# EDGAR Filing Document

**Accession Number:** 0002041021
**File Stem:** 0002041021-25-000008
**Filing Date:** 2025-10
**Character Count:** 17149
**Document Hash:** 0d88acb338f31c1cc7f3426babc3a099
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002041021-25-000008.hdr.sgml**: 20251009

**ACCESSION NUMBER**: 0002041021-25-000008

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251009

**DATE AS OF CHANGE**: 20251009

**EFFECTIVENESS DATE**: 20251009

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Board of the Pension Protection Fund
- **CENTRAL INDEX KEY:** 0002041021

**ORGANIZATION NAME:**
- **EIN:** 981081886
- **STATE OF INCORPORATION:** X0

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-24548
- **FILM NUMBER:** 251383924

**BUSINESS ADDRESS:**
- **STREET 1:** RENAISSANCE
- **STREET 2:** 12 DINGWALL ROAD
- **CITY:** CROYDON
- **STATE:** X0
- **ZIP:** CR0 2NA
- **BUSINESS PHONE:** 08456002541

**MAIL ADDRESS:**
- **STREET 1:** RENAISSANCE
- **STREET 2:** 12 DINGWALL ROAD
- **CITY:** CROYDON
- **STATE:** X0
- **ZIP:** CR0 2NA

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 09-30-2025

**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:** Board of the Pension Protection Fund<br>**Address:** RENAISSANCE<br>12 DINGWALL ROAD<br>CROYDON, X0 CR0 2NA

**Form 13F File Number:** 028-24548

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:** Oliver Beck<br>**Title:** Director of Compliance<br>**Phone:** 02086334917

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

Oliver Beck  London, X0  10-09-2025<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:** 144

