13F HOLDINGS REPORT
Fulcrum Asset Management LLP
Quarter ended Q4 2025 · Filed February 3, 2026 · Accession 0001353395-26-000001
Total Value
$359.4M
Positions
182
Other Managers
0
Confidential Omitted
No
Holdings (182)
| # | Issuer | Ticker / CUSIP | Shares | Value | % of Filing |
|---|---|---|---|---|---|
| 1 | NVIDIA CORP | NVDA | 218,004 | $40.9M | 11.37% |
| 2 | MICROSOFT CORP COMP | ORCL-PD | 59,070 | $28.8M | 8.01% |
| 3 | AMAZON.COM INC COMP | WDAY | 84,275 | $19.6M | 5.45% |
| 4 | BROADCOM INC COMP | CCZ | 52,526 | $18.4M | 5.11% |
| 5 | ALPHABET INC-CL A | EQR | 44,861 | $14.1M | 3.92% |
| 6 | ALPHABET IN-CL C | EVRG | 43,867 | $13.8M | 3.84% |
| 7 | JPMORGAN CHASE & CO | GOOG | 36,815 | $11.9M | 3.31% |
| 8 | MICRON TECHNOLOGY INC COMP | NVDA | 29,257 | $8.6M | 2.38% |
| 9 | VISA INC-CLASS A SHARES | SREA | 23,856 | $8.4M | 2.35% |
| 10 | MASTERCARD INC - A | MA | 12,762 | $7.4M | 2.05% |
| 11 | BAKER HUGHES CO COMP | 23331A109 | 113,786 | $5.2M | 1.46% |
| 12 | TRAVELERS COS INC/THE | SNPS | 17,596 | $5.1M | 1.43% |
| 13 | NEXTERA ENERGY INC COMP | NXE | 63,362 | $5.1M | 1.42% |
| 14 | PROGRESSIVE CORP COMP | MCK | 20,462 | $4.7M | 1.31% |
| 15 | THERMO FISHER SCIENTIFIC INC COMP | PODD | 7,808 | $4.6M | 1.27% |
| 16 | REPUBLIC SERVICES INC COMP | LGIH | 21,050 | $4.5M | 1.26% |
| 17 | JOHNSON & JOHNSON | RYTM | 21,179 | $4.4M | 1.22% |
| 18 | AMETEK INC COMP | WEC | 20,703 | $4.3M | 1.19% |
| 19 | EVERSOURCE ENERGY COMP | BX | 63,336 | $4.3M | 1.19% |
| 20 | INTERACTIVE BROKERS GRO-CL A COMP | AMH-PG | 64,137 | $4.2M | 1.16% |
| 21 | WASTE CONNECTIONS INC | 780087102 | 23,438 | $4.1M | 1.14% |
| 22 | AMEREN CORPORATION COMP | WEX | 40,774 | $4.1M | 1.14% |
| 23 | CONSOLIDATED EDISON INC COMP | TU | 40,754 | $4.1M | 1.13% |
| 24 | BOSTON SCIENTIFIC CORP | VERX | 38,559 | $3.7M | 1.03% |
| 25 | PALO ALTO NETWORKS INC COMP | 59522J103 | 18,440 | $3.4M | 0.96% |
| 26 | WASTE MANAGEMENT INC | ROP | 15,139 | $3.4M | 0.94% |
| 27 | APPLIED MATERIALS INC COMP | V | 12,622 | $3.3M | 0.91% |
| 28 | S&P GLOBAL INC | UNP | 6,189 | $3.3M | 0.91% |
| 29 | AUTODESK INC COMP | 26969P108 | 10,657 | $3.2M | 0.89% |
| 30 | MORGAN STANLEY COMP | NTNX | 17,542 | $3.1M | 0.87% |
| 31 | CORPAY INC COMP | TMHC | 9,831 | $3.0M | 0.83% |
| 32 | BANK OF AMERICA CORP | CCI | 54,004 | $3.0M | 0.83% |
| 33 | SLB LTD | KBH | 76,845 | $3.0M | 0.82% |
| 34 | ADVANCED MICRO DEVICES COMP | 22160K105 | 13,078 | $2.8M | 0.78% |
