# EDGAR Filing Document

**Accession Number:** 0001353395
**File Stem:** 0001353395-26-000001
**Filing Date:** 2026-2
**Character Count:** 21877
**Document Hash:** 64d5a45cf7d89515ce20843f4471d77e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001353395-26-000001.hdr.sgml**: 20260203

**ACCESSION NUMBER**: 0001353395-26-000001

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260203

**DATE AS OF CHANGE**: 20260203

**EFFECTIVENESS DATE**: 20260203

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Fulcrum Asset Management LLP
- **CENTRAL INDEX KEY:** 0001353395

**ORGANIZATION NAME:**
- **EIN:** 000000000

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-20335
- **FILM NUMBER:** 26591123

**BUSINESS ADDRESS:**
- **STREET 1:** MARBLE ARCH HOUSE
- **STREET 2:** 66 SEYMOUR STREET
- **CITY:** LONDON
- **STATE:** X0
- **ZIP:** W1H 5BT
- **BUSINESS PHONE:** 00442070166453

**MAIL ADDRESS:**
- **STREET 1:** MARBLE ARCH HOUSE
- **STREET 2:** 66 SEYMOUR STREET
- **CITY:** LONDON
- **STATE:** X0
- **ZIP:** W1H 5BT

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 12-31-2025

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** Fulcrum Asset Management LLP<br>**Address:** MARBLE ARCH HOUSE<br>66 SEYMOUR STREET<br>LONDON, X0 W1H 5BT

**Form 13F File Number:** 028-20335

**CRD Number (if applicable):** 000137661

**SEC File Number (if applicable):** 801-72206

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** Duncan Hayton<br>**Title:** CCO<br>**Phone:** 447732721566

**Signature, Place, and Date of Signing:**

Duncan Hayton  London, X0  02-03-2026<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 0