**Form 13F Information Table Value Total:** $102130722

      (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 |
| AKAMAI TECHNOLOGIES INC | COM | 00971T101 |  | 750024 | 9900 | SH |  | SOLE |  | 9900 | 0 | 0 |
| ALLEGION PLC | ORD SHS | G0176J109 |  | 283760 | 1600 | SH |  | SOLE |  | 1600 | 0 | 0 |
| ALLSTATE CORP | COM | 020002101 |  | 1266435 | 5900 | SH |  | SOLE |  | 5900 | 0 | 0 |
| ALLY FINL INC | COM | 02005N100 |  | 321440 | 8200 | SH |  | SOLE |  | 8200 | 0 | 0 |
| ALPHABET INC | CAP STK CL C | 02079K107 |  | 779360 | 3200 | SH |  | SOLE |  | 3200 | 0 | 0 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 777920 | 3200 | SH |  | SOLE |  | 3200 | 0 | 0 |
| AMCOR PLC | ORD | G0250X107 |  | 777100 | 95000 | SH |  | SOLE |  | 95000 | 0 | 0 |
| AMERICAN INTL GROUP INC | COM NEW | 026874784 |  | 400554 | 5100 | SH |  | SOLE |  | 5100 | 0 | 0 |
| ANNALY CAPITAL MANAGEMENT IN | COM NEW | 035710839 |  | 458767 | 22700 | SH |  | SOLE |  | 22700 | 0 | 0 |
| APTIV PLC | COM SHS | G3265R107 |  | 922554 | 10700 | SH |  | SOLE |  | 10700 | 0 | 0 |
| ARCH CAP GROUP LTD | ORD | G0450A105 |  | 408285 | 4500 | SH |  | SOLE |  | 4500 | 0 | 0 |
| AT INC | COM | 00206R102 |  | 1420472 | 50300 | SH |  | SOLE |  | 50300 | 0 | 0 |
| AVANTOR INC | COM | 05352A100 |  | 170976 | 13700 | SH |  | SOLE |  | 13700 | 0 | 0 |
| BAKER HUGHES COMPANY | CL A | 05722G100 |  | 1071840 | 22000 | SH |  | SOLE |  | 22000 | 0 | 0 |
| BANK NEW YORK MELLON CORP | COM | 064058100 |  | 1536336 | 14100 | SH |  | SOLE |  | 14100 | 0 | 0 |
| BAXTER INTL INC | COM | 071813109 |  | 136620 | 6000 | SH |  | SOLE |  | 6000 | 0 | 0 |
| BERKLEY W R CORP | COM | 084423102 |  | 965412 | 12600 | SH |  | SOLE |  | 12600 | 0 | 0 |
| BIOGEN INC | COM | 09062X103 |  | 196112 | 1400 | SH |  | SOLE |  | 1400 | 0 | 0 |
| BIOMARIN PHARMACEUTICAL INC | COM | 09061G101 |  | 157064 | 2900 | SH |  | SOLE |  | 2900 | 0 | 0 |
| BLOCK INC | CL A | 852234103 |  | 310761 | 4300 | SH |  | SOLE |  | 4300 | 0 | 0 |
| BUILDERS FIRSTSOURCE INC | COM | 12008R107 |  | 945750 | 7800 | SH |  | SOLE |  | 7800 | 0 | 0 |
| C H ROBINSON WORLDWIDE INC | COM NEW | 12541W209 |  | 278040 | 2100 | SH |  | SOLE |  | 2100 | 0 | 0 |
| CARDINAL HEALTH INC | COM | 14149Y108 |  | 266832 | 1700 | SH |  | SOLE |  | 1700 | 0 | 0 |
| CDW CORP | COM | 12514G108 |  | 207064 | 1300 | SH |  | SOLE |  | 1300 | 0 | 0 |
| CENTENE CORP DEL | COM | 15135B101 |  | 1002608 | 28100 | SH |  | SOLE |  | 28100 | 0 | 0 |
| CHARTER COMMUNICATIONS INC N | CL A | 16119P108 |  | 880336 | 3200 | SH |  | SOLE |  | 3200 | 0 | 0 |
| CHUBB LIMITED | COM | H1467J104 |  | 423375 | 1500 | SH |  | SOLE |  | 1500 | 0 | 0 |
| CINCINNATI FINL CORP | COM | 172062101 |  | 1438710 | 9100 | SH |  | SOLE |  | 9100 | 0 | 0 |
