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Original filing (PDF)20251014161215NAL0003254097001
NATIONAL RURAL ELECTRIC COOPERATIVE ASSOCIATION
Form 5500
FILING_RECEIVED
401(K) PENSION PLAN
401(k) retirement plan
Signals · 3
27% employer stockNo recordkeeper disclosed70 service providers
Active participants
61,593
Accounts w/ balance
79,674
Plan assets (EOY)
$16.8B
Net assets (EOY)
$16.7B
How this plan invests
This plan
12 pooled trusts
Schedule D
1,066 securities
funds · stocks · CUSIPs
Holdings are itemized directly on this plan's Schedule of Assets, below.
Plan health score (directional)
83
/ 100
Grade B
Above-average plan
Directional indicator computed from public Form 5500 data — compliance, concentration, cost, vendor stack and participation. Not a fiduciary tool.
Compliance & disclosures
100
Concentration risk
75
Total plan cost
65
Vendor stack
68
Participation health
100
Knocking points off
- 27% of plan in employer / sponsor stock.
- 29 bps in Schedule C fees — 471% above peer band of 5 bps.
- No recordkeeper disclosed on Schedule C.
- Highly fragmented vendor stack (70 disclosed providers, 6 categories).
Decision-maker contacts
CFO / Head of HR / Benefits Manager — verified email + LinkedIn for NATIONAL RURAL ELECTRIC COOPERATIVE ASSOCIATION.
Plan sponsor
Name
NATIONAL RURAL ELECTRIC COOPERATIVE ASSOCIATION
EIN
53-0116145
Address
4301 WILSON BLVD · ARLINGTON, VA · 22203
Phone
(703) 907-6021
Industry
Utilitiessee all
Plan administrator
Name
SENIOR VICE PRESIDENT, INSURANCE AND FINANCIAL SERVICES
EIN
54-2072724
City
ARLINGTON, VA
Phone
(703) 907-5743
Plan characteristics
Plan number
444
Plan year
2024
Plan year begin
2024-01-01
Tax period
2024-12-31
Filed
2025-10-14
Pension benefit codes
2C · Money purchase (other than target benefit)
2E · Profit-sharing
2F · ERISA section 404(c)
2G · Total participant-directed accounts
2J · 401(k) feature
2K · 401(m) arrangement
2R · Participant-directed brokerage (SDBA)
2T · Default investment account (QDIA)
3F · Sponsor used leased employees
3H · Sponsor in controlled / affiliated group
2X · Other multiple-employer DC plan
Audit & trust (Schedule H)
Auditor
CLIFTONLARSONALLEN LLP
Trustee / custodian
—
Trustee phone
—
Service providers (Schedule C)
70 rowsAdvisor / Consultant
35| Name | EIN | Location | Relation | Direct comp | Indirect comp |
|---|---|---|---|---|---|
| T ROWE PRICE ASSOCIATES INC | 52-0556948 | — | INVESTMENT MANAGEMENT | $5.1M | — |
| BLACKROCK INSTITUTIONAL TRUST CO | 94-3112180 | — | INVESTMENT MANAGEMENT | $3.2M | — |
| VOYA INSTITUTIONAL PLAN SERVICES | 04-3516284 | — | CONSULTANT | $1.8M | — |
| BLACKROCK FINANCIAL MANAGEMENT INC | 13-3806691 | — | INVESTMENT MANAGEMENT | $1.6M | — |
| JACOBS LEVY EQUITY MANAGEMENT INC | 22-2774695 | — | INVESTMENT MANAGEMENT | $1.1M | — |
| DECISIONPATH CONSULTING | 54-1059055 | — | CONSULTANT | $909K | — |
| CAPITAL INTERNATIONAL INC | 95-4797716 | — | INVESTMENT MANAGEMENT | $819K | — |
| LSV ASSET MANAGEMENT | 23-2772200 | — | INVESTMENT MANAGEMENT | $733K | — |
| PACIFIC INVESTMENT MANAGEMENT CO | 33-0629048 | — | INVESTMENT MANAGEMENT | $675K | — |
| OPTOMI LLC | 30-0747677 | — | CONSULTANT | $524K | — |
| CHESAPEAKE BENEFIT PARTNERS LLC | 20-1553820 | — | CONSULTANT | $489K | — |
| ENTERPRISE IRON FIS INC | 24-1550013 | — | CONSULTANT | $432K | — |
| CONVERGENZ LLC | 52-2254225 | — | CONSULTANT | $365K | — |
| EXPERIS IT SERVICES | 75-1300240 | — | CONSULTANT | $324K | — |
| STATE STREET GLOBAL ADVISORS TRUST | 81-4017137 | — | INVESTMENT MANAGEMETN | $309K | — |
| NEUBERGER BERMAN GROUP LLC | 02-0654486 | — | INVESTMENT MANAGEMENT | $294K | — |
| FIS CAPITAL MARKETS US LLC | 51-0267091 | — | CONSULTANT | $281K | — |
| SIRIUS COMPUTER SOLUTIONS INC | 74-2836721 | — | CONSULTANT | $180K | — |
| RVK INC | 93-0910652 | — | CONSULTANT | $130K | — |
| SIGNATURE COMMERCIAL SOLUTIONS LLC | 27-0221188 | — | CONSULTANT | $129K | — |
