |
| 18 | EVERSOURCE ENERGY COMP | ES | 69,323 | $4.9M | 1.37% |
| 19 | INTERACTIVE BROKERS GRO-CL A COMP | 45841N107 | 66,038 | $4.5M | 1.26% |
| 20 | WASTE CONNECTIONS INC | WCN | 23,894 | $4.2M | 1.16% |
| 21 | JOHNSON & JOHNSON | JNJ | 21,807 | $4.0M | 1.12% |
| 22 | AMETEK INC COMP | AME | 21,482 | $4.0M | 1.12% |
| 23 | THERMO FISHER SCIENTIFIC INC COMP | TMO | 8,039 | $3.9M | 1.08% |
| 24 | BOSTON SCIENTIFIC CORP | BSX | 39,701 | $3.9M | 1.07% |
| 25 | PALO ALTO NETWORKS INC COMP | PANW | 18,986 | $3.9M | 1.07% |
| 26 | AMEREN CORPORATION COMP | AEE | 34,503 | $3.6M | 1.00% |
| 27 | CONSOLIDATED EDISON INC COMP | ED | 34,971 | $3.5M | 0.97% |
| 28 | AUTODESK INC COMP | ADSK | 10,973 | $3.5M | 0.97% |
| 29 | WASTE MANAGEMENT INC | 94106L109 | 15,408 | $3.4M | 0.94% |
| 30 | FISERV INC COMP | FISV | 26,151 | $3.4M | 0.93% |
| 31 | TIDEWATER INC COMP | TDGMW | 59,849 | $3.2M | 0.88% |
| 32 | S&P GLOBAL INC | SPGI | 6,372 | $3.1M | 0.86% |
| 33 | CORPAY INC COMP | CPAY | 10,122 | $2.9M | 0.81% |
| 34 | UNITEDHEALTH GROUP INC COMP | UNH | 8,441 | $2.9M | 0.81% |
| 35 | MORGAN STANLEY COMP | MS-PQ | 18,062 | $2.9M | 0.80% |
| 36 | BANK OF AMERICA CORP | 060505104 | 55,604 | $2.9M | 0.80% |
| 37 | APPLIED MATERIALS INC COMP | 038222105 | 12,996 | $2.7M | 0.74% |
| 38 | TAKE-TWO INTERACTIVE SOFTWRE COMP | TTWO | 10,100 | $2.6M | 0.72% |
| 39 | PINNACLE WEST CAPITAL COMP | PNW | 27,984 | $2.5M | 0.70% |
| 40 | ARES MANAGEMENT CORP - A COMP | ARES-PB | 15,278 | $2.4M | 0.68% |
| 41 | TJX COMPANIES INC | 872540109 | 16,895 | $2.4M | 0.68% |
| 42 | ARTHUR J GALLAGHER & CO COMP | 363576109 | 7,564 | $2.3M | 0.65% |
| 43 | DR HORTON INC | 23331A109 | 13,298 | $2.3M | 0.62% |
| 44 | CIGNA CORP | 125523100 | 7,707 | $2.2M | 0.62% |
| 45 | WEX INC COMP | WEX | 14,063 | $2.2M | 0.61% |
| 46 | PEPSICO INC | PEP | 14,896 | $2.1M | 0.58% |
| 47 | SEMPRA ENERGY COMP | SREA | 23,196 | $2.1M | 0.58% |
| 48 | ADVANCED MICRO DEVICES COMP | AMD | 12,665 | $2.0M | 0.57% |
| 49 | APTARGROUP INC COMP | ATR | 14,900 | $2.0M | 0.55% |
| 50 | MERCK & CO. INC. COMP | MRK | 23,399 | $2.0M | 0.54% |
| 51 | AMERICAN ELECTRIC POWER COMP | 025537101 | 15,927 | $1.8M | 0.50% |
| 52 | CHIPOTLE MEXICAN GRILL INC COMP | CMG | 45,366 | $1.8M | 0.49% |
| 53 | REPUBLIC SERVICES INC | 760759100 | 7,713 | $1.8M | 0.49% |
| 54 | ALLIANT ENERGY CORP COMP | LNT | 25,525 | $1.7M | 0.48% |
| 55 | SALESFORCE.COM INC | CRM | 6,931 | $1.6M | 0.46% |
| 56 | ELEVANCE HEALTH INC COMP | ELV | 4,921 | $1.6M | 0.44% |
| 57 | AMPHENOL CORP-CL A COMP | 032095101 | 12,805 | $1.6M | 0.44% |
| 58 | WEC ENERGY GROUP INC COMP | WEC | 13,409 | $1.5M | 0.43% |
