Railway Pension Investments portfolio

What changed this quarter

87 positions with a change (12 new, 37 added to, 25 trimmed, 13 sold). 12 are listed here: those of 0.5 points of the portfolio or more (up to 12).

• Arista Networks+2.5 ppof portfolioNew
  — → 2.5%
• Bank of America+2.5 ppof portfolioNew
  — → 2.5%
• NVIDIA+67%more sharesIncreased
  3.5% → 5.9%
• Apple+94%more sharesIncreased
  2.5% → 4.8%
• Palo Alto Networks−2.0 ppof portfolioSold out
  2.2% → —
• Microsoft−39%fewer sharesReduced
  5.3% → 2.9%
• Idexx Laboratories−82%fewer sharesReduced
  2.1% → 0.3%
• O Reilly Automotive−1.3 ppof portfolioSold out
  1.5% → —
• Lam Research−23%fewer sharesReduced
  3.0% → 4.1%
• ServiceNow−1.2 ppof portfolioSold out
  1.3% → —
• Texas Instruments−23%fewer sharesReduced
  2.7% → 2.8%
• Insmed+0.8 ppof portfolioNew
  — → 0.8%

The figure on the right: for positions added to or trimmed, the change in the number of shares (%); for new and sold ones, the points of the portfolio moved (pp). Below, the portfolio weight before → after. Traded weight?: what it bought or sold, excluding price effects.

Top holdings

• NVIDIANVDA5.9%
• AppleAAPL4.8%
• AlphabetGOOGL4.2%
• Lam ResearchLRCX4.1%
• BroadcomAVGO4.0%
• KLAKLAC3.5%
• Amazon.comAMZN3.0%
• MicrosoftMSFT2.9%
• Texas InstrumentsTXN2.8%
• VisaV2.7%
• Arista NetworksANET2.5%
• AbbVieABBV2.5%
• Bank of AmericaBAC2.5%
• Meta PlatformsMETA2.4%
• Nextera EnergyNEE2.3%
• Thermo Fisher ScientificTMO2.3%
• EquinixEQIX2.1%
• Johnson & JohnsonJNJ2.1%
• Gilead SciencesGILD2.1%
• Constellation EnergyCEG1.9%
• AmphenolAPH1.9%
• QualcommQCOM1.9%
• MastercardMA1.9%
• Cheniere EnergyLNG1.8%
• Cisco SystemsCSCO1.7%
• StrykerSYK1.6%
• Public Service Enterprise GroupPEG1.4%
• Altria GroupMO1.1%
• NetAppNTAP1.0%
• McKESSONMCK1.0%
• FastenalFAST1.0%
• W.W. GraingerGWW0.9%
• Parker-hannifinPH0.9%
• Expedia GroupEXPE0.9%
• InsmedINSM0.8%
• Bristol-myers SquibbBMY0.8%
• Cadence Design SystemsCDNS0.7%
• TapestryTPR0.7%
• Trane TechnologiesTT0.6%
• Analog DevicesADI0.6%
• FortinetFTNT0.6%
• AdobeADBE0.6%
• TJXTJX0.5%
• HPHPQ0.5%
• AutodeskADSK0.5%
• F5FFIV0.5%
• FortiveFTV0.5%
• Williams-sonomaWSM0.5%
• Keysight TechnologiesKEYS0.5%
• HCA HealthcareHCA0.5%
• Motorola SolutionsMSI0.4%
• SalesforceCRM0.4%
• International Business MachinesIBM0.4%
• IntuitINTU0.4%
• Gen DigitalGEN0.4%
• Cardinal HealthCAH0.4%
• Hilton Worldwide HoldingsHLT0.4%
• AmgenAMGN0.4%
• CintasCTAS0.4%
• Verizon CommunicationsVZ0.4%
• Otis WorldwideOTIS0.4%
• PTCPTC0.3%
• RollinsROL0.3%
• Ross StoresROST0.3%
• AccentureACN0.3%
• Idexx LaboratoriesIDXX0.3%
• EMCOR GroupEME0.3%
• Illinois Tool WorksITW0.3%
• Snap-onSNA0.3%
• Cognizant Technology SolutionsCTSH0.2%
• WorkdayWDAY0.2%
• Colgate-palmoliveCL0.2%
• ComcastCMCSA0.2%
• CF Industries HoldingsCF0.2%
• Deckers OutdoorDECK0.2%
• Targa ResourcesTRGP0.2%
• Yum! BrandsYUM0.2%
• Quest DiagnosticsDGX0.2%
• Mettler-Toledo InternationalMTD0.2%
• AmetekAME0.2%
• Cboe Global MarketsCBOE0.2%
• TrimbleTRMB0.2%
• Fidelity National FinancialFNF0.2%
• Expeditors International of WashingtonEXPD0.2%
• NordsonNDSN0.1%
• Bank of New York MellonBNY0.1%
• VerisignVRSN0.1%
• VeraltoVLTO0.1%
• Verisk AnalyticsVRSK0.1%
• ResMedRMD0.1%
• LoewsL0.1%
• AllstateALL0.1%
• RPM InternationalRPM0.1%
• Monster BeverageMNST0.1%
• Travelers CompaniesTRV0.1%
• Philip Morris InternationalPM0.1%
• Marathon PetroleumMPCunder 0.1%
• FOXFOXAunder 0.1%
• Domino’s PizzaDPZunder 0.1%
• Broadridge Financial SolutionsBRunder 0.1%