| BDO USA LLP | 13-5381590 | — | CONSULTANT | $99K | — |
| ROBERT HALF | 94-1648752 | — | CONSULTANT | $94K | — |
| USM BUSINESS SYSTEMS INC | 48-1215361 | — | CONSULTANT | $92K | — |
| EXCELLA INC | 54-2062249 | — | CONSULTANT | $87K | — |
| ASTON CARTER INC | 38-3858542 | — | CONSULTANT | $58K | — |
| SPECTRUM FINANCIAL SERVICES | 54-1851893 | — | CONSULTANT | $48K | — |
| NEWPORT TRUST COMPANY | 27-4411131 | — | CONSULTANT | $40K | — |
| INTERNATIONAL SOFTWARE SYSTEMS INC | 52-1915109 | — | CONSULTANT | $30K | — |
| NASDAQ INFORMATION LLC | 26-3100306 | — | CONSULTANT | $19K | — |
| DEXIAN LLC | 45-5636447 | — | CONSULTANT | $12K | — |
| CAPRICORN SYSTEMS INC | 58-2514176 | — | CONSULTANT | $11K | — |
| ZOVAYA CORPORATION | 26-0039705 | — | CONSULTANT | $9K | — |
| DAVIS COMPANIES | 04-3181433 | — | CONSULTANT | $8K | — |
| ABEL NOSER SOLUTIONS | 13-2833083 | — | CONSULTANT | $6K | — |
| ALKU TECHNOLOGIES LLC | 26-4087396 | — | CONSULTANT | $5K | — |
Broker
23| Name | EIN | Location | Relation | Direct comp | Indirect comp |
|---|---|---|---|---|---|
| LOCKTON COMPANIES | 20-3354970 | — | INSURANCE AGENT | $870K | — |
| RAYMOND JAMES AND ASSOCIATES | 59-1237041 | — | BROKER | $0 | — |
| JP MORGAN SECURITIES | 13-4110955 | — | BROKER | $0 | — |
| MORGAN STANLEY CO | 13-2655998 | — | BROKER | $0 | — |
| WELLS FARGO SECURITIES LLC | 34-1542819 | — | BROKER | $0 | — |
| GOLDMAN SACHS AND CO | 13-4019460 | — | BROKER | $0 | — |
| VIRTU AMERICAS | 26-4219373 | — | BROKER | $0 | — |
| JEFFERIES AND COMPANY | 22-3660471 | — | BROKER | $0 | — |
| BARCLAYS CAPITAL | 13-1031656 | — | BROKER | $0 | — |
| BOFA SECURITIES | 47-4921463 | — | BROKER | $0 | — |
| NATIONAL FINANCIAL SECURITIES LLC | 04-3523567 | — | BROKER | $0 | — |
| UBS SECURITIES LLC | 13-3813456 | — | BROKER | $0 | — |
| OPPENHEIMER AND COMPANY | 13-5657518 | — | BROKER | $0 | — |
| RBC CAPITAL MARKETS | 13-5033225 | — | BROKER | $0 | — |
| COWEN AND COMPANY LLC | 13-5616116 | — | BROKER | $0 | — |
| BNP PARIBAS SECURITIES | 13-3661436 | — | BROKER | $0 | — |
| PERSHING LLC | 13-2741729 | — | BROKER | $0 | — |
| ROBERT W BAIRD CO INCORPORATED | 39-6037917 | — | BROKER | $0 | — |
| UBS AG | 98-0186363 | — | BROKER | $0 | — |
| BMO CAPITAL MARKETS | 13-3459853 | — | BROKER | $0 | — |
| LIQUIDNET INC | 26-2491101 | — | BROKER | $0 | — |
| CITIGROUP GLOBAL MARKETS | 01-1241819 | — | BROKER | $0 | — |
| CITADEL SECURITIES INSTITUTIONAL | 36-4478717 | — | BROKER | $0 | — |
Trustee
1| Name | EIN | Location | Relation | Direct comp | Indirect comp |
|---|---|---|---|---|---|
| STATE STREET BANK | 04-1867445 | — | TRUSTEE | $290K | — |
Accountant / Auditor
1| Name | EIN | Location | Relation | Direct comp | Indirect comp |
|---|---|---|---|---|---|
| CLIFTONLARSONALLEN LLP | 41-0746749 | — | AUDITOR | $71K | — |
Legal counsel
4| Name | EIN | Location | Relation | Direct comp | Indirect comp |
|---|---|---|---|---|---|
| THOMPSON HINE LLP | 34-0575300 | — | LEGAL | $44K | — |
| HARTER SECREST AND EMERY LLP | 16-0766172 | — | LEGAL | $11K | — |
| GROOM LAW GROUP CHARTERED | 52-1219029 | — | LEGAL | $11K | — |
| STEVENS AND LEE PC | 23-1886296 | — | LEGAL | $6K | — |
Other
6| Name | EIN | Location | Relation | Direct comp | Indirect comp |
|---|---|---|---|---|---|
| NRECA | 53-0116145 | — | PLAN SPONSOR | $26.2M | — |
| PINNACLE DATA SYSTEMS LLC | 63-1216795 | — | PARTICIPANT COMMUNICATION | $406K | — |
| BLOOMBERG FINANCE LP | 13-3417984 | — | OTHER SERVICES | $32K | — |
| REASONN LLC | 85-2524125 | — | OTHER SERVICES | $32K | — |
| ADP INC | 13-3036745 | — | OTHER SERVICES | $28K | — |
| WELLS FARGO BANK | 94-1347393 | — | OTHER SERVICES | $22K | — |
Investments
904 direct securities · 12 pooled funds· $15.0B(89% of reported assets)
Rows tagged as a trust or pooled fund hold many underlying securities. Click one to drill into its own Schedule of Assets — where the individual funds, shares, and CUSIPs live.
