# EDGAR Filing Document

**Accession Number:** 0001658020
**File Stem:** 0001658020-26-000002
**Filing Date:** 2026-2
**Character Count:** 15419
**Document Hash:** d786958d6145c4028539b53e74dd6031
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001658020-26-000002.hdr.sgml**: 20260210

**ACCESSION NUMBER**: 0001658020-26-000002

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260210

**DATE AS OF CHANGE**: 20260210

**EFFECTIVENESS DATE**: 20260210

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Railway Pension Investments Ltd
- **CENTRAL INDEX KEY:** 0001658020

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** X0
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-17037
- **FILM NUMBER:** 26613909

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 7 DEVONSHIRE SQUARE
- **CITY:** LONDON
- **NON US STATE TERRITORY:** LONDON
- **PROVINCE COUNTRY:** X0
- **ZIP:** EC2M 4YH
- **BUSINESS PHONE:** 02073306807

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 7 DEVONSHIRE SQUARE
- **CITY:** LONDON
- **NON US STATE TERRITORY:** LONDON
- **PROVINCE COUNTRY:** X0
- **ZIP:** EC2M 4YH

### 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:** Railway Pension Investments Ltd<br>**Address:** 7 DEVONSHIRE SQUARE<br>LONDON, X0 EC2M 4YH

**Form 13F File Number:** 028-17037

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:** Samuel North<br>**Title:** Director of Compliance<br>**Phone:** 020 7330 6800

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

Samuel North  London, X0  02-10-2026<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:** 106