**Form 13F Information Table Entry Total:** 182

**Form 13F Information Table Value Total:** $359427001

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

**NONE**

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| ALLIANT ENERGY CORP COMP | EQUITY | 98978V103 |  | 481360 | 7358 | SH |  | SOLE |  | 7358 | 0 | 0 |
| ALLSTATE CORP | EQUITY | 98956A105 |  | 280612 | 1342 | SH |  | SOLE |  | 1342 | 0 | 0 |
| AMAZON.COM INC COMP | EQUITY | 98138H101 |  | 19596466 | 84275 | SH |  | SOLE |  | 84275 | 0 | 0 |
| AMEREN CORPORATION COMP | EQUITY | 96208T104 |  | 4107573 | 40774 | SH |  | SOLE |  | 40774 | 0 | 0 |
| AMERICAN ELECTRIC POWER COMP | EQUITY | 94106L109 |  | 1262203 | 10882 | SH |  | SOLE |  | 10882 | 0 | 0 |
| AMERICAN WATER WORKS CO INC COMP | EQUITY | 94106B101 |  | 2770908 | 21131 | SH |  | SOLE |  | 21131 | 0 | 0 |
| AMETEK INC COMP | EQUITY | 92939U106 |  | 4286142 | 20703 | SH |  | SOLE |  | 20703 | 0 | 0 |
| AMPHENOL CORP-CL A COMP | EQUITY | 92936U109 |  | 1984979 | 14574 | SH |  | SOLE |  | 14574 | 0 | 0 |
| ELEVANCE HEALTH INC COMP | EQUITY | 92847W103 |  | 1667264 | 4780 | SH |  | SOLE |  | 4780 | 0 | 0 |
| APPLIED MATERIALS INC COMP | EQUITY | 92826C839 |  | 3281341 | 12622 | SH |  | SOLE |  | 12622 | 0 | 0 |
| APTARGROUP INC COMP | EQUITY | 92686J106 |  | 1776171 | 14471 | SH |  | SOLE |  | 14471 | 0 | 0 |
| BOSTON SCIENTIFIC CORP | EQUITY | 92538J106 |  | 3702050 | 38559 | SH |  | SOLE |  | 38559 | 0 | 0 |
| BRISTOL-MYERS SQUIBB CO | EQUITY | 92537N108 |  | 596852 | 11010 | SH |  | SOLE |  | 11010 | 0 | 0 |
| CIGNA CORP | EQUITY | 92345Y106 |  | 2069453 | 7485 | SH |  | SOLE |  | 7485 | 0 | 0 |
| CSX CORP | EQUITY | 92343V104 |  | 431941 | 11860 | SH |  | SOLE |  | 11860 | 0 | 0 |
| CAMDEN PROPERTY TRUST | EQUITY | 91324P102 |  | 33327 | 301 | SH |  | SOLE |  | 301 | 0 | 0 |
| CANADIAN NATL RAILWAY CO COMP | EQUITY | 90353T100 |  | 297731 | 2998 | SH |  | SOLE |  | 2998 | 0 | 0 |
| CASELLA WASTE SYSTEMS INC-A COMP | EQUITY | 88642R109 |  | 280110 | 2793 | SH |  | SOLE |  | 3338 | 0 | 0 |
| CHIPOTLE MEXICAN GRILL INC COMP | EQUITY | 88339J105 |  | 1631982 | 44060 | SH |  | SOLE |  | 44060 | 0 | 0 |
| CHURCH  DWIGHT CO INC COMP | EQUITY | 88160R101 |  | 971820 | 11509 | SH |  | SOLE |  | 11509 | 0 | 0 |
| CLEAN HARBORS INC | EQUITY | 88146M101 |  | 1561977 | 6569 | SH |  | SOLE |  | 6569 | 0 | 0 |
| CONSOLIDATED EDISON INC COMP | EQUITY | 87971M103 |  | 4070917 | 40754 | SH |  | SOLE |  | 40754 | 0 | 0 |
| CORPAY INC COMP | EQUITY | 87724P106 |  | 2999438 | 9831 | SH |  | SOLE |  | 9831 | 0 | 0 |
| CUBESMART COMP | EQUITY | 87612G101 |  | 19898 | 548 | SH |  | SOLE |  | 548 | 0 | 0 |
