Fulcrum Asset Management LLP

LONDON, X0 · CIK 1353395 · 13F filing filed 2026-08-18

SEC-registered investment adviser since 2011 · limited liability partnership

Assets managed$69.1bn
Staff101 · 39 in investment roles
Main clients (by assets)Private funds 70%, Other advisers 23%, Mutual funds and ETFs 7%
Private funds7 (7 hedge) · $13.8bn gross assets
Websitefulcrumasset.com
Form ADV · 2026-03-31SEC adviser record

Legal entityFULCRUM ASSET MANAGEMENT LLP (GB)
Part of FULCRUM ASSET MANAGEMENT LIMITED (KY)

Kindhedge funds, futures, FCA fund manager
Others nearbyLondon

As an employer

Offices in1 country
Private fundshedge 7

In the UK

FCA-authorised companies1
Manages investmentsyes
Runs fundsyes
Retail clientsno, professional only

Company	Town	Staff	Pay gap report	FCA register
FULCRUM ASSET MANAGEMENT LLP Limited Liability PartnershipFCA: Authorised · manages investments, manages AIFs, advises, deals	London			Authorisedmanages investments, manages AIFs, advises, deals

Sources: Companies House (accounts filed electronically; the largest groups often file on paper, so their staff numbers can be missing), the UK gender pay gap service (employers with 250+ staff) and the FCA's Financial Services Register. Contains public sector information licensed under the Open Government Licence v3.0.

