# Board of the Pension Protection Fund

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 2041021. Source: https://holderbook.com/funds/2041021-board-of-the-pension-protection-fund/

- Reported value: $105.4M
- Positions: 110
- Weight of the ten largest: 18.5%
- Filed: 2026-08-07

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 |
|---|---|---|---|---|---|
| BALL CORP | [BALL](https://holderbook.com/stocks/BALL/) | $2.2M | 35,000 | 2.1% | 1 |
| MAGNA INTL INC | [MGA](https://holderbook.com/stocks/MGA/) | $2.1M | 22,200 | 2.0% | 1 |
| INCYTE CORP | [INCY](https://holderbook.com/stocks/INCY/) | $2.0M | 17,600 | 1.9% | 4 |
| FLEX LTD | [FLEX](https://holderbook.com/stocks/FLEX/) | $2.0M | 12,300 | 1.9% | 5 |
| HEWLETT PACKARD ENTERPRISE C | [HPE](https://holderbook.com/stocks/HPE/) | $1.9M | 42,800 | 1.8% | 5 |
| CITIZENS FINL GROUP INC | [CFG](https://holderbook.com/stocks/CFG/) | $1.9M | 27,200 | 1.8% | 5 |
| CGI INC | [GIB](https://holderbook.com/stocks/GIB/) | $1.9M | 20,600 | 1.8% | 2 |
| CENTENE CORP DEL | [CNC](https://holderbook.com/stocks/CNC/) | $1.9M | 29,000 | 1.8% | 4 |
| KEYCORP | [KEY](https://holderbook.com/stocks/KEY/) | $1.8M | 79,400 | 1.7% | 5 |
| COOPER COS INC | [COO](https://holderbook.com/stocks/COO/) | $1.8M | 25,400 | 1.7% | 1 |
| LOEWS CORP | [L](https://holderbook.com/stocks/L/) | $1.8M | 16,000 | 1.7% | 5 |
| SOUTHWEST AIRLS CO | [LUV](https://holderbook.com/stocks/LUV/) | $1.8M | 35,100 | 1.7% | 5 |
| EDISON INTL | [EIX](https://holderbook.com/stocks/EIX/) | $1.8M | 24,100 | 1.7% | 4 |
| EQUITABLE HLDGS INC | [EQH](https://holderbook.com/stocks/EQH/) | $1.8M | 40,800 | 1.7% | 5 |
| UNITED AIRLS HLDGS INC | [UAL](https://holderbook.com/stocks/UAL/) | $1.8M | 12,900 | 1.7% | 6 |
| SYNCHRONY FINANCIAL | [SYF](https://holderbook.com/stocks/SYF/) | $1.7M | 23,000 | 1.7% | 6 |
| INTERNATIONAL PAPER CO | [IP](https://holderbook.com/stocks/IP/) | $1.7M | 45,700 | 1.7% | 1 |
| WEYERHAEUSER CO | [WY](https://holderbook.com/stocks/WY/) | $1.7M | 72,500 | 1.6% | 1 |
| TEXTRON INC | [TXT](https://holderbook.com/stocks/TXT/) | $1.7M | 18,200 | 1.6% | 5 |
| PINTEREST INC | [PINS](https://holderbook.com/stocks/PINS/) | $1.6M | 78,300 | 1.6% | 4 |
| MICROCHIP TECHNOLOGY INC. | [MCHP](https://holderbook.com/stocks/MCHP/) | $1.6M | 17,900 | 1.5% | 1 |
| KENVUE INC | [KVUE](https://holderbook.com/stocks/KVUE/) | $1.6M | 85,400 | 1.5% | 1 |
| EXPAND ENERGY CORPORATION | [EXE](https://holderbook.com/stocks/EXE/) | $1.6M | 17,800 | 1.5% | 1 |
| TYSON FOODS INC | [TSN](https://holderbook.com/stocks/TSN/) | $1.6M | 28,200 | 1.5% | 1 |