| DENISON MINES CORP COMP | EQUITY | 87422Q109 |  | 175864 | 66311 | SH |  | SOLE |  | 66311 | 0 | 0 |
| DIGITAL REALTY TRUST INC | EQUITY | 87265H109 |  | 120108 | 768 | SH |  | SOLE |  | 768 | 0 | 0 |
| DYNATRACE INC COMP | EQUITY | 86800U302 |  | 13142 | 298 | SH |  | SOLE |  | 298 | 0 | 0 |
| EASTGROUP PROPERTIES INC | EQUITY | 86765Q106 |  | 78771 | 434 | SH |  | SOLE |  | 434 | 0 | 0 |
| ECOLAB INC | EQUITY | 85254J102 |  | 965881 | 3652 | SH |  | SOLE |  | 3652 | 0 | 0 |
| ENERGY FUELS INC COMP | EQUITY | 85208T107 |  | 146743 | 10131 | SH |  | SOLE |  | 10131 | 0 | 0 |
| ENTERPRISE PRODUCTS PARTNERS COMP | EQUITY | 85208M102 |  | 537297 | 16733 | SH |  | SOLE |  | 16733 | 0 | 0 |
| ESSEX PROPERTY TRUST INC | EQUITY | 83671M105 |  | 23225 | 88 | SH |  | SOLE |  | 88 | 0 | 0 |
| FISERV INC COMP | EQUITY | 82900L102 |  | 1620392 | 25398 | SH |  | SOLE |  | 25398 | 0 | 0 |
| ARTHUR J GALLAGHER  CO COMP | EQUITY | 82509L107 |  | 1923403 | 7346 | SH |  | SOLE |  | 7346 | 0 | 0 |
| GENESIS ENERGY L.P. COMP | EQUITY | 81762P102 |  | 184358 | 11683 | SH |  | SOLE |  | 11687 | 0 | 0 |
| GILDAN ACTIVEWEAR INC COMP | EQUITY | 81686C104 |  | 139077 | 2225 | SH |  | SOLE |  | 2225 | 0 | 0 |
| HUMANA INC | EQUITY | 79466L302 |  | 101030 | 390 | SH |  | SOLE |  | 390 | 0 | 0 |
| IAMGOLD CORP COMP | EQUITY | 78646V107 |  | 336106 | 20066 | SH |  | SOLE |  | 20066 | 0 | 0 |
| INTERNATIONAL PAPER CO | EQUITY | 78410G104 |  | 81923 | 2062 | SH |  | SOLE |  | 2062 | 0 | 0 |
| INTUIT INC COMP | EQUITY | 78409V104 |  | 949890 | 1418 | SH |  | SOLE |  | 1418 | 0 | 0 |
| JOHNSON  JOHNSON | EQUITY | 76243J105 |  | 4382147 | 21179 | SH |  | SOLE |  | 21179 | 0 | 0 |
| KLA CORP COMP | EQUITY | 76169C100 |  | 884235 | 711 | SH |  | SOLE |  | 711 | 0 | 0 |
| KINROSS GOLD CORP COMP | EQUITY | 74736L109 |  | 771612 | 26970 | SH |  | SOLE |  | 26970 | 0 | 0 |
| LAM RESEARCH CORP COMP | EQUITY | 74460D109 |  | 1215765 | 6996 | SH |  | SOLE |  | 6996 | 0 | 0 |
| ESTEE LAUDER COMPANIES-CL A COMP | EQUITY | 74340W103 |  | 148705 | 1405 | SH |  | SOLE |  | 9032 | 0 | 0 |
| LENNAR CORP-A | EQUITY | 74275K108 |  | 1224863 | 11790 | SH |  | SOLE |  | 28635 | 0 | 0 |
| LOUISIANA-PACIFIC CORP | EQUITY | 72147K108 |  | 49639 | 603 | SH |  | SOLE |  | 603 | 0 | 0 |
| LOWE'S COS INC | EQUITY | 70450Y103 |  | 718597 | 2955 | SH |  | SOLE |  | 2955 | 0 | 0 |
| MARSH  MCLENNAN COS | EQUITY | 69370C100 |  | 485262 | 2590 | SH |  | SOLE |  | 2590 | 0 | 0 |
| MICROSOFT CORP COMP | EQUITY | 68389X105 |  | 28795444 | 59070 | SH |  | SOLE |  | 59070 | 0 | 0 |
