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Royal London Asset Management

Dec 2024 → Jul 2026 · Publishes quarterly · 48 funds

Our archive holds 54 letters from Royal London Asset Management, behind 24 investment theses and positions in 157 companies. Every quote below is copied verbatim from the letter it came from.

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Royal London Asset Management’s own letters page
54
Letters
157
Companies
105
Moves
24
Theses

48 strategies

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

What they bought and sold · 105 moves

  • TrimmedRotork
    July 2026
    “Key activity over the month involved responding to takeover bids, reducing holdings Rotork and Segro.”
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  • New positionVolex
    July 2026
    “The proceeds were partly reinvested into a new holding in Volex, a specialist manufacturer of interconnect and power products where we see a long runway for growth in areas such as electric vehicles and data centres.”
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  • ExitedWH Smith
    July 2026
    “The main activity in the month was to exit the positions in WH Smith and DCC (into a takeover bid), reduce the holding in Sainsbury and start new holdings in Pollen Street and Mondi.”
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  • TrimmedSainsbury
    July 2026
    “The main activity in the month was to exit the positions in WH Smith and DCC (into a takeover bid), reduce the holding in Sainsbury and start new holdings in Pollen Street and Mondi.”
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  • AddedSSP Group
    July 2026
    “We increased existing holdings in SSP Group, Elementis, Helios Towers and Genus.”
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  • ExitedDCC
    July 2026
    “We also sold the position in DCC after an improved offer and exited our holding in Bunzl having staged a strong recovery in the year to date.”
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  • New positionShaftesbury
    July 2026
    “The proceeds were partially reinvested into a new holding in Compass Group, the world’s largest contract caterer, and Shaftesbury where we view the shares as undervalued for the quality of its West End property portfolio.”
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  • AddedParagon
    July 2026
    “Within financials, we added a new issue euro senior bond from US investment bank Jeffries Group, while also adding subordinated bonds from UK mortgage bank Paragon.”
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  • New positionAT&T
    July 2026
    “We reduced AT1 bonds from Banque Federative du Credit Mutuel, Rabobank and BNP Paribas following strong performance, adding to a new issue from AT&T and buying bonds in the secondary market from Google owner Alphabet – adding yield and increasing diversification.”
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  • AddedAlphabet
    July 2026
    “We reduced AT1 bonds from Banque Federative du Credit Mutuel, Rabobank and BNP Paribas following strong performance, adding to a new issue from AT&T and buying bonds in the secondary market from Google owner Alphabet – adding yield and increasing diversification.”
    Read the letter
  • New positionPollen Street Group
    July 2026
    “The main activity in the month was to exit the positions in WH Smith and DCC (into a takeover bid), reduce the holding in Sainsbury and start new holdings in Pollen Street and Mondi.”
    Read the letter
  • New positionRosebank Industries
    July 2026
    “In activity, the fund started a position in Rosebank Industries, trimmed Rotork following the bid and sold Clarkson.”
    Read the letter
  • AddedElementis
    July 2026
    “We increased existing holdings in SSP Group, Elementis, Helios Towers and Genus.”
    Read the letter
  • AddedHelios Towers
    July 2026
    “We increased existing holdings in SSP Group, Elementis, Helios Towers and Genus.”
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  • AddedGenus
    July 2026
    “We increased existing holdings in SSP Group, Elementis, Helios Towers and Genus.”
    Read the letter
  • TrimmedSegro
    July 2026
    “Key activity over the month involved responding to takeover bids, reducing holdings Rotork and Segro.”
    Read the letter
  • New positionHikma Pharmaceuticals
    July 2026
    “We also initiated holdings in the healthcare companies Hikma and Convatec.”
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  • New positionConvatec
    July 2026
    “We also initiated holdings in the healthcare companies Hikma and Convatec.”
    Read the letter
  • TrimmedBanque Federative du Credit Mutuel
    July 2026
    “We reduced AT1 bonds from Banque Federative du Credit Mutuel, Rabobank and BNP Paribas following strong performance, adding to a new issue from AT&T and buying bonds in the secondary market from Google owner Alphabet – adding yield and increasing diversification.”
    Read the letter
  • New positionSevern Trent
    July 2026
    “The Trust initiated positions in Metso, a mining equipment provider which is set to benefit from a multi-year mining investment cycle driven by electrification and AI, and Severn Trent, a UK water utility with defensive earnings and industry-leading operational performance.”
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  • AddedJeffries Group
    July 2026
    “Within financials, we added a new issue euro senior bond from US investment bank Jeffries Group, while also adding subordinated bonds from UK mortgage bank Paragon.”
    Read the letter
  • ExitedBunzl
    July 2026
    “We also sold the position in DCC after an improved offer and exited our holding in Bunzl having staged a strong recovery in the year to date.”
    Read the letter
  • New positionCompass Group
    July 2026
    “The proceeds were partially reinvested into a new holding in Compass Group, the world’s largest contract caterer, and Shaftesbury where we view the shares as undervalued for the quality of its West End property portfolio.”
    Read the letter
  • TrimmedBNP Paribas
    July 2026
    “We reduced AT1 bonds from Banque Federative du Credit Mutuel, Rabobank and BNP Paribas following strong performance, adding to a new issue from AT&T and buying bonds in the secondary market from Google owner Alphabet – adding yield and increasing diversification.”
    Read the letter
  • ExitedMitie Group
    July 2026
    “Key activity over the month involved responding to takeover bids, exiting Mitie Group in full and reducing the position in Segro.”
    Read the letter
  • AddedMondi
    July 2026
    “The main activity in the month was to exit the positions in WH Smith and DCC (into a takeover bid), reduce the holding in Sainsbury and start new holdings in Pollen Street and Mondi.”
    Read the letter
  • ExitedClarkson
    July 2026
    “In activity, the fund started a position in Rosebank Industries, trimmed Rotork following the bid and sold Clarkson.”
    Read the letter
  • New positionInfineon
    July 2026
    “We initiated a position in Infineon, a power semiconductor supplier benefiting from AI and reindustrialisation trends.”
    Read the letter
  • New positionMetso
    July 2026
    “The Trust initiated positions in Metso, a mining equipment provider which is set to benefit from a multi-year mining investment cycle driven by electrification and AI, and Severn Trent, a UK water utility with defensive earnings and industry-leading operational performance.”
    Read the letter
  • ExitedTate & Lyle
    June 2026
    “The largest trades in the quarter were to sell out of Tate & Lyle and to significantly reduce the position in DCC following the bids for the companies.”
    Read the letter