Common Collective Trust
$10.5B
12 holdings
Uncategorized
$4.3B
902 holdings
Registered Investment Companies
$211.5M
1 holding
Common Stocks
$592K
1 holding
| PI | Investment | Type | Shares / units | Cost | Current value | % of plan |
|---|---|---|---|---|---|---|
| S&P 500 INDEX NL SF CL A STATE STREET GLOBAL ADVISORS TRUST COMPANY · EIN 04-0025081 / PN 097 | Common Collective Trust | — | — | $2.0B | 11.8% | |
| LIFEPATH INDEX 2040 FUND F BLACKROCK INSTITUTIONAL TRUST COMPANY, N.A. · EIN 71-0986419 / PN 001 | Common Collective Trust | — | — | $1.7B | 10.2% | |
| LIFEPATH INDEX 2030 FUND F BLACKROCK INSTITUTIONAL TRUST COMPANY, N.A. · EIN 71-0986424 / PN 001 | Common Collective Trust | — | — | $1.6B | 9.7% | |
| LIFEPATH INDEX RETIREMENT FUND F BLACKROCK INSTITUTIONAL TRUST COMPANY, N.A. · EIN 71-0986421 / PN 001 | Common Collective Trust | — | — | $1.3B | 8.0% | |
| LIFEPATH INDEX 2050 FUND F BLACKROCK INSTITUTIONAL TRUST COMPANY, N.A. · EIN 26-0896020 / PN 001 | Common Collective Trust | — | — | $1.3B | 7.8% | |
| LIFEPATH INDEX 2060 FUND F BLACKROCK INSTITUTIONAL TRUST COMPANY, N.A. · EIN 47-1878775 / PN 001 | Common Collective Trust | — | — | $682.3M | 4.1% | |
| PAPS LOW DURATION PORTFOLIO PACIFIC INVESTMENT MANAGEMENT COMPANY · EIN 45-3027922 / PN 000 | Common Collective Trust | — | — | $643.9M | 3.8% | |
| PAPS MODERAGE DURATION PORTFOLIO PACIFIC INVESTMENT MANAGEMENT COMPANY · EIN 45-3014834 / PN 000 | Common Collective Trust | — | — | $582.9M | 3.5% | |
| MICROSOFT CORP COMMON STOCK USD.00000625 588,946.000 | — | — | $41.0M | $248.2M | 1.5% | |
| CG INTERNATIONAL EQUITY TRUST CAPITAL GUARDIAN TRUST COMPANY · EIN 95-6597294 / PN 136 | Common Collective Trust | — | $152.1M | $212.2M | 1.3% | |
| BAIRD CORE PLUS BOND FUND BAIRD CORE PLUS BOND INST NJGC 057071870 | Registered Investment Companies | — | — | $211.5M | 1.3% | |
| NVIDIA CORP COMMON STOCK USD.001 1,340,480.000 | — | — | $33.1M | $180.0M | 1.1% | |
| APPLE INC COMMON STOCK USD.00001 714,611.000 | — | — | $70.7M | $179.0M | 1.1% | |
| META PLATFORMS INC CLASS A COMMON STOCK USD.000006 301,650.000 | — | — | $61.3M | $176.6M | 1.0% | |
| LSV INTL VALUE EQUITY FUND THE NORTHERN TRUST COMPANY · EIN 90-6169542 / PN 004 | Common Collective Trust | — | $119.7M | $166.8M | 1.0% | |
| AMAZON.COM INC COMMON STOCK USD.01 722,521.000 | — | — | $37.9M | $158.5M | 0.9% | |
| FISERV INC COMMON STOCK USD.01 687,698.000 | — | — | $74.3M | $141.3M | 0.8% | |
| ALPHABET INC CL A COMMON STOCK USD.001 726,534.000 | — | — | $49.8M | $137.5M | 0.8% | |
| STATE STR BK + TR CO INVT FDS RUSSELL 2000 INDEX FD SER A NJAC 857444723 | — | — | — | $133.3M | 0.8% | |
| RUSSELL SMALL CAP R INDX NL SF CL A STATE STREET GLOBAL ADVISORS TRUST COMPANY · EIN 04-0025081 / PN 096 | Common Collective Trust | — | — | $133.3M | 0.8% | |
| VISA INC CLASS A SHARES COMMON STOCK USD.0001 316,506.000 | — | — | $33.3M | $100.0M | 0.6% | |
| GOLDMAN SACHS GROUP INC COMMON STOCK USD.01 157,386.000 | — | — | $36.8M | $90.1M | 0.5% | |
| PARKER HANNIFIN CORP COMMON STOCK USD.5 134,671.000 | — | — | $9.5M | $85.7M | 0.5% | |
| STATE STR GLOBAL ADVISORS TR C MUTUAL FUND NJ35 857480867 | — | — | — | $73.8M | 0.4% | |
| GLOBAL EQUITY EX USA INDEX NL SF CL STATE STREET GLOBAL ADVISORS TRUST COMPANY · EIN 32-6528132 / PN 016 | Common Collective Trust | — | — | $73.8M | 0.4% | |