| MICROCHIP TECHNOLOGY INC COMP | EQUITY | 67077M108 |  | 126579 | 1957 | SH |  | SOLE |  | 1957 | 0 | 0 |
| MICRON TECHNOLOGY INC COMP | EQUITY | 67066G104 |  | 8561476 | 29257 | SH |  | SOLE |  | 29257 | 0 | 0 |
| MORGAN STANLEY COMP | EQUITY | 67059N108 |  | 3141421 | 17542 | SH |  | SOLE |  | 17542 | 0 | 0 |
| NATIONAL RETAIL PROPERTIES | EQUITY | 67000B104 |  | 60303 | 1514 | SH |  | SOLE |  | 1514 | 0 | 0 |
| NATIONAL STORAGE AFFILIATES COMP | EQUITY | 65340P106 |  | 10807 | 380 | SH |  | SOLE |  | 521 | 0 | 0 |
| NEW GOLD INC COMP | EQUITY | 65339F101 |  | 163796 | 18592 | SH |  | SOLE |  | 18592 | 0 | 0 |
| NEWMONT GOLDCORP CORP COMP | EQUITY | 64119V303 |  | 366696 | 3600 | SH |  | SOLE |  | 3600 | 0 | 0 |
| NIKE INC -CL B COMP | EQUITY | 64110Y108 |  | 385742 | 6304 | SH |  | SOLE |  | 7830 | 0 | 0 |
| NORFOLK SOUTHERN CORP | EQUITY | 64110L106 |  | 411956 | 1420 | SH |  | SOLE |  | 1420 | 0 | 0 |
| OCEANEERING INTL INC COMP | EQUITY | 62944T105 |  | 945221 | 38882 | SH |  | SOLE |  | 38882 | 0 | 0 |
| OKTA INC COMP | EQUITY | 61945C103 |  | 173111 | 1980 | SH |  | SOLE |  | 2918 | 0 | 0 |
| ONEOK INC COMP | EQUITY | 61174X109 |  | 1426572 | 19325 | SH |  | SOLE |  | 19325 | 0 | 0 |
| PALO ALTO NETWORKS INC COMP | EQUITY | 59522J103 |  | 3445514 | 18440 | SH |  | SOLE |  | 18440 | 0 | 0 |
| PEMBINA PIPELINE CORP COMP | EQUITY | 59001A102 |  | 327136 | 8566 | SH |  | SOLE |  | 8566 | 0 | 0 |
| PEPSICO INC | EQUITY | 58933Y105 |  | 2085419 | 14466 | SH |  | SOLE |  | 14466 | 0 | 0 |
| PLAINS ALL AMER PIPELINE LP COMP | EQUITY | 58155Q103 |  | 398179 | 22282 | SH |  | SOLE |  | 22282 | 0 | 0 |
| PROGRESSIVE CORP COMP | EQUITY | 58155Q103 |  | 4705646 | 20462 | SH |  | SOLE |  | 20462 | 0 | 0 |
| PULTEGROUP INC COMP | EQUITY | 57636Q104 |  | 167272 | 1416 | SH |  | SOLE |  | 1416 | 0 | 0 |
| REALTY INCOME CORP | EQUITY | 55354G100 |  | 286633 | 5026 | SH |  | SOLE |  | 5026 | 0 | 0 |
| REPUBLIC SERVICES INC | EQUITY | 55336V100 |  | 1655904 | 7713 | SH |  | SOLE |  | 7713 | 0 | 0 |
| REPUBLIC SERVICES INC COMP | EQUITY | 50187T106 |  | 4519225 | 21050 | SH |  | SOLE |  | 21050 | 0 | 0 |
| ROYAL BANK OF CANADA COMP | EQUITY | 49456B101 |  | 2017691 | 11835 | SH |  | SOLE |  | 11835 | 0 | 0 |
| SLB LTD | EQUITY | 48666K109 |  | 2962375 | 76845 | SH |  | SOLE |  | 76845 | 0 | 0 |
| SEMPRA ENERGY COMP | EQUITY | 47074L105 |  | 2007109 | 22529 | SH |  | SOLE |  | 22529 | 0 | 0 |
| QUIMICA Y MINERA CHIL-SP ADR COMP | EQUITY | 46625H100 |  | 262193 | 3801 | SH |  | SOLE |  | 7602 | 0 | 0 |
| SUN COMMUNITIES INC | EQUITY | 46431W853 |  | 26474 | 211 | SH |  | SOLE |  | 211 | 0 | 0 |
| SYNOPSYS INC COMP | EQUITY | 46187W107 |  | 50296 | 106 | SH |  | SOLE |  | 106 | 0 | 0 |
