# EDGAR Filing Document

**Accession Number:** 0001353395
**File Stem:** 0001353395-25-000002
**Filing Date:** 2025-8
**Character Count:** 13835
**Document Hash:** 2b8138853a82f85ab299966cfcbfab03
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001353395-25-000002.hdr.sgml**: 20250812

**ACCESSION NUMBER**: 0001353395-25-000002

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250812

**DATE AS OF CHANGE**: 20250812

**EFFECTIVENESS DATE**: 20250812

**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:** 251205941

**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:** 06-30-2025

**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 Alexander Hayton<br>**Title:** CCO<br>**Phone:** 447732721566

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

Duncan Alexander Hayton  London, X0  08-12-2025<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:** 101

**Form 13F Information Table Value Total:** $130054539

      (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 |
| ADOBE SYSTEMS INC | EQUITY | 00724F101 |  | 511842 | 1323 | SH |  | SOLE |  | 1323 | 0 | 0 |
| ADVANCED MICRO DEVICES COMP | EQUITY | 007903107 |  | 707088 | 4983 | SH |  | SOLE |  | 4983 | 0 | 0 |
| AGNICO EAGLE MINES LTD COMP | EQUITY | 008474108 |  | 484545 | 7686 | SH |  | SOLE |  | 7686 | 0 | 0 |
| ALKAMI TECHNOLOGY INC COMP | EQUITY | 01644J108 |  | 301464 | 18869 | SH |  | SOLE |  | 18869 | 0 | 0 |
| ALLIANT ENERGY CORP COMP | EQUITY | 018802108 |  | 719190 | 6908 | SH |  | SOLE |  | 6908 | 0 | 0 |
| ALPHABET INC-CL A | EQUITY | 02079K305 |  | 3202627 | 45115 | SH |  | SOLE |  | 45115 | 0 | 0 |
| ALPHABET IN-CL C | EQUITY | 02079K107 |  | 2761075 | 38563 | SH |  | SOLE |  | 38563 | 0 | 0 |
| AMAZON.COM INC COMP | EQUITY | 023135106 |  | 6782222 | 30914 | SH |  | SOLE |  | 30914 | 0 | 0 |
| AMEREN CORPORATION COMP | EQUITY | 023608102 |  | 1205782 | 12555 | SH |  | SOLE |  | 12555 | 0 | 0 |
| AMERICAN ELECTRIC POWER COMP | EQUITY | 025537101 |  | 447206 | 4310 | SH |  | SOLE |  | 4310 | 0 | 0 |
| AMERICAN WATER WORKS CO INC COMP | EQUITY | 030420103 |  | 1377745 | 9904 | SH |  | SOLE |  | 9904 | 0 | 0 |
| AMETEK INC COMP | EQUITY | 031100100 |  | 1486405 | 8214 | SH |  | SOLE |  | 8214 | 0 | 0 |
| APPLIED MATERIALS INC COMP | EQUITY | 038222105 |  | 936037 | 5113 | SH |  | SOLE |  | 5113 | 0 | 0 |
| APTARGROUP INC COMP | EQUITY | 038336103 |  | 916993 | 5862 | SH |  | SOLE |  | 5862 | 0 | 0 |
| ARES MANAGEMENT CORP - A COMP | EQUITY | 03990B101 |  | 735927 | 4249 | SH |  | SOLE |  | 4249 | 0 | 0 |
| ARTHUR J GALLAGHER  CO COMP | EQUITY | 363576109 |  | 952677 | 2976 | SH |  | SOLE |  | 2976 | 0 | 0 |
| AT INC COMP | EQUITY | 00206R102 |  | 421048 | 14569 | SH |  | SOLE |  | 14569 | 0 | 0 |
| AUTODESK INC COMP | EQUITY | 052769106 |  | 1336414 | 4317 | SH |  | SOLE |  | 4317 | 0 | 0 |
