RWC Asset Management LLP

LONDON, X0 · CIK 1520478 · 13F filing filed 2026-07-27

SEC-registered investment adviser since 2013 · limited liability partnership

Assets managed$17.3bn
Staff149 · 51 in investment roles
Main clients (by assets)Private funds 94%, Mutual funds and ETFs 1%
Private funds4 (4 hedge) · $789.4m gross assets
Form ADV · 2026-03-25SEC adviser record

Legal entityRWC ASSET MANAGEMENT LLP (GB)

Kindhedge funds, futures, FCA fund manager
Others nearbyLondon

As an employer

Offices in1 country
Private fundshedge 4

In the UK

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

Company	Town	Staff	Pay gap report	FCA register
RWC 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.

$2.6bn reported value +10.0% vs Q1 2026

160positions

44.6%in top 10

29 new 62 added 51 reduced 32 sold out vs Q1 2026

This report includes the holdings of 1 other manager that shares the investment decisions:

RWC Partners Ltd – no 13F of its own this quarter

Shares in two reports are counted once in each security's totals.

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	MACYS INC COM M	M	8,942,844	$210.6m7.98%	7.98%	Reduced -2.3m	-2,331,557 -20.7%
2	SMUCKER J M CO COM NEW SJM	SJM	1,555,311	$175.0m6.63%	6.63%	New
3	KRAFT HEINZ CO COM KHC	KHC	6,998,616	$165.3m6.26%	6.26%	Added +2.2m	+2,150,796 44.4%
4	COMCAST CORP NEW CL A CMCSA	CMCSA	6,646,575	$163.2m6.18%	6.18%	Added +589.0k	+589,023 9.7%
5	HP INC COM HPQ	HPQ	6,471,380	$142.0m5.38%	5.38%	Added +244.0k	+244,046 3.9%
6	EXELON CORP COM EXC	EXC	1,592,781	$74.3m2.81%	2.81%	Reduced -45.1k	-45,071 -2.8%
7	BAXTER INTL INC COM BAX	BAX	3,329,168	$71.0m2.69%	2.69%	Added +251.6k	+251,599 8.2%
8	JOHNSON & JOHNSON COM JNJ	JNJ	262,139	$66.6m2.52%	2.52%	Added +5.0k	+4,984 1.9%
9	OMNICOM GROUP INC COM OMC	OMC	795,132	$57.9m2.19%	2.19%	Added +72.3k	+72,271 10.0%
10	VISTA ENERGY S.A.B. DE C.V. SPONSORED ADS VIST	VIST	805,548	$51.4m1.95%	1.95%	Added +205.2k	+205,248 34.2%
11	SOCIEDAD QUIMICA Y MINERA DE SPON ADR SER B SQM	SQM	643,447	$47.6m1.80%	1.80%	Reduced -313.2k	-313,188 -32.7%
12	SYSCO CORP COM SYY	SYY	520,035	$43.5m1.65%	1.65%	Added +10.0k	+9,996 2.0%
13	GRUPO FINANCIERO GALICIA S.A SPONSORED ADR GGAL	GGAL	853,445	$42.7m1.62%	1.62%	Added +105.6k	+105,569 14.1%
14	PETROLEO BRASILEIRO SA PETRO SPONSORED ADR PBR	PBR	2,630,124	$42.5m1.61%	1.61%	Added +2.6k	+2,586 0.1%
15	KEURIG DR PEPPER INC COM KDP	KDP	1,249,198	$40.9m1.55%	1.55%	Added +23.8k	+23,832 1.9%
16	GOLD FIELDS LTD SPONSORED ADR GFI	GFI	1,131,408	$38.0m1.44%	1.44%	Reduced -201.0k	-200,963 -15.1%
17	AMBEV SA SPONSORED ADR ABEV	ABEV	10,547,747	$33.1m1.25%	1.25%	Added +208.8k	+208,838 2.0%
18	CMS ENERGY CORP COM CMS	CMS	432,884	$33.1m1.25%	1.25%	Added +8.6k	+8,575 2.0%
19	PAYCHEX INC COM PAYX	PAYX	329,670	$32.4m1.23%	1.23%	Added +6.3k	+6,254 1.9%
20	AMERICAN TOWER CORP NEW COM AMT	AMT	197,806	$32.4m1.23%	1.23%	Added +3.8k	+3,787 1.9%