| TJX COMPANIES INC | EQUITY | 45866F104 |  | 2549138 | 16409 | SH |  | SOLE |  | 16409 | 0 | 0 |
| T-MOBILE US INC COMP | EQUITY | 45841N107 |  | 572678 | 2810 | SH |  | SOLE |  | 2810 | 0 | 0 |
| TAKE-TWO INTERACTIVE SOFTWRE COMP | EQUITY | 45827U109 |  | 2529839 | 9809 | SH |  | SOLE |  | 9809 | 0 | 0 |
| THERMO FISHER SCIENTIFIC INC COMP | EQUITY | 45784P101 |  | 4555578 | 7808 | SH |  | SOLE |  | 7808 | 0 | 0 |
| TOAST INC-CLASS A COMP | EQUITY | 45687V106 |  | 112209 | 3092 | SH |  | SOLE |  | 17800 | 0 | 0 |
| TOLL BROTHERS INC COMP | EQUITY | 45378A106 |  | 66524 | 487 | SH |  | SOLE |  | 487 | 0 | 0 |
| UDR INC | EQUITY | 45168D104 |  | 29629 | 801 | SH |  | SOLE |  | 801 | 0 | 0 |
| UNION PACIFIC CORP | EQUITY | 38141G104 |  | 577057 | 2476 | SH |  | SOLE |  | 2476 | 0 | 0 |
| URANIUM ENERGY CORP COMP | EQUITY | 38059T106 |  | 228397 | 19405 | SH |  | SOLE |  | 19405 | 0 | 0 |
| VOYA FINANCIAL INC | EQUITY | 36828A101 |  | 101025 | 1347 | SH |  | SOLE |  | 1347 | 0 | 0 |
| WEST FRASER TIMBER CO LTD | EQUITY | 36168Q104 |  | 691629 | 11329 | SH |  | SOLE |  | 11637 | 0 | 0 |
| WESTERN MIDSTREAM PARTNERS L COMP | EQUITY | 35671D857 |  | 314305 | 7933 | SH |  | SOLE |  | 7933 | 0 | 0 |
| WILLIAMS COS INC COMP | EQUITY | 32054K103 |  | 1121322 | 18639 | SH |  | SOLE |  | 18639 | 0 | 0 |
| AT INC COMP | EQUITY | 30303M102 |  | 890952 | 35911 | SH |  | SOLE |  | 35911 | 0 | 0 |
| ADOBE SYSTEMS INC | EQUITY | 30225T102 |  | 1152708 | 3270 | SH |  | SOLE |  | 3270 | 0 | 0 |
| ALKAMI TECHNOLOGY INC COMP | EQUITY | 30040W108 |  | 62249 | 2682 | SH |  | SOLE |  | 2682 | 0 | 0 |
| ALPHABET IN-CL C | EQUITY | 30034W106 |  | 13798365 | 43867 | SH |  | SOLE |  | 108683 | 0 | 0 |
| ALPHABET INC-CL A | EQUITY | 29476L107 |  | 14079625 | 44861 | SH |  | SOLE |  | 111369 | 0 | 0 |
| AMERICAN HOMES 4 RENT- A | EQUITY | 29472R108 |  | 73549 | 2282 | SH |  | SOLE |  | 2487 | 0 | 0 |
| AMERICAN TOWER CORP | EQUITY | 29444U700 |  | 75459 | 427 | SH |  | SOLE |  | 427 | 0 | 0 |
| ANTERO MIDSTREAM CORP COMP | EQUITY | 29273V100 |  | 716400 | 40112 | SH |  | SOLE |  | 40112 | 0 | 0 |
| ARES MANAGEMENT CORP - A COMP | EQUITY | 29250N105 |  | 2540022 | 15561 | SH |  | SOLE |  | 15561 | 0 | 0 |
| AUTODESK INC COMP | EQUITY | 26969P108 |  | 3192198 | 10657 | SH |  | SOLE |  | 10657 | 0 | 0 |
| AUTOMATIC DATA PROCESSING | EQUITY | 26884L109 |  | 557211 | 2147 | SH |  | SOLE |  | 2147 | 0 | 0 |
| AVALONBAY COMMUNITIES INC | EQUITY | 26441C204 |  | 34965 | 189 | SH |  | SOLE |  | 189 | 0 | 0 |
| BAKER HUGHES CO COMP | EQUITY | 23331A109 |  | 5244397 | 113786 | SH |  | SOLE |  | 114582 | 0 | 0 |