$1.0bn reported value +51.6% vs Q1 2026

1,027positions

22.1%in top 10

834 new 59 added 91 reduced 26 sold out vs Q1 2026

Holdings, Q2 2026

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	NVIDIA CORPORATION COM NVDA	NVDA	232,336	$45.3m4.52%	4.52%	Reduced -64.7k	-64,683 -21.8%
2	APPLE INC COM AAPL	AAPL	117,131	$33.0m3.29%	3.29%	New
3	MICRON TECHNOLOGY INC COM MU	MU	20,696	$23.7m2.36%	2.36%	Reduced -773	-773 -3.6%
4	AMAZON COM INC COM AMZN	AMZN	84,971	$20.4m2.03%	2.03%	Reduced -21.5k	-21,456 -20.2%
5	MICROSOFT CORP COM MSFT	MSFT	48,559	$17.9m1.78%	1.78%	Reduced -21.7k	-21,713 -30.9%
6	WALMART INC COM WMT	WMT	155,672	$17.8m1.78%	1.78%	New
7	CARDINAL HEALTH INC COM CAH	CAH	70,116	$16.6m1.65%	1.65%	New
8	BROADCOM INC COM AVGO	AVGO	42,754	$15.9m1.59%	1.59%	Reduced -29.2k	-29,196 -40.6%
9	ALPHABET INC CAP STK CL C GOOG	GOOG	44,571	$15.7m1.56%	1.56%	Reduced -18.9k	-18,938 -29.8%
10	MCKESSON CORP COM MCK	MCK	20,716	$15.5m1.54%	1.54%	New
11	META PLATFORMS INC CL A META	META	27,270	$15.3m1.53%	1.53%	New
12	CENCORA INC COM COR	COR	51,748	$14.6m1.45%	1.45%	New
13	IMMUNOCORE HLDGS PLC ADS IMCR	IMCR	470,025	$14.3m1.43%	1.43%	New
14	ALPHABET INC CAP STK CL A GOOGL	GOOGL	37,652	$13.3m1.33%	1.33%	Reduced -12.7k	-12,692 -25.2%
15	ELI LILLY & CO COM LLY	LLY	8,675	$10.7m1.06%	1.06%	New
16	COSTCO WHSL CORP NEW COM COST	COST	10,779	$10.2m1.02%	1.02%	New
17	QUANTA SVCS INC COM PWR	PWR	13,896	$9.9m0.99%	0.99%	New
18	TESLA INC COM TSLA	TSLA	23,815	$9.8m0.98%	0.98%	New
19	GE VERNOVA INC COM GEV	GEV	8,624	$9.5m0.95%	0.95%	New
20	FORTINET INC COM FTNT	FTNT	56,540	$8.8m0.88%	0.88%	New
21	AMPHENOL CORP CL A APH	APH	45,241	$7.5m0.75%	0.75%	Reduced -7.9k	-7,909 -14.9%
22	EXXON MOBIL CORP COM XOM	XOM	54,371	$7.4m0.74%	0.74%	New
23	SCHLUMBERGER LTD COM STK SLB	SLB	159,459	$7.4m0.74%	0.74%	Reduced -178.2k	-178,239 -52.8%
24	CATERPILLAR INC COM CAT	CAT	7,158	$7.4m0.74%	0.74%	New
25	KROGER CO COM KR	KR	128,703	$7.2m0.72%	0.72%	New
26	HOWMET AEROSPACE INC COM HWM	HWM	26,546	$7.1m0.71%	0.71%	New
27	WOODWARD INC COM WWD	WWD	16,194	$6.9m0.68%	0.68%	New
28	ARISTA NETWORKS INC COM SHS ANET	ANET	41,760	$6.9m0.68%	0.68%	New
29	MONSTER BEVERAGE CORP NEW COM MNST	MNST	66,932	$6.5m0.65%	0.65%	New
30	REPUBLIC SVCS INC COM RSG	RSG	29,873	$6.4m0.64%	0.64%	Reduced -30.0k	-30,048 -50.1%
31	JPMORGAN CHASE & CO CORP_BOND CORP_BOND		448,500,000	$6.4m0.64%	0.64%	New
32	AMERICAN EXPRESS CO COM AXP	AXP	18,607	$6.3m0.63%	0.63%	New
33	ADVANCED MICRO DEVICES INC COM AMD	AMD	11,489	$6.2m0.62%	0.62%	Reduced -2.0k	-2,045 -15.1%
34	BAKER HUGHES COMPANY CL A BKR	BKR	106,609	$6.0m0.60%	0.60%	Added +18.7k	+18,663 21.2%
35	ABBOTT LABS COM ABT	ABT	63,409	$5.9m0.59%	0.59%	New
36	TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADS TSM	TSM	12,902	$5.9m0.59%	0.59%	New
37	MORGAN STANLEY COM NEW MS	MS	27,158	$5.7m0.57%	0.57%	Added +9.4k	+9,376 52.7%
38	CORTEVA INC COM CTVA	CTVA	68,091	$5.7m0.57%	0.57%	Added +39.7k	+39,749 140.2%
39	GALLAGHER ARTHUR J & CO COM AJG	AJG	24,583	$5.6m0.56%	0.56%	Added +17.0k	+17,026 225.3%
40	CHEVRON CORP NEW COM CVX	CVX	32,955	$5.6m0.55%	0.55%	Added +11.7k	+11,669 54.8%
41	PROLOGIS INC. COM PLD	PLD	38,983	$5.4m0.54%	0.54%	Added +33.3k	+33,292 585.0%
42	NEXTERA ENERGY INC COM NEE	NEE	60,762	$5.4m0.54%	0.54%	Reduced -84.4k	-84,406 -58.1%
43	JOHNSON & JOHNSON COM JNJ	JNJ	20,815	$5.4m0.54%	0.54%	Reduced -2.1k	-2,061 -9.0%
44	VERTIV HOLDINGS CO COM CL A VRT	VRT	17,377	$5.3m0.53%	0.53%	New
45	SHOPIFY INC CL A SUB VTG SHS SHOP	SHOP	46,316	$5.3m0.53%	0.53%	New
46	TRAVELERS COMPANIES INC COM TRV	TRV	15,488	$5.1m0.51%	0.51%	New
47	INTERACTIVE BROKERS GROUP IN COM CL A IBKR	IBKR	58,186	$5.1m0.51%	0.51%	Reduced -11.2k	-11,227 -16.2%
48	BANK AMERICA CORP COM BAC	BAC	87,717	$5.1m0.51%	0.51%	Added +31.8k	+31,824 56.9%
49	OKTA INC CL A OKTA	OKTA	37,982	$5.0m0.50%	0.50%	Added +35.9k	+35,866 1695.0%