| AUTOMATIC DATA PROCESSING | EQUITY | 053015103 |  | 268000 | 869 | SH |  | SOLE |  | 869 | 0 | 0 |
| BAKER HUGHES CO COMP | EQUITY | 05722G100 |  | 3636012 | 95499 | SH |  | SOLE |  | 95499 | 0 | 0 |
| BANK OF AMERICA CORP | EQUITY | 060505104 |  | 1035220 | 21877 | SH |  | SOLE |  | 21877 | 0 | 0 |
| BOSTON SCIENTIFIC CORP | EQUITY | 101137107 |  | 1677637 | 15619 | SH |  | SOLE |  | 15619 | 0 | 0 |
| BRISTOL-MYERS SQUIBB CO | EQUITY | 110122108 |  | 206407 | 4459 | SH |  | SOLE |  | 4459 | 0 | 0 |
| BROADCOM INC COMP | EQUITY | 11135F101 |  | 6552476 | 23771 | SH |  | SOLE |  | 23771 | 0 | 0 |
| CASELLA WASTE SYSTEMS INC-A COMP | EQUITY | 147448104 |  | 242990 | 2516 | SH |  | SOLE |  | 2516 | 0 | 0 |
| CENTENE CORP COMP | EQUITY | 15135B101 |  | 822885 | 15160 | SH |  | SOLE |  | 15160 | 0 | 0 |
| CHIPOTLE MEXICAN GRILL INC COMP | EQUITY | 169656105 |  | 1633853 | 29098 | SH |  | SOLE |  | 29098 | 0 | 0 |
| CHURCH  DWIGHT CO INC COMP | EQUITY | 171340102 |  | 449506 | 4677 | SH |  | SOLE |  | 4677 | 0 | 0 |
| CIGNA CORP | EQUITY | 125523100 |  | 1002319 | 3032 | SH |  | SOLE |  | 3032 | 0 | 0 |
| CIGNA CORP COMP | EQUITY | 125523100 |  | 582151 | 1761 | SH |  | SOLE |  | 1761 | 0 | 0 |
| CLEAN HARBORS INC | EQUITY | 184496107 |  | 1144110 | 4949 | SH |  | SOLE |  | 4949 | 0 | 0 |
| CONFLUENT INC-CLASS A COMP | EQUITY | 20717M103 |  | 161777 | 90894 | SH |  | SOLE |  | 90894 | 0 | 0 |
| CONSOLIDATED EDISON INC COMP | EQUITY | 209115104 |  | 673549 | 6712 | SH |  | SOLE |  | 6712 | 0 | 0 |
| CORPAY INC COMP | EQUITY | 219948106 |  | 1320975 | 3981 | SH |  | SOLE |  | 3981 | 0 | 0 |
| DENISON MINES CORP COMP | EQUITY | 248356107 |  | 31213 | 17057 | SH |  | SOLE |  | 17057 | 0 | 0 |
| DR HORTON INC | EQUITY | 23331A109 |  | 645760 | 5009 | SH |  | SOLE |  | 5009 | 0 | 0 |
| ELEVANCE HEALTH INC COMP | EQUITY | 036752103 |  | 1294459 | 3328 | SH |  | SOLE |  | 3328 | 0 | 0 |
| EVERGY INC COMP | EQUITY | 30034W106 |  | 373463 | 5418 | SH |  | SOLE |  | 5418 | 0 | 0 |
| EVERSOURCE ENERGY COMP | EQUITY | 30040W108 |  | 1078804 | 16957 | SH |  | SOLE |  | 16957 | 0 | 0 |
| FISERV INC COMP | EQUITY | 337738108 |  | 1773754 | 10288 | SH |  | SOLE |  | 10288 | 0 | 0 |
| GFL ENVIRONMENTAL INC-SUB VT COMP | EQUITY | 36168Q104 |  | 571460 | 15366 | SH |  | SOLE |  | 15366 | 0 | 0 |
| HELIX ENERGY SOLUTIONS GROUP COMP | EQUITY | 42330P107 |  | 576582 | 92401 | SH |  | SOLE |  | 92401 | 0 | 0 |
| IAMGOLD CORP COMP | EQUITY | 450913108 |  | 173680 | 44578 | SH |  | SOLE |  | 44578 | 0 | 0 |
| INTUIT INC COMP | EQUITY | 461202103 |  | 452100 | 574 | SH |  | SOLE |  | 574 | 0 | 0 |
| JOHNSON  JOHNSON | EQUITY | 478160104 |  | 1310595 | 8580 | SH |  | SOLE |  | 8580 | 0 | 0 |