| BANK OF AMERICA CORP | EQUITY | 22822V101 |  | 2985341 | 54004 | SH |  | SOLE |  | 54004 | 0 | 0 |
| ADVANCED MICRO DEVICES COMP | EQUITY | 22160K105 |  | 2816217 | 13078 | SH |  | SOLE |  | 13078 | 0 | 0 |
| AGNICO EAGLE MINES LTD COMP | EQUITY | 22052L104 |  | 919344 | 5350 | SH |  | SOLE |  | 5350 | 0 | 0 |
| BOOZ ALLEN HAMILTON HOLDINGS COMP | EQUITY | 21037T109 |  | 65736 | 772 | SH |  | SOLE |  | 772 | 0 | 0 |
| BROADRIDGE FINANCIAL SOLUTIO COMP | EQUITY | 20717M103 |  | 108115 | 480 | SH |  | SOLE |  | 480 | 0 | 0 |
| BROADCOM INC COMP | EQUITY | 20030N101 |  | 18376221 | 52526 | SH |  | SOLE |  | 52526 | 0 | 0 |
| CME GROUP INC COMP | EQUITY | 17275R102 |  | 494012 | 1791 | SH |  | SOLE |  | 1791 | 0 | 0 |
| CAMECO CORP COMP | EQUITY | 15643U104 |  | 858839 | 9379 | SH |  | SOLE |  | 9379 | 0 | 0 |
| CENTENE CORP COMP | EQUITY | 15135B101 |  | 77104 | 1871 | SH |  | SOLE |  | 1871 | 0 | 0 |
| CENTRUS ENERGY CORP-CLASS A COMP | EQUITY | 15118V207 |  | 105729 | 428 | SH |  | SOLE |  | 450 | 0 | 0 |
| CONFLUENT INC-CLASS A COMP | EQUITY | 14448C104 |  | 52426 | 1740 | SH |  | SOLE |  | 12919 | 0 | 0 |
| CORTEVA INC COMP | EQUITY | 14149Y108 |  | 488769 | 7255 | SH |  | SOLE |  | 7255 | 0 | 0 |
| CROWN CASTLE INTL CORP | EQUITY | 13321L108 |  | 44283 | 497 | SH |  | SOLE |  | 497 | 0 | 0 |
| DR HORTON INC | EQUITY | 12653C108 |  | 1881994 | 12932 | SH |  | SOLE |  | 12932 | 0 | 0 |
| ENBRIDGE INC COMP | EQUITY | 12572Q105 |  | 1209611 | 25174 | SH |  | SOLE |  | 25174 | 0 | 0 |
| ENERGY TRANSFER LP COMP | EQUITY | 12008R107 |  | 308703 | 18664 | SH |  | SOLE |  | 23275 | 0 | 0 |
| EQUINIX INC | EQUITY | 11135F101 |  | 87747 | 114 | SH |  | SOLE |  | 114 | 0 | 0 |
| EQUITY LIFESTYLE PROPERTIES | EQUITY | 11133T103 |  | 33661 | 552 | SH |  | SOLE |  | 552 | 0 | 0 |
| EQUITY RESIDENTIAL | EQUITY | 09581B103 |  | 26480 | 417 | SH |  | SOLE |  | 417 | 0 | 0 |
| EVERGY INC COMP | EQUITY | 09290D101 |  | 1147849 | 15681 | SH |  | SOLE |  | 15681 | 0 | 0 |
| EVERSOURCE ENERGY COMP | EQUITY | 09260D107 |  | 4278347 | 63336 | SH |  | SOLE |  | 63336 | 0 | 0 |
| EXTRA SPACE STORAGE INC COMP | EQUITY | 07831C103 |  | 47888 | 364 | SH |  | SOLE |  | 364 | 0 | 0 |
| FIRST INDUSTRIAL REALTY TR | EQUITY | 05722G100 |  | 89012 | 1531 | SH |  | SOLE |  | 1531 | 0 | 0 |
| FORTINET INC COMP | EQUITY | 03990B101 |  | 269119 | 3351 | SH |  | SOLE |  | 3351 | 0 | 0 |
| FREEPORT-MCMORAN INC COMP | EQUITY | 03831W108 |  | 443154 | 8620 | SH |  | SOLE |  | 8620 | 0 | 0 |
| GFL ENVIRONMENTAL INC-SUB VT COMP | EQUITY | 03769M106 |  | 658710 | 15070 | SH |  | SOLE |  | 20447 | 0 | 0 |
