Board of the Pension Protection Fund

Portfolio Overview

Board of the Pension Protection Fund disclosed 156 positions worth $108.8M in its Form 13F-HR for Q1 2026, led by $DELL (Dell Technologies Inc.) at 2.2% of the equity portfolio, followed by $CLS and $TWLO. During the quarter the fund opened 15 new positions and exited 109 — including a new stake in $CLS and a full exit from $GM. The portfolio is most concentrated in Technology (38.5% of disclosed assets). All figures are sourced directly from Board of the Pension Protection Fund’s Form 13F-HR filing with the SEC under CIK 2041021.

• 

  Dell Technologies Inc.

  $DELL

  76.0#114

  Quality

  $2.4M14,500 sh
• 

  CELESTICA INC

  $CLS

  69.0#387

  Quality

  $2.0M5,100 sh
• 

  TWILIO INC

  $TWLO

  59.5#914

  Quality

  $2.0M15,800 sh
• 

  OPEN TEXT CORP

  $OTEX

  —

  Quality

  $2.0M63,600 sh
• 

  Hewlett Packard Enterprise Co

  $HPE

  52.5

  Quality

  $2.0M82,700 sh
• 

  CGI INC

  $GIB

  —

  Quality

  $2.0M19,200 sh
• 

  EDISON INTERNATIONAL

  $EIX

  70.7

  Quality

  $1.9M26,500 sh
• 

  Zoom Communications, Inc.

  $ZM

  72.4

  Quality

  $1.8M22,800 sh
• 

  PG&E Corp

  $PCG

  59.3

  Quality

  $1.8M102,800 sh
• 

  NetApp, Inc.

  $NTAP

  75.0

  Quality

  $1.8M17,500 sh

Company	Quality	Value	Shares
Dell Technologies Inc.$DELL	76.0#114	$2.4M	14,500
CELESTICA INC$CLS	69.0#387	$2.0M	5,100
TWILIO INC$TWLO	59.5#914	$2.0M	15,800
OPEN TEXT CORP$OTEX	—	$2.0M	63,600
Hewlett Packard Enterprise Co$HPE	52.5	$2.0M	82,700
CGI INC$GIB	—	$2.0M	19,200
EDISON INTERNATIONAL$EIX	70.7	$1.9M	26,500
Zoom Communications, Inc.$ZM	72.4	$1.8M	22,800
PG&E Corp$PCG	59.3	$1.8M	102,800
NetApp, Inc.$NTAP	75.0	$1.8M	17,500

Showing top 10 of 156 holdings.

Full Holdings — Board of the Pension Protection Fund (Q1 2026)

All 156 disclosed positions from the latest Form 13F-HR, with quarter-over-quarter share changes and 13F Pro quality scores. Sourced from SEC EDGAR.