| 35 | AMERICAN WATER WORKS CO INC COMP | WCN | 21,131 | $2.8M | 0.77% |
| 36 | UNITEDHEALTH GROUP INC COMP | 866674104 | 8,198 | $2.7M | 0.76% |
| 37 | TJX COMPANIES INC | 45866F104 | 16,409 | $2.5M | 0.71% |
| 38 | ARES MANAGEMENT CORP - A COMP | ENNPF | 15,561 | $2.5M | 0.71% |
| 39 | TAKE-TWO INTERACTIVE SOFTWRE COMP | INTA | 9,809 | $2.5M | 0.70% |
| 40 | MERCK & CO. INC. COMP | MRK | 22,726 | $2.4M | 0.67% |
| 41 | PEPSICO INC | MRK | 14,466 | $2.1M | 0.58% |
| 42 | CIGNA CORP | VRSK | 7,485 | $2.1M | 0.58% |
| 43 | WEX INC COMP | RBLX | 13,658 | $2.1M | 0.57% |
| 44 | ROYAL BANK OF CANADA COMP | EP-PC | 11,835 | $2.0M | 0.56% |
| 45 | SEMPRA ENERGY COMP | 47074L105 | 22,529 | $2.0M | 0.56% |
| 46 | AMPHENOL CORP-CL A COMP | 92936U109 | 14,574 | $2.0M | 0.55% |
| 47 | ARTHUR J GALLAGHER & CO COMP | SHOP | 7,346 | $1.9M | 0.54% |
| 48 | DR HORTON INC | CNX | 12,932 | $1.9M | 0.52% |
| 49 | WEC ENERGY GROUP INC COMP | SLB | 16,889 | $1.8M | 0.50% |
| 50 | SALESFORCE.COM INC | TYL | 6,731 | $1.8M | 0.50% |
| 51 | APTARGROUP INC COMP | VKTX | 14,471 | $1.8M | 0.49% |
| 52 | TIDEWATER INC COMP | 872540109 | 34,740 | $1.8M | 0.49% |
| 53 | ELEVANCE HEALTH INC COMP | VITL | 4,780 | $1.7M | 0.46% |
| 54 | REPUBLIC SERVICES INC | MPLXP | 7,713 | $1.7M | 0.46% |
| 55 | CHIPOTLE MEXICAN GRILL INC COMP | 88339J105 | 44,060 | $1.6M | 0.45% |
| 56 | FISERV INC COMP | SMPL | 25,398 | $1.6M | 0.45% |
| 57 | TARGA RESOURCES CORP COMP | 874039100 | 8,673 | $1.6M | 0.45% |
| 58 | CLEAN HARBORS INC | 88146M101 | 6,569 | $1.6M | 0.43% |
| 59 | ONEOK INC COMP | MNST | 19,325 | $1.4M | 0.40% |
| 60 | AMERICAN ELECTRIC POWER COMP | 94106L109 | 10,882 | $1.3M | 0.35% |
| 61 | LENNAR CORP-A | PCOR | 11,790 | $1.2M | 0.34% |
| 62 | LAM RESEARCH CORP COMP | PSA-PS | 6,996 | $1.2M | 0.34% |
| 63 | ENBRIDGE INC COMP | CME | 25,174 | $1.2M | 0.34% |
| 64 | ADOBE SYSTEMS INC | EXR | 3,270 | $1.2M | 0.32% |
| 65 | EVERGY INC COMP | BLK | 15,681 | $1.1M | 0.32% |
| 66 | WILLIAMS COS INC COMP | 32054K103 | 18,639 | $1.1M | 0.31% |
| 67 | MSCI INC COMP | T-PC | 1,869 | $1.1M | 0.30% |
| 68 | PTC INC COMP | WES | 5,618 | $985,453 | 0.27% |
| 69 | CHURCH & DWIGHT CO INC COMP | TSLA | 11,509 | $971,820 | 0.27% |
| 70 | ECOLAB INC | 85254J102 | 3,652 | $965,881 | 0.27% |
| 71 | INTUIT INC COMP | SPGI | 1,418 | $949,890 | 0.26% |
| 72 | OCEANEERING INTL INC COMP | NVR | 38,882 | $945,221 | 0.26% |