| JPMORGAN CHASE  CO | EQUITY | 46625H100 |  | 4323718 | 14914 | SH |  | SOLE |  | 14914 | 0 | 0 |
| KINROSS GOLD CORP COMP | EQUITY | 496902404 |  | 414574 | 50038 | SH |  | SOLE |  | 50038 | 0 | 0 |
| KLA CORP COMP | EQUITY | 482480100 |  | 258869 | 289 | SH |  | SOLE |  | 289 | 0 | 0 |
| LAM RESEARCH CORP COMP | EQUITY | 512807306 |  | 275862 | 2834 | SH |  | SOLE |  | 2834 | 0 | 0 |
| LOWE'S COS INC | EQUITY | 548661107 |  | 265357 | 1196 | SH |  | SOLE |  | 1196 | 0 | 0 |
| MARSH  MCLENNAN COS | EQUITY | 571748102 |  | 229572 | 1050 | SH |  | SOLE |  | 1050 | 0 | 0 |
| MASTERCARD INC - A | EQUITY | 57636Q104 |  | 2905230 | 5170 | SH |  | SOLE |  | 5170 | 0 | 0 |
| MERCK  CO. INC. COMP | EQUITY | 58933Y105 |  | 728747 | 9206 | SH |  | SOLE |  | 9206 | 0 | 0 |
| MICRON TECHNOLOGY INC COMP | EQUITY | 595112103 |  | 1232254 | 9998 | SH |  | SOLE |  | 9998 | 0 | 0 |
| MICROSOFT CORP COMP | EQUITY | 594918104 |  | 11458834 | 23037 | SH |  | SOLE |  | 23037 | 0 | 0 |
| MOLINA HEALTHCARE INC COMP | EQUITY | 60855R100 |  | 461149 | 1548 | SH |  | SOLE |  | 1548 | 0 | 0 |
| MORGAN STANLEY COMP | EQUITY | 617446448 |  | 855463 | 11457 | SH |  | SOLE |  | 11457 | 0 | 0 |
| MORGAN STANLEY COMP | EQUITY | 617446448 |  | 1001092 | 7107 | SH |  | SOLE |  | 7107 | 0 | 0 |
| MSCI INC COMP | EQUITY | 55354G100 |  | 436592 | 757 | SH |  | SOLE |  | 757 | 0 | 0 |
| NEW GOLD INC COMP | EQUITY | 644535106 |  | 94644 | 36070 | SH |  | SOLE |  | 36070 | 0 | 0 |
| NEXGEN ENERGY LTD COMP | EQUITY | 65340P106 |  | 87291 | 12556 | SH |  | SOLE |  | 12556 | 0 | 0 |
| NEXTERA ENERGY INC COMP | EQUITY | 65339F101 |  | 1173406 | 16903 | SH |  | SOLE |  | 16903 | 0 | 0 |
| NUTANIX INC - A COMP | EQUITY | 67059N108 |  | 310906 | 7673 | SH |  | SOLE |  | 7673 | 0 | 0 |
| NVIDIA CORP | EQUITY | 67066G104 |  | 14968763 | 94745 | SH |  | SOLE |  | 94745 | 0 | 0 |
| OCEANEERING INTL INC COMP | EQUITY | 675232102 |  | 326361 | 15751 | SH |  | SOLE |  | 15751 | 0 | 0 |
| ONEOK INC COMP | EQUITY | 682680103 |  | 209136 | 2562 | SH |  | SOLE |  | 2562 | 0 | 0 |
| PALO ALTO NETWORKS INC COMP | EQUITY | 697435105 |  | 1528456 | 7469 | SH |  | SOLE |  | 7469 | 0 | 0 |
| PAYPAL HOLDINGS INC | EQUITY | 70450Y103 |  | 204157 | 2747 | SH |  | SOLE |  | 2747 | 0 | 0 |
| PEPSICO INC | EQUITY | 713448108 |  | 776263 | 5879 | SH |  | SOLE |  | 5879 | 0 | 0 |
| PINNACLE WEST CAPITAL COMP | EQUITY | 723484101 |  | 677467 | 7572 | SH |  | SOLE |  | 7572 | 0 | 0 |
| PROGRESSIVE CORP COMP | EQUITY | 743315103 |  | 2216272 | 8305 | SH |  | SOLE |  | 8305 | 0 | 0 |
| PROLOGIS INC | EQUITY | 74340W103 |  | 208138 | 1980 | SH |  | SOLE |  | 1980 | 0 | 0 |
| PTC INC COMP | EQUITY | 69370C100 |  | 392246 | 2276 | SH |  | SOLE |  | 2276 | 0 | 0 |
| PUBLIC STORAGE COMP | EQUITY | 74460D109 |  | 236203 | 805 | SH |  | SOLE |  | 805 | 0 | 0 |