#	Ticker	Company	Value	Weight	QoQ	Quality
1	$DELL	Dell Technologies Inc.	$2.4M	2.2%	+31%	76
2	$CLS	CELESTICA INC	$2.0M	1.8%	NEW	69
3	$TWLO	TWILIO INC	$2.0M	1.8%	+22%	59.5
4	$OTEX	OPEN TEXT CORP	$2.0M	1.8%	NEW	—
5	$HPE	Hewlett Packard Enterprise Co	$2.0M	1.8%	+16%	52.5
6	$GIB	CGI INC	$2.0M	1.8%	NEW	—
7	$EIX	EDISON INTERNATIONAL	$1.9M	1.8%	-6%	70.7
8	$ZM	Zoom Communications, Inc.	$1.8M	1.7%	+7%	72.4
9	$PCG	PG&E Corp	$1.8M	1.7%	-10%	59.3
10	$NTAP	NetApp, Inc.	$1.8M	1.6%	+2400%	75
11	$EXC	EXELON CORP	$1.8M	1.6%	+1344%	63.9
12	$PYPL	PayPal Holdings, Inc.	$1.8M	1.6%	+3455%	70.5
13	$FLEX	FLEX LTD.	$1.8M	1.6%	+0%	—
14	$ATO	ATMOS ENERGY CORP	$1.7M	1.6%	+2225%	72
15	$TRMB	TRIMBLE INC.	$1.7M	1.6%	+5160%	52.1
16	$MRVL	Marvell Technology, Inc.	$1.7M	1.6%	NEW	77.3
17	$OMC	OMNICOM GROUP INC.	$1.7M	1.6%	+4%	60.5
18	$DSGX	DESCARTES SYSTEMS GROUP INC	$1.7M	1.6%	NEW	—
19	$DOCU	DOCUSIGN, INC.	$1.7M	1.5%	+47%	67.5
20	$GPN	GLOBAL PAYMENTS INC	$1.6M	1.5%	+32%	42.9
21	$OKTA	Okta, Inc.	$1.6M	1.5%	+3317%	67.3
22	$L	LOEWS CORP	$1.6M	1.5%	-5%	75.2
23	$NI	NISOURCE INC.	$1.6M	1.5%	+1700%	61.7
24	$LVS	LAS VEGAS SANDS CORP	$1.6M	1.5%	NEW	73.7
25	$SSNC	SS&C Technologies Holdings Inc	$1.5M	1.4%	+2763%	67.2
26	$SYF	Synchrony Financial	$1.5M	1.4%	+15%	—
27	$FWONA	Liberty Media Corp	$1.5M	1.4%	+21%	51
28	$NWS	NEWS CORP	$1.5M	1.4%	+3%	62.4
29	$BEN	FRANKLIN RESOURCES INC	$1.5M	1.4%	-5%	59.9
30	$DAL	DELTA AIR LINES, INC.	$1.5M	1.4%	+3%	64.4
31	$PTC	PTC INC.	$1.5M	1.4%	+5100%	69.8
32	$CINF	CINCINNATI FINANCIAL CORP	$1.5M	1.4%	-5%	77
33	$HIG	HARTFORD INSURANCE GROUP, INC.	$1.5M	1.4%	-4%	69.5
34	$RF	REGIONS FINANCIAL CORP	$1.4M	1.3%	-8%	—
35	$CTSH	COGNIZANT TECHNOLOGY SOLUTIONS CORP	$1.4M	1.3%	+16%	67.3
36	$CDW	CDW Corp	$1.4M	1.3%	+47%	61.6
37	$GDDY	GoDaddy Inc.	$1.4M	1.3%	+47%	72.4
38	$TXT	TEXTRON INC	$1.4M	1.3%	-7%	58.2
39	$GEN	Gen Digital Inc.	$1.4M	1.3%	+25%	67.7
40	$FOX	Fox Corp	$1.4M	1.3%	-5%	65.1
41	$HBAN	HUNTINGTON BANCSHARES INC /MD/	$1.4M	1.3%	-7%	69.4
42	$FOXA	Fox Corp	$1.4M	1.3%	-5%	65.1
43	$PFH	PRUDENTIAL FINANCIAL INC	$1.4M	1.3%	-1%	58.6
44	$RJF	RAYMOND JAMES FINANCIAL INC	$1.3M	1.2%	+2225%	63.8
45	$UAL	United Airlines Holdings, Inc.	$1.3M	1.2%	+2%	61.3
46	$EQH	Equitable Holdings, Inc.	$1.3M	1.2%	-0%	48.9
47	$HPQ	HP INC	$1.3M	1.2%	+13%	58.9
48	$SMCI	Super Micro Computer, Inc.	$1.3M	1.2%	+74%	61.9
49	$FNF	Fidelity National Financial, Inc.	$1.3M	1.2%	-3%	69.7
50	$PINS	PINTEREST, INC.	$1.2M	1.1%	+34%	62
51	$NRG	NRG ENERGY, INC.	$1.2M	1.1%	+1317%	59.5
52	$CEG	Constellation Energy Corp	$1.2M	1.1%	+3533%	62.5
53	$AWK	American Water Works Company, Inc.	$1.1M	1.1%	+1100%	61.7
54	$TEL	TE Connectivity plc	$1.1M	1.0%	+5200%	—