| CITIZENS FINL GROUP INC | COM | 174610105 |  | 1488480 | 28000 | SH |  | SOLE |  | 28000 | 0 | 0 |
| CNA FINL CORP | COM | 126117100 |  | 1254420 | 27000 | SH |  | SOLE |  | 27000 | 0 | 0 |
| CNH INDL N V | SHS | N20944109 |  | 810495 | 74700 | SH |  | SOLE |  | 74700 | 0 | 0 |
| COGNIZANT TECHNOLOGY SOLUTIO | CL A | 192446102 |  | 1274330 | 19000 | SH |  | SOLE |  | 19000 | 0 | 0 |
| COMCAST CORP NEW | CL A | 20030N101 |  | 559276 | 17800 | SH |  | SOLE |  | 17800 | 0 | 0 |
| COTERRA ENERGY INC | COM | 127097103 |  | 823020 | 34800 | SH |  | SOLE |  | 34800 | 0 | 0 |
| COUPANG INC | CL A | 22266T109 |  | 241500 | 7500 | SH |  | SOLE |  | 7500 | 0 | 0 |
| CSX CORP | COM | 126408103 |  | 379957 | 10700 | SH |  | SOLE |  | 10700 | 0 | 0 |
| CVS HEALTH CORP | COM | 126650100 |  | 256326 | 3400 | SH |  | SOLE |  | 3400 | 0 | 0 |
| DAVITA INC | COM | 23918K108 |  | 850368 | 6400 | SH |  | SOLE |  | 6400 | 0 | 0 |
| DELL TECHNOLOGIES INC | CL C | 24703L202 |  | 822266 | 5800 | SH |  | SOLE |  | 5800 | 0 | 0 |
| DELTA AIR LINES INC DEL | COM NEW | 247361702 |  | 1140675 | 20100 | SH |  | SOLE |  | 20100 | 0 | 0 |
| DEVON ENERGY CORP NEW | COM | 25179M103 |  | 876500 | 25000 | SH |  | SOLE |  | 25000 | 0 | 0 |
| DOCUSIGN INC | COM | 256163106 |  | 1391337 | 19300 | SH |  | SOLE |  | 19300 | 0 | 0 |
| DOW INC | COM | 260557103 |  | 644333 | 28100 | SH |  | SOLE |  | 28100 | 0 | 0 |
| EASTMAN CHEM CO | COM | 277432100 |  | 643110 | 10200 | SH |  | SOLE |  | 10200 | 0 | 0 |
| EDISON INTL | COM | 281020107 |  | 906592 | 16400 | SH |  | SOLE |  | 16400 | 0 | 0 |
| ELEVANCE HEALTH INC FORMERLY | COM | 036752103 |  | 193872 | 600 | SH |  | SOLE |  | 600 | 0 | 0 |
| EOG RES INC | COM | 26875P101 |  | 156968 | 1400 | SH |  | SOLE |  | 1400 | 0 | 0 |
| EPAM SYS INC | COM | 29414B104 |  | 633318 | 4200 | SH |  | SOLE |  | 4200 | 0 | 0 |
| EQUITABLE HLDGS INC | COM | 29452E101 |  | 1213642 | 23900 | SH |  | SOLE |  | 23900 | 0 | 0 |
| EVEREST GROUP LTD | COM | G3223R108 |  | 455299 | 1300 | SH |  | SOLE |  | 1300 | 0 | 0 |
| EXPEDIA GROUP INC | COM NEW | 30212P303 |  | 983250 | 4600 | SH |  | SOLE |  | 4600 | 0 | 0 |
| EXPEDITORS INTL WASH INC | COM | 302130109 |  | 208403 | 1700 | SH |  | SOLE |  | 1700 | 0 | 0 |
| F5 INC | COM | 315616102 |  | 226233 | 700 | SH |  | SOLE |  | 700 | 0 | 0 |
| FEDEX CORP | COM | 31428X106 |  | 165067 | 700 | SH |  | SOLE |  | 700 | 0 | 0 |
| FIDELITY NATIONAL FINANCIAL | COM SHS | 31620R303 |  | 393185 | 6500 | SH |  | SOLE |  | 6500 | 0 | 0 |
| FIFTH THIRD BANCORP | COM | 316773100 |  | 1376595 | 30900 | SH |  | SOLE |  | 30900 | 0 | 0 |
| FIRST CTZNS BANCSHARES INC D | CL A | 31946M103 |  | 178916 | 100 | SH |  | SOLE |  | 100 | 0 | 0 |