21	PHILIP MORRIS INTL INC COM PM	PM	177,837	$32.2m1.22%	1.22%	Added +3.5k	+3,522 2.0%
22	YPF SOCIEDAD ANONIMA SPON ADR CL D YPF	YPF	660,589	$30.0m1.14%	1.14%	Added +583.4k	+583,384 755.6%
23	NEXTERA ENERGY INC COM NEE	NEE	341,499	$30.0m1.14%	1.14%	Reduced -23.9k	-23,859 -6.5%
24	DOMINION ENERGY INC COM D	D	419,724	$28.7m1.09%	1.09%	Reduced -22.6k	-22,584 -5.1%
25	MERCK & CO INC COM MRK	MRK	209,086	$26.9m1.02%	1.02%	Added +4.0k	+3,996 1.9%
26	WILLIAMS COS INC COM WMB	WMB	352,000	$26.2m0.99%	0.99%	Added +31.0k	+31,023 9.7%
27	BRIXMOR PPTY GROUP INC COM BRX	BRX	826,470	$26.1m0.99%	0.99%	Added +15.5k	+15,496 1.9%
28	PG&E CORP COM PCG	PCG	1,402,347	$23.6m0.89%	0.89%	Added +505.7k	+505,678 56.4%
29	TE CONNECTIVITY PLC ORD SHS TEL	TEL	116,476	$23.5m0.89%	0.89%	Added +35.0k	+35,034 43.0%
30	PUBLIC SVC ENTERPRISE GRP IN COM PEG	PEG	285,918	$23.2m0.88%	0.88%	Added +7.5k	+7,536 2.7%
31	PEPSICO INC COM PEP	PEP	170,924	$23.1m0.88%	0.88%	Added +3.2k	+3,243 1.9%
32	VALE S A SPONSORED ADS VALE	VALE	1,500,372	$22.6m0.85%	0.85%	Reduced -684.7k	-684,698 -31.3%
33	LOMA NEGRA C I A S A MTN 14 SPONSORED ADS LOMA	LOMA	1,965,612	$22.5m0.85%	0.85%	Unchanged
34	FEDERAL RLTY INVT TR NEW SH BEN INT NEW FRT	FRT	175,377	$21.6m0.82%	0.82%	Added +3.3k	+3,290 1.9%
35	EMBRAER S.A. SPONSORED ADS EMBJ	EMBJ	336,491	$21.5m0.81%	0.81%	Added +4.0k	+4,031 1.2%
36	CONSTELLATION ENERGY CORP COM CEG	CEG	80,723	$20.0m0.76%	0.76%	Reduced -28.5k	-28,509 -26.1%
37	TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADS TSM	TSM	40,381	$19.3m0.73%	0.73%	Added +7.5k	+7,453 22.6%
38	MERCADOLIBRE INC COM MELI	MELI	11,009	$18.7m0.71%	0.71%	Added +165	+165 1.5%
39	OWENS CORNING NEW COM OC	OC	115,381	$18.3m0.69%	0.69%	Added +28.3k	+28,302 32.5%
40	CLEARWAY ENERGY INC CL C CWEN	CWEN	502,780	$17.2m0.65%	0.65%	Added +23.8k	+23,824 5.0%
41	DELTA AIR LINES INC DEL COM NEW DAL	DAL	182,031	$17.0m0.65%	0.65%	Reduced -46.3k	-46,327 -20.3%
42	TELECOM ARGENTINA SA SPON ADR REP B TEO	TEO	1,283,341	$16.7m0.63%	0.63%	Added +308	+308 0.0%
43	VERSANT MEDIA GROUP INC COM CL A VSNT	VSNT	458,188	$16.5m0.62%	0.62%	Added +41.7k	+41,689 10.0%
44	TALEN ENERGY CORP COM TLN	TLN	41,994	$16.1m0.61%	0.61%	Added +16.5k	+16,476 64.6%
45	HUBBELL INC COM HUBB	HUBB	30,338	$15.9m0.60%	0.60%	Reduced -1.8k	-1,821 -5.7%
46	LEAR CORP COM NEW LEA	LEA	117,819	$15.8m0.60%	0.60%	Reduced -519.8k	-519,762 -81.5%
47	SYNCHRONY FINANCIAL COM SYF	SYF	201,568	$15.3m0.58%	0.58%	Added +18.4k	+18,447 10.1%
48	FERVO ENERGY CO CL A COM FRVO	FRVO	512,863	$15.0m0.57%	0.57%	New
49	FIRSTENERGY CORP NOTE 3.875% 1/1 · principal FE 3.875 01.15.31 · principal	FE 3.875 01.15.31	12,915,000	$14.4m0.54%	0.54%	New
50	DEVON ENERGY CORP NEW COM DVN	DVN	339,820	$14.0m0.53%	0.53%	Reduced -48.5k	-48,478 -12.5%
51	AKAMAI TECHNOLOGIES INC NOTE 0.375% 9/0 · principal AKAM 0.375 09.01.27 · principal	AKAM 0.375 09.01.27	11,345,000	$13.6m0.52%	0.52%	New