55	$FSLR	FIRST SOLAR, INC.	$1.1M	1.0%	+450%	73.8
56	$INCY	INCYTE CORP	$1.0M	0.9%	+2060%	81.2
57	$AIG	AMERICAN INTERNATIONAL GROUP, INC.	$1.0M	0.9%	-34%	59.5
58	$HOOD	Robinhood Markets, Inc.	$1.0M	0.9%	NEW	75.8
59	$BR	BROADRIDGE FINANCIAL SOLUTIONS, INC.	$974,880	0.9%	+5900%	77.6
60	$PFG	PRINCIPAL FINANCIAL GROUP INC	$919,122	0.8%	-45%	50.6
61	$__PARK_1390777	Bank of New York Mellon Corp	$889,725	0.8%	+1775%	36.7
62	$NWSA	NEWS CORP	$837,648	0.8%	-43%	62.4
63	$VRSN	VERISIGN INC/CA	$814,621	0.8%	+1950%	71.6
64	$WAB	WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORP	$574,793	0.5%	+2200%	70.8
65	$CNA	CNA FINANCIAL CORP	$555,632	0.5%	-61%	59.8
66	$FDS	FACTSET RESEARCH SYSTEMS INC	$520,776	0.5%	+1900%	67.9
67	$FIS	Fidelity National Information Services, Inc.	$501,937	0.5%	NEW	69.6
68	$APP	AppLovin Corp	$477,600	0.4%	+2900%	86.8
69	$CRM	Salesforce, Inc.	$466,675	0.4%	+2400%	75.2
70	$LDOS	Leidos Holdings, Inc.	$419,904	0.4%	+170%	73.4
71	$CAT	CATERPILLAR INC	$396,738	0.4%	NEW	67.8
72	$QCOM	QUALCOMM INC/DE	$373,462	0.3%	+1350%	81.9
73	$PWR	QUANTA SERVICES, INC.	$373,334	0.3%	+1600%	62.6
74	$XYL	Xylem Inc.	$358,500	0.3%	+1400%	65.6
75	$MET	METLIFE INC	$332,384	0.3%	-77%	73.9
76	$RPRX	Royalty Pharma plc	$326,196	0.3%	-14%	—
77	$FCNCA	FIRST CITIZENS BANCSHARES INC /DE/	$320,392	0.3%	-15%	54.8
78	$AVGO	Broadcom Inc.	$309,510	0.3%	NEW	86.4
79	$MPWR	MONOLITHIC POWER SYSTEMS INC	$306,138	0.3%	NEW	76.3
80	$PNR	PENTAIR plc	$304,885	0.3%	+1067%	—
81	$HOLX	HOLOGIC INC	$294,801	0.3%	+200%	62.3
82	$CNC	CENTENE CORP	$291,386	0.3%	-80%	52.7
83	$FTV	Fortive Corp	$287,456	0.3%	+63%	55.9
84	$HCA	HCA Healthcare, Inc.	$283,944	0.3%	+650%	70.5
85	$J	JACOBS SOLUTIONS INC.	$280,016	0.3%	+633%	47.7
86	$FERG	Ferguson Enterprises Inc. /DE/	$279,912	0.3%	+1100%	58.9
87	$EXPD	EXPEDITORS INTERNATIONAL OF WASHINGTON INC	$272,137	0.3%	+533%	71.2
88	$DOV	DOVER Corp	$270,985	0.3%	+1200%	63.1
89	$ED	CONSOLIDATED EDISON INC	$248,996	0.2%	+120%	71.6
90	$MAS	MASCO CORP /DE/	$247,517	0.2%	+583%	59.9
91	$GD	GENERAL DYNAMICS CORP	$247,118	0.2%	+800%	73
92	$SNA	Snap-on Inc	$246,990	0.2%	+467%	69.3
93	$ROL	ROLLINS INC	$245,686	0.2%	+820%	73.2
94	$AXP	AMERICAN EXPRESS CO	$241,984	0.2%	NEW	73.2
95	$CNH	CNH Industrial N.V.	$229,900	0.2%	-86%	—
96	$VRT	Vertiv Holdings Co	$225,522	0.2%	+800%	82.7
97	$CCZ	COMCAST CORP	$215,325	0.2%	-87%	70.4
98	$AAPL	Apple Inc.	$203,032	0.2%	NEW	76.1
99	$CSCO	CISCO SYSTEMS, INC.	$193,975	0.2%	+525%	72.3
100	$ALLE	Allegion plc	$188,877	0.2%	+550%	—
101	$MOH	MOLINA HEALTHCARE, INC.	$186,620	0.2%	-18%	60.5
102	$UBER	Uber Technologies, Inc	$179,825	0.2%	+525%	79.3
103	$APH	AMPHENOL CORP /DE/	$176,890	0.2%	+600%	80.5
104	$VLTO	Veralto Corp	$176,840	0.2%	+567%	74.4