**Form 13F Information Table Value Total:** $8512243561

      (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 |
| MICROSOFT CORP | COM | 594918104 | BBG000BPH459 | 542384666 | 1121510 | SH |  | SOLE |  | 0 | 0 | 1121510 |
| ALPHABET INC | CAP STK CL A | 02079K305 | BBG009S39JX6 | 375105460 | 1198420 | SH |  | SOLE |  | 0 | 0 | 1198420 |
| NVIDIA CORPORATION | COM | 67066G104 | BBG000BBJQV0 | 284860100 | 1527400 | SH |  | SOLE |  | 0 | 0 | 1527400 |
| BROADCOM INC | COM | 11135F101 | BBG00KHY5S69 | 281618801 | 813692 | SH |  | SOLE |  | 0 | 0 | 813692 |
| THERMO FISHER SCIENTIFIC INC | COM | 883556102 | BBG000BVDLH9 | 256331296 | 442370 | SH |  | SOLE |  | 0 | 0 | 442370 |
| AMAZON COM INC | COM | 023135106 | BBG000BVPV84 | 241206900 | 1045000 | SH |  | SOLE |  | 0 | 0 | 1045000 |
| META PLATFORMS INC | CL A | 30303M102 | BBG000MM2P62 | 225631964 | 341820 | SH |  | SOLE |  | 0 | 0 | 341820 |
| IDEXX LABS INC | COM | 45168D104 | BBG000BLRT07 | 220602902 | 326080 | SH |  | SOLE |  | 0 | 0 | 326080 |
| VISA INC | COM CL A | 92826C839 | BBG000PSKYX7 | 219347712 | 625439 | SH |  | SOLE |  | 0 | 0 | 625439 |
| APPLE INC | COM | 037833100 | BBG000B9XRY4 | 204833461 | 753452 | SH |  | SOLE |  | 0 | 0 | 753452 |
| NEXTERA ENERGY INC | COM | 65339F101 | BBG000BJSBJ0 | 202123525 | 2517732 | SH |  | SOLE |  | 0 | 0 | 2517732 |
| ABBVIE INC | COM | 00287Y109 | BBG0025Y4RY4 | 196444049 | 859749 | SH |  | SOLE |  | 0 | 0 | 859749 |
| CONSTELLATION ENERGY CORP | COM | 21037T109 | BBG014KFRNP7 | 193146840 | 546740 | SH |  | SOLE |  | 0 | 0 | 546740 |
| S GLOBAL INC | COM | 78409V104 | BBG000BP1Q11 | 192783451 | 368900 | SH |  | SOLE |  | 0 | 0 | 368900 |
| PALO ALTO NETWORKS INC | COM | 697435105 | BBG0014GJCT9 | 192628255 | 1045756 | SH |  | SOLE |  | 0 | 0 | 1045756 |
| MASTERCARD INCORPORATED | CL A | 57636Q104 | BBG000F1ZSQ2 | 190822349 | 334260 | SH |  | SOLE |  | 0 | 0 | 334260 |
| QUALCOMM INC | COM | 747525103 | BBG000CGC1X8 | 179106455 | 1047100 | SH |  | SOLE |  | 0 | 0 | 1047100 |
| CHENIERE ENERGY INC | COM NEW | 16411R208 | BBG000C3HSR0 | 178741605 | 919500 | SH |  | SOLE |  | 0 | 0 | 919500 |
| PUBLIC SVC ENTERPRISE GRP IN | COM | 744573106 | BBG000BQZMH4 | 178687575 | 2225250 | SH |  | SOLE |  | 0 | 0 | 2225250 |
| LAM RESEARCH CORP | COM NEW | 512807306 | BBG000BNFLM9 | 178283970 | 1041500 | SH |  | SOLE |  | 0 | 0 | 1041500 |
| TEXAS INSTRS INC | COM | 882508104 | BBG000BVV7G1 | 175434996 | 1011211 | SH |  | SOLE |  | 0 | 0 | 1011211 |
| EQUINIX INC | COM | 29444U700 | BBG000MBDGM6 | 171856583 | 224309 | SH |  | SOLE |  | 0 | 0 | 224309 |
| GILEAD SCIENCES INC | COM | 375558103 | BBG000CKGBP2 | 171745786 | 1399265 | SH |  | SOLE |  | 0 | 0 | 1399265 |
| LPL FINL HLDGS INC | COM | 50212V100 | BBG000P2TYL8 | 159040658 | 445280 | SH |  | SOLE |  | 0 | 0 | 445280 |
| SERVICENOW INC | COM | 81762P102 | BBG000M1R011 | 158245270 | 1033000 | SH |  | SOLE |  | 0 | 0 | 1033000 |
