# PENSIOENFONDS RAIL & OV

> Institutional holdings reported to the SEC as of Q1 2025 on Form 13F. CIK 1218761. Source: https://holderbook.com/funds/1218761-pensioenfonds-rail-ov/

- Reported value: $1.4B
- Positions: 40
- Weight of the ten largest: 44.1%
- Filed: 2026-09-23

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| MICROSOFT CORP | [MSFT](https://holderbook.com/stocks/MSFT/) | $123.9M | 329,960 | 8.6% | 16 |
| APPLE INC | [AAPL](https://holderbook.com/stocks/AAPL/) | $88.3M | 397,314 | 6.1% | 2 |
| NVIDIA CORPORATION | [NVDA](https://holderbook.com/stocks/NVDA/) | $73.8M | 680,929 | 5.1% | 2 |
| AMERICAN EXPRESS CO | [AXP](https://holderbook.com/stocks/AXP/) | $59.8M | 222,378 | 4.1% | 20 |
| AON PLC | [AON](https://holderbook.com/stocks/AON/) | $51.3M | 128,522 | 3.6% | 9 |
| AMAZON COM INC | [AMZN](https://holderbook.com/stocks/AMZN/) | $50.9M | 267,360 | 3.5% | 1 |
| STATE STR CORP | [STT](https://holderbook.com/stocks/STT/) | $50.5M | 564,321 | 3.5% | 26 |
| ECOLAB INC | [ECL](https://holderbook.com/stocks/ECL/) | $49.9M | 196,876 | 3.5% | 26 |
| CASEYS GEN STORES INC | [CASY](https://holderbook.com/stocks/CASY/) | $44.3M | 102,041 | 3.1% | 26 |
| STRYKER CORPORATION | [SYK](https://holderbook.com/stocks/SYK/) | $43.4M | 116,606 | 3.0% | 21 |
| TEXAS ROADHOUSE INC | [TXRH](https://holderbook.com/stocks/TXRH/) | $41.0M | 246,167 | 2.8% | 15 |
| TJX COS INC NEW | [TJX](https://holderbook.com/stocks/TJX/) | $40.9M | 336,078 | 2.8% | 26 |
| WOODWARD INC | [WWD](https://holderbook.com/stocks/WWD/) | $39.3M | 215,241 | 2.7% | 22 |
| AMPHENOL CORP | [APH](https://holderbook.com/stocks/APH/) | $37.8M | 576,054 | 2.6% | 26 |
| BOOKING HOLDINGS INC | [BKNG](https://holderbook.com/stocks/BKNG/) | $37.5M | 8,142 | 2.6% | 24 |
| CENCORA INC | [COR](https://holderbook.com/stocks/COR/) | $36.7M | 132,005 | 2.5% | 26 |
| OTIS WORLDWIDE CORP | [OTIS](https://holderbook.com/stocks/OTIS/) | $36.3M | 351,901 | 2.5% | 12 |
| META PLATFORMS INC | [META](https://holderbook.com/stocks/META/) | $34.5M | 59,909 | 2.4% | 1 |
| ACCENTURE PLC IRELAND | [ACN](https://holderbook.com/stocks/ACN/) | $33.5M | 107,441 | 2.3% | 9 |
| LENNOX INTL INC | [LII](https://holderbook.com/stocks/LII/) | $32.0M | 56,976 | 2.2% | 3 |
| AUTOZONE INC | [AZO](https://holderbook.com/stocks/AZO/) | $31.5M | 8,274 | 2.2% | 26 |
| AMERICAN WTR WKS CO INC NEW | [AWK](https://holderbook.com/stocks/AWK/) | $31.5M | 213,662 | 2.2% | 4 |
| TRACTOR SUPPLY CO | [TSCO](https://holderbook.com/stocks/TSCO/) | $29.1M | 527,956 | 2.0% | 22 |
| BECTON DICKINSON & CO | [BDX](https://holderbook.com/stocks/BDX/) | $28.2M | 123,104 | 2.0% | 26 |
| THERMO FISHER SCIENTIFIC INC | [TMO](https://holderbook.com/stocks/TMO/) | $27.8M | 55,961 | 1.9% | 26 |
| ANALOG DEVICES INC | [ADI](https://holderbook.com/stocks/ADI/) | $27.6M | 137,015 | 1.9% | 26 |
| ATMOS ENERGY CORP | [ATO](https://holderbook.com/stocks/ATO/) | $26.7M | 172,797 | 1.9% | 26 |
| CDW CORP | [CDW](https://holderbook.com/stocks/CDW/) | $26.4M | 164,758 | 1.8% | 5 |
| FEDEX CORP | [FDX](https://holderbook.com/stocks/FDX/) | $25.3M | 103,735 | 1.8% | 26 |
| ICON PUB LTD CO | [ICLR](https://holderbook.com/stocks/ICLR/) | $24.8M | 141,761 | 1.7% | 9 |
| BALL CORP | [BALL](https://holderbook.com/stocks/BALL/) | $22.2M | 425,631 | 1.5% | 26 |
| BAXTER INTL INC | [BAX](https://holderbook.com/stocks/BAX/) | $21.5M | 628,463 | 1.5% | 26 |
| PPG INDS INC | [PPG](https://holderbook.com/stocks/PPG/) | $21.5M | 196,470 | 1.5% | 26 |
| OLD DOMINION FREIGHT LINE IN | [ODFL](https://holderbook.com/stocks/ODFL/) | $21.1M | 127,282 | 1.5% | 26 |
| PEPSICO INC | [PEP](https://holderbook.com/stocks/PEP/) | $20.8M | 138,547 | 1.4% | 26 |
| PROCTER & GAMBLE CO | [PG](https://holderbook.com/stocks/PG/) | $19.0M | 111,284 | 1.3% | 2 |
| BROADCOM INC | [AVGO](https://holderbook.com/stocks/AVGO/) | $16.2M | 96,543 | 1.1% | 1 |
| TORO CO | [TTC](https://holderbook.com/stocks/TTC/) | $16.0M | 219,378 | 1.1% | 9 |
| MICROCHIP TECHNOLOGY INC. | [MCHP](https://holderbook.com/stocks/MCHP/) | $253.2K | 5,230 | 0.0% | 26 |
| DOLLAR GEN CORP | [DG](https://holderbook.com/stocks/DG/) | $172.6K | 1,963 | 0.0% | 24 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q1 2025 | -2.3% | -4.6% | +2.3% | 100% |
| Q4 2024 | -4.6% | +2.1% | -6.8% | 96% |
| Q3 2024 | +3.3% | +5.4% | -2.2% | 96% |
| Q2 2024 | -3.4% | +4.0% | -7.4% | 96% |
| Q1 2024 | +8.7% | +10.0% | -1.3% | 96% |
| Q4 2023 | +10.1% | +11.2% | -1.0% | 98% |
| Q3 2023 | -6.1% | -3.6% | -2.5% | 96% |
| Q2 2023 | +3.3% | +8.3% | -5.0% | 96% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q1 2025 | $1.4B | 40 |
| Q4 2024 | $1.5B | 37 |
| Q3 2024 | $2.9B | 38 |
| Q2 2024 | $2.7B | 39 |
| Q1 2024 | $2.8B | 40 |
| Q4 2023 | $3.5B | 39 |
| Q3 2023 | $3.1B | 40 |
| Q2 2023 | $5.4B | 40 |
| Q1 2023 | $5.2B | 40 |
| Q4 2022 | $2.2B | 36 |
| Q3 2022 | $3.4B | 36 |
| Q2 2022 | $2.8B | 37 |