| FIRST SOLAR INC | COM | 336433107 |  | 815961 | 3700 | SH |  | SOLE |  | 3700 | 0 | 0 |
| FLEX LTD | ORD | Y2573F102 |  | 1849243 | 31900 | SH |  | SOLE |  | 31900 | 0 | 0 |
| FORD MTR CO | COM | 345370860 |  | 849160 | 71000 | SH |  | SOLE |  | 71000 | 0 | 0 |
| FORTIVE CORP | COM | 34959J108 |  | 142071 | 2900 | SH |  | SOLE |  | 2900 | 0 | 0 |
| FOX CORP | CL A COM | 35137L105 |  | 1488216 | 23600 | SH |  | SOLE |  | 23600 | 0 | 0 |
| FOX CORP | CL B COM | 35137L204 |  | 1472353 | 25700 | SH |  | SOLE |  | 25700 | 0 | 0 |
| FRANKLIN RESOURCES INC | COM | 354613101 |  | 300690 | 13000 | SH |  | SOLE |  | 13000 | 0 | 0 |
| GEN DIGITAL INC | COM | 668771108 |  | 1450729 | 51100 | SH |  | SOLE |  | 51100 | 0 | 0 |
| GENERAL DYNAMICS CORP | COM | 369550108 |  | 272800 | 800 | SH |  | SOLE |  | 800 | 0 | 0 |
| GLOBAL PMTS INC | COM | 37940X102 |  | 340628 | 4100 | SH |  | SOLE |  | 4100 | 0 | 0 |
| GLOBALFOUNDRIES INC | ORDINARY SHARES | G39387108 |  | 139776 | 3900 | SH |  | SOLE |  | 3900 | 0 | 0 |
| GODADDY INC | CL A | 380237107 |  | 164196 | 1200 | SH |  | SOLE |  | 1200 | 0 | 0 |
| HALLIBURTON CO | COM | 406216101 |  | 986460 | 40100 | SH |  | SOLE |  | 40100 | 0 | 0 |
| HARTFORD INSURANCE GROUP INC | COM | 416515104 |  | 1480629 | 11100 | SH |  | SOLE |  | 11100 | 0 | 0 |
| HCA HEALTHCARE INC | COM | 40412C101 |  | 255720 | 600 | SH |  | SOLE |  | 600 | 0 | 0 |
| HEWLETT PACKARD ENTERPRISE C | COM | 42824C109 |  | 1930416 | 78600 | SH |  | SOLE |  | 78600 | 0 | 0 |
| HOLOGIC INC | COM | 436440101 |  | 236215 | 3500 | SH |  | SOLE |  | 3500 | 0 | 0 |
| HP INC | COM | 40434L105 |  | 1083754 | 39800 | SH |  | SOLE |  | 39800 | 0 | 0 |
| HUNT J B TRANS SVCS INC | COM | 445658107 |  | 147587 | 1100 | SH |  | SOLE |  | 1100 | 0 | 0 |
| HUNTINGTON BANCSHARES INC | COM | 446150104 |  | 1328063 | 76900 | SH |  | SOLE |  | 76900 | 0 | 0 |
| INCYTE CORP | COM | 45337C102 |  | 254430 | 3000 | SH |  | SOLE |  | 3000 | 0 | 0 |
| INTERPUBLIC GROUP COS INC | COM | 460690100 |  | 669840 | 24000 | SH |  | SOLE |  | 24000 | 0 | 0 |
| IQIYI INC | SPONSORED ADS | 46267X108 |  | 47872 | 18700 | SH |  | SOLE |  | 18700 | 0 | 0 |
| IQVIA HLDGS INC | COM | 46266C105 |  | 208934 | 1100 | SH |  | SOLE |  | 1100 | 0 | 0 |
| JACOBS SOLUTIONS INC | COM | 46982L108 |  | 329692 | 2200 | SH |  | SOLE |  | 2200 | 0 | 0 |
| JOYY INC | ADS REPSTG COM A | 46591M109 |  | 35166 | 600 | SH |  | SOLE |  | 600 | 0 | 0 |
| KEYCORP | COM | 493267108 |  | 641067 | 34300 | SH |  | SOLE |  | 34300 | 0 | 0 |
| LEIDOS HOLDINGS INC | COM | 525327102 |  | 1832912 | 9700 | SH |  | SOLE |  | 9700 | 0 | 0 |
| LENNAR CORP | CL B | 526057302 |  | 983918 | 8200 | SH |  | SOLE |  | 8200 | 0 | 0 |