| IDEXX LABORATORIES INC | EQUITY | 03676B102 |  | 707566 | 1037 | SH |  | SOLE |  | 1037 | 0 | 0 |
| INDEPENDENCE REALTY TRUST IN COMP | EQUITY | 03027X100 |  | 15922 | 896 | SH |  | SOLE |  | 896 | 0 | 0 |
| INTERACTIVE BROKERS GRO-CL A COMP | EQUITY | 02665T306 |  | 4168905 | 64137 | SH |  | SOLE |  | 267417 | 0 | 0 |
| INVITATION HOMES INC | EQUITY | 02079K305 |  | 63581 | 2274 | SH |  | SOLE |  | 2274 | 0 | 0 |
| JPMORGAN CHASE  CO | EQUITY | 02079K107 |  | 11906707 | 36815 | SH |  | SOLE |  | 36815 | 0 | 0 |
| JAMF HOLDING CORP COMP | EQUITY | 01644J108 |  | 6877 | 529 | SH |  | SOLE |  | 529 | 0 | 0 |
| KB HOME | EQUITY | 00971T101 |  | 131099 | 2302 | SH |  | SOLE |  | 2483 | 0 | 0 |
| KINDER MORGAN INC COMP | EQUITY | 00724F101 |  | 803985 | 29151 | SH |  | SOLE |  | 29151 | 0 | 0 |
| LGI HOMES INC | EQUITY | 00287Y109 |  | 11406 | 263 | SH |  | SOLE |  | 263 | 0 | 0 |
| MPLX LP COMP | EQUITY | 002824100 |  | 861029 | 16052 | SH |  | SOLE |  | 16052 | 0 | 0 |
| MSCI INC COMP | EQUITY | 00206R102 |  | 1088225 | 1869 | SH |  | SOLE |  | 1869 | 0 | 0 |
| MASTERCARD INC - A | EQUITY | 00401E216 |  | 7369034 | 12762 | SH |  | SOLE |  | 12762 | 0 | 0 |
| MERCK  CO. INC. COMP | EQUITY | 00894E117 |  | 2410320 | 22726 | SH |  | SOLE |  | 22726 | 0 | 0 |
| MERITAGE HOMES CORP | EQUITY | 00035E117 |  | 20647 | 311 | SH |  | SOLE |  | 311 | 0 | 0 |
| MID-AMERICA APARTMENT COMM | EQUITY | 00282E116 |  | 46170 | 330 | SH |  | SOLE |  | 330 | 0 | 0 |
| MOSAIC CO/THE COMP | EQUITY | 00864E114 |  | 85225 | 3529 | SH |  | SOLE |  | 3529 | 0 | 0 |
| NVR INC COMP | EQUITY | 00919E113 |  | 205162 | 28 | SH |  | SOLE |  | 28 | 0 | 0 |
| NEXTERA ENERGY INC COMP | EQUITY | 00307E111 |  | 5102542 | 63362 | SH |  | SOLE |  | 63362 | 0 | 0 |
| NEXGEN ENERGY LTD COMP | EQUITY | 00307E111 |  | 448091 | 48771 | SH |  | SOLE |  | 48771 | 0 | 0 |
| NUTANIX INC - A COMP | EQUITY | 00748E110 |  | 56636 | 1090 | SH |  | SOLE |  | 1090 | 0 | 0 |
| NVIDIA CORP | EQUITY | 00653E108 |  | 40884470 | 218004 | SH |  | SOLE |  | 218004 | 0 | 0 |
| NUTRIEN LTD | EQUITY | 969457100 |  | 367382 | 5880 | SH |  | SOLE |  | 5880 | 0 | 0 |
| PTC INC COMP | EQUITY | 958669103 |  | 985453 | 5618 | SH |  | SOLE |  | 5618 | 0 | 0 |
| PAYPAL HOLDINGS INC | EQUITY | 952845105 |  | 400816 | 6782 | SH |  | SOLE |  | 6782 | 0 | 0 |
| PROLOGIS INC | EQUITY | 931142103 |  | 692655 | 5369 | SH |  | SOLE |  | 5369 | 0 | 0 |
| PUBLIC STORAGE COMP | EQUITY | 929160109 |  | 553857 | 2121 | SH |  | SOLE |  | 2121 | 0 | 0 |
| Q2 HOLDINGS INC COMP | EQUITY | 929089100 |  | 92167 | 1255 | SH |  | SOLE |  | 1255 | 0 | 0 |