| 73 | VERIZON COMMUNICATIONS INC COMP | SOMN | 22,589 | $919,372 | 0.26% |
| 74 | AGNICO EAGLE MINES LTD COMP | CTVA | 5,350 | $919,344 | 0.26% |
| 75 | AT&T INC COMP | META | 35,911 | $890,952 | 0.25% |
| 76 | KLA CORP COMP | 76169C100 | 711 | $884,235 | 0.25% |
| 77 | MPLX LP COMP | ABLZF | 16,052 | $861,029 | 0.24% |
| 78 | CAMECO CORP COMP | LEU | 9,379 | $858,839 | 0.24% |
| 79 | KINDER MORGAN INC COMP | ADBE | 29,151 | $803,985 | 0.22% |
| 80 | KINROSS GOLD CORP COMP | QTWO | 26,970 | $771,612 | 0.21% |
| 81 | SERVICENOW INC COMP | TOST | 5,000 | $771,150 | 0.21% |
| 82 | LOWE'S COS INC | PYPL | 2,955 | $718,597 | 0.20% |
| 83 | ANTERO MIDSTREAM CORP COMP | ET-PI | 40,112 | $716,400 | 0.20% |
| 84 | IDEXX LABORATORIES INC | AM | 1,037 | $707,566 | 0.20% |
| 85 | PROLOGIS INC | WMT | 5,369 | $692,655 | 0.19% |
| 86 | WEST FRASER TIMBER CO LTD | GFL | 11,329 | $691,629 | 0.19% |
| 87 | GFL ENVIRONMENTAL INC-SUB VT COMP | 03769M106 | 15,070 | $658,710 | 0.18% |
| 88 | BRISTOL-MYERS SQUIBB CO | VRT | 11,010 | $596,852 | 0.17% |
| 89 | UNION PACIFIC CORP | GSCE | 2,476 | $577,057 | 0.16% |
| 90 | T-MOBILE US INC COMP | 45841N107 | 2,810 | $572,678 | 0.16% |
| 91 | AUTOMATIC DATA PROCESSING | EQT | 2,147 | $557,211 | 0.16% |
| 92 | PUBLIC STORAGE COMP | 929160109 | 2,121 | $553,857 | 0.15% |
| 93 | ENTERPRISE PRODUCTS PARTNERS COMP | 85208M102 | 16,733 | $537,297 | 0.15% |
| 94 | CME GROUP INC COMP | CSCO | 1,791 | $494,012 | 0.14% |
| 95 | CORTEVA INC COMP | CAH | 7,255 | $488,769 | 0.14% |
| 96 | MARSH & MCLENNAN COS | PTC | 2,590 | $485,262 | 0.14% |
| 97 | ALLIANT ENERGY CORP COMP | ZTS | 7,358 | $481,360 | 0.13% |
| 98 | NEXGEN ENERGY LTD COMP | NXE | 48,771 | $448,091 | 0.12% |
| 99 | FREEPORT-MCMORAN INC COMP | APP | 8,620 | $443,154 | 0.12% |
| 100 | CSX CORP | VZ | 11,860 | $431,941 | 0.12% |
| 101 | NORFOLK SOUTHERN CORP | NFLX | 1,420 | $411,956 | 0.11% |
| 102 | PAYPAL HOLDINGS INC | WFG | 6,782 | $400,816 | 0.11% |
| 103 | PLAINS ALL AMER PIPELINE LP COMP | MCK | 22,282 | $398,179 | 0.11% |
| 104 | ZOETIS INC | 760759100 | 3,114 | $393,641 | 0.11% |
| 105 | NIKE INC -CL B COMP | NLOP | 6,304 | $385,742 | 0.11% |
| 106 | VALE SA-SP ADR COMP | SBUX | 28,982 | $379,664 | 0.11% |
| 107 | NUTRIEN LTD | 969457100 | 5,880 | $367,382 | 0.10% |
| 108 | NEWMONT GOLDCORP CORP COMP | NTST | 3,600 | $366,696 | 0.10% |
| 109 | IAMGOLD CORP COMP | SAFE | 20,066 | $336,106 | 0.09% |
