# TPI Fund Managers Ltd

> Institutional holdings reported to the SEC as of Q2 2022 on Form 13F. CIK 1785438. Source: https://holderbook.com/funds/1785438-tpi-fund-managers-ltd/

- Reported value: $596.9M
- Positions: 34
- Weight of the ten largest: 49.7%
- Filed: 2022-08-08

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/) | $48.8M | 189,992 | 8.2% | 13 |
| ALPHABET INC | [GOOG](https://holderbook.com/stocks/GOOG/) | $44.8M | 20,485 | 7.5% | 13 |
| UNITEDHEALTH GROUP INC | [UNH](https://holderbook.com/stocks/UNH/) | $32.6M | 63,406 | 5.5% | 13 |
| JOHNSON & JOHNSON | [JNJ](https://holderbook.com/stocks/JNJ/) | $29.1M | 164,132 | 4.9% | 13 |
| VISA INC | [V](https://holderbook.com/stocks/V/) | $28.5M | 144,857 | 4.8% | 13 |
| ELEVANCE HEALTH INC FORMERLY | [ELV](https://holderbook.com/stocks/ELV/) | $26.7M | 55,425 | 4.5% | 3 |
| MARSH & MCLENNAN COS INC | [MRSH](https://holderbook.com/stocks/MRSH/) | $22.3M | 143,838 | 3.7% | 13 |
| PIONEER NAT RES CO | [PXD](https://holderbook.com/stocks/PXD/) | $22.1M | 99,069 | 3.7% | 6 |
| THERMO FISHER SCIENTIFIC INC | [TMO](https://holderbook.com/stocks/TMO/) | $21.5M | 39,655 | 3.6% | 13 |
| INTERCONTINENTAL EXCHANGE IN | [ICE](https://holderbook.com/stocks/ICE/) | $20.4M | 216,684 | 3.4% | 11 |
| ANALOG DEVICES INC | [ADI](https://holderbook.com/stocks/ADI/) | $19.3M | 132,438 | 3.2% | 3 |
| YUM BRANDS INC | [YUM](https://holderbook.com/stocks/YUM/) | $19.2M | 168,967 | 3.2% | 13 |
| MASTERCARD INCORPORATED | [MA](https://holderbook.com/stocks/MA/) | $16.8M | 53,398 | 2.8% | 8 |
| AON PLC | [AON](https://holderbook.com/stocks/AON/) | $16.8M | 62,399 | 2.8% | 9 |
| ACCENTURE PLC IRELAND | [ACN](https://holderbook.com/stocks/ACN/) | $16.7M | 60,154 | 2.8% | 13 |
| CANADIAN PAC RY LTD | [CPXXXX](https://holderbook.com/stocks/CPXXXX/) | $15.6M | 223,711 | 2.6% | 7 |
| SCHWAB CHARLES CORP | [SCHW](https://holderbook.com/stocks/SCHW/) | $15.3M | 242,153 | 2.6% | 6 |
| TAIWAN SEMICONDUCTOR MANUFAC | [TSM](https://holderbook.com/stocks/TSM/) | $14.4M | 175,736 | 2.4% | 13 |
| MORGAN STANLEY | [MS](https://holderbook.com/stocks/MS/) | $14.4M | 188,705 | 2.4% | 5 |
| S&P GLOBAL INC | [SPGI](https://holderbook.com/stocks/SPGI/) | $14.1M | 41,921 | 2.4% | 13 |
| MOODYS CORP | [MCO](https://holderbook.com/stocks/MCO/) | $13.5M | 49,741 | 2.3% | 13 |
| WYNDHAM HOTELS & RESORTS INC | [WH](https://holderbook.com/stocks/WH/) | $13.5M | 204,681 | 2.3% | 12 |
| IQVIA HLDGS INC | [IQV](https://holderbook.com/stocks/IQV/) | $13.4M | 61,692 | 2.2% | 8 |
| AMERICAN TOWER CORP | [AMT](https://holderbook.com/stocks/AMT/) | $13.3M | 51,936 | 2.2% | 8 |
| ADOBE INC | [ADBE](https://holderbook.com/stocks/ADBE/) | $12.5M | 34,191 | 2.1% | 2 |
| TJX COS INC NEW | [TJX](https://holderbook.com/stocks/TJX/) | $12.5M | 223,761 | 2.1% | 7 |
| REVVITY INC | [RVTY](https://holderbook.com/stocks/RVTY/) | $11.5M | 80,700 | 1.9% | 9 |
| UNION PAC CORP | [UNP](https://holderbook.com/stocks/UNP/) | $10.2M | 47,949 | 1.7% | 13 |
| SHERWIN WILLIAMS CO | [SHW](https://holderbook.com/stocks/SHW/) | $9.3M | 41,356 | 1.6% | 13 |
| MEDTRONIC PLC | [MDT](https://holderbook.com/stocks/MDT/) | $7.1M | 78,870 | 1.2% | 13 |
| ALLEGION PLC | [ALLE](https://holderbook.com/stocks/ALLE/) | $6.8M | 68,960 | 1.1% | 13 |
| NIKE INC | [NKE](https://holderbook.com/stocks/NKE/) | $5.6M | 55,255 | 0.9% | 3 |
| APPLIED MATLS INC | [AMAT](https://holderbook.com/stocks/AMAT/) | $4.4M | 48,193 | 0.7% | 2 |
| TOPBUILD COR | [BLD](https://holderbook.com/stocks/BLD/) | $3.9M | 23,191 | 0.6% | 4 |

## 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 2022 | -13.7% | -16.5% | +2.8% | 100% |
| Q1 2022 | -7.9% | -4.9% | -3.0% | 100% |
| Q4 2021 | +9.9% | +10.7% | -0.8% | 92% |
| Q3 2021 | +1.2% | +0.3% | +1.0% | 99% |
| Q2 2021 | +9.0% | +8.0% | +1.0% | 99% |
| Q1 2021 | +5.5% | +6.0% | -0.5% | 100% |
| Q4 2020 | +10.7% | +11.6% | -0.9% | 98% |
| Q3 2020 | +9.8% | +8.6% | +1.2% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2022 | $596.9M | 34 |
| Q1 2022 | $776.7M | 39 |
| Q4 2021 | $811.9M | 38 |
| Q3 2021 | $741.0M | 37 |
| Q2 2021 | $725.3M | 37 |
| Q1 2021 | $639.8M | 36 |
| Q4 2020 | $585.0M | 39 |
| Q3 2020 | $468.8M | 38 |
| Q2 2020 | $431.2M | 35 |
| Q1 2020 | $329.4M | 34 |
| Q4 2019 | $415.6M | 36 |
| Q3 2019 | $351.4M | 36 |