52	ALGONQUIN PWR UTILS CORP COM AQN	AQN	2,317,719	$13.6m0.51%	0.51%	Added +86.2k	+86,219 3.9%
53	CHORD ENERGY CORPORATION COM NEW CHRD	CHRD	117,533	$13.4m0.51%	0.51%	Added +10.7k	+10,716 10.0%
54	TECK RESOURCES LTD CL B TECK	TECK	186,597	$11.1m0.42%	0.42%	Reduced -3.5k	-3,523 -1.9%
55	GRUPO SUPERVIELLE S.A. SPONSORED ADR SUPV	SUPV	1,112,069	$10.7m0.41%	0.41%	Unchanged
56	XCEL ENERGY INC COM XEL	XEL	132,305	$10.6m0.40%	0.40%	Reduced -2.3k	-2,260 -1.7%
57	ORMAT TECHNOLOGIES INC COM ORA	ORA	97,289	$10.6m0.40%	0.40%	Reduced -2.1k	-2,144 -2.2%
58	WEC ENERGY GROUP INC NOTE 4.375% 6/0 · principal WEC 4.375 06.01.29 · principal	WEC 4.375 06.01.29	8,465,000	$10.5m0.40%	0.40%	Reduced -335.0k	-335,000 -3.8%
59	SOUTHERN CO COM SO	SO	107,737	$10.3m0.39%	0.39%	Reduced -1.6k	-1,615 -1.5%
60	INFOSYS LTD SPONSORED ADR INFY	INFY	957,414	$10.0m0.38%	0.38%	New
61	UBER TECHNOLOGIES INC NOTE 0.875%12/0 · principal UBER 0.875 12.01.28 2028 · principal	UBER 0.875 12.01.28 2028	8,365,000	$10.0m0.38%	0.38%	Added +168.0k	+168,000 2.0%
62	JD.COM INC NOTE 0.250% 6/0 · principal JD 0.25 06.01.29 · principal	JD 0.25 06.01.29	10,007,000	$9.8m0.37%	0.37%	Reduced -518.0k	-518,000 -4.9%
63	EPAM SYS INC COM EPAM	EPAM	116,095	$9.2m0.35%	0.35%	Unchanged
64	VISTRA CORP COM VST	VST	56,366	$8.9m0.34%	0.34%	Reduced -924	-924 -1.6%
65	AVISTA CORP COM AVA	AVA	216,488	$8.9m0.34%	0.34%	Reduced -38.9k	-38,883 -15.2%
66	GAMESTOP CORP NOTE 4/0 · principal GME 0 04.01.30 · principal	GME 0 04.01.30	8,630,000	$8.8m0.33%	0.33%	New
67	AMERICAN ELEC PWR CO INC COM AEP	AEP	63,520	$8.7m0.33%	0.33%	Reduced -905	-905 -1.4%
68	EVERSOURCE ENERGY COM ES	ES	112,645	$8.1m0.31%	0.31%	Reduced -1.9k	-1,895 -1.6%
69	SOUTHERN CO NOTE 4.500% 6/1 · principal SO 4.5 06.15.27 · principal	SO 4.5 06.15.27	7,225,000	$8.0m0.30%	0.30%	Added +125.0k	+125,000 1.8%
70	CMS ENERGY CORP NOTE 3.375% 5/0 · principal CMS 3.375 05.01.28 · principal	CMS 3.375 05.01.28	7,147,000	$8.0m0.30%	0.30%	Added +527.0k	+527,000 8.0%
71	WEC ENERGY GROUP INC NOTE 3.375% 6/0 · principal WEC 3.375 06.01.28 · principal	WEC 3.375 06.01.28	7,540,000	$7.9m0.30%	0.30%	New
72	DTE ENERGY CO COM DTE	DTE	50,366	$7.7m0.29%	0.29%	Reduced -844	-844 -1.6%
73	RIVIAN AUTOMOTIVE INC NOTE 4.625% 3/1 · principal RIVN 4.625 03.15.29 · principal	RIVN 4.625 03.15.29	6,471,000	$7.7m0.29%	0.29%	Reduced -351.0k	-351,000 -5.2%
74	ALIBABA GROUP HLDG LTD SPONSORED ADS BABA	BABA	78,744	$7.6m0.29%	0.29%	Reduced -2.3k	-2,259 -2.8%
75	UBER TECHNOLOGIES INC NOTE 5/1 · principal UBER 0 05.15.28 · principal	UBER 0 05.15.28	6,377,000	$7.4m0.28%	0.28%	New
76	AES CORP COM AES	AES	464,123	$6.8m0.26%	0.26%	Reduced -6.7k	-6,718 -1.4%
77	AMEREN CORP COM AEE	AEE	59,601	$6.7m0.26%	0.26%	Reduced -708	-708 -1.2%
78	SUNRUN INC COM RUN	RUN	497,268	$6.7m0.25%	0.25%	Added +81.7k	+81,706 19.7%