| 110 | PEMBINA PIPELINE CORP COMP | MTH | 8,566 | $327,136 | 0.09% |
| 111 | WESTERN MIDSTREAM PARTNERS L COMP | FCX | 7,933 | $314,305 | 0.09% |
| 112 | ENERGY TRANSFER LP COMP | BLDR | 18,664 | $308,703 | 0.09% |
| 113 | CANADIAN NATL RAILWAY CO COMP | UBER | 2,998 | $297,731 | 0.08% |
| 114 | REALTY INCOME CORP | MSCI | 5,026 | $286,633 | 0.08% |
| 115 | ALLSTATE CORP | ZETA | 1,342 | $280,612 | 0.08% |
| 116 | CASELLA WASTE SYSTEMS INC-A COMP | TDGMW | 2,793 | $280,110 | 0.08% |
| 117 | FORTINET INC COMP | ARES-PB | 3,351 | $269,119 | 0.07% |
| 118 | QUIMICA Y MINERA CHIL-SP ADR COMP | VYLD | 3,801 | $262,193 | 0.07% |
| 119 | URANIUM ENERGY CORP COMP | GFIOF | 19,405 | $228,397 | 0.06% |
| 120 | WORKDAY INC-CLASS A COMP | RTNTF | 1,050 | $227,777 | 0.06% |
| 121 | NVR INC COMP | NVR | 28 | $205,162 | 0.06% |
| 122 | GENESIS ENERGY L.P. COMP | NOW | 11,683 | $184,358 | 0.05% |
| 123 | DENISON MINES CORP COMP | TLN | 66,311 | $175,864 | 0.05% |
| 124 | OKTA INC COMP | MOS | 1,980 | $173,111 | 0.05% |
| 125 | PULTEGROUP INC COMP | MA | 1,416 | $167,272 | 0.05% |
| 126 | NEW GOLD INC COMP | NEE-PW | 18,592 | $163,796 | 0.05% |
| 127 | ESTEE LAUDER COMPANIES-CL A COMP | PLDGP | 1,405 | $148,705 | 0.04% |
| 128 | ENERGY FUELS INC COMP | CXM | 10,131 | $146,743 | 0.04% |
| 129 | GILDAN ACTIVEWEAR INC COMP | SEMR | 2,225 | $139,077 | 0.04% |
| 130 | KB HOME | AKAM | 2,302 | $131,099 | 0.04% |
| 131 | MICROCHIP TECHNOLOGY INC COMP | NTR | 1,957 | $126,579 | 0.04% |
| 132 | DIGITAL REALTY TRUST INC | TPH | 768 | $120,108 | 0.03% |
| 133 | TOAST INC-CLASS A COMP | IR | 3,092 | $112,209 | 0.03% |
| 134 | BROADRIDGE FINANCIAL SOLUTIO COMP | 20717M103 | 480 | $108,115 | 0.03% |
| 135 | CENTRUS ENERGY CORP-CLASS A COMP | CELH | 428 | $105,729 | 0.03% |
| 136 | HUMANA INC | CRM | 390 | $101,030 | 0.03% |
| 137 | VOYA FINANCIAL INC | GEV | 1,347 | $101,025 | 0.03% |
| 138 | Q2 HOLDINGS INC COMP | VOYA-PB | 1,255 | $92,167 | 0.03% |
| 139 | FIRST INDUSTRIAL REALTY TR | BKR | 1,531 | $89,012 | 0.02% |
| 140 | ZETA GLOBAL HOLDINGS CORP-A COMP | 760759100 | 4,224 | $87,859 | 0.02% |
| 141 | EQUINIX INC | AVGO | 114 | $87,747 | 0.02% |
| 142 | MOSAIC CO/THE COMP | MOS | 3,529 | $85,225 | 0.02% |
| 143 | INTERNATIONAL PAPER CO | SBAC | 2,062 | $81,923 | 0.02% |
| 144 | TERRENO REALTY CORP | TMUSZ | 1,332 | $79,614 | 0.02% |
| 145 | EASTGROUP PROPERTIES INC | SUNC | 434 | $78,771 | 0.02% |
