# Fulcrum Asset Management LLP

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 1353395. Source: https://holderbook.com/funds/1353395-fulcrum-asset-management-llp/

- Reported value: $1.0B
- Positions: 1,027
- Weight of the ten largest: 22.1%
- Filed: 2026-08-18

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 |
|---|---|---|---|---|---|
| NVIDIA CORPORATION | [NVDA](https://holderbook.com/stocks/NVDA/) | $45.3M | 232,336 | 4.5% | 6 |
| APPLE INC | [AAPL](https://holderbook.com/stocks/AAPL/) | $33.0M | 117,131 | 3.3% | 1 |
| MICRON TECHNOLOGY INC | [MU](https://holderbook.com/stocks/MU/) | $23.7M | 20,696 | 2.4% | 6 |
| AMAZON COM INC | [AMZN](https://holderbook.com/stocks/AMZN/) | $20.4M | 84,971 | 2.0% | 6 |
| MICROSOFT CORP | [MSFT](https://holderbook.com/stocks/MSFT/) | $17.9M | 48,559 | 1.8% | 6 |
| WALMART INC | [WMT](https://holderbook.com/stocks/WMT/) | $17.8M | 155,672 | 1.8% | 1 |
| CARDINAL HEALTH INC | [CAH](https://holderbook.com/stocks/CAH/) | $16.6M | 70,116 | 1.7% | 1 |
| BROADCOM INC | [AVGO](https://holderbook.com/stocks/AVGO/) | $15.9M | 42,754 | 1.6% | 6 |
| ALPHABET INC | [GOOG](https://holderbook.com/stocks/GOOG/) | $15.7M | 44,571 | 1.6% | 6 |
| MCKESSON CORP | [MCK](https://holderbook.com/stocks/MCK/) | $15.5M | 20,716 | 1.5% | 1 |
| META PLATFORMS INC | [META](https://holderbook.com/stocks/META/) | $15.3M | 27,270 | 1.5% | 1 |
| CENCORA INC | [COR](https://holderbook.com/stocks/COR/) | $14.6M | 51,748 | 1.5% | 1 |
| IMMUNOCORE HLDGS PLC | [IMCR](https://holderbook.com/stocks/IMCR/) | $14.3M | 470,025 | 1.4% | 1 |
| ALPHABET INC | [GOOGL](https://holderbook.com/stocks/GOOGL/) | $13.3M | 37,652 | 1.3% | 6 |
| ELI LILLY & CO | [LLY](https://holderbook.com/stocks/LLY/) | $10.7M | 8,675 | 1.1% | 1 |
| COSTCO WHOLESALE CORPORATION | [COST](https://holderbook.com/stocks/COST/) | $10.2M | 10,779 | 1.0% | 1 |
| QUANTA SVCS INC | [PWR](https://holderbook.com/stocks/PWR/) | $9.9M | 13,896 | 1.0% | 1 |
| TESLA INC | [TSLA](https://holderbook.com/stocks/TSLA/) | $9.8M | 23,815 | 1.0% | 1 |
| GE VERNOVA INC | [GEV](https://holderbook.com/stocks/GEV/) | $9.5M | 8,624 | 0.9% | 1 |
| FORTINET INC | [FTNT](https://holderbook.com/stocks/FTNT/) | $8.8M | 56,540 | 0.9% | 1 |
| AMPHENOL CORP | [APH](https://holderbook.com/stocks/APH/) | $7.5M | 45,241 | 0.8% | 5 |
| EXXON MOBIL CORP | [XOMXXXX](https://holderbook.com/stocks/XOMXXXX/) | $7.4M | 54,371 | 0.7% | 1 |
| SLB LIMITED | [SLB](https://holderbook.com/stocks/SLB/) | $7.4M | 159,459 | 0.7% | 9 |
| CATERPILLAR INC | [CAT](https://holderbook.com/stocks/CAT/) | $7.4M | 7,158 | 0.7% | 1 |
| KROGER CO | [KR](https://holderbook.com/stocks/KR/) | $7.2M | 128,703 | 0.7% | 1 |