50	CHIPOTLE MEXICAN GRILL INC COM CMG	CMG	150,823	$5.0m0.50%	0.50%	Added +85.9k	+85,914 132.4%
51	VISA INC COM CL A V	V	14,554	$5.0m0.50%	0.50%	Reduced -10.4k	-10,422 -41.7%
52	JPMORGAN CHASE & CO COM JPM	JPM	15,051	$5.0m0.49%	0.49%	Reduced -23.3k	-23,326 -60.8%
53	GE AEROSPACE COM NEW GE	GE	13,087	$4.9m0.49%	0.49%	New
54	AFFILIATED MANAGERS GROUP IN COM AMG	AMG	14,166	$4.9m0.48%	0.48%	New
55	BLACKROCK INC COM BLK	BLK	5,081	$4.8m0.48%	0.48%	New
56	MASTERCARD INCORPORATED CL A MA	MA	9,423	$4.8m0.48%	0.48%	Reduced -3.9k	-3,914 -29.4%
57	AMETEK INC COM AME	AME	19,728	$4.7m0.47%	0.47%	Reduced -1.8k	-1,757 -8.2%
58	CASEYS GEN STORES INC COM CASY	CASY	5,974	$4.7m0.46%	0.46%	New
59	HALLIBURTON CO COM HAL	HAL	133,341	$4.5m0.45%	0.45%	Reduced -378.6k	-378,609 -74.0%
60	INGERSOLL RAND INC COM IR	IR	55,773	$4.5m0.45%	0.45%	New
61	KNIGHT-SWIFT TRANSN HLDGS IN CL A KNX	KNX	55,466	$4.3m0.43%	0.43%	New
62	HUNT J B TRANS SVCS INC COM JBHT	JBHT	14,850	$4.3m0.43%	0.43%	New
63	TJX COS INC NEW COM TJX	TJX	27,870	$4.2m0.42%	0.42%	Added +10.8k	+10,847 63.7%
64	SANDISK CORP COM SNDK	SNDK	2,012	$4.1m0.41%	0.41%	New
65	WASTE CONNECTIONS INC COM WCN	WCN	24,724	$4.1m0.41%	0.41%	Reduced -23.8k	-23,787 -49.0%
66	METTLER TOLEDO INTERNATIONAL COM MTD	MTD	3,240	$4.1m0.41%	0.41%	New
67	INTEL CORP COM INTC	INTC	28,250	$3.7m0.37%	0.37%	New
68	C H ROBINSON WORLDWIDE INC COM NEW CHRW	CHRW	19,996	$3.7m0.37%	0.37%	New
69	WESTERN DIGITAL CORP COM WDC	WDC	5,658	$3.7m0.37%	0.37%	New
70	LANDSTAR SYS INC COM LSTR	LSTR	17,540	$3.7m0.37%	0.37%	New
71	LAM RESEARCH CORP COM NEW LRCX	LRCX	8,534	$3.5m0.35%	0.35%	Reduced -6.6k	-6,570 -43.5%
72	TALEN ENERGY CORP COM TLN	TLN	8,766	$3.5m0.35%	0.35%	New
73	T-MOBILE US INC COM TMUS	TMUS	19,981	$3.5m0.35%	0.35%	Added +17.1k	+17,071 586.6%
74	OLD DOMINION FREIGHT LINE IN COM ODFL	ODFL	15,624	$3.4m0.34%	0.34%	New
75	DARLING INGREDIENTS INC COM DAR	DAR	64,066	$3.4m0.34%	0.34%	Reduced -301.7k	-301,652 -82.5%
76	CONSTELLATION ENERGY CORP COM CEG	CEG	12,998	$3.4m0.34%	0.34%	New
77	EVERSOURCE ENERGY COM ES	ES	45,525	$3.4m0.33%	0.33%	Reduced -20.2k	-20,201 -30.7%
78	DEVON ENERGY CORP NEW COM DVN	DVN	78,775	$3.3m0.33%	0.33%	Reduced -102.9k	-102,939 -56.6%
79	APPLIED MATLS INC COM AMAT	AMAT	4,640	$3.2m0.32%	0.32%	Reduced -8.2k	-8,220 -63.9%
80	FRANKLIN RESOURCES INC COM BEN	BEN	96,568	$3.2m0.32%	0.32%	New
81	DANAHER CORPORATION COM DHR	DHR	16,459	$3.2m0.32%	0.32%	New
82	CONSOLIDATED EDISON INC COM ED	ED	27,517	$3.1m0.31%	0.31%	Reduced -4.0k	-3,956 -12.6%
83	HEICO CORP NEW COM HEI	HEI	8,738	$3.1m0.31%	0.31%	New
84	BERKSHIRE HATHAWAY INC DEL CL B NEW BRK.B	BRK.B	6,000	$3.0m0.30%	0.30%	New
85	DECKERS OUTDOOR CORP COM DECK	DECK	29,246	$3.0m0.30%	0.30%	New
86	AIRBNB INC COM CL A ABNB	ABNB	20,076	$3.0m0.29%	0.29%	New
87	AAR CORP COM AIR	AIR	20,634	$2.9m0.29%	0.29%	New
88	ENDEAVOUR SILVER CORP COM EXK	EXK	351,888	$2.9m0.29%	0.29%	New
89	CANADIAN NAT RES LTD COM CNQ	CNQ	72,052	$2.8m0.28%	0.28%	New
90	AMERICAN WTR WKS CO INC NEW COM AWK	AWK	21,376	$2.8m0.28%	0.28%	Added +111	+111 0.5%
91	EXPEDITORS INTL WASH INC COM EXPD	EXPD	17,148	$2.8m0.28%	0.28%	New
92	S&P GLOBAL INC COM SPGI	SPGI	7,076	$2.7m0.27%	0.27%	Added +262	+262 3.9%
93	APPLOVIN CORP COM CL A APP	APP	5,400	$2.7m0.27%	0.27%	New
94	PRICE T ROWE GROUP INC COM TROW	TROW	23,270	$2.7m0.27%	0.27%	New
95	LIBERTY ENERGY INC COM CL A LBRT	LBRT	100,534	$2.6m0.26%	0.26%	Reduced -326.5k	-326,520 -76.5%
96	UBER TECHNOLOGIES INC COM UBER	UBER	34,895	$2.6m0.26%	0.26%	New
97	DIAMONDBACK ENERGY INC COM FANG	FANG	14,508	$2.6m0.26%	0.26%	New
98	WILLIAMS SONOMA INC COM WSM	WSM	10,903	$2.6m0.26%	0.26%	New
99	KLA CORP COM NEW KLAC	KLAC	9,359	$2.6m0.26%	0.26%	Added +2.2k	+2,179 30.4%
100	LOWES COS INC COM LOW	LOW	11,860	$2.6m0.26%	0.26%	Added +2.9k	+2,850 31.6%