| 146 | CENTENE CORP COMP | CNC | 1,871 | $77,104 | 0.02% |
| 147 | AMERICAN TOWER CORP | EQIX | 427 | $75,459 | 0.02% |
| 148 | AMERICAN HOMES 4 RENT- A | 29472R108 | 2,282 | $73,549 | 0.02% |
| 149 | STAG INDUSTRIAL INC | TDY | 1,968 | $73,249 | 0.02% |
| 150 | TOLL BROTHERS INC COMP | 45378A106 | 487 | $66,524 | 0.02% |
| 151 | BOOZ ALLEN HAMILTON HOLDINGS COMP | CEG | 772 | $65,736 | 0.02% |
| 152 | INVITATION HOMES INC | GOOG | 2,274 | $63,581 | 0.02% |
| 153 | ALKAMI TECHNOLOGY INC COMP | ES | 2,682 | $62,249 | 0.02% |
| 154 | NATIONAL RETAIL PROPERTIES | NOVTU | 1,514 | $60,303 | 0.02% |
| 155 | TAYLOR MORRISON HOME CORP-A | TPGXL | 1,004 | $59,377 | 0.02% |
| 156 | NUTANIX INC - A COMP | 00748E110 | 1,090 | $56,636 | 0.02% |
| 157 | REXFORD INDUSTRIAL REALTY IN | UEC | 1,370 | $54,430 | 0.02% |
| 158 | CONFLUENT INC-CLASS A COMP | CARR | 1,740 | $52,426 | 0.01% |
| 159 | SYNOPSYS INC COMP | INVH | 106 | $50,296 | 0.01% |
| 160 | LOUISIANA-PACIFIC CORP | PPC | 603 | $49,639 | 0.01% |
| 161 | EXTRA SPACE STORAGE INC COMP | BRBR | 364 | $47,888 | 0.01% |
| 162 | MID-AMERICA APARTMENT COMM | MAA-PI | 330 | $46,170 | 0.01% |
| 163 | CROWN CASTLE INTL CORP | CCJ | 497 | $44,283 | 0.01% |
| 164 | TRI POINTE GROUP INC | TTWO | 1,308 | $41,555 | 0.01% |
| 165 | VERTEX INC - CLASS A COMP | 833635105 | 1,929 | $38,638 | 0.01% |
| 166 | AVALONBAY COMMUNITIES INC | DUKB | 189 | $34,965 | 0.01% |
| 167 | EQUITY LIFESTYLE PROPERTIES | 11133T103 | 552 | $33,661 | 0.01% |
| 168 | CAMDEN PROPERTY TRUST | UNH | 301 | $33,327 | 0.01% |
| 169 | SBA COMMUNICATIONS CORP | UDR | 168 | $32,720 | 0.01% |
| 170 | UDR INC | 45168D104 | 801 | $29,629 | 0.01% |
| 171 | SEMRUSH HOLDINGS INC-A COMP | TOL | 2,328 | $27,633 | 0.01% |
| 172 | EQUITY RESIDENTIAL | OWL | 417 | $26,480 | 0.01% |
| 173 | SUN COMMUNITIES INC | 46431W853 | 211 | $26,474 | 0.01% |
| 174 | ESSEX PROPERTY TRUST INC | SOBO | 88 | $23,225 | 0.01% |
| 175 | SPRINKLR INC-A COMP | TMO | 2,770 | $21,689 | 0.01% |
| 176 | MERITAGE HOMES CORP | MTH | 311 | $20,647 | 0.01% |
| 177 | CUBESMART COMP | TRGP | 548 | $19,898 | 0.01% |
| 178 | INDEPENDENCE REALTY TRUST IN COMP | 03027X100 | 896 | $15,922 | 0.00% |
| 179 | DYNATRACE INC COMP | SMCI | 298 | $13,142 | 0.00% |
| 180 | LGI HOMES INC | ABBV | 263 | $11,406 | 0.00% |
| 181 | NATIONAL STORAGE AFFILIATES COMP | NXE | 380 | $10,807 | 0.00% |
| 182 | JAMF HOLDING CORP COMP | ALKT | 529 | $6,877 | 0.00% |