| 59 | LENNAR CORP-A | LEN-B | 12,132 | $1.5M | 0.42% |
| 60 | CLEAN HARBORS INC | CLH | 6,569 | $1.5M | 0.42% |
| 61 | EVERGY INC COMP | EVRG | 20,025 | $1.5M | 0.42% |
| 62 | TARGA RESOURCES CORP COMP | TRGP | 7,524 | $1.3M | 0.35% |
| 63 | ONEOK INC COMP | OKE | 16,654 | $1.2M | 0.34% |
| 64 | ADOBE SYSTEMS INC | ADBE | 3,367 | $1.2M | 0.33% |
| 65 | PTC INC COMP | PTC | 5,785 | $1.2M | 0.33% |
| 66 | ENBRIDGE INC COMP | ENNPF | 21,842 | $1.1M | 0.31% |
| 67 | MSCI INC COMP | MSCI | 1,924 | $1.1M | 0.30% |
| 68 | AT&T INC COMP | T-PC | 36,975 | $1.0M | 0.29% |
| 69 | CHURCH & DWIGHT CO INC COMP | CHD | 11,851 | $1.0M | 0.29% |
| 70 | WILLIAMS COS INC COMP | 969457100 | 16,172 | $1.0M | 0.28% |
| 71 | VERIZON COMMUNICATIONS INC COMP | VZ | 23,258 | $1.0M | 0.28% |
| 72 | INTUIT INC COMP | INTU | 1,460 | $997,049 | 0.28% |
| 73 | OCEANEERING INTL INC COMP | 675232102 | 40,034 | $992,043 | 0.28% |
| 74 | LAM RESEARCH CORP COMP | LRCX | 7,204 | $964,616 | 0.27% |
| 75 | CAMECO CORP COMP | CCJ | 11,297 | $947,921 | 0.26% |
| 76 | SERVICENOW INC COMP | NOW | 1,030 | $947,888 | 0.26% |
| 77 | KLA CORP COMP | KLAC | 805 | $868,273 | 0.24% |
| 78 | ECOLAB INC | ECL | 3,116 | $853,348 | 0.24% |
| 79 | WEST FRASER TIMBER CO LTD | WFG | 11,620 | $789,786 | 0.22% |
| 80 | LOWE'S COS INC | 548661107 | 3,042 | $764,485 | 0.21% |
| 81 | KINDER MORGAN INC COMP | EP-PC | 25,293 | $716,045 | 0.20% |
| 82 | GFL ENVIRONMENTAL INC-SUB VT COMP | GFL | 15,070 | $714,017 | 0.20% |
| 83 | MPLX LP COMP | MPLXP | 13,928 | $695,704 | 0.19% |
| 84 | T-MOBILE US INC COMP | TMUSZ | 2,893 | $692,526 | 0.19% |
| 85 | ANTERO MIDSTREAM CORP COMP | AM | 34,803 | $676,570 | 0.19% |
| 86 | AUTOMATIC DATA PROCESSING | ADP | 2,211 | $648,929 | 0.18% |
| 87 | PROLOGIS INC | PLDGP | 5,514 | $631,463 | 0.18% |
| 88 | PUBLIC STORAGE COMP | PSA-PS | 2,180 | $629,693 | 0.17% |
| 89 | UNION PACIFIC CORP | UNP | 2,470 | $583,834 | 0.16% |
| 90 | IDEXX LABORATORIES INC | 45168D104 | 885 | $565,418 | 0.16% |
| 91 | MARSH & MCLENNAN COS | 571748102 | 2,667 | $537,481 | 0.15% |
| 92 | NEXGEN ENERGY LTD COMP | NXE | 58,751 | $525,896 | 0.15% |
| 93 | BRISTOL-MYERS SQUIBB CO | CELG-RI | 11,336 | $511,254 | 0.14% |
| 94 | CME GROUP INC COMP | CME | 1,844 | $498,230 | 0.14% |
| 95 | PAYPAL HOLDINGS INC | PYPL | 6,983 | $468,280 | 0.13% |
| 96 | NIKE INC -CL B COMP | NKE | 6,491 | $452,617 | 0.13% |
| 97 | ENTERPRISE PRODUCTS PARTNERS COMP | 293792107 | 14,413 | $450,695 | 0.12% |
| 98 | NORFOLK SOUTHERN CORP | 655844108 | 1,420 | $426,582 | 0.12% |
| 99 | HELIX ENERGY SOLUTIONS GROUP COMP | 42330P107 | 64,595 | $423,743 | 0.12% |