| DUPONT DE NEMOURS INC | - | $1.6M | 11,700 | 1.5% | 1 |
| GLOBAL PMTS INC | [GPN](https://holderbook.com/stocks/GPN/) | $1.6M | 21,600 | 1.5% | 4 |
| OMNICOM GROUP INC | [OMC](https://holderbook.com/stocks/OMC/) | $1.6M | 21,500 | 1.5% | 5 |
| HARTFORD INSURANCE GROUP INC | [HIG](https://holderbook.com/stocks/HIG/) | $1.5M | 11,600 | 1.5% | 5 |
| DELTA AIR LINES INC | [DAL](https://holderbook.com/stocks/DAL/) | $1.5M | 16,400 | 1.5% | 4 |
| GEN DIGITAL INC | [GEN](https://holderbook.com/stocks/GEN/) | $1.5M | 61,400 | 1.4% | 5 |
| EQT CORP | [EQT](https://holderbook.com/stocks/EQT/) | $1.5M | 28,600 | 1.4% | 1 |
| CINCINNATI FINL CORP | [CINF](https://holderbook.com/stocks/CINF/) | $1.5M | 8,100 | 1.4% | 5 |
| PG&E CORP | [PCG](https://holderbook.com/stocks/PCG/) | $1.4M | 84,700 | 1.4% | 4 |
| LAS VEGAS SANDS CORP | [LVS](https://holderbook.com/stocks/LVS/) | $1.4M | 30,500 | 1.3% | 2 |
| ZILLOW GROUP INC | [Z](https://holderbook.com/stocks/Z/) | $1.4M | 43,600 | 1.3% | 1 |
| SS&C TECH HLDGS | [SSNC](https://holderbook.com/stocks/SSNC/) | $1.4M | 22,000 | 1.3% | 5 |
| FIRSTENERGY CORP | [FE](https://holderbook.com/stocks/FE/) | $1.4M | 28,700 | 1.3% | 1 |
| HALLIBURTON CO | [HAL](https://holderbook.com/stocks/HAL/) | $1.4M | 39,900 | 1.3% | 1 |
| FOX CORP | [FOX](https://holderbook.com/stocks/FOX/) | $1.3M | 28,500 | 1.3% | 5 |
| FOX CORP | [FOXA](https://holderbook.com/stocks/FOXA/) | $1.3M | 25,400 | 1.3% | 6 |
| LEIDOS HOLDINGS INC | [LDOS](https://holderbook.com/stocks/LDOS/) | $1.3M | 12,800 | 1.2% | 7 |
| GODADDY INC | [GDDY](https://holderbook.com/stocks/GDDY/) | $1.3M | 15,500 | 1.2% | 7 |
| HP INC | [HPQ](https://holderbook.com/stocks/HPQ/) | $1.3M | 59,900 | 1.2% | 5 |
| DOCUSIGN INC | [DOCU](https://holderbook.com/stocks/DOCU/) | $1.3M | 29,500 | 1.2% | 6 |
| ZILLOW GROUP INC | [ZG](https://holderbook.com/stocks/ZG/) | $1.3M | 41,300 | 1.2% | 1 |
| NEWS CORP NEW | [NWSA](https://holderbook.com/stocks/NWSA/) | $1.3M | 52,000 | 1.2% | 5 |
| ROYALTY PHARMA PLC | [RPRX](https://holderbook.com/stocks/RPRX/) | $1.3M | 22,800 | 1.2% | 6 |
| LYONDELLBASELL INDUSTRIES NV | [LYB](https://holderbook.com/stocks/LYB/) | $1.3M | 24,100 | 1.2% | 1 |
| AMERICAN INTL GROUP INC | [AIG](https://holderbook.com/stocks/AIG/) | $1.2M | 16,400 | 1.2% | 4 |
| COMCAST CORP NEW | [CMCSA](https://holderbook.com/stocks/CMCSA/) | $1.2M | 49,400 | 1.2% | 4 |
| DOW HLDGS INC | [DOW](https://holderbook.com/stocks/DOW/) | $1.2M | 44,100 | 1.1% | 1 |