| HOWMET AEROSPACE INC | [HWM](https://holderbook.com/stocks/HWM/) | $7.1M | 26,546 | 0.7% | 1 |
| WOODWARD INC | [WWD](https://holderbook.com/stocks/WWD/) | $6.9M | 16,194 | 0.7% | 1 |
| ARISTA NETWORKS INC | [ANET](https://holderbook.com/stocks/ANET/) | $6.9M | 41,760 | 0.7% | 1 |
| MONSTER BEVERAGE CORP NEW | [MNST](https://holderbook.com/stocks/MNST/) | $6.5M | 66,932 | 0.7% | 1 |
| REPUBLIC SVCS INC | [RSG](https://holderbook.com/stocks/RSG/) | $6.4M | 29,873 | 0.6% | 6 |
|  | - | $6.4M | 448,500,000 | 0.6% | 1 |
| AMERICAN EXPRESS CO | [AXP](https://holderbook.com/stocks/AXP/) | $6.3M | 18,607 | 0.6% | 1 |
| ADVANCED MICRO DEVICES INC | [AMD](https://holderbook.com/stocks/AMD/) | $6.2M | 11,489 | 0.6% | 6 |
| BAKER HUGHES COMPANY | [BKR](https://holderbook.com/stocks/BKR/) | $6.0M | 106,609 | 0.6% | 6 |
| ABBOTT LABORATORIES | [ABT](https://holderbook.com/stocks/ABT/) | $5.9M | 63,409 | 0.6% | 1 |
| TAIWAN SEMICONDUCTOR MANUFAC | [TSM](https://holderbook.com/stocks/TSM/) | $5.9M | 12,902 | 0.6% | 1 |
| MORGAN STANLEY | [MS](https://holderbook.com/stocks/MS/) | $5.7M | 27,158 | 0.6% | 6 |
| CORTEVA INC | [CTVA](https://holderbook.com/stocks/CTVA/) | $5.7M | 68,091 | 0.6% | 6 |
| GALLAGHER ARTHUR J & CO | [AJG](https://holderbook.com/stocks/AJG/) | $5.6M | 24,583 | 0.6% | 6 |
| CHEVRON CORPORATION | [CVX](https://holderbook.com/stocks/CVX/) | $5.6M | 32,955 | 0.6% | 2 |
| PROLOGIS INC. | [PLD](https://holderbook.com/stocks/PLD/) | $5.4M | 38,983 | 0.5% | 6 |
| NEXTERA ENERGY INC | [NEE](https://holderbook.com/stocks/NEE/) | $5.4M | 60,762 | 0.5% | 6 |
| JOHNSON & JOHNSON | [JNJ](https://holderbook.com/stocks/JNJ/) | $5.4M | 20,815 | 0.5% | 9 |
| VERTIV HOLDINGS CO | [VRT](https://holderbook.com/stocks/VRT/) | $5.3M | 17,377 | 0.5% | 1 |
| SHOPIFY INC | [SHOP](https://holderbook.com/stocks/SHOP/) | $5.3M | 46,316 | 0.5% | 1 |
| TRAVELERS COMPANIES INC | [TRV](https://holderbook.com/stocks/TRV/) | $5.1M | 15,488 | 0.5% | 1 |
| INTERACTIVE BROKERS GROUP IN | [IBKR](https://holderbook.com/stocks/IBKR/) | $5.1M | 58,186 | 0.5% | 6 |
| BANK OF AMER CORP | [BAC](https://holderbook.com/stocks/BAC/) | $5.1M | 87,717 | 0.5% | 6 |
| OKTA INC | [OKTA](https://holderbook.com/stocks/OKTA/) | $5.0M | 37,982 | 0.5% | 6 |
| CHIPOTLE MEXICAN GRILL INC | [CMG](https://holderbook.com/stocks/CMG/) | $5.0M | 150,823 | 0.5% | 6 |
| VISA INC | [V](https://holderbook.com/stocks/V/) | $5.0M | 14,554 | 0.5% | 6 |
| JPMORGAN CHASE & CO | [JPM](https://holderbook.com/stocks/JPM/) | $5.0M | 15,051 | 0.5% | 6 |
| GE AEROSPACE | [GE](https://holderbook.com/stocks/GE/) | $4.9M | 13,087 | 0.5% | 1 |