| ABBVIE INC COMMON STOCK USD.01 413,041.000 | — | — | $42.4M | $73.4M | 0.4% | |
| THE CIGNA GROUP COMMON STOCK USD.01 244,982.000 | — | — | $46.0M | $67.6M | 0.4% | |
| EXXON MOBIL CORP COMMON STOCK 580,800.000 | — | — | $65.0M | $62.5M | 0.4% | |
| UNITEDHEALTH GROUP INC COMMON STOCK USD.01 121,418.000 | — | — | $48.3M | $61.4M | 0.4% | |
| ABBOTT LABORATORIES COMMON STOCK 538,001.000 | — | — | $15.5M | $60.9M | 0.4% | |
| BOSTON SCIENTIFIC CORP COMMON STOCK USD.01 678,271.000 | — | — | $29.7M | $60.6M | 0.4% | |
| INTUIT INC COMMON STOCK USD.01 93,402.000 | — | — | $28.1M | $58.7M | 0.3% | |
| EATON CORP PLC COMMON STOCK USD.01 168,090.000 | — | — | $18.3M | $55.8M | 0.3% | |
| CONOCOPHILLIPS COMMON STOCK USD.01 560,481.000 | — | — | $50.8M | $55.6M | 0.3% | |
| CHUBB LTD COMMON STOCK 182,228.000 | — | — | $21.3M | $50.3M | 0.3% | |
| WALT DISNEY CO/THE COMMON STOCK USD.01 447,800.000 | — | — | $43.3M | $49.9M | 0.3% | |
| ALPHABET INC CL C COMMON STOCK USD.001 253,860.000 | — | — | $11.6M | $48.3M | 0.3% | |
| LAM RESEARCH CORP COMMON STOCK USD.001 654,900.000 | — | — | $31.8M | $47.3M | 0.3% | |
| NXP SEMICONDUCTORS NV COMMON STOCK EUR.2 215,958.000 | — | — | $28.0M | $44.9M | 0.3% | |
| SERVICENOW INC COMMON STOCK USD.001 41,901.000 | — | — | $14.6M | $44.4M | 0.3% | |
| DIAMONDBACK ENERGY INC COMMON STOCK USD.01 265,300.000 | — | — | $41.3M | $43.5M | 0.3% | |
| CITIGROUP INC COMMON STOCK USD.01 609,855.000 | — | — | $35.5M | $42.9M | 0.3% | |
| DIGITAL REALTY TRUST INC REIT USD.01 241,639.000 | — | — | $29.7M | $42.8M | 0.3% | |
| MERCK + CO. INC. COMMON STOCK USD.5 423,322.000 | — | — | $20.4M | $42.1M | 0.3% | |
| INTUITIVE SURGICAL INC COMMON STOCK USD.001 79,271.000 | — | — | $9.9M | $41.4M | 0.2% | |
| ALLSTATE CORP COMMON STOCK USD.01 208,827.000 | — | — | $12.7M | $40.3M | 0.2% | |
| ELI LILLY + CO COMMON STOCK 50,973.000 | — | — | $19.0M | $39.4M | 0.2% | |
| MCDONALD S CORP COMMON STOCK USD.01 128,784.000 | — | — | $26.7M | $37.3M | 0.2% | |
| DUPONT DE NEMOURS INC COMMON STOCK USD.01 474,534.000 | — | — | $26.8M | $36.2M | 0.2% | |
| BRISTOL MYERS SQUIBB CO COMMON STOCK USD.1 624,641.000 | — | — | $22.7M | $35.3M | 0.2% | |
| FREEPORT MCMORAN INC COMMON STOCK USD.1 881,600.000 | — | — | $25.4M | $33.6M | 0.2% | |
| NETFLIX INC COMMON STOCK USD.001 37,148.000 | — | — | $11.4M | $33.1M | 0.2% | |
| HOME DEPOT INC COMMON STOCK USD.05 82,921.000 | — | — | $17.6M | $32.3M | 0.2% | |
| AMPHENOL CORP CL A COMMON STOCK USD.001 461,138.000 | — | — | $18.9M | $32.0M | 0.2% | |
| FUND SHARES/PAR (D) COST VALUE ----------------------------------------------------------------------------------------------------------------------------------- PULTEGROUP INC COMMON STOCK USD.01 287,900.000 | — | — | $28.7M | $31.4M | 0.2% | |
| CROWN CASTLE INC REIT USD.01 344,500.000 | — | — | $35.3M | $31.3M | 0.2% | |
| BOOKING HOLDINGS INC COMMON STOCK USD.008 6,240.000 | — | — | $10.0M | $31.0M | 0.2% | |
| ROYALTY PHARMA PLC CL A COMMON STOCK 1,120,968.000 | — | — | $41.5M | $28.6M | 0.2% | |
| ORACLE CORP COMMON STOCK USD.01 170,300.000 | — | — | $19.3M | $28.4M | 0.2% | |
| CENTENE CORP COMMON STOCK USD.001 465,875.000 | — | — | $28.7M | $28.2M | 0.2% | |
| STRYKER CORP COMMON STOCK USD.1 75,047.000 | — | — | $12.8M | $27.0M | 0.2% | |