| FIDELITY NATL INFORMATION SV | [FIS](https://holderbook.com/stocks/FIS/) | $1.1M | 28,800 | 1.1% | 2 |
| SUPER MICRO COMPUTER INC | [SMCI](https://holderbook.com/stocks/SMCI/) | $1.1M | 37,900 | 1.1% | 4 |
| NEWS CORP NEW | [NWS](https://holderbook.com/stocks/NWS/) | $1.1M | 37,600 | 1.0% | 5 |
| FORD MTR CO | [F](https://holderbook.com/stocks/F/) | $1.0M | 74,900 | 1.0% | 1 |
| HCA HEALTHCARE INC | [HCA](https://holderbook.com/stocks/HCA/) | $1.0M | 2,640 | 1.0% | 4 |
| MCCORMICK & CO INC | [MKC](https://holderbook.com/stocks/MKC/) | $1.0M | 20,400 | 1.0% | 1 |
| PAYPAL HLDGS INC | [PYPL](https://holderbook.com/stocks/PYPL/) | $1.0M | 23,500 | 1.0% | 3 |
| ALLSTATE CORP | [ALL](https://holderbook.com/stocks/ALL/) | $928.0K | 3,900 | 0.9% | 1 |
| COGNIZANT TECHNOLOGY SOLUTIO | [CTSH](https://holderbook.com/stocks/CTSH/) | $871.4K | 22,500 | 0.8% | 7 |
| ARCH CAP GROUP LTD | [ACGL](https://holderbook.com/stocks/ACGL/) | $834.7K | 8,600 | 0.8% | 1 |
| NISOURCE INC | [NI](https://holderbook.com/stocks/NI/) | $827.4K | 17,400 | 0.8% | 6 |
| DOLLAR GEN CORP | [DG](https://holderbook.com/stocks/DG/) | $794.3K | 6,900 | 0.8% | 1 |
| EXELON CORP | [EXC](https://holderbook.com/stocks/EXC/) | $792.5K | 17,000 | 0.8% | 3 |
| FISERV INC | [FISV](https://holderbook.com/stocks/FISV/) | $775.0K | 15,800 | 0.7% | 3 |
| COSTAR GROUP INC | [CSGP](https://holderbook.com/stocks/CSGP/) | $665.5K | 23,500 | 0.6% | 1 |
| KROGER CO | [KR](https://holderbook.com/stocks/KR/) | $644.1K | 11,600 | 0.6% | 1 |
| REGIONS FINANCIAL CORP NEW | [RF](https://holderbook.com/stocks/RF/) | $643.3K | 21,300 | 0.6% | 5 |
| QUEST DIAGNOSTICS INC | [DGX](https://holderbook.com/stocks/DGX/) | $635.9K | 3,000 | 0.6% | 3 |
| CARDINAL HEALTH INC | [CAH](https://holderbook.com/stocks/CAH/) | $593.9K | 2,500 | 0.6% | 5 |
| DEVON ENERGY CORP NEW | [DVN](https://holderbook.com/stocks/DVN/) | $582.6K | 14,100 | 0.6% | 1 |
| PENTAIR PLC | [PNR](https://holderbook.com/stocks/PNR/) | $567.3K | 7,400 | 0.5% | 4 |
| KRAFT HEINZ CO | [KHC](https://holderbook.com/stocks/KHC/) | $566.9K | 24,000 | 0.5% | 3 |
| CONSTELLATION BRANDS INC | [STZ](https://holderbook.com/stocks/STZ/) | $556.4K | 4,000 | 0.5% | 1 |
| APTIV PLC | [APTV](https://holderbook.com/stocks/APTV/) | $534.0K | 8,700 | 0.5% | 4 |
| AT&T INC | [T](https://holderbook.com/stocks/T/) | $498.9K | 24,100 | 0.5% | 1 |
| BCE INC | [BCE](https://holderbook.com/stocks/BCE/) | $461.3K | 15,100 | 0.4% | 1 |
| SYSCO CORP | [SYY](https://holderbook.com/stocks/SYY/) | $434.6K | 5,200 | 0.4% | 1 |
| RAYMOND JAMES FINL INC | [RJF](https://holderbook.com/stocks/RJF/) | $410.5K | 2,700 | 0.4% | 6 |