79	SNOWFLAKE INC NOTE 10/0 · principal SNOW 0 10.01.27 · principal	SNOW 0 10.01.27	3,955,000	$6.6m0.25%	0.25%	New
80	ALLIANT ENERGY CORP NOTE 3.250% 5/3 · principal LNT 3.25 05.30.28 · principal	LNT 3.25 05.30.28	5,928,000	$6.5m0.25%	0.25%	New
81	COINBASE GLOBAL INC NOTE 0.250% 4/0 · principal COIN 0.25 04.01.30 · principal	COIN 0.25 04.01.30	7,019,000	$6.3m0.24%	0.24%	Reduced -1.1m	-1,146,000 -14.0%
82	GLOBAL PMTS INC NOTE 1.500% 3/0 · principal GPN 1.5 03.01.31 · principal	GPN 1.5 03.01.31	6,807,000	$6.1m0.23%	0.23%	Added +82.0k	+82,000 1.2%
83	JACKSON FINANCIAL INC COM CL A JXN	JXN	58,510	$6.0m0.23%	0.23%	Added +5.3k	+5,289 9.9%
84	CLOUDFLARE INC NOTE 8/1 · principal NET 0 08.15.26 · principal	NET 0 08.15.26	4,494,000	$5.8m0.22%	0.22%	Reduced -1.6m	-1,604,000 -26.3%
85	SOUTHERN CO NOTE 3.250% 6/1 · principal SO 3.25 06.15.28 · principal	SO 3.25 06.15.28	5,730,000	$5.8m0.22%	0.22%	New
86	NEXTERA ENERGY CAP HLDGS INC NOTE 3.000% 3/0 · principal NEE 3 03.01.27 · principal	NEE 3 03.01.27	4,354,000	$5.7m0.22%	0.22%	Reduced -260.0k	-260,000 -5.6%
87	ALIBABA GROUP HLDG LTD NOTE 0.500% 6/0 · principal BABA 0.5 06.01.31 · principal	BABA 0.5 06.01.31	4,550,000	$5.4m0.20%	0.20%	New
88	DOORDASH INC NOTE 5/1 · principal DASH 0 05.15.30 · principal	DASH 0 05.15.30	5,422,000	$5.3m0.20%	0.20%	New
89	AMERICAN WTR WKS CO INC NEW COM AWK	AWK	39,883	$5.2m0.20%	0.20%	Reduced -101	-101 -0.2%
90	PPL CAP FDG INC NOTE 2.875% 3/1 · principal PPL 2.875 03.15.28 · principal	PPL 2.875 03.15.28	4,500,000	$5.1m0.19%	0.19%	Unchanged
91	ALLIANT ENERGY CORP COM LNT	LNT	66,509	$5.1m0.19%	0.19%	Reduced -869	-869 -1.3%
92	ETSY INC NOTE 0.125%10/0 · principal ETSY 0.125 10.01.26 · principal	ETSY 0.125 10.01.26	4,526,000	$4.6m0.18%	0.18%	Added +3.4m	+3,356,000 286.8%
93	WASTE MGMT INC DEL COM WM	WM	20,236	$4.5m0.17%	0.17%	Added +321	+321 1.6%
94	LIVE NATION ENTERTAINMENT IN NOTE 2.875% 1/1 · principal LYV 2.875 01.15.30 · principal	LYV 2.875 01.15.30	3,740,000	$4.5m0.17%	0.17%	Added +80.0k	+80,000 2.2%
95	CENTERPOINT ENERGY INC NOTE 4.250% 8/1 · principal CNP 4.25 08.15.26 · principal	CNP 4.25 08.15.26	3,553,000	$4.3m0.16%	0.16%	Reduced -1.2m	-1,207,000 -25.4%
96	ON SEMICONDUCTOR CORP NOTE 0.500% 3/0 · principal ON 0.5 03.01.29 · principal	ON 0.5 03.01.29	3,469,000	$4.2m0.16%	0.16%	New
97	PG&E CORP NOTE 4.250%12/0 · principal PCG 4.25 12.01.27 · principal	PCG 4.25 12.01.27	4,055,000	$4.2m0.16%	0.16%	Added +65.0k	+65,000 1.6%
98	TRIP COM GROUP LTD NOTE 0.750% 6/1 · principal TCOM 0.75 06.15.29 · principal	TCOM 0.75 06.15.29	3,730,000	$3.7m0.14%	0.14%	Added +257.0k	+257,000 7.4%
99	PINNACLE WEST CAP CORP NOTE 4.750% 6/1 · principal PNW 4.75 06.15.27 · principal	PNW 4.75 06.15.27	3,003,000	$3.6m0.14%	0.14%	Added +513.0k	+513,000 20.6%
100	VEON LTD SPONSORED ADS VEON	VEON	68,207	$3.6m0.13%	0.13%	Added +30.2k	+30,167 79.3%

