Railway Pension Investments Ltd

New 13F: Q3 2026

Railway Pension Investments Ltd filed its 13F for the quarter ended Sep 30, 2026 on Nov 13, 2026: $4.9B in AI and semiconductor stocks; $256.6M bought and $361.0M sold against its previous quarter, at the quarter's prices.

Railway Pension Investments Ltd declares $4.9B in 34 of the 230 AI and semiconductor companies tracked on Silicon Floor, as of Jun 30, 2026 (Form 13F): 61.3% of its $8.0B 13F portfolio. Largest positions: NVIDIA (0.01% of the company) and Apple (0.01% of the company). Over time: $4.9B in 34 of these companies for Q2 2026, against $2.4B in 56 for Q4 2019 (13F values as filed). From Mar 31, 2026 to Jun 30, 2026, it bought $871.8M and sold $750.8M of these stocks, at the quarter's prices: a net purchase of $121.0M; 4 new positions and 2 sold out.

Performance of its AI picks

The AI-stock portfolio Railway Pension Investments Ltd declared for Q2 2026 (Form 13F), held unchanged, returned +2.5% in Q3 2026 (SMH -7.1%), ranked 1091 of 1,785 active managers. Over the last 12 months, quarter after quarter: +20.1% (SMH +87.2%), ranked 1176 of 1,360 active managers. Over three years, quarter after quarter: +101.8% (SMH +325.8%), ranked 717 of 784 active managers. Over five years, quarter after quarter: +94.9% (SMH +389.8%), ranked 498 of 535 active managers. Trades made during a quarter are not visible in 13F filings: this measures its declared picks, not the return of its funds.

Largest positions

  1. NVIDIA (NVDA): $471.5M, 2.4M shares, 0.01% of the company, 5.9% of its portfolio (added this quarter); held since Q3 2025
  2. Apple (AAPL): $382.2M, 1.3M shares, 0.01% of the company, 4.8% of its portfolio (added this quarter); held since Q4 2019 or earlier
  3. Alphabet (GOOGL): $332.0M, 929,030 shares, 0.01% of the company, 4.2% of its portfolio (added this quarter); held since Q4 2019 or earlier
  4. Lam Research (LRCX): $327.0M, 754,700 shares, 0.06% of the company, 4.1% of its portfolio (trimmed this quarter); held since Q4 2025
  5. Broadcom (AVGO): $321.9M, 852,192 shares, 0.02% of the company, 4.0% of its portfolio (added this quarter); held since Q4 2019 or earlier
  6. KLA (KLAC): $279.6M, 926,652 shares, 0.07% of the company, 3.5% of its portfolio (added this quarter); held since Q3 2025
  7. Amazon (AMZN): $237.4M, 996,040 shares, 0.01% of the company, 3.0% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
  8. Microsoft (MSFT): $230.2M, 617,170 shares, 0.01% of the company, 2.9% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
  9. Texas Instruments (TXN): $226.6M, 760,371 shares, 0.08% of the company, 2.8% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
  10. Arista Networks (ANET): $201.3M, 1.2M shares, 0.09% of the company, 2.5% of its portfolio (new position this quarter)
  11. Meta Platforms (META): $192.8M, 342,200 shares, 0.01% of the company, 2.4% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
  12. NextEra Energy (NEE): $180.5M, 2.1M shares, 0.10% of the company, 2.3% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
  13. Equinix (EQIX): $170.9M, 163,989 shares, 0.17% of the company, 2.1% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
  14. Constellation Energy (CEG): $154.2M, 620,960 shares, 0.18% of the company, 1.9% of its portfolio (trimmed this quarter); held since Q2 2023
  15. Amphenol (APH): $151.1M, 1.7M shares, 0.07% of the company, 1.9% of its portfolio (added this quarter); held since Q4 2023

By sector

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