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Royal London Asset Management

Dec 2024 → Sep 2026 · Publishes quarterly · 64 funds

Our archive holds 94 letters from Royal London Asset Management, behind 31 investment theses and positions in 416 companies. Every quote below is copied verbatim from the letter it came from.

Writes about

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94
Letters
416
Companies
309
Moves
31
Theses

64 strategies

Royal London Asset Management publishes a letter per strategy. Each one has its own page with what it holds, what it bought and what it wrote.

Returns as reported in each strategy’s latest letter, extracted automatically and not verified by us; one share class, in its own currency. Not investment advice. Past performance does not predict future returns.

What they bought and sold · 309 moves

  • AddedCaesars Entertainment Inc
    September 2026
    “We picked up the company's 2030 bonds, where potential M&A activity has created an attractive spread opportunity.”
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  • New positionSeagate Technology
    September 2026
    “We also started a position in Seagate Technology as we believe the market underappreciates the duration of demand for its hard disk drives and its pricing power.”
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  • AddedJeffries Group
    September 2026
    “we also added geographic diversification through a new senior euro- denominated bond from US investment bank Jeffries Group – this being the debut euro issue for the company and hence available at attractive levels.”
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  • AddedSantander UK
    September 2026
    “We also looked for opportunities to add to short-dated covered bonds in the secondary market – typically with less than a year to maturity, as the floating rate nature of these helps manage overall interest rate risk, adding Santander UK six-month covereds over the period.”
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  • New positionGrainger plc
    September 2026
    “Proceeds were primarily used to initiate positions in several UK mid-cap stocks including Shaftesbury, Cranswick, Coats, Clarkson, IG Group and Grainger.”
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  • AddedBarclays PLC
    September 2026
    “We also effected two switches, in Barclays and Wells Fargo respectively, each adding attractive spread.”
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  • AddedBupa Finance PLC
    September 2026
    “Elsewhere in the financial sector, we added tier 2 new issues from UK pension insurance specialist Rothesay Life, as well as health insurer BUPA.”
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  • AddedTesco PLC
    September 2026
    “There were numerous opportunities to add to favoured bonds in the secondary market, including ICSL, backed by student loans and Tesco Property.”
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  • AddedHSBC Holdings PLC
    September 2026
    “In the banks and financials sector, as well as adding new issues of senior bonds from favoured names such as UBS and HSBC we also added geographic diversification through senior bonds from the Montreal-based Desjardins Group, North America's largest federation of credit unions.”
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  • ExitedRotork
    September 2026
    “We exited holdings in Bodycote, DCC, Segro and Rotork following recommended takeover bids, while also disposing of the holdings in Bunzl and Sage Group following strong share price recoveries.”
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  • New positionPollen Street Group Limited
    September 2026
    “A number of new holdings were started, most notably Rightmove, Rentokil and Pollen Street.”
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  • ExitedRentokil Initial plc
    September 2026
    “We also exited Rentokil due to concerns about competitive disruption in the US pest control market while Haleon was sold in full on valuation grounds.”
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  • AddedBupa
    September 2026
    “Elsewhere in the financial sector, we added tier 2 new issues from UK pension insurance specialist Rothesay Life, as well as health insurer BUPA.”
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  • AddedDeutsche Telekom
    September 2026
    “Examples included sterling denominated issues from US telecoms giant AT&T and the partially state-owned German telecommunications company Deutsche Telekom, which both came at above market credit spreads.”
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  • TrimmedGoldman Sachs
    September 2026
    “We took profits in SK Hynix, Goldman Sachs, and United Rentals.”
    Read the letter
  • New positionGenus
    September 2026
    “Proceeds were predominately used to fund a new holding in global catering group Compass, as well as build new positions in Porvair, Genus, Howden Joinery, RS Group, Shaftesbury Capital and St James’s Place.”
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  • ExitedCurrys
    September 2026
    “During the quarter the fund exited the holdings in Sainsbury, Currys, WH Smith, DCC, ICG and Bunzl and reduced the positions in Victrex and Croda.”
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  • AddedThe AA
    September 2026
    “We added a senior secured new issue from automobile recovery provider the AA and Sunshine Mortgage funding.”
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  • New positionCranswick plc
    September 2026
    “Proceeds were predominately used to increase Reckitt Benckiser and Rightmove, as well as initiate new positions in Coats, Cranswick, IG Group, Shaftesbury Capital and Volex.”
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  • AddedDNB Bank ASA
    September 2026
    “when we added one-year paper from DNB and Westpac Banking,”
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  • TrimmedUnited Rentals
    September 2026
    “We took profits in Goldman Sachs and United Rentals.”
    Read the letter
  • AddedAmazon.com, Inc.
    September 2026
    “Over the quarter, we added senior bonds from Macquarie Bank, subordinated bonds from Rabobank, and short-dated bonds from Amazon.”
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  • TrimmedLloyds Banking Group plc
    September 2026
    “Elsewhere, we continued to reduce holdings in domestic banks NatWest and Lloyds where we believe the shares to be more fairly valued.”
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  • AddedWells Fargo & Company
    September 2026
    “We also effected two switches, in Barclays and Wells Fargo respectively, each adding attractive spread.”
    Read the letter
  • AddedRightmove plc
    September 2026
    “Proceeds were predominately used to increase Reckitt Benckiser and Rightmove, as well as initiate new positions in Coats, Cranswick, IG Group, Shaftesbury Capital and Volex.”
    Read the letter
  • ExitedeasyJet plc
    September 2026
    “We exited holdings in Bodycote, Rotork and EasyJet following recommended takeover bids.”
    Read the letter
  • TrimmedHalozyme Therapeutics
    September 2026
    “We took some profits and reduced the position towards the end of the quarter.”
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  • AddedCanadian Imperial Bank of Commerce
    September 2026
    “This was most noticeable in September when rates had jumped materially, when we added six-month CDs from Lloyds Bank and Rabobank, as well as one-year paper from Canadian Imperial Bank of Commerce and NatWest,”
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  • AddedNebius
    September 2026
    “Looking at transactions, we added to Nebius, which provides data and AI infrastructure, and established a larger position in ARM Holdings, increasing exposure to AI and neocloud- computing.”
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  • ExitedSegro plc
    September 2026
    “We exited holdings in Segro and Mitie following recommended takeover bids, while also disposing of the holding in Tesco in light of a more competitive environment for UK food retail.”
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Showing the 30 most recent of 309 recorded moves.

