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Royal London Asset Management

Dec 2024 → Jun 2026 · Publishes quarterly · 44 funds

Our archive holds 50 letters from Royal London Asset Management, behind 25 investment theses and positions in 124 companies. Every quote below is copied verbatim from the letter it came from.

Royal London Asset Management’s own letters page
50
Letters
124
Companies
76
Moves
25
Theses

What they bought and sold · 76 moves

  • 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.”
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  • New positionDaimler Truck Holding AG
    June 2026
    “Other transactions included the purchase of Daimler Trucks – the world's largest commercial vehicle manufacturer, which is on a Turnaround path.”
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  • New positionRightmove
    June 2026
    “The proceeds have been used to initiate a new position in Rightmove, with the shares having been weak given concerns that AI could challenge the UK’s dominant property portal.”
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  • AddedNebius Group N.V.
    June 2026
    “We increased the portfolio's exposure to specific parts of the AI infrastructure theme through purchases of Nebius Group and Arm Holdings.”
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  • AddedWestfield Stratford City
    June 2026
    “We also bought a new issue for London-based shopping centre Westfield Stratford City following the early repayment of existing bonds at par, which represented a premium to existing market pricing.”
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  • AddedPearson plc
    June 2026
    “One of these was education publisher Pearson, issued with a yield premium which we felt more than compensated for the perceived AI disruption risk.”
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  • TrimmedBJ's Wholesale Club Holdings, Inc.
    June 2026
    “Funding for these purchases came from several lower-conviction holdings including Flutter Entertainment, Comcast, Church & Dwight, BJ's Wholesale Club and Tyson Foods, where we believe capital can be allocated more effectively elsewhere.”
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  • TrimmedTSMC
    June 2026
    “We also trimmed TSMC following a period of strong share price performance, although it remains a significant active position within the portfolio.”
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  • AddedBarclays
    June 2026
    “During the quarter we added lower tier 2 issues from Barclays, and a relatively rare issue from Goldman Sachs, adding diversification to our financials exposure.”
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  • New positionPennon Group
    June 2026
    “Consequently, the holdings in IMI, Future, and Marshalls were sold, while positions in Aberdeen Group, Pennon, Mondi, and Vesuvius were initiated.”
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  • ExitedTelecom Plus
    June 2026
    “Elsewhere, the fund's position in Telecom Plus was also completely exited (prior to its profit warning).”
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  • AddedDrax
    June 2026
    “We also added to the holding in Drax, after we had reduced at higher share prices.”
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  • New positionAG Barr
    June 2026
    “Proceeds were used to establish two new holdings, in the consumer goods business Reckitt Benckiser and the soft drinks manufacturer AG Barr, who are most well known for being the manufacturer of Irn Bru.”
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  • ExitedSmith & Nephew
    June 2026
    “The main activity during the quarter involved selling our position in Smith & Nephew due to reduced confidence in the company's turnaround strategy.”
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  • ExitedUnite Group
    June 2026
    “The fund also exited Unite Group, as we expect challenging conditions in the student accommodation sector to persist.”
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  • Trimmed3i Group
    June 2026
    “In addition, we reduced the size of our holdings in Imperial Brands and 3i Group.”
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  • New positionHalma
    June 2026
    “The proceeds were reinvested into new positions in attractive industrial companies, including Weir, Halma, Vesuvius and Hill & Smith.”
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  • New positionVesuvius
    June 2026
    “The proceeds were reinvested into new positions in attractive industrial companies, including Weir, Halma, Vesuvius and Hill & Smith.”
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  • AddedGoldman Sachs
    June 2026
    “During the quarter we added lower tier 2 issues from Barclays, and a relatively rare issue from Goldman Sachs, adding diversification to our financials exposure.”
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  • New positionSage Housing
    June 2026
    “we were pleased to acquire a new issue from Sage Housing, England’s largest provider of new build affordable housing for the past five years.”
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  • AddedLloyds Bank
    June 2026
    “adding lower tier 2 issues from Barclays and Lloyds Bank,”
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  • ExitedBroadcom
    June 2026
    “These trades, alongside some additions to energy and consumer-linked holdings, were funded through exiting our positions in Broadcom and Eli Lilly and by trimming a broad range of AI compute beneficiaries.”
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  • New positionNVIDIA
    June 2026
    “we view this as an opportune moment to initiate a position in the fund.”
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  • New positionLockheed Martin
    June 2026
    “We initiated the position in Lockheed Martin as part of efforts to protect capital in the event of prolonged heightened geopolitical tensions.”
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  • TrimmedVolvo AB
    June 2026
    “Within industrials, we switched part of our position from Volvo into Daimler Truck.”
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  • New positionQXO, Inc.
    June 2026
    “We also initiated a position in QXO, taking advantage of share price weakness to gain exposure to what we believe could become a leading consolidator in the highly fragmented building products distribution market.”
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  • TrimmedComcast Corporation
    June 2026
    “Funding for these purchases came from several lower-conviction holdings including Flutter Entertainment, Comcast, Church & Dwight, and BJ's Wholesale Club where we believe capital can be allocated more effectively elsewhere.”
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  • TrimmedChurch & Dwight Co., Inc.
    June 2026
    “Funding for these purchases came from several lower-conviction holdings including Flutter Entertainment, Comcast, Church & Dwight, and BJ's Wholesale Club where we believe capital can be allocated more effectively elsewhere.”
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  • AddedLumentum Holdings Inc.
    June 2026
    “We added to Cisco Systems, Lumentum Holdings and Hannover Re, reflecting improving conviction in their respective wealth creation outlooks and attractive valuation support.”
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  • AddedArm Holdings plc
    June 2026
    “We increased the portfolio's exposure to specific parts of the AI infrastructure theme through purchases of Nebius Group and Arm Holdings.”
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Showing the 30 most recent of 76 recorded moves.