Showing the 30 most recent of 105 recorded moves.

Companies held · 157

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

Theses · 24

  • 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
  • Daimler Truck Holding AG
    June 2026

    Daimler Truck Holding AG is a turnaround story with cost-base re-engineering, underestimated margin potential and a low valuation.

    Read the full thesis
  • NVIDIA Corporation
    June 2026

    NVIDIA Corporation is being added for its strong earnings, increasing capital returns, and an attractive entry point after multiple derating.

    Read the full thesis
  • Lockheed Martin Corporation
    June 2026

    Lockheed Martin Corporation is held for capital protection, broad exposure to US and allied defence procurement, and an undemanding valuation with sustainable dividends.

    Read the full thesis
  • Korea Housing Finance Corp
    June 2026

    Korea Housing Finance Corp was held for its government-backed mortgage lending and attractive credit spread versus UK covered bonds.

    Read the full thesis
  • AB Dynamics PLC
    December 2025

    AB Dynamics PLC is a global niche leader in automotive testing and simulation with strong innovation and long-term growth prospects, now attractive after a multi-year valuation de-rate.

    Read the full thesis
  • Kinder Morgan, Inc.
    December 2025

    Kinder Morgan is a leading US energy infrastructure operator with irreplaceable pipelines, rising data center-driven demand, and a tripled project backlog.

    Read the full thesis
  • Ferrari N.V.
    December 2025

    Ferrari N.V. is a high-quality compounder with durable brand-driven moats, pricing power, and attractive long-term prospects after a de-rating.

    Read the full thesis
  • Hensoldt AG
    December 2025

    Hensoldt is a European defence electronics firm with strong sensor and EW positioning, robust orders, and budget tailwinds supporting long-term value creation.

    Read the full thesis

Letter archive · 54

2026

2025

2024

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