| 100 | CSX CORP | CSX | 11,860 | $421,149 | 0.12% |
| 101 | CORTEVA INC COMP | CTVA | 6,191 | $418,697 | 0.12% |
| 102 | ZOETIS INC | ZTS | 2,657 | $388,772 | 0.11% |
| 103 | FREEPORT-MCMORAN INC COMP | FCX | 9,482 | $371,884 | 0.10% |
| 104 | VALE SA-SP ADR COMP | VALE | 31,878 | $346,195 | 0.10% |
| 105 | PLAINS ALL AMER PIPELINE LP COMP | 726503105 | 19,333 | $329,821 | 0.09% |
| 106 | NEWMONT GOLDCORP CORP COMP | NEMCL | 3,707 | $312,537 | 0.09% |
| 107 | URANIUM ENERGY CORP COMP | UEC | 23,384 | $311,943 | 0.09% |
| 108 | REALTY INCOME CORP | O | 5,026 | $305,531 | 0.08% |
| 109 | PEMBINA PIPELINE CORP COMP | PPLOF | 7,432 | $300,699 | 0.08% |
| 110 | ALLSTATE CORP | ALL-PJ | 1,382 | $296,646 | 0.08% |
| 111 | NUTRIEN LTD | NTR | 5,018 | $294,607 | 0.08% |
| 112 | FORTINET INC COMP | FTNT | 3,450 | $290,076 | 0.08% |
| 113 | CANADIAN NATL RAILWAY CO COMP | 136375102 | 2,998 | $282,711 | 0.08% |
| 114 | ENERGY TRANSFER LP COMP | ET-PI | 16,040 | $275,246 | 0.08% |
| 115 | WESTERN MIDSTREAM PARTNERS L COMP | WES | 6,884 | $270,472 | 0.07% |
| 116 | CASELLA WASTE SYSTEMS INC-A COMP | CWST | 2,793 | $265,000 | 0.07% |
| 117 | WORKDAY INC-CLASS A COMP | WDAY | 1,081 | $260,229 | 0.07% |
| 118 | NVR INC COMP | NVR | 29 | $233,005 | 0.06% |
| 119 | DENISON MINES CORP COMP | DNN | 79,869 | $219,757 | 0.06% |
| 120 | PULTEGROUP INC COMP | 745867101 | 1,441 | $190,399 | 0.05% |
| 121 | ENERGY FUELS INC COMP | UUUU | 12,202 | $187,328 | 0.05% |
| 122 | OKTA INC COMP | OKTA | 2,017 | $184,959 | 0.05% |
| 123 | GENESIS ENERGY L.P. COMP | GEL | 10,137 | $169,389 | 0.05% |
| 124 | CENTRUS ENERGY CORP-CLASS A COMP | LEU | 515 | $159,686 | 0.04% |
| 125 | KB HOME | KBH | 2,343 | $149,109 | 0.04% |
| 126 | QUIMICA Y MINERA CHIL-SP ADR COMP | 833635105 | 3,245 | $139,470 | 0.04% |
| 127 | DIGITAL REALTY TRUST INC | 253868103 | 768 | $132,772 | 0.04% |
| 128 | MICROCHIP TECHNOLOGY INC COMP | MCHPP | 2,015 | $129,403 | 0.04% |
| 129 | ESTEE LAUDER COMPANIES-CL A COMP | 518439104 | 1,447 | $127,510 | 0.04% |
| 130 | BROADRIDGE FINANCIAL SOLUTIO COMP | 11133T103 | 494 | $117,656 | 0.03% |
| 131 | TOAST INC-CLASS A COMP | TOST | 3,092 | $112,889 | 0.03% |
| 132 | HUMANA INC | HUM | 402 | $104,588 | 0.03% |
| 133 | MOSAIC CO/THE COMP | MOS | 3,011 | $104,421 | 0.03% |
| 134 | VOYA FINANCIAL INC | VOYA-PB | 1,387 | $103,748 | 0.03% |
| 135 | INTERNATIONAL PAPER CO | 460146103 | 2,052 | $95,213 | 0.03% |
| 136 | Q2 HOLDINGS INC COMP | QTWO | 1,255 | $90,849 | 0.03% |
| 137 | EQUINIX INC | EQIX | 114 | $89,289 | 0.02% |
| 138 | ZETA GLOBAL HOLDINGS CORP-A COMP | ZETA | 4,224 | $83,931 | 0.02% |