105	$APTV	Aptiv PLC	$173,600	0.2%	-86%	—
106	$CI	Cigna Group	$170,720	0.2%	-11%	66.8
107	$NDAQ	NASDAQ, INC.	$152,802	0.1%	NEW	78.5
108	$IT	GARTNER INC	$145,673	0.1%	+283%	65.2
109	$HUBB	HUBBELL INC	$137,407	0.1%	+600%	68.7
110	$HEI.A	HEICO CORP	$135,098	0.1%	+433%	79.2
111	—	EVERPURE INC	$129,888	0.1%	+340%	—
112	$BLDR	Builders FirstSource, Inc.	$115,262	0.1%	-88%	48.4
113	$CMI	CUMMINS INC	$107,604	0.1%	+400%	58.9
114	$ADBE	ADOBE INC.	$106,955	0.1%	+175%	80.4
115	$FISV	FISERV INC	$94,860	0.1%	+6%	67.4
116	$PAYX	PAYCHEX INC	$82,908	0.1%	+200%	75.1
117	$VSNT	Versant Media Group, Inc.	$81,444	0.1%	NEW	—
118	$Q	Qnity Electronics, Inc.	$80,766	0.1%	-22%	—
119	$CNP	CENTERPOINT ENERGY INC	$73,372	0.1%	-11%	55.9
120	$BMY	BRISTOL MYERS SQUIBB CO	$66,715	0.1%	-15%	70.1
121	$CFG	CITIZENS FINANCIAL GROUP INC/RI	$65,967	0.1%	-15%	68.8
122	$KEY	KEYCORP /NEW/	$64,160	0.1%	-9%	70.4
123	$COR	Cencora, Inc.	$62,828	0.1%	+67%	59.6
124	$FITB	FIFTH THIRD BANCORP	$60,398	0.1%	-13%	—
125	$BF-A	BROWN FORMAN CORP	$58,938	0.1%	-95%	65.1
126	$ES	EVERSOURCE ENERGY	$55,424	0.1%	-20%	67
127	$ZBH	ZIMMER BIOMET HOLDINGS, INC.	$54,252	0.1%	-25%	64.9
128	$USB	US BANCORP DE	$52,010	0.1%	-17%	71.4
129	$CVS	CVS HEALTH Corp	$50,274	0.1%	-22%	51.3
130	$ON	ON SEMICONDUCTOR CORP	$43,344	0.0%	-13%	42.4
131	$XYZ	Block, Inc.	$42,126	0.0%	-22%	60.3
132	$LUV	SOUTHWEST AIRLINES CO	$41,327	0.0%	-8%	51.1
133	$PEG	PUBLIC SERVICE ENTERPRISE GROUP INC	$40,475	0.0%	-29%	74.6
134	$DGX	QUEST DIAGNOSTICS INC	$39,196	0.0%	-33%	69.1
135	$GEHC	GE HealthCare Technologies Inc.	$35,590	0.0%	-17%	58.2
136	$CPAY	CORPAY, INC.	$34,919	0.0%	-25%	67.1
137	$BRO	BROWN & BROWN, INC.	$26,084	0.0%	-20%	75.1
138	$ZBRA	ZEBRA TECHNOLOGIES CORP	$25,090	0.0%	-25%	65.9
139	$VLO	VALERO ENERGY CORP/TX	$24,708	0.0%	-50%	51.4
140	$ADP	AUTOMATIC DATA PROCESSING INC	$24,382	0.0%	+0%	77.9
141	$EW	Edwards Lifesciences Corp	$24,024	0.0%	-25%	67.6
142	$OTIS	Otis Worldwide Corp	$23,124	0.0%	-25%	60.3
143	$KHC	Kraft Heinz Co	$22,490	0.0%	-77%	42.5
144	$HEI	HEICO CORP	$21,936	0.0%	+0%	79.2
145	$CAH	CARDINAL HEALTH INC	$21,131	0.0%	-50%	58.6
146	$HUM	HUMANA INC	$20,807	0.0%	-40%	82
147	$MTB	M&T BANK CORP	$20,672	0.0%	-67%	64.1
148	$ACN	Accenture plc	$19,829	0.0%	+0%	—
149	$SRE	SEMPRA	$19,434	0.0%	-50%	47.6
150	$MKL	MARKEL GROUP INC.	$19,141	0.0%	-50%	68.2
151	$TROW	PRICE T ROWE GROUP INC	$18,028	0.0%	-50%	75.8
152	$AMP	AMERIPRISE FINANCIAL INC	$17,776	0.0%	-67%	70.2
153	$ALGN	ALIGN TECHNOLOGY INC	$17,143	0.0%	-67%	58.2
154	$LEN.B	LENNAR CORP /NEW/	$16,824	0.0%	-98%	49.2
155	$LHX	L3HARRIS TECHNOLOGIES, INC. /DE/	$13,806	0.0%	-67%	66.5
156	$STT	STATE STREET CORP	$12,656	0.0%	-67%	61.5