Sold out since Q1 2026

Security	Ticker	Shares held before	Value then
TRANE TECHNOLOGIES PLC		27,854	$11.3m27.9k shares
TECHNIPFMC PLC FTI	FTI	107,502	$7.3m107.5k shares
TRAVELERS COMPANIES INC		19,028	$5.6m19.0k shares
NABORS INDUSTRIES LTD NBR	NBR	49,420	$4.3m49.4k shares
ROYAL GOLD INC RGLD	RGLD	17,519	$4.2m17.5k shares
OSHKOSH CORP OSK	OSK	30,326	$4.2m30.3k shares
ALCOA CORP AA	AA	65,662	$4.2m65.7k shares
L3HARRIS TECHNOLOGIES INC LHX	LHX	4,362	$1.5m4.4k shares
AMERICAN ELEC PWR CO INC AEP	AEP	7,754	$1.0m7.8k shares
EQUINOX GOLD CORP EQX	EQX	69,682	$1.0m69.7k shares
COMSTOCK RES INC CRK	CRK	45,814	$1.0m45.8k shares
AMEREN CORP AEE	AEE	7,980	$875.2k8.0k shares
AEROVIRONMENT INC AVAV	AVAV	4,234	$749.3k4.2k shares
CVR ENERGY INC CVI	CVI	17,692	$618.2k17.7k shares
OGE ENERGY CORP OGE	OGE	11,888	$569.3k11.9k shares
FORTINET INC		3,749	$296.4k3.7k shares
LINDE PLC LIN	LIN	548	$273.6k548 shares
EQUINOR ASA EQNR	EQNR	4,972	$215.6k5.0k shares
TRI POINTE HOMES INC TPH	TPH	1,308	$61.1k1.3k shares
INTERNATIONAL SEAWAYS INC INSW	INSW	822	$58.3k822 shares
TEEKAY TANKERS LTD TNK	TNK	720	$51.9k720 shares
DHT HOLDINGS INC DHT	DHT	2,719	$48.8k2.7k shares
SCORPIO TANKERS INC STNG	STNG	404	$29.8k404 shares
TORM PLC TRMD	TRMD	1,015	$28.3k1.0k shares
SEMRUSH HLDGS INC SEMR	SEMR	2,328	$27.8k2.3k shares