Companies held · 124

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

Theses · 25

  • 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.

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  • 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.

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  • 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.

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  • 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.

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  • 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.

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  • NVIDIA Corporation
    June 2026

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

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  • 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.

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  • TotalEnergies SE
    June 2026

    TotalEnergies is an integrated energy company with a resilient business, a long-term decarbonisation strategy, and a two-pillar growth model across oil and gas and electricity.

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  • 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.

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  • 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.

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  • 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.

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  • 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.

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Letter archive · 50

2026

2025

2024

Funds · 44

  • Royal London UK Mid Cap Growth Fund3
  • Royal London Global Equity Diversified Fund2
  • Royal London Global Equity Income Fund2
  • Royal London Global Equity Select Fund2
  • Royal London US Equity Trust2
  • Royal London AM Absolute Return Government Bond Fund1
  • Royal London AM Corporate Bond Fund1
  • Royal London AM Corporate Bond Monthly Income Trust1
  • Royal London AM Diversified Asset-Backed Credit Fund1
  • Royal London AM Ethical Bond Fund1
  • Royal London AM Global Bond Opportunities Fund1
  • Royal London AM Global Equity Diversified Fund1
  • Royal London AM Global Equity Diversified Fund (IRL)1
  • Royal London AM Global Equity Enhanced Fund1
  • Royal London AM Global Equity Income Fund1
  • Royal London AM Global Equity Select Fund1
  • Royal London AM Global Equity Select Fund (IRL)1
  • Royal London AM Global Equity Transitions Fund1
  • Royal London AM Index Linked Fund1
  • Royal London AM International Government Bond Fund1
  • Royal London AM Investment Grade Short Dated Credit Fund1
  • Royal London AM Short Duration Credit Fund1
  • Royal London AM Short Duration Global Index Linked Fund1
  • Royal London AM Short Term Fixed Income Enhanced Fund1
  • Royal London AM Short Term Fixed Income Fund1
  • Royal London AM Short-Term Money Market Fund1
  • Royal London AM Sterling Liquidity Money Market Fund1
  • Royal London AM UK Dividend Growth Fund1
  • Royal London AM UK Equity Fund1
  • Royal London AM UK Equity Income Fund1
  • Royal London AM UK Government Bond Fund1
  • Royal London AM UK Growth Trust1
  • Royal London AM UK Income with Growth Trust1
  • Royal London AM UK Mid Cap Growth Fund1
  • Royal London AM US Equity Fund (IRL)1
  • Royal London Asset Management1
  • Royal London Global Equity Transitions Fund1
  • Royal London Short Duration Gilts Fund1
  • Royal London UK Dividend Growth Fund1
  • Royal London UK Equity Fund1
  • Royal London UK Equity Income Fund1
  • Royal London UK Growth Trust1
  • Royal London UK Income with Growth1
  • Royal London UK Smaller Companies Fund1

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