| AFFILIATED MANAGERS GROUP | [AMG](https://holderbook.com/stocks/AMG/) | $4.9M | 14,166 | 0.5% | 1 |
| BLACKROCK INC | [BLK](https://holderbook.com/stocks/BLK/) | $4.8M | 5,081 | 0.5% | 1 |
| MASTERCARD INCORPORATED | [MA](https://holderbook.com/stocks/MA/) | $4.8M | 9,423 | 0.5% | 6 |
| AMETEK INC | [AME](https://holderbook.com/stocks/AME/) | $4.7M | 19,728 | 0.5% | 6 |
| CASEYS GEN STORES INC | [CASY](https://holderbook.com/stocks/CASY/) | $4.7M | 5,974 | 0.5% | 1 |
| HALLIBURTON CO | [HAL](https://holderbook.com/stocks/HAL/) | $4.5M | 133,341 | 0.5% | 2 |
| INGERSOLL RAND INC | [IR](https://holderbook.com/stocks/IR/) | $4.5M | 55,773 | 0.5% | 1 |
| KNIGHT-SWIFT TRANSN HLDGS IN | [KNX](https://holderbook.com/stocks/KNX/) | $4.3M | 55,466 | 0.4% | 1 |
| HUNT J B TRANS SVCS INC | [JBHT](https://holderbook.com/stocks/JBHT/) | $4.3M | 14,850 | 0.4% | 1 |
| TJX COS INC NEW | [TJX](https://holderbook.com/stocks/TJX/) | $4.2M | 27,870 | 0.4% | 6 |
| SANDISK CORP | [SNDK](https://holderbook.com/stocks/SNDK/) | $4.1M | 2,012 | 0.4% | 1 |
| WASTE CONNECTIONS INC | [WCN](https://holderbook.com/stocks/WCN/) | $4.1M | 24,724 | 0.4% | 9 |
| METTLER TOLEDO INTERNATIONAL | [MTD](https://holderbook.com/stocks/MTD/) | $4.1M | 3,240 | 0.4% | 1 |
| INTEL CORP | [INTC](https://holderbook.com/stocks/INTC/) | $3.7M | 28,250 | 0.4% | 1 |
| C H ROBINSON WORLDWIDE IN | [CHRW](https://holderbook.com/stocks/CHRW/) | $3.7M | 19,996 | 0.4% | 1 |
| WESTERN DIGITAL CORP | [WDC](https://holderbook.com/stocks/WDC/) | $3.7M | 5,658 | 0.4% | 1 |
| LANDSTAR SYS INC | [LSTR](https://holderbook.com/stocks/LSTR/) | $3.7M | 17,540 | 0.4% | 1 |
| LAM RESEARCH CORP | [LRCX](https://holderbook.com/stocks/LRCX/) | $3.5M | 8,534 | 0.3% | 6 |
| TALEN ENERGY CORP | [TLN](https://holderbook.com/stocks/TLN/) | $3.5M | 8,766 | 0.3% | 1 |
| T-MOBILE US INC | [TMUS](https://holderbook.com/stocks/TMUS/) | $3.5M | 19,981 | 0.3% | 6 |
| OLD DOMINION FREIGHT LINE IN | [ODFL](https://holderbook.com/stocks/ODFL/) | $3.4M | 15,624 | 0.3% | 1 |
| DARLING INGREDIENTS INC | [DAR](https://holderbook.com/stocks/DAR/) | $3.4M | 64,066 | 0.3% | 2 |
| CONSTELLATION ENERGY CORP | [CEG](https://holderbook.com/stocks/CEG/) | $3.4M | 12,998 | 0.3% | 1 |
| EVERSOURCE ENERGY | [ES](https://holderbook.com/stocks/ES/) | $3.4M | 45,525 | 0.3% | 6 |
| DEVON ENERGY CORP NEW | [DVN](https://holderbook.com/stocks/DVN/) | $3.3M | 78,775 | 0.3% | 2 |
| APPLIED MATLS INC | [AMAT](https://holderbook.com/stocks/AMAT/) | $3.2M | 4,640 | 0.3% | 6 |
| FRANKLIN RESOURCES INC | [BEN](https://holderbook.com/stocks/BEN/) | $3.2M | 96,568 | 0.3% | 1 |
| DANAHER CORP DEL | [DHR](https://holderbook.com/stocks/DHR/) | $3.2M | 16,459 | 0.3% | 1 |