| DANAHER CORPORATION | COM | 235851102 | BBG000BH3JF8 | 157931679 | 689899 | SH |  | SOLE |  | 0 | 0 | 689899 |
| JOHNSON  JOHNSON | COM | 478160104 | BBG000BMHYD1 | 149715080 | 723436 | SH |  | SOLE |  | 0 | 0 | 723436 |
| AMPHENOL CORP NEW | CL A | 032095101 | BBG000B9YJ35 | 126450498 | 935700 | SH |  | SOLE |  | 0 | 0 | 935700 |
| MERCK  CO INC | COM | 58933Y105 | BBG000BPD168 | 121576879 | 1155015 | SH |  | SOLE |  | 0 | 0 | 1155015 |
| KLA CORP | COM NEW | 482480100 | BBG000BMTFR4 | 120900460 | 99500 | SH |  | SOLE |  | 0 | 0 | 99500 |
| OREILLY AUTOMOTIVE INC | COM | 67103H107 | BBG000BGYWY6 | 114901889 | 1259751 | SH |  | SOLE |  | 0 | 0 | 1259751 |
| MCKESSON CORP | COM | 58155Q103 | BBG000DYGNW7 | 103456615 | 126122 | SH |  | SOLE |  | 0 | 0 | 126122 |
| CISCO SYS INC | COM | 17275R102 | BBG000C3J3C9 | 99266712 | 1288676 | SH |  | SOLE |  | 0 | 0 | 1288676 |
| EXPEDIA GROUP INC | COM NEW | 30212P303 | BBG000QY3XZ2 | 93747279 | 330900 | SH |  | SOLE |  | 0 | 0 | 330900 |
| ALTRIA GROUP INC | COM | 02209S103 | BBG000BP6LJ8 | 84575688 | 1466800 | SH |  | SOLE |  | 0 | 0 | 1466800 |
| AUTOZONE INC | COM | 053332102 | BBG000C7LMS8 | 81741933 | 24102 | SH |  | SOLE |  | 0 | 0 | 24102 |
| FASTENAL CO | COM | 311900104 | BBG000BJ8YN7 | 75633412 | 1884710 | SH |  | SOLE |  | 0 | 0 | 1884710 |
| BOOKING HOLDINGS INC | COM | 09857L108 | BBG000BLBVN4 | 74824671 | 13972 | SH |  | SOLE |  | 0 | 0 | 13972 |
| PARKER-HANNIFIN CORP | COM | 701094104 | BBG000BR3KL6 | 73094314 | 83160 | SH |  | SOLE |  | 0 | 0 | 83160 |
| BRISTOL-MYERS SQUIBB CO | COM | 110122108 | BBG000DQLV23 | 63886536 | 1184400 | SH |  | SOLE |  | 0 | 0 | 1184400 |
| WW GRAINGER INC | COM | 384802104 | BBG000BKR1D6 | 63658946 | 63088 | SH |  | SOLE |  | 0 | 0 | 63088 |
| SALESFORCE INC | COM | 79466L302 | BBG000BN2DC2 | 63128053 | 238300 | SH |  | SOLE |  | 0 | 0 | 238300 |
| NETAPP INC | COM | 64110D104 | BBG000FP1N32 | 63124200 | 589450 | SH |  | SOLE |  | 0 | 0 | 589450 |
| CADENCE DESIGN SYSTEM INC | COM | 127387108 | BBG000C13CD9 | 51963299 | 166240 | SH |  | SOLE |  | 0 | 0 | 166240 |
| AUTODESK INC | COM | 052769106 | BBG000BM7HL0 | 50662704 | 171152 | SH |  | SOLE |  | 0 | 0 | 171152 |
| HCA HEALTHCARE INC | COM | 40412C101 | BBG000QW7VC1 | 49845242 | 106767 | SH |  | SOLE |  | 0 | 0 | 106767 |
| TJX COS INC NEW | COM | 872540109 | BBG000BV8DN6 | 47004660 | 306000 | SH |  | SOLE |  | 0 | 0 | 306000 |
| COGNIZANT TECHNOLOGY SOLUTIO | CL A | 192446102 | BBG000BBDV81 | 44984340 | 541980 | SH |  | SOLE |  | 0 | 0 | 541980 |
| INTERNATIONAL BUSINESS MACHS | COM | 459200101 | BBG000BLNNH6 | 44935057 | 151700 | SH |  | SOLE |  | 0 | 0 | 151700 |
| ROLLINS INC | COM | 775711104 | BBG000BSBBP1 | 43671572 | 727617 | SH |  | SOLE |  | 0 | 0 | 727617 |
| WALMART INC | COM | 931142103 | BBG000BWXBC2 | 43465386 | 390139 | SH |  | SOLE |  | 0 | 0 | 390139 |
| OTIS WORLDWIDE CORP | COM | 68902V107 | BBG00RP60KV0 | 41063235 | 470100 | SH |  | SOLE |  | 0 | 0 | 470100 |