| GE HEALTHCARE TECHNOLOGY COMMON STOCK USD.01 299,200.000 | — | — | $27.1M | $23.4M | 0.1% | |
| FUND SHARES/PAR (D) COST VALUE ----------------------------------------------------------------------------------------------------------------------------------- ADOBE INC COMMON STOCK USD.0001 50,033.000 | — | — | $24.4M | $22.2M | 0.1% | |
| TRANSUNION COMMON STOCK USD.01 238,800.000 | — | — | $21.4M | $22.1M | 0.1% | |
| ATLASSIAN CORP CL A COMMON STOCK USD.00001 89,128.000 | — | — | $18.9M | $21.7M | 0.1% | |
| SHOPIFY INC CLASS A COMMON STOCK 198,621.000 | — | — | $14.0M | $21.1M | 0.1% | |
| HUBSPOT INC COMMON STOCK USD.001 28,579.000 | — | — | $15.2M | $19.9M | 0.1% | |
| KRAFT HEINZ CO/THE COMMON STOCK USD.01 596,190.000 | — | — | $22.7M | $18.3M | 0.1% | |
| ROSS STORES INC COMMON STOCK USD.01 113,511.000 | — | — | $10.2M | $17.2M | 0.1% | |
| HOWMET AEROSPACE INC COMMON STOCK 146,919.000 | — | — | $8.4M | $16.1M | <0.1% | |
| COUPANG INC COMMON STOCK USD.0001 705,243.000 | — | — | $16.0M | $15.5M | <0.1% | |
| INGERSOLL RAND INC COMMON STOCK USD.01 170,598.000 | — | — | $5.8M | $15.4M | <0.1% | |
| LKQ CORP COMMON STOCK USD.01 390,800.000 | — | — | $19.2M | $14.4M | <0.1% | |
| CHIPOTLE MEXICAN GRILL INC COMMON STOCK USD.01 237,432.000 | — | — | $5.5M | $14.3M | <0.1% | |
| ARGENX SE ADR 23,272.000 | — | — | $9.6M | $14.3M | <0.1% | |
| FAIR ISAAC CORP COMMON STOCK USD.01 7,001.000 | — | — | $6.6M | $13.9M | <0.1% | |
| DANAHER CORP COMMON STOCK USD.01 57,568.000 | — | — | $13.8M | $13.2M | <0.1% | |
| CACI INTERNATIONAL INC CL A COMMON STOCK USD.1 31,975.000 | — | — | $14.9M | $12.9M | <0.1% | |
| FUND SHARES/PAR (D) COST VALUE ----------------------------------------------------------------------------------------------------------------------------------- NJ61 | — | — | $12.7M | $12.9M | <0.1% | |
| ENTEGRIS INC COMMON STOCK USD.01 124,737.000 | — | — | $13.1M | $12.4M | <0.1% | |
| SCHWAB (CHARLES) CORP COMMON STOCK USD.01 161,029.000 | — | — | $10.6M | $11.9M | <0.1% | |
| ASML HOLDING NV NY REG SHS NY REG SHRS EUR.09 16,975.000 | — | — | $5.7M | $11.8M | <0.1% | |
| SONOVA HOLDING UNSPON ADR 171,519.000 | — | — | $12.1M | $11.2M | <0.1% | |
| MERCADOLIBRE INC COMMON STOCK USD.001 6,095.000 | — | — | $10.0M | $10.4M | <0.1% | |
| LULULEMON ATHLETICA INC COMMON STOCK USD.005 25,795.000 | — | — | $8.2M | $9.9M | <0.1% | |
| FUND SHARES/PAR (D) COST VALUE ----------------------------------------------------------------------------------------------------------------------------------- SCHLUMBERGER LTD COMMON STOCK USD.01 245,586.000 | — | — | $13.6M | $9.4M | <0.1% | |
| DYNATRACE INC COMMON STOCK USD.001 166,480.000 | — | — | $7.3M | $9.0M | <0.1% | |
| ADVANCED MICRO DEVICES COMMON STOCK USD.01 72,382.000 | — | — | $9.1M | $8.7M | <0.1% | |
| TRADEWEB MARKETS INC CLASS A COMMON STOCK USD.01 66,418.000 | — | — | $5.1M | $8.7M | <0.1% | |
| NATERA INC COMMON STOCK 45,120.000 | — | — | $5.7M | $7.1M | <0.1% | |
| NJ25 & NJ1K | — | — | $6.5M | $6.5M | <0.1% | |
| CORCEPT THERAPEUTICS INC COMMON STOCK USD.001 94,459.000 | — | — | $2.6M | $4.8M | <0.1% | |
| COMCAST CORP CLASS A COMMON STOCK USD.01 123,500.000 | — | — | $4.8M | $4.6M | <0.1% | |
| BOISE CASCADE CO COMMON STOCK USD.01 38,534.000 | — | — | $3.4M | $4.6M | <0.1% | |