| CONSOLIDATED EDISON INC | [ED](https://holderbook.com/stocks/ED/) | $3.1M | 27,517 | 0.3% | 6 |
| HEICO CORP NEW | [HEI](https://holderbook.com/stocks/HEI/) | $3.1M | 8,738 | 0.3% | 1 |
| BERKSHIRE HATHAWAY INC DEL | [BRKB](https://holderbook.com/stocks/BRKB/) | $3.0M | 6,000 | 0.3% | 1 |
| DECKERS OUTDOOR CORP | [DECK](https://holderbook.com/stocks/DECK/) | $3.0M | 29,246 | 0.3% | 1 |
| AIRBNB INC | [ABNB](https://holderbook.com/stocks/ABNB/) | $3.0M | 20,076 | 0.3% | 1 |
| AAR CORP | [AIR](https://holderbook.com/stocks/AIR/) | $2.9M | 20,634 | 0.3% | 1 |
| ENDEAVOUR SILVER CORP | [EXK](https://holderbook.com/stocks/EXK/) | $2.9M | 351,888 | 0.3% | 1 |
| CANADIAN NAT RES LTD MED TER | [CNQ](https://holderbook.com/stocks/CNQ/) | $2.8M | 72,052 | 0.3% | 1 |
| AMERICAN WTR WKS CO INC NEW | [AWK](https://holderbook.com/stocks/AWK/) | $2.8M | 21,376 | 0.3% | 6 |
| EXPEDITORS INTL WASH INC | [EXPD](https://holderbook.com/stocks/EXPD/) | $2.8M | 17,148 | 0.3% | 1 |
| S&P GLOBAL INC | [SPGI](https://holderbook.com/stocks/SPGI/) | $2.7M | 7,076 | 0.3% | 15 |
| APPLOVIN CORP | [APP](https://holderbook.com/stocks/APP/) | $2.7M | 5,400 | 0.3% | 1 |
| PRICE T ROWE GROUP INC | [TROW](https://holderbook.com/stocks/TROW/) | $2.7M | 23,270 | 0.3% | 1 |
| LIBERTY ENERGY INC | [LBRT](https://holderbook.com/stocks/LBRT/) | $2.6M | 100,534 | 0.3% | 2 |
| UBER TECHNOLOGIES INC | [UBER](https://holderbook.com/stocks/UBER/) | $2.6M | 34,895 | 0.3% | 1 |
| DIAMONDBACK ENERGY INC | [FANG](https://holderbook.com/stocks/FANG/) | $2.6M | 14,508 | 0.3% | 1 |
| WILLIAMS SONOMA INC | [WSM](https://holderbook.com/stocks/WSM/) | $2.6M | 10,903 | 0.3% | 1 |
| KLA CORP | [KLAC](https://holderbook.com/stocks/KLAC/) | $2.6M | 9,359 | 0.3% | 6 |
| LOWES COS INC | [LOW](https://holderbook.com/stocks/LOW/) | $2.6M | 11,860 | 0.3% | 6 |

## 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 |
|---|---|---|---|---|
| Q2 2026 | +6.4% | +14.8% | -8.4% | 99% |
| Q1 2026 | -3.7% | -4.6% | +0.9% | 99% |
| Q4 2025 | +2.5% | +2.4% | +0.2% | 100% |
| Q3 2025 | +6.5% | +7.8% | -1.4% | 100% |
| Q2 2022 | -16.1% | -16.5% | +0.4% | 102% |
| Q1 2022 | -5.8% | -4.9% | -0.9% | 118% |
| Q4 2021 | +13.1% | +10.7% | +2.4% | 105% |
| Q3 2021 | -0.4% | +0.3% | -0.6% | 61% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $1.0B | 1,027 |
| Q1 2026 | $661.8M | 219 |
| Q4 2025 | $359.4M | 181 |
| Q3 2025 | $360.7M | 177 |
| Q2 2025 | $350.5M | 181 |
| Q1 2025 | $516.1M | 205 |
| Q4 2024 | $21.4M | 16 |
| Q3 2024 | $43.6M | 19 |
| Q2 2024 | $32.1M | 16 |
| Q1 2022 | $343.1M | 225 |
| Q4 2021 | $204.7M | 212 |
| Q3 2021 | $202.4M | 187 |