| TAPESTRY INC | COM | 876030107 | BBG000BY29C7 | 39710916 | 310800 | SH |  | SOLE |  | 0 | 0 | 310800 |
| HP INC | COM | 40434L105 | BBG000KHWT55 | 39201994 | 1759515 | SH |  | SOLE |  | 0 | 0 | 1759515 |
| CINTAS CORP | COM | 172908105 | BBG000H3YXF8 | 38346721 | 203896 | SH |  | SOLE |  | 0 | 0 | 203896 |
| MOTOROLA SOLUTIONS INC | COM NEW | 620076307 | BBG000BP8Z50 | 37473363 | 97760 | SH |  | SOLE |  | 0 | 0 | 97760 |
| VERIZON COMMUNICATIONS INC | COM | 92343V104 | BBG000HS77T5 | 32869110 | 807000 | SH |  | SOLE |  | 0 | 0 | 807000 |
| WILLIAMS SONOMA INC | COM | 969904101 | BBG000FSMWC3 | 31985469 | 179100 | SH |  | SOLE |  | 0 | 0 | 179100 |
| AMGEN INC | COM | 031162100 | BBG000BBS2Y0 | 31519953 | 96300 | SH |  | SOLE |  | 0 | 0 | 96300 |
| CHECK POINT SOFTWARE TECH LT | ORD | M22465104 | BBG000K82ZT8 | 30864009 | 166329 | SH |  | SOLE |  | 0 | 0 | 166329 |
| BOSTON SCIENTIFIC CORP | COM | 101137107 | BBG000C0LW92 | 24781465 | 259900 | SH |  | SOLE |  | 0 | 0 | 259900 |
| ACCENTURE PLC IRELAND | SHS CLASS A | G1151C101 | BBG000D9D830 | 24207368 | 90225 | SH |  | SOLE |  | 0 | 0 | 90225 |
| COMCAST CORP NEW | CL A | 20030N101 | BBG000BFT2L4 | 23687825 | 792500 | SH |  | SOLE |  | 0 | 0 | 792500 |
| GARTNER INC | COM | 366651107 | BBG000BB65D0 | 23052842 | 91378 | SH |  | SOLE |  | 0 | 0 | 91378 |
| SNAP ON INC | COM | 833034101 | BBG000BT7JW9 | 22433460 | 65100 | SH |  | SOLE |  | 0 | 0 | 65100 |
| ILLINOIS TOOL WKS INC | COM | 452308109 | BBG000BMBL90 | 21123427 | 85763 | SH |  | SOLE |  | 0 | 0 | 85763 |
| UNIVERSAL HLTH SVCS INC | CL B | 913903100 | BBG000CB8Q50 | 21082534 | 96700 | SH |  | SOLE |  | 0 | 0 | 96700 |
| TRIMBLE INC | COM | 896239100 | BBG000BNPS52 | 20512030 | 261800 | SH |  | SOLE |  | 0 | 0 | 261800 |
| INTUIT | COM | 461202103 | BBG000BH5DV1 | 18680244 | 28200 | SH |  | SOLE |  | 0 | 0 | 28200 |
| GEN DIGITAL INC | COM | 668771108 | BBG000BH2JM1 | 18084069 | 665100 | SH |  | SOLE |  | 0 | 0 | 665100 |
| TRANE TECHNOLOGIES PLC | SHS | G8994E103 | BBG000BM6788 | 17514000 | 45000 | SH |  | SOLE |  | 0 | 0 | 45000 |
| ROPER TECHNOLOGIES INC | COM | 776696106 | BBG000F1ZSN5 | 16870427 | 37900 | SH |  | SOLE |  | 0 | 0 | 37900 |
| EMCOR GROUP INC | COM | 29084Q100 | BBG000BBRPL4 | 14414384 | 23561 | SH |  | SOLE |  | 0 | 0 | 23561 |
| YUM BRANDS INC | COM | 988498101 | BBG000BH3GZ2 | 14311088 | 94600 | SH |  | SOLE |  | 0 | 0 | 94600 |
| COLGATE PALMOLIVE CO | COM | 194162103 | BBG000BFQYY3 | 14137389 | 178909 | SH |  | SOLE |  | 0 | 0 | 178909 |
| ELECTRONIC ARTS INC | COM | 285512109 | BBG000BP0KQ8 | 13751613 | 67301 | SH |  | SOLE |  | 0 | 0 | 67301 |
| VERISK ANALYTICS INC | COM | 92345Y106 | BBG000BCZL41 | 13734566 | 61400 | SH |  | SOLE |  | 0 | 0 | 61400 |
| STRYKER CORPORATION | COM | 863667101 | BBG000DN7P92 | 13566742 | 38600 | SH |  | SOLE |  | 0 | 0 | 38600 |
| CF INDS HLDGS INC | COM | 125269100 | BBG000BWJFZ4 | 12382134 | 160100 | SH |  | SOLE |  | 0 | 0 | 160100 |
