Royal London Asset Management
Royal London AM US Equity Fund (IRL)
US Mega-cap
Jun 2026 → Jun 2026
Our archive holds 1 letter from this strategy and positions in 19 companies. Every quote below is copied verbatim from the letter it came from.
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What it bought and sold
We increased the portfolio's exposure to specific parts of the AI infrastructure theme through purchases of Nebius Group and Arm Holdings.
We also trimmed TSMC following a period of strong share price performance, although it remains a significant active position within the portfolio.
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.
We added to Cisco Systems and Lumentum Holdings, reflecting our improving conviction in their respective wealth creation outlooks and attractive valuations.
We increased the portfolio's exposure to specific parts of the AI infrastructure theme through purchases of Nebius Group and Arm Holdings.
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.
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.
We added to Cisco Systems and Lumentum Holdings, reflecting our improving conviction in their respective wealth creation outlooks and attractive valuations.
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.
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.
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.