Institutional Manager · CIK 0001353395

Fulcrum Asset Management LLP

LONDON, X0 · File #028-20335

Latest AUM

$359.4M

Positions

182

Top-10 Concentration

57.1%

Filings

Portfolio Value Over Time

2024-06

2024-09

2024-12

2025-03

2025-06

2025-09

2025-12

Biggest QoQ Changes

Ranked by conviction flow (share change × current price) so mark-to-market moves don't dominate. Price effect column shows how much of the $ change was just the stock moving.

Action	Issuer	Ticker / CUSIP	Δ Shares	Flow ($)	Price Effect
NEW	NVIDIA CORP	NVDA	+218,004	+$40.9M	$0
NEW	MICROSOFT CORP COMP	ORCL-PD	+59,070	+$28.8M	$0
REDUCE	T-MOBILE US INC COMP	45841N107	-107,360	-$21.9M	+$20.6M
REDUCE	MICRON TECHNOLOGY INC COMP	NVDA	-66,174	-$19.4M	+$10.1M
ADD	AMAZON.COM INC COMP	WDAY	+82,678	+$19.2M	+$267,355
REDUCE	EQUINIX INC	AVGO	-23,932	-$18.4M	+$10.6M
NEW	BROADCOM INC COMP	CCZ	+52,526	+$18.4M	$0
ADD	ALPHABET INC-CL A	EQR	+44,444	+$13.9M	+$115,941
EXITED	MICROSOFT CORP COMP	594918104	-23,430	-$12.1M	$0
NEW	JPMORGAN CHASE & CO	GOOG	+36,815	+$11.9M	$0

Sector Allocation

28.0%$100.8M

6.0%$21.4M

5.4%$19.5M

5.4%$19.4M

5.4%$19.3M

Consumer Discretionary

3.7%$13.5M

Energy

3.5%$12.7M

Industrials

2.8%$10.0M

Communication Services

2.3%$8.4M

Consumer Staples

1.6%$5.6M

Materials

0.6%$2.0M

Filing History

Feb 5, 202613F HOLDINGS REPORT (Amended)Q/E Dec 2025182 pos · $359.4M
Feb 3, 202613F HOLDINGS REPORTQ/E Dec 2025182 pos · $359.4M
Nov 24, 202513F HOLDINGS REPORT (Amended)Q/E Sep 2025178 pos · $360.7M
Nov 24, 202513F HOLDINGS REPORT (Amended)Q/E Sep 2025183 pos · $350.5M
Nov 18, 202513F HOLDINGS REPORTQ/E Sep 2025174 pos · $135.8M
Aug 12, 202513F HOLDINGS REPORTQ/E Jun 2025101 pos · $130.1M
Apr 24, 202513F HOLDINGS REPORTQ/E Mar 2025205 pos · $516.1M
Feb 3, 202513F HOLDINGS REPORTQ/E Dec 202416 pos · $21.4M
Oct 15, 202413F HOLDINGS REPORTQ/E Sep 202419 pos · $43.6M
Jul 15, 202413F HOLDINGS REPORTQ/E Jun 202416 pos · $32.1M

Top 20 Holdings — Dec 2025

#	Issuer	Ticker	Shares	Value	% of Portfolio
1	NVIDIA CORP	NVDA	218,004	$40.9M	13.59%
2	MICROSOFT CORP COMP	MSFT	59,070	$28.8M	9.57%
3	AMAZON.COM INC COMP	AMZN	84,275	$19.6M	6.52%
4	BROADCOM INC COMP	AVGO	52,526	$18.4M	6.11%
5	ALPHABET INC-CL A	GOOG	44,861	$14.1M	4.68%
6	ALPHABET IN-CL C	GOOG	43,867	$13.8M	4.59%
7	JPMORGAN CHASE & CO	VYLD	36,815	$11.9M	3.96%
8	MICRON TECHNOLOGY INC COMP	MU	29,257	$8.6M	2.85%
9	VISA INC-CLASS A SHARES	V	23,856	$8.4M	2.80%
10	MASTERCARD INC - A	MA	12,762	$7.4M	2.45%
11	BAKER HUGHES CO COMP	BKR	113,786	$5.2M	1.74%
12	TRAVELERS COS INC/THE	TRV	17,596	$5.1M	1.71%
13	NEXTERA ENERGY INC COMP	NEE-PW	63,517	$5.1M	1.70%
14	PROGRESSIVE CORP COMP	743315103	20,462	$4.7M	1.56%
15	THERMO FISHER SCIENTIFIC INC COMP	TMO	7,808	$4.6M	1.51%
16	REPUBLIC SERVICES INC COMP	760759100	21,050	$4.5M	1.50%
17	JOHNSON & JOHNSON	JNJ	21,179	$4.4M	1.46%
18	AMETEK INC COMP	AME	20,703	$4.3M	1.42%
19	EVERSOURCE ENERGY COMP	ES	63,336	$4.3M	1.42%
20	INTERACTIVE BROKERS GRO-CL A COMP	45841N107	64,137	$4.2M	1.39%