| HOLOGIC INC | COM | 436440101 | BBG000C3NTN5 | 11709828 | 157200 | SH |  | SOLE |  | 0 | 0 | 157200 |
| EXPEDITORS INTL WASH INC | COM | 302130109 | BBG000BJ5GK2 | 11294958 | 75800 | SH |  | SOLE |  | 0 | 0 | 75800 |
| VERALTO CORP | COM SHS | 92338C103 | BBG019Q32XJ9 | 11075580 | 111000 | SH |  | SOLE |  | 0 | 0 | 111000 |
| HILTON WORLDWIDE HLDGS INC | COM | 43300A203 | BBG0058KMH30 | 11030400 | 38400 | SH |  | SOLE |  | 0 | 0 | 38400 |
| VERISIGN INC | COM | 92343E102 | BBG000BGKHZ3 | 9766590 | 40200 | SH |  | SOLE |  | 0 | 0 | 40200 |
| ABBOTT LABS | COM | 002824100 | BBG000B9ZXB4 | 9359163 | 74700 | SH |  | SOLE |  | 0 | 0 | 74700 |
| BANK NEW YORK MELLON CORP | COM | 064058100 | BBG000BD8PN9 | 8161127 | 70300 | SH |  | SOLE |  | 0 | 0 | 70300 |
| LOEWS CORP | COM | 540424108 | BBG000C45984 | 7950905 | 75500 | SH |  | SOLE |  | 0 | 0 | 75500 |
| AMETEK INC | COM | 031100100 | BBG000B9XG87 | 7364880 | 35872 | SH |  | SOLE |  | 0 | 0 | 35872 |
| RPM INTL INC | COM | 749685103 | BBG000DCNK80 | 7300800 | 70200 | SH |  | SOLE |  | 0 | 0 | 70200 |
| F5 INC | COM | 315616102 | BBG000CXYSZ6 | 6720996 | 26330 | SH |  | SOLE |  | 0 | 0 | 26330 |
| GODADDY INC | CL A | 380237107 | BBG006MDLY05 | 5471928 | 44100 | SH |  | SOLE |  | 0 | 0 | 44100 |
| ADOBE INC | COM | 00724F101 | BBG000BB5006 | 5389846 | 15400 | SH |  | SOLE |  | 0 | 0 | 15400 |
| FIDELITY NATIONAL FINANCIAL | COM SHS | 31620R303 | BBG006N7S6K9 | 5240640 | 96000 | SH |  | SOLE |  | 0 | 0 | 96000 |
| TRAVELERS COMPANIES INC | COM | 89417E109 | BBG000BJ81C1 | 5221080 | 18000 | SH |  | SOLE |  | 0 | 0 | 18000 |
| MONSTER BEVERAGE CORP NEW | COM | 61174X109 | BBG008NVB1C0 | 4960549 | 64700 | SH |  | SOLE |  | 0 | 0 | 64700 |
| CUMMINS INC | COM | 231021106 | BBG000BGPTV6 | 4543005 | 8900 | SH |  | SOLE |  | 0 | 0 | 8900 |
| MEDTRONIC PLC | SHS | G5960L103 | BBG000BNWG87 | 4341912 | 45200 | SH |  | SOLE |  | 0 | 0 | 45200 |
| DOMINOS PIZZA INC | COM | 25754A201 | BBG000P458P3 | 4043154 | 9700 | SH |  | SOLE |  | 0 | 0 | 9700 |
| BROADRIDGE FINL SOLUTIONS IN | COM | 11133T103 | BBG000PPFKQ7 | 3950109 | 17700 | SH |  | SOLE |  | 0 | 0 | 17700 |
| PHILIP MORRIS INTL INC | COM | 718172109 | BBG000J2XL74 | 3695616 | 23040 | SH |  | SOLE |  | 0 | 0 | 23040 |
| ROSS STORES INC | COM | 778296103 | BBG000BSBZH7 | 3296562 | 18300 | SH |  | SOLE |  | 0 | 0 | 18300 |
| PTC INC | COM | 69370C100 | BBG000C2VBB0 | 2687363 | 15426 | SH |  | SOLE |  | 0 | 0 | 15426 |
| DECKERS OUTDOOR CORP | COM | 243537107 | BBG000BKXYX5 | 2332575 | 22500 | SH |  | SOLE |  | 0 | 0 | 22500 |
| KROGER CO | COM | 501044101 | BBG000BMY992 | 2318633 | 37110 | SH |  | SOLE |  | 0 | 0 | 37110 |
| RESMED INC | COM | 761152107 | BBG000L4M7F1 | 2313556 | 9605 | SH |  | SOLE |  | 0 | 0 | 9605 |
| F ANNUITIES  LIFE INC | COMMON STOCK | 30190A104 | BBG01BGVGG87 | 177696 | 5760 | SH |  | SOLE |  | 0 | 0 | 5760 |

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