# B.S. Pension Fund Trustee Ltd acting for the British Steel Pension Fund

> Institutional holdings reported to the SEC as of Q3 2021 on Form 13F. CIK 1536262. Source: https://holderbook.com/funds/1536262-b-s-pension-fund-trustee-ltd-acting-for-the-british-steel-pe/

- Reported value: $409.6M
- Positions: 23
- Weight of the ten largest: 64.1%
- Filed: 2021-11-29

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 |
|---|---|---|---|---|---|
| UNION PAC CORP | [UNP](https://holderbook.com/stocks/UNP/) | $45.9M | 234,113 | 11.2% | 12 |
| AMERICAN TOWER CORP | [AMT](https://holderbook.com/stocks/AMT/) | $37.7M | 142,000 | 9.2% | 12 |
| NEXTERA ENERGY INC | [NEE](https://holderbook.com/stocks/NEE/) | $26.1M | 332,000 | 6.4% | 12 |
| CANADIAN PAC RY LTD | [CPXXXX](https://holderbook.com/stocks/CPXXXX/) | $25.9M | 396,225 | 6.3% | 12 |
| XCEL ENERGY INC | [XEL](https://holderbook.com/stocks/XEL/) | $22.9M | 366,927 | 5.6% | 12 |
| KANSAS CITY SOUTHERN | [KSU](https://holderbook.com/stocks/KSU/) | $21.7M | 80,000 | 5.3% | 12 |
| ALLIANT ENERGY CORP | [LNT](https://holderbook.com/stocks/LNT/) | $21.2M | 378,904 | 5.2% | 12 |
| WEC ENERGY GROUP INC | [WEC](https://holderbook.com/stocks/WEC/) | $20.7M | 235,000 | 5.1% | 12 |
| NISOURCE INC | [NI](https://holderbook.com/stocks/NI/) | $20.6M | 851,995 | 5.0% | 12 |
| ENBRIDGE INC | [ENB](https://holderbook.com/stocks/ENB/) | $19.7M | 495,000 | 4.8% | 12 |
| AMERICAN ELEC PWR CO INC | [AEP](https://holderbook.com/stocks/AEP/) | $18.2M | 224,000 | 4.4% | 12 |
| TC ENERGY CORP | [TRP](https://holderbook.com/stocks/TRP/) | $17.4M | 362,200 | 4.3% | 10 |
| EVERGY INC | [EVRG](https://holderbook.com/stocks/EVRG/) | $17.1M | 275,000 | 4.2% | 3 |
| EDISON INTL | [EIX](https://holderbook.com/stocks/EIX/) | $15.8M | 284,000 | 3.8% | 12 |
| WILLIAMS COS INC | [WMB](https://holderbook.com/stocks/WMB/) | $14.2M | 546,000 | 3.5% | 12 |
| PINNACLE WEST CAP CORP | [PNW](https://holderbook.com/stocks/PNW/) | $10.9M | 150,000 | 2.6% | 11 |
| CANADIAN NATL RY CO | [CNI](https://holderbook.com/stocks/CNI/) | $10.4M | 90,000 | 2.5% | 2 |
| CROWN CASTLE INC | [CCI](https://holderbook.com/stocks/CCI/) | $10.4M | 60,000 | 2.5% | 12 |
| PPL CORP | [PPL](https://holderbook.com/stocks/PPL/) | $8.6M | 310,000 | 2.1% | 12 |
| PEMBINA PIPELINE CORP | [PBA](https://holderbook.com/stocks/PBA/) | $7.9M | 250,100 | 1.9% | 12 |
| TELEKOMUNIKASI IND | [TLK](https://holderbook.com/stocks/TLK/) | $6.1M | 238,354 | 1.5% | 12 |
| EXELON CORP | [EXC](https://holderbook.com/stocks/EXC/) | $5.8M | 119,500 | 1.4% | 12 |
| DUKE ENERGY CORP NEW | [DUK](https://holderbook.com/stocks/DUK/) | $4.5M | 45,902 | 1.1% | 12 |

## 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 |
|---|---|---|---|---|
| Q3 2021 | -3.4% | +0.3% | -3.6% | 100% |
| Q2 2021 | +3.0% | +8.0% | -5.0% | 96% |
| Q1 2021 | +7.3% | +6.0% | +1.3% | 104% |
| Q4 2020 | +4.4% | +11.6% | -7.2% | 105% |
| Q3 2020 | +4.5% | +8.6% | -4.1% | 100% |
| Q2 2020 | +6.9% | +19.6% | -12.7% | 103% |
| Q1 2020 | -15.9% | -19.9% | +4.0% | 100% |
| Q4 2019 | +3.7% | +8.5% | -4.8% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q3 2021 | $409.6M | 23 |
| Q2 2021 | $428.9M | 23 |
| Q1 2021 | $447.5M | 22 |
| Q4 2020 | $388.9M | 24 |
| Q3 2020 | $388.9M | 24 |
| Q2 2020 | $388.9M | 24 |
| Q1 2020 | $351.3M | 24 |
| Q4 2019 | $554.0M | 171 |
| Q3 2019 | $555.7M | 172 |
| Q2 2019 | $661.7M | 173 |
| Q1 2019 | $571.8M | 176 |
| Q4 2018 | $587.4M | 178 |