| LIBERTY MEDIA CORP DEL | COM LBTY ONE S A | 531229771 |  | 1237860 | 13000 | SH |  | SOLE |  | 13000 | 0 | 0 |
| LOEWS CORP | COM | 540424108 |  | 1495811 | 14900 | SH |  | SOLE |  | 14900 | 0 | 0 |
| MARATHON PETE CORP | COM | 56585A102 |  | 231288 | 1200 | SH |  | SOLE |  | 1200 | 0 | 0 |
| MARKEL GROUP INC | COM | 570535104 |  | 898339 | 470 | SH |  | SOLE |  | 470 | 0 | 0 |
| MASCO CORP | COM | 574599106 |  | 337872 | 4800 | SH |  | SOLE |  | 4800 | 0 | 0 |
| MERCK  CO INC | COM | 58933Y105 |  | 193039 | 2300 | SH |  | SOLE |  | 2300 | 0 | 0 |
| METLIFE INC | COM | 59156R108 |  | 1252024 | 15200 | SH |  | SOLE |  | 15200 | 0 | 0 |
| MGM RESORTS INTERNATIONAL | COM | 552953101 |  | 727860 | 21000 | SH |  | SOLE |  | 21000 | 0 | 0 |
| MOLINA HEALTHCARE INC | COM | 60855R100 |  | 153088 | 800 | SH |  | SOLE |  | 800 | 0 | 0 |
| NETAPP INC | COM | 64110D104 |  | 829220 | 7000 | SH |  | SOLE |  | 7000 | 0 | 0 |
| NEWS CORP NEW | CL A | 65249B109 |  | 1375808 | 44800 | SH |  | SOLE |  | 44800 | 0 | 0 |
| NEWS CORP NEW | CL B | 65249B208 |  | 1326720 | 38400 | SH |  | SOLE |  | 38400 | 0 | 0 |
| NISOURCE INC | COM | 65473P105 |  | 1515500 | 35000 | SH |  | SOLE |  | 35000 | 0 | 0 |
| OCCIDENTAL PETE CORP | COM | 674599105 |  | 103950 | 2200 | SH |  | SOLE |  | 2200 | 0 | 0 |
| OMNICOM GROUP INC | COM | 681919106 |  | 1426775 | 17500 | SH |  | SOLE |  | 17500 | 0 | 0 |
| ON SEMICONDUCTOR CORP | COM | 682189105 |  | 226826 | 4600 | SH |  | SOLE |  | 4600 | 0 | 0 |
| ONEOK INC NEW | COM | 682680103 |  | 116752 | 1600 | SH |  | SOLE |  | 1600 | 0 | 0 |
| PACCAR INC | COM | 693718108 |  | 235968 | 2400 | SH |  | SOLE |  | 2400 | 0 | 0 |
| PENTAIR PLC | SHS | G7S00T104 |  | 387660 | 3500 | SH |  | SOLE |  | 3500 | 0 | 0 |
| PFIZER INC | COM | 717081103 |  | 208936 | 8200 | SH |  | SOLE |  | 8200 | 0 | 0 |
| PG CORP | COM | 69331C108 |  | 953056 | 63200 | SH |  | SOLE |  | 63200 | 0 | 0 |
| PINTEREST INC | CL A | 72352L106 |  | 450380 | 14000 | SH |  | SOLE |  | 14000 | 0 | 0 |
| PRINCIPAL FINANCIAL GROUP IN | COM | 74251V102 |  | 373095 | 4500 | SH |  | SOLE |  | 4500 | 0 | 0 |
| PROGRESSIVE CORP | COM | 743315103 |  | 1259445 | 5100 | SH |  | SOLE |  | 5100 | 0 | 0 |
| PRUDENTIAL FINL INC | COM | 744320102 |  | 352716 | 3400 | SH |  | SOLE |  | 3400 | 0 | 0 |
| PURE STORAGE INC | CL A | 74624M102 |  | 1072768 | 12800 | SH |  | SOLE |  | 12800 | 0 | 0 |
| RAYMOND JAMES FINL INC | COM | 754730109 |  | 1432580 | 8300 | SH |  | SOLE |  | 8300 | 0 | 0 |
| REGIONS FINANCIAL CORP NEW | COM | 7591EP100 |  | 727812 | 27600 | SH |  | SOLE |  | 27600 | 0 | 0 |
| RENAISSANCERE HLDGS LTD | COM | G7496G103 |  | 457074 | 1800 | SH |  | SOLE |  | 1800 | 0 | 0 |