| Q2 HOLDINGS INC COMP | EQUITY | 74736L109 |  | 437613 | 8821 | SH |  | SOLE |  | 8821 | 0 | 0 |
| REPUBLIC SERVICES INC | EQUITY | 760759100 |  | 298645 | 1211 | SH |  | SOLE |  | 1211 | 0 | 0 |
| REPUBLIC SERVICES INC COMP | EQUITY | 760759100 |  | 3237249 | 13127 | SH |  | SOLE |  | 13127 | 0 | 0 |
| S GLOBAL INC | EQUITY | 78409V104 |  | 1321916 | 2507 | SH |  | SOLE |  | 2507 | 0 | 0 |
| SALESFORCE.COM INC | EQUITY | 79466L302 |  | 743898 | 2728 | SH |  | SOLE |  | 2728 | 0 | 0 |
| SCHLUMBERGER LTD | EQUITY | 806857108 |  | 2342610 | 69308 | SH |  | SOLE |  | 69308 | 0 | 0 |
| SEMPRA ENERGY COMP | EQUITY | 816851109 |  | 691477 | 9126 | SH |  | SOLE |  | 9126 | 0 | 0 |
| SEMRUSH HOLDINGS INC-A COMP | EQUITY | 81686C104 |  | 78608 | 49221 | SH |  | SOLE |  | 49221 | 0 | 0 |
| SERVICENOW INC COMP | EQUITY | 81762P102 |  | 416372 | 405 | SH |  | SOLE |  | 405 | 0 | 0 |
| SPRINKLR INC-A COMP | EQUITY | 85208T107 |  | 87434 | 250473 | SH |  | SOLE |  | 250473 | 0 | 0 |
| TAKE-TWO INTERACTIVE SOFTWRE COMP | EQUITY | 874054109 |  | 964843 | 3973 | SH |  | SOLE |  | 3973 | 0 | 0 |
| THERMO FISHER SCIENTIFIC INC COMP | EQUITY | 883556102 |  | 1282470 | 3163 | SH |  | SOLE |  | 3163 | 0 | 0 |
| TIDEWATER INC COMP | EQUITY | 88642R109 |  | 472879 | 10251 | SH |  | SOLE |  | 10251 | 0 | 0 |
| TJX COMPANIES INC | EQUITY | 872540109 |  | 820838 | 6647 | SH |  | SOLE |  | 6647 | 0 | 0 |
| T-MOBILE US INC COMP | EQUITY | 872590104 |  | 271378 | 1139 | SH |  | SOLE |  | 1139 | 0 | 0 |
| TOAST INC-CLASS A COMP | EQUITY | 888787108 |  | 510678 | 125222 | SH |  | SOLE |  | 125222 | 0 | 0 |
| TRAVELERS COS INC/THE | EQUITY | 89417E109 |  | 1906758 | 7127 | SH |  | SOLE |  | 7127 | 0 | 0 |
| UNITEDHEALTH GROUP INC COMP | EQUITY | 91324P102 |  | 1816913 | 5824 | SH |  | SOLE |  | 5824 | 0 | 0 |
| VERIZON COMMUNICATIONS INC COMP | EQUITY | 92343V104 |  | 395964 | 9151 | SH |  | SOLE |  | 9151 | 0 | 0 |
| VERTEX INC - CLASS A COMP | EQUITY | 92538J106 |  | 254415 | 282182 | SH |  | SOLE |  | 282182 | 0 | 0 |
| VISA INC-CLASS A SHARES | EQUITY | 92826C839 |  | 3431913 | 9666 | SH |  | SOLE |  | 9666 | 0 | 0 |
| WASTE CONNECTIONS INC | EQUITY | 94106B101 |  | 1401892 | 7499 | SH |  | SOLE |  | 7499 | 0 | 0 |
| WASTE MANAGEMENT INC | EQUITY | 94106L109 |  | 1886850 | 8246 | SH |  | SOLE |  | 8246 | 0 | 0 |
| WEC ENERGY GROUP INC COMP | EQUITY | 92939U106 |  | 378038 | 3628 | SH |  | SOLE |  | 3628 | 0 | 0 |
| WEST FRASER TIMBER CO LTD | EQUITY | 952845105 |  | 311088 | 4354 | SH |  | SOLE |  | 4354 | 0 | 0 |
| WEX INC COMP | EQUITY | 96208T104 |  | 812742 | 5533 | SH |  | SOLE |  | 5533 | 0 | 0 |
| ZETA GLOBAL HOLDINGS CORP-A COMP | EQUITY | 98956A105 |  | 244013 | 84128 | SH |  | SOLE |  | 84128 | 0 | 0 |

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