| REXFORD INDUSTRIAL REALTY IN | EQUITY | 916896103 |  | 54430 | 1370 | SH |  | SOLE |  | 1370 | 0 | 0 |
| S GLOBAL INC | EQUITY | 907818108 |  | 3265873 | 6189 | SH |  | SOLE |  | 6189 | 0 | 0 |
| SBA COMMUNICATIONS CORP | EQUITY | 902653104 |  | 32720 | 168 | SH |  | SOLE |  | 168 | 0 | 0 |
| SALESFORCE.COM INC | EQUITY | 902252105 |  | 1789908 | 6731 | SH |  | SOLE |  | 6731 | 0 | 0 |
| SEMRUSH HOLDINGS INC-A COMP | EQUITY | 889478103 |  | 27633 | 2328 | SH |  | SOLE |  | 6993 | 0 | 0 |
| SERVICENOW INC COMP | EQUITY | 888787108 |  | 771150 | 5000 | SH |  | SOLE |  | 5000 | 0 | 0 |
| SPRINKLR INC-A COMP | EQUITY | 883556102 |  | 21689 | 2770 | SH |  | SOLE |  | 35585 | 0 | 0 |
| STAG INDUSTRIAL INC | EQUITY | 879360105 |  | 73249 | 1968 | SH |  | SOLE |  | 1968 | 0 | 0 |
| TRI POINTE GROUP INC | EQUITY | 874054109 |  | 41555 | 1308 | SH |  | SOLE |  | 1308 | 0 | 0 |
| TARGA RESOURCES CORP COMP | EQUITY | 874039100 |  | 1610056 | 8673 | SH |  | SOLE |  | 8673 | 0 | 0 |
| TAYLOR MORRISON HOME CORP-A | EQUITY | 872657101 |  | 59377 | 1004 | SH |  | SOLE |  | 1004 | 0 | 0 |
| TERRENO REALTY CORP | EQUITY | 872590104 |  | 79614 | 1332 | SH |  | SOLE |  | 1332 | 0 | 0 |
| TIDEWATER INC COMP | EQUITY | 872540109 |  | 1763055 | 34740 | SH |  | SOLE |  | 34740 | 0 | 0 |
| TRAVELERS COS INC/THE | EQUITY | 871607107 |  | 5144718 | 17596 | SH |  | SOLE |  | 17596 | 0 | 0 |
| UNITEDHEALTH GROUP INC COMP | EQUITY | 866674104 |  | 2723048 | 8198 | SH |  | SOLE |  | 8198 | 0 | 0 |
| VALE SA-SP ADR COMP | EQUITY | 855244109 |  | 379664 | 28982 | SH |  | SOLE |  | 28982 | 0 | 0 |
| VERIZON COMMUNICATIONS INC COMP | EQUITY | 842587107 |  | 919372 | 22589 | SH |  | SOLE |  | 22589 | 0 | 0 |
| VERTEX INC - CLASS A COMP | EQUITY | 833635105 |  | 38638 | 1929 | SH |  | SOLE |  | 40074 | 0 | 0 |
| VISA INC-CLASS A SHARES | EQUITY | 816851109 |  | 8435959 | 23856 | SH |  | SOLE |  | 23856 | 0 | 0 |
| WEC ENERGY GROUP INC COMP | EQUITY | 806857108 |  | 1791754 | 16889 | SH |  | SOLE |  | 16889 | 0 | 0 |
| WASTE CONNECTIONS INC | EQUITY | 780087102 |  | 4110758 | 23438 | SH |  | SOLE |  | 23438 | 0 | 0 |
| WASTE MANAGEMENT INC | EQUITY | 776696106 |  | 3362675 | 15139 | SH |  | SOLE |  | 15139 | 0 | 0 |
| WEX INC COMP | EQUITY | 771049103 |  | 2066319 | 13658 | SH |  | SOLE |  | 13658 | 0 | 0 |
| WORKDAY INC-CLASS A COMP | EQUITY | 767204100 |  | 227777 | 1050 | SH |  | SOLE |  | 3881 | 0 | 0 |
| ZETA GLOBAL HOLDINGS CORP-A COMP | EQUITY | 760759100 |  | 87859 | 4224 | SH |  | SOLE |  | 11958 | 0 | 0 |
| ZOETIS INC | EQUITY | 760759100 |  | 393641 | 3114 | SH |  | SOLE |  | 3114 | 0 | 0 |

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