| 139 | AMERICAN TOWER CORP | 03027X100 | 427 | $82,121 | 0.02% |
| 140 | NUTANIX INC - A COMP | NTNX | 1,090 | $81,085 | 0.02% |
| 141 | BOOZ ALLEN HAMILTON HOLDINGS COMP | BAH | 795 | $79,460 | 0.02% |
| 142 | FIRST INDUSTRIAL REALTY TR | 32054K103 | 1,531 | $78,801 | 0.02% |
| 143 | AMERICAN HOMES 4 RENT- A | AMH-PG | 2,282 | $75,877 | 0.02% |
| 144 | TERRENO REALTY CORP | 88146M101 | 1,332 | $75,591 | 0.02% |
| 145 | EASTGROUP PROPERTIES INC | 277276101 | 434 | $73,459 | 0.02% |
| 146 | STAG INDUSTRIAL INC | 85254J102 | 1,968 | $69,451 | 0.02% |
| 147 | CENTENE CORP COMP | CNC | 1,926 | $68,720 | 0.02% |
| 148 | TOLL BROTHERS INC COMP | TOL | 487 | $67,274 | 0.02% |
| 149 | INVITATION HOMES INC | INVH | 2,274 | $66,696 | 0.02% |
| 150 | ALKAMI TECHNOLOGY INC COMP | ALKT | 2,682 | $66,621 | 0.02% |
| 151 | TAYLOR MORRISON HOME CORP-A | TMHC | 1,004 | $66,274 | 0.02% |
| 152 | NATIONAL RETAIL PROPERTIES | NNN | 1,514 | $64,451 | 0.02% |
| 153 | REXFORD INDUSTRIAL REALTY IN | 76169C100 | 1,370 | $56,321 | 0.02% |
| 154 | SYNOPSYS INC COMP | SNPS | 109 | $53,780 | 0.01% |
| 155 | LOUISIANA-PACIFIC CORP | LPX | 603 | $53,571 | 0.01% |
| 156 | EXTRA SPACE STORAGE INC COMP | EXR | 364 | $51,302 | 0.01% |
| 157 | CROWN CASTLE INTL CORP | CCI | 497 | $47,956 | 0.01% |
| 158 | VERTEX INC - CLASS A COMP | VERX | 1,929 | $47,820 | 0.01% |
| 159 | MID-AMERICA APARTMENT COMM | 59522J103 | 330 | $46,111 | 0.01% |
| 160 | TRI POINTE GROUP INC | TPH | 1,308 | $44,433 | 0.01% |
| 161 | AVALONBAY COMMUNITIES INC | AWX | 189 | $36,509 | 0.01% |
| 162 | CONFLUENT INC-CLASS A COMP | 20717M103 | 1,740 | $34,452 | 0.01% |
| 163 | EQUITY LIFESTYLE PROPERTIES | 29472R108 | 552 | $33,506 | 0.01% |
| 164 | SBA COMMUNICATIONS CORP | SBAC | 168 | $32,483 | 0.01% |
| 165 | CAMDEN PROPERTY TRUST | 133131102 | 301 | $32,141 | 0.01% |
| 166 | UDR INC | UDR | 801 | $29,845 | 0.01% |
| 167 | SUN COMMUNITIES INC | 866674104 | 211 | $27,219 | 0.01% |
| 168 | EQUITY RESIDENTIAL | EQR | 417 | $26,992 | 0.01% |
| 169 | ESSEX PROPERTY TRUST INC | 297178105 | 88 | $23,554 | 0.01% |
| 170 | MERITAGE HOMES CORP | MTH | 311 | $22,526 | 0.01% |
| 171 | CUBESMART COMP | CUBE | 548 | $22,282 | 0.01% |
| 172 | SPRINKLR INC-A COMP | CXM | 2,770 | $21,384 | 0.01% |
| 173 | SEMRUSH HOLDINGS INC-A COMP | SEMR | 2,328 | $16,482 | 0.00% |
| 174 | INDEPENDENCE REALTY TRUST IN COMP | 45378A106 | 896 | $14,685 | 0.00% |
| 175 | DYNATRACE INC COMP | DT | 298 | $14,438 | 0.00% |
| 176 | LGI HOMES INC | LGIH | 263 | $13,600 | 0.00% |
| 177 | NATIONAL STORAGE AFFILIATES COMP | NSA-PB | 380 | $11,484 | 0.00% |
| 178 | JAMF HOLDING CORP COMP | 47074L105 | 529 | $5,660 | 0.00% |