| LEGEND BIOTECH CORP ADR USD.0001 134,944.000 | — | — | $7.8M | $4.4M | <0.1% | |
| BANK OF NEW YORK MELLON CORP COMMON STOCK USD.01 56,600.000 | — | — | $2.8M | $4.3M | <0.1% | |
| MUELLER INDUSTRIES INC COMMON STOCK USD.01 53,495.000 | — | — | $3.2M | $4.2M | <0.1% | |
| EXLSERVICE HOLDINGS INC COMMON STOCK USD.001 92,623.000 | — | — | $2.9M | $4.1M | <0.1% | |
| AURORA INNOVATION INC COMMON STOCK USD.0001 621,555.000 | — | — | $1.8M | $3.9M | <0.1% | |
| BRINKER INTERNATIONAL INC COMMON STOCK USD.1 28,631.000 | — | — | $2.1M | $3.8M | <0.1% | |
| GILEAD SCIENCES INC COMMON STOCK USD.001 39,800.000 | — | — | $3.0M | $3.7M | <0.1% | |
| ALTRIA GROUP INC COMMON STOCK USD.333 69,300.000 | — | — | $3.3M | $3.6M | <0.1% | |
| COMMVAULT SYSTEMS INC COMMON STOCK USD.01 23,255.000 | — | — | $1.6M | $3.5M | <0.1% | |
| REINSURANCE GROUP OF AMERICA COMMON STOCK USD.01 15,794.000 | — | — | $2.4M | $3.4M | <0.1% | |
| FUND SHARES/PAR (D) COST VALUE ----------------------------------------------------------------------------------------------------------------------------------- NJCB | — | — | $1.2M | $3.3M | <0.1% | |
| ENOVA INTERNATIONAL INC COMMON STOCK USD.00001 33,532.000 | — | — | $1.3M | $3.2M | <0.1% | |
| FUND SHARES/PAR (D) COST VALUE ----------------------------------------------------------------------------------------------------------------------------------- PFIZER INC COMMON STOCK USD.05 118,400.000 | — | — | $3.7M | $3.1M | <0.1% | |
| DROPBOX INC CLASS A COMMON STOCK USD.00001 103,118.000 | — | — | $2.6M | $3.1M | <0.1% | |
| HARTFORD FINANCIAL SVCS GRP COMMON STOCK USD.01 27,800.000 | — | — | $1.4M | $3.0M | <0.1% | |
| AFFIRM HOLDINGS INC COMMON STOCK USD.00001 49,545.000 | — | — | $1.4M | $3.0M | <0.1% | |
| NRG ENERGY INC COMMON STOCK USD.01 32,900.000 | — | — | $1.1M | $3.0M | <0.1% | |
| KITE REALTY GROUP TRUST REIT USD.01 116,409.000 | — | — | $2.7M | $2.9M | <0.1% | |
| FLEX LTD COMMON STOCK 76,270.000 | — | — | $1.5M | $2.9M | <0.1% | |
| QUALCOMM INC COMMON STOCK USD.0001 18,900.000 | — | — | $2.5M | $2.9M | <0.1% | |
| EBAY INC COMMON STOCK USD.001 46,700.000 | — | — | $1.9M | $2.9M | <0.1% | |
| BLUEPRINT MEDICINES CORP COMMON STOCK USD.001 33,089.000 | — | — | $2.9M | $2.9M | <0.1% | |
| DELL TECHNOLOGIES C COMMON STOCK 24,800.000 | — | — | $1.4M | $2.9M | <0.1% | |
| FEDEX CORP COMMON STOCK USD.1 10,100.000 | — | — | $2.1M | $2.8M | <0.1% | |
| BANKUNITED INC COMMON STOCK USD.01 72,285.000 | — | — | $2.0M | $2.8M | <0.1% | |
| PTC THERAPEUTICS INC COMMON STOCK USD.001 61,003.000 | — | — | $2.1M | $2.8M | <0.1% | |
| PRIMORIS SERVICES CORP COMMON STOCK USD.0001 35,890.000 | — | — | $1.4M | $2.7M | <0.1% | |
| HP INC COMMON STOCK USD.01 82,600.000 | — | — | $1.7M | $2.7M | <0.1% | |
| TANDEM DIABETES CARE INC COMMON STOCK 70,998.000 | — | — | $2.3M | $2.6M | <0.1% | |
| BREAD FINANCIAL HOLDINGS INC COMMON STOCK USD.01 41,676.000 | — | — | $1.7M | $2.5M | <0.1% | |
| INSPERITY INC COMMON STOCK USD.01 32,600.000 | — | — | $3.5M | $2.5M | <0.1% | |
| FIRST HORIZON CORP COMMON STOCK USD.625 124,547.000 | — | — | $2.1M | $2.5M | <0.1% | |
| FLUOR CORP COMMON STOCK USD.01 49,895.000 | — | — | $2.0M | $2.5M | <0.1% | |
| TEXAS CAPITAL BANCSHARES INC COMMON STOCK USD.01 31,420.000 | — | — | $2.0M | $2.5M | <0.1% | |
| PAYPAL HOLDINGS INC COMMON STOCK 28,700.000 | — | — | $1.7M | $2.4M | <0.1% | |