| ROYALTY PHARMA PLC | SHS CLASS A | G7709Q104 |  | 218736 | 6200 | SH |  | SOLE |  | 6200 | 0 | 0 |
| SCHLUMBERGER LTD | COM STK | 806857108 |  | 831754 | 24200 | SH |  | SOLE |  | 24200 | 0 | 0 |
| SKYWORKS SOLUTIONS INC | COM | 83088M102 |  | 254034 | 3300 | SH |  | SOLE |  | 3300 | 0 | 0 |
| SNAP ON INC | COM | 833034101 |  | 207918 | 600 | SH |  | SOLE |  | 600 | 0 | 0 |
| SOUTHWEST AIRLS CO | COM | 844741108 |  | 98921 | 3100 | SH |  | SOLE |  | 3100 | 0 | 0 |
| SS TECHNOLOGIES HLDGS INC | COM | 78467J100 |  | 213024 | 2400 | SH |  | SOLE |  | 2400 | 0 | 0 |
| STANLEY BLACK  DECKER INC | COM | 854502101 |  | 185825 | 2500 | SH |  | SOLE |  | 2500 | 0 | 0 |
| SUPER MICRO COMPUTER INC | COM NEW | 86800U302 |  | 699924 | 14600 | SH |  | SOLE |  | 14600 | 0 | 0 |
| SYNCHRONY FINANCIAL | COM | 87165B103 |  | 1108380 | 15600 | SH |  | SOLE |  | 15600 | 0 | 0 |
| T-MOBILE US INC | COM | 872590104 |  | 1268714 | 5300 | SH |  | SOLE |  | 5300 | 0 | 0 |
| TERADYNE INC | COM | 880770102 |  | 261516 | 1900 | SH |  | SOLE |  | 1900 | 0 | 0 |
| TEXTRON INC | COM | 883203101 |  | 1596861 | 18900 | SH |  | SOLE |  | 18900 | 0 | 0 |
| THE CIGNA GROUP | COM | 125523100 |  | 201775 | 700 | SH |  | SOLE |  | 700 | 0 | 0 |
| TRAVELERS COMPANIES INC | COM | 89417E109 |  | 1424022 | 5100 | SH |  | SOLE |  | 5100 | 0 | 0 |
| TRIMBLE INC | COM | 896239100 |  | 334765 | 4100 | SH |  | SOLE |  | 4100 | 0 | 0 |
| TWILIO INC | CL A | 90138F102 |  | 1271143 | 12700 | SH |  | SOLE |  | 12700 | 0 | 0 |
| UBER TECHNOLOGIES INC | COM | 90353T100 |  | 274316 | 2800 | SH |  | SOLE |  | 2800 | 0 | 0 |
| UNITED AIRLS HLDGS INC | COM | 910047109 |  | 1659800 | 17200 | SH |  | SOLE |  | 17200 | 0 | 0 |
| UNIVERSAL HLTH SVCS INC | CL B | 913903100 |  | 960868 | 4700 | SH |  | SOLE |  | 4700 | 0 | 0 |
| US BANCORP DEL | COM NEW | 902973304 |  | 396306 | 8200 | SH |  | SOLE |  | 8200 | 0 | 0 |
| VALERO ENERGY CORP | COM | 91913Y100 |  | 238364 | 1400 | SH |  | SOLE |  | 1400 | 0 | 0 |
| VERIZON COMMUNICATIONS INC | COM | 92343V104 |  | 1344870 | 30600 | SH |  | SOLE |  | 30600 | 0 | 0 |
| VIATRIS INC | COM | 92556V106 |  | 888030 | 89700 | SH |  | SOLE |  | 89700 | 0 | 0 |
| WABTEC | COM | 929740108 |  | 441034 | 2200 | SH |  | SOLE |  | 2200 | 0 | 0 |
| WARNER BROS DISCOVERY INC | COM SER A | 934423104 |  | 1038996 | 53200 | SH |  | SOLE |  | 53200 | 0 | 0 |
| WESTLAKE CORPORATION | COM | 960413102 |  | 732070 | 9500 | SH |  | SOLE |  | 9500 | 0 | 0 |
| ZEBRA TECHNOLOGIES CORPORATI | CL A | 989207105 |  | 178296 | 600 | SH |  | SOLE |  | 600 | 0 | 0 |
| ZIMMER BIOMET HOLDINGS INC | COM | 98956P102 |  | 197000 | 2000 | SH |  | SOLE |  | 2000 | 0 | 0 |
| ZOOM COMMUNICATIONS INC | CL A | 98980L101 |  | 1402500 | 17000 | SH |  | SOLE |  | 17000 | 0 | 0 |

---