Sold out since Q1 2026

Security	Ticker	Shares held before	Value then
MOLSON COORS BEVERAGE CO TAP	TAP	1,182,587	$50.9m1.2m shares
AKAMAI TECHNOLOGIES INC AKAM 1.125 02.15.29	AKAM 1.125 02.15.29	17,142,000	$19.6m17.1m shares
AMERICAN WTR CAP CORP AWK 3.625 06.15.26	AWK 3.625 06.15.26	8,350,000	$8.3m8.3m shares
JAZZ INVESTMENTS I LTD JAZZ 3.125 09.15.30	JAZZ 3.125 09.15.30	3,100,000	$4.4m3.1m shares
ON SEMICONDUCTOR CORP ON 0 05.01.27	ON 0 05.01.27	2,643,000	$3.4m2.6m shares
SOLARIS ENERGY INFRAS INC SEI 0.25 10.01.31	SEI 0.25 10.01.31	1,486,000	$1.9m1.5m shares
RIOT PLATFORMS INC RIOT 0.75 01.15.30	RIOT 0.75 01.15.30	1,170,000	$1.3m1.2m shares
COINBASE GLOBAL INC COIN 0.5 06.01.26	COIN 0.5 06.01.26	1,255,000	$1.2m1.3m shares
SYNAPTICS INC SYNA 0.75 12.01.31	SYNA 0.75 12.01.31	1,251,000	$1.2m1.3m shares
AFFIRM HLDGS INC AFRM 0.75 12.15.29	AFRM 0.75 12.15.29	1,206,000	$1.1m1.2m shares
ELI LILLY & CO LLY	LLY	772	$710.1k772 shares
ABBVIE INC ABBV	ABBV	3,126	$679.9k3.1k shares
SPYRE THERAPEUTICS INC SYRE	SYRE	8,166	$411.9k8.2k shares
DIANTHUS THERAPEUTICS INC DNTH	DNTH	4,646	$389.9k4.6k shares
GUARDANT HEALTH INC GH	GH	3,866	$357.1k3.9k shares
THERMO FISHER SCIENTIFIC INC TMO	TMO	718	$352.9k718 shares
JETBLUE AIRWAYS CORP JBLU 2.5 09.01.29	JBLU 2.5 09.01.29	356,000	$346.6k356.0k shares
SUNOPTA INC STKL	STKL	47,163	$305.6k47.2k shares
JAZZ INVESTMENTS I LTD JAZZ 2 06.15.26	JAZZ 2 06.15.26	200,000	$243.3k200.0k shares
GLAUKOS CORP GKOS	GKOS	2,197	$236.5k2.2k shares
UNITEDHEALTH GROUP INC UNH	UNH	856	$231.6k856 shares
ABBOTT LABS ABT	ABT	2,238	$229.8k2.2k shares
EYEPOINT PHARMACEUTICALS INC EYPT	EYPT	17,652	$227.5k17.7k shares
HCA HEALTHCARE INC HCA	HCA	479	$226.7k479 shares
BOSTON SCIENTIFIC CORP BSX	BSX	3,592	$225.4k3.6k shares

Stakes above 5%

Companies where this manager has reported owning more than 5% of a class of shares, on Schedule 13D (may seek influence) or 13G (passive): its latest filing for each, from 19 Dec 2024 on.

Company	Ticker	Stake	Change	Schedule	Last filed
AUNA S A AUNA · 13G · filed 2026-10-08	AUNA	5.0%≈ $7.8m	no change	13G	2026-10-08