| AMERIPRISE FINL INC | [AMP](https://holderbook.com/stocks/AMP/) | $348.7K | 760 | 0.3% | 3 |
| BAKER HUGHES COMPANY | [BKR](https://holderbook.com/stocks/BKR/) | $321.9K | 5,800 | 0.3% | 1 |
| CBRE GROUP INC | [CBRE](https://holderbook.com/stocks/CBRE/) | $242.4K | 1,800 | 0.2% | 1 |
| KIMCO REALTY CORP | [KIM](https://holderbook.com/stocks/KIM/) | $228.2K | 9,000 | 0.2% | 1 |
| GE HEALTHCARE TECHNOLOGIES I | [GEHC](https://holderbook.com/stocks/GEHC/) | $217.6K | 3,400 | 0.2% | 3 |
| ALLEGION PLC | [ALLE](https://holderbook.com/stocks/ALLE/) | $182.6K | 1,300 | 0.2% | 5 |
| PTC INC | [PTC](https://holderbook.com/stocks/PTC/) | $170.4K | 1,500 | 0.2% | 3 |
| ON SEMICONDUCTOR CORP | [ON](https://holderbook.com/stocks/ON/) | $160.7K | 1,700 | 0.2% | 4 |
| FORTIVE CORP | [FTV](https://holderbook.com/stocks/FTV/) | $128.3K | 2,100 | 0.1% | 4 |
| LAUDER ESTEE COS INC | [EL](https://holderbook.com/stocks/EL/) | $126.3K | 1,600 | 0.1% | 1 |
| CENTERPOINT ENERGY INC | [CNP](https://holderbook.com/stocks/CNP/) | $123.3K | 2,800 | 0.1% | 3 |
| NEWMONT CORP | [NEM](https://holderbook.com/stocks/NEM/) | $121.4K | 1,300 | 0.1% | 1 |
| KINDER MORGAN INC DEL | [KMI](https://holderbook.com/stocks/KMI/) | $111.9K | 3,500 | 0.1% | 1 |
| US BANCORP | [USB](https://holderbook.com/stocks/USB/) | $108.7K | 1,800 | 0.1% | 4 |
| BRISTOL-MYERS SQUIBB CO | [BMY](https://holderbook.com/stocks/BMY/) | $103.7K | 1,800 | 0.1% | 3 |
| RESTAURANT BRANDS INTL INC | [QSR](https://holderbook.com/stocks/QSR/) | $102.9K | 1,000 | 0.1% | 1 |
| KEURIG DR PEPPER INC | [KDP](https://holderbook.com/stocks/KDP/) | $98.2K | 3,000 | 0.1% | 1 |
| EVERSOURCE ENERGY | [ES](https://holderbook.com/stocks/ES/) | $94.0K | 1,300 | 0.1% | 3 |
| ROLLINS INC | [ROL](https://holderbook.com/stocks/ROL/) | $91.8K | 2,200 | 0.1% | 3 |
| HENRY JACK & ASSOC INC | [JKHY](https://holderbook.com/stocks/JKHY/) | $82.6K | 600 | 0.1% | 1 |
| FIDELITY NATL FINL INC | [FNF](https://holderbook.com/stocks/FNF/) | $80.2K | 1,700 | 0.1% | 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 2026 | +19.4% | +14.8% | +4.6% | 98% |
| Q1 2026 | -4.1% | -4.6% | +0.6% | 100% |
| Q4 2025 | +2.6% | +2.4% | +0.3% | 99% |
| Q3 2025 | +6.7% | +7.8% | -1.2% | 100% |
| Q2 2025 | +10.6% | +10.5% | +0.1% | 100% |
| Q1 2025 | -0.0% | -4.6% | +4.5% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $105.4M | 110 |
| Q1 2026 | $108.8M | 156 |
| Q4 2025 | $105.1M | 251 |
| Q3 2025 | $102.1M | 144 |
| Q2 2025 | $92.5M | 99 |
| Q1 2025 | $87.6M | 141 |
| Q4 2024 | $86.6M | 135 |