Local Pensions Partnership Investment Ltd

The portfolio experienced slight growth during the quarter, increasing by 0.9% (from $1.54B to $1.56B). However, this modest aggregate growth masks significant underlying activity, as the manager actively reshuffled the portfolio, trimming major winners and reallocating capital into smaller existing positions. The portfolio is heavily top-heavy, with the top three holdings—Alphabet, Visa, and Booking Holdings—accounting for 76.54% of the total assets.

2. Key Holdings

The portfolio is dominated by large-cap, blue-chip companies that hold leading or monopolistic positions in their respective industries.