Companies held · 416

Every company Royal London Asset Management has disclosed a position in across our archive, with the letter that last mentioned it.

Theses · 31

  • E.ON SE
    September 2026

    E.ON SE is a European energy network company with a large CAPEX plan and upside from grid investment demand.

    Read the full thesis
  • Barclays PLC
    September 2026

    Barclays PLC is a global bank using an expanded client transition framework to steer financing and climate risk management.

    Read the full thesis
  • McKesson
    September 2026

    McKesson is a large pharmaceutical distributor with growing competitive advantages, strong specialty-medicines exposure, and steady earnings growth supported by cash generation and buybacks.

    Read the full thesis
  • Rocket Companies
    September 2026

    Rocket Companies is expanding beyond mortgage origination into more recurring home-buying services, with market-share gains, improving efficiency, and refinancing upside if rates fall.

    Read the full thesis
  • ASML Holding N.V.
    September 2026

    ASML has a unique moat as the sole supplier of advanced lithography systems for leading-edge chips, and its de-rating created an entry opportunity.

    Read the full thesis
  • Nike, Inc.
    September 2026

    Nike is an early-stage turnaround idea supported by brand strength, product design, global distribution, and an attractive risk-reward after de-rating.

    Read the full thesis
  • Nike
    September 2026

    Nike, a leading sportswear brand, is a turnaround case resting on new management refocusing on innovation and retail partnerships to rebuild margins, supported by its brand strength.

    Read the full thesis
  • ASML
    September 2026

    ASML holds a unique position in semiconductor manufacturing via its lithography systems, with significant long-term growth prospects and a valuation the market undervalues relative to its earnings, cash flow and dividend growth potential.

    Read the full thesis
  • Electricite de France SA
    June 2026

    Electricite de France SA is a French state-owned energy and utilities company whose decarbonisation, electrification and climate resilience progress are being monitored.

    Read the full thesis
  • Nebius
    June 2026

    Nebius is an AI infrastructure and cloud company whose underappreciated full-stack platform is validated by large contracts and offers exposure to a very large market.

    Read the full thesis
  • Qualcomm
    June 2026

    Qualcomm is transitioning from mobile chips toward autos and data centres, with the market underestimating its growth avenues and on-device AI energy savings.

    Read the full thesis
  • Arm Holdings plc
    June 2026

    Arm Holdings plc is seen as a licensing-led chip design company with AI-driven royalty growth and expansion into a larger market.

    Read the full thesis

Letter archive · 94

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2024

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