| CISCO SYSTEMS INC COMMON STOCK USD.001 41,100.000 | — | — | $1.4M | $2.4M | <0.1% | |
| MOLSON COORS BEVERAGE CO B COMMON STOCK USD.01 42,300.000 | — | — | $2.3M | $2.4M | <0.1% | |
| COMMERCIAL METALS CO COMMON STOCK USD.01 48,486.000 | — | — | $2.6M | $2.4M | <0.1% | |
| FOX CORP CLASS A COMMON STOCK USD.01 49,300.000 | — | — | $1.8M | $2.4M | <0.1% | |
| RYDER SYSTEM INC COMMON STOCK USD.5 15,162.000 | — | — | $1.4M | $2.4M | <0.1% | |
| FUND SHARES/PAR (D) COST VALUE ----------------------------------------------------------------------------------------------------------------------------------- CVS HEALTH CORP COMMON STOCK USD.01 52,000.000 | — | — | $3.7M | $2.3M | <0.1% | |
| BOX INC CLASS A COMMON STOCK USD.0001 73,463.000 | — | — | $1.9M | $2.3M | <0.1% | |
| DANA INC COMMON STOCK USD.01 199,463.000 | — | — | $2.3M | $2.3M | <0.1% | |
| PROG HOLDINGS INC COMMON STOCK USD.5 54,504.000 | — | — | $1.7M | $2.3M | <0.1% | |
| EVEREST GROUP LTD COMMON STOCK USD.01 6,300.000 | — | — | $1.2M | $2.3M | <0.1% | |
| TEXTRON INC COMMON STOCK USD.125 29,800.000 | — | — | $1.5M | $2.3M | <0.1% | |
| AMERIPRISE FINANCIAL INC COMMON STOCK USD.01 4,140.000 | — | — | $386K | $2.2M | <0.1% | |
| FIRST INDUSTRIAL REALTY TR REIT USD.01 43,546.000 | — | — | $2.3M | $2.2M | <0.1% | |
| FABRINET COMMON STOCK USD.01 9,825.000 | — | — | $1.8M | $2.2M | <0.1% | |
| FUND SHARES/PAR (D) COST VALUE ----------------------------------------------------------------------------------------------------------------------------------- NJ8B 98139A105 | — | — | $1.7M | $2.2M | <0.1% | |
| GULFPORT ENERGY CORP COMMON STOCK USD.0001 11,478.000 | — | — | $1.2M | $2.1M | <0.1% | |
| ACI WORLDWIDE INC COMMON STOCK USD.005 40,623.000 | — | — | $1.5M | $2.1M | <0.1% | |
| HCA HEALTHCARE INC COMMON STOCK USD.01 7,000.000 | — | — | $557K | $2.1M | <0.1% | |
| OWENS CORNING COMMON STOCK USD.001 12,300.000 | — | — | $1.1M | $2.1M | <0.1% | |
| M/I HOMES INC COMMON STOCK USD.01 15,673.000 | — | — | $2.3M | $2.1M | <0.1% | |
| MANPOWERGROUP INC COMMON STOCK USD.01 36,042.000 | — | — | $2.7M | $2.1M | <0.1% | |
| ACADIA PHARMACEUTICALS INC COMMON STOCK USD.0001 112,228.000 | — | — | $2.0M | $2.1M | <0.1% | |
| YELP INC COMMON STOCK USD.000001 53,026.000 | — | — | $1.8M | $2.1M | <0.1% | |
| TRAVERE THERAPEUTICS INC COMMON STOCK USD.0001 117,060.000 | — | — | $1.5M | $2.0M | <0.1% | |
| AMERICAN ASSETS TRUST INC REIT USD.01 76,993.000 | — | — | $1.7M | $2.0M | <0.1% | |
| POWELL INDUSTRIES INC COMMON STOCK USD.01 9,083.000 | — | — | $1.1M | $2.0M | <0.1% | |
| INGREDION INC COMMON STOCK USD.01 14,500.000 | — | — | $1.2M | $2.0M | <0.1% | |
| JAZZ PHARMACEUTICALS PLC COMMON STOCK USD.0001 16,000.000 | — | — | $2.0M | $2.0M | <0.1% | |
| TRI POINTE HOMES INC COMMON STOCK USD.01 54,146.000 | — | — | $1.8M | $2.0M | <0.1% | |
| COMFORT SYSTEMS USA INC COMMON STOCK USD.01 4,612.000 | — | — | $1.2M | $2.0M | <0.1% | |
| SONOS INC COMMON STOCK USD.001 126,629.000 | — | — | $1.7M | $1.9M | <0.1% | |
| NORTHWESTERN ENERGY GROUP IN COMMON STOCK USD.01 35,100.000 | — | — | $1.9M | $1.9M | <0.1% | |
| COREBRIDGE FINANCIAL INC COMMON STOCK USD.01 61,520.000 | — | — | $1.9M | $1.8M | <0.1% | |
| AGCO CORP COMMON STOCK USD.01 19,600.000 | — | — | $1.1M | $1.8M | <0.1% | |
| LEMAITRE VASCULAR INC COMMON STOCK USD.01 19,797.000 | — | — | $1.6M | $1.8M | <0.1% | |
| WORLD KINECT CORP COMMON STOCK USD.01 65,843.000 | — | — | $2.2M | $1.8M | <0.1% | |
| MATADOR RESOURCES CO COMMON STOCK USD.01 32,125.000 | — | — | $1.8M | $1.8M | <0.1% | |
| MATSON INC COMMON STOCK 13,224.000 | — | — | $1.5M | $1.8M | <0.1% | |
| CNH INDUSTRIAL NV COMMON STOCK EUR.01 154,600.000 | — | — | $2.3M | $1.8M | <0.1% | |
| SKYWARD SPECIALTY INSURANCE COMMON STOCK USD.01 34,463.000 | — | — | $1.0M | $1.7M | <0.1% | |
| MR COOPER GROUP INC COMMON STOCK USD.01 18,089.000 | — | — | $1.5M | $1.7M | <0.1% | |
| RLJ LODGING TRUST REIT 169,849.000 | — | — | $1.8M | $1.7M | <0.1% | |
| UPBOUND GROUP INC COMMON STOCK USD.01 59,440.000 | — | — | $1.8M | $1.7M | <0.1% | |
| AVIDXCHANGE HOLDINGS INC COMMON STOCK USD.001 166,809.000 | — | — | $1.3M | $1.7M | <0.1% | |
| PROVIDENT FINANCIAL SERVICES COMMON STOCK USD.01 90,086.000 | — | — | $1.5M | $1.7M | <0.1% | |
| ESSENT GROUP LTD COMMON STOCK USD.015 31,166.000 | — | — | $1.9M | $1.7M | <0.1% | |
| CARDINAL HEALTH INC COMMON STOCK 14,300.000 | — | — | $1.2M | $1.7M | <0.1% | |
| DUOLINGO COMMON STOCK USD.0001 5,200.000 | — | — | $878K | $1.7M | <0.1% | |
| PAYONEER GLOBAL INC COMMON STOCK USD.01 166,339.000 | — | — | $1.0M | $1.7M | <0.1% | |
| ABERCROMBIE + FITCH CO CL A COMMON STOCK USD.01 11,144.000 | — | — | $1.1M | $1.7M | <0.1% | |
| FUND SHARES/PAR (D) COST VALUE ----------------------------------------------------------------------------------------------------------------------------------- NJ53 11134LAH2 | — | — | $1.6M | $1.6M | <0.1% | |
| CATALYST PHARMACEUTICALS INC COMMON STOCK USD.001 78,420.000 | — | — | $1.2M | $1.6M | <0.1% | |
| GOODYEAR TIRE + RUBBER CO COMMON STOCK 180,231.000 | — | — | $3.3M | $1.6M | <0.1% | |
| MODINE MANUFACTURING CO COMMON STOCK USD.625 13,890.000 | — | — | $1.0M | $1.6M | <0.1% | |
| FIRST BANCORP PUERTO RICO COMMON STOCK USD.1 85,472.000 | — | — | $1.3M | $1.6M | <0.1% | |
| ACADEMY SPORTS + OUTDOORS IN COMMON STOCK USD.01 27,343.000 | — | — | $1.2M | $1.6M | <0.1% | |
| PLAINS GP HOLDINGS LP CL A LTD PART 85,229.000 | — | — | $1.5M | $1.6M | <0.1% | |
| ENTERPRISE FINANCIAL SERVICE COMMON STOCK USD.01 27,622.000 | — | — | $1.2M | $1.6M | <0.1% | |
| ARCBEST CORP COMMON STOCK USD.01 16,654.000 | — | — | $1.3M | $1.6M | <0.1% | |
| UNITED THERAPEUTICS CORP COMMON STOCK USD.01 4,400.000 | — | — | $1.0M | $1.6M | <0.1% | |
| PJT PARTNERS INC A COMMON STOCK USD.01 9,818.000 | — | — | $1.1M | $1.5M | <0.1% | |
| DIGITALOCEAN HOLDINGS INC COMMON STOCK USD.000025 45,386.000 | — | — | $1.4M | $1.5M | <0.1% | |
| FUND SHARES/PAR (D) COST VALUE ----------------------------------------------------------------------------------------------------------------------------------- NJ50 89680YAA3 | — | — | $1.4M | $1.5M | <0.1% | |
| INTL BUSINESS MACHINES CORP COMMON STOCK USD.2 7,000.000 | — | — | $951K | $1.5M | <0.1% | |
| CREDO TECHNOLOGY GROUP HOLDI COMMON STOCK USD.00005 22,811.000 | — | — | $496K | $1.5M | <0.1% | |
| RADIAN GROUP INC COMMON STOCK USD.001 47,810.000 | — | — | $575K | $1.5M | <0.1% | |
| METLIFE INC COMMON STOCK USD.01 18,300.000 | — | — | $698K | $1.5M | <0.1% | |
| PROS HOLDINGS INC COMMON STOCK USD.001 67,701.000 | — | — | $1.4M | $1.5M | <0.1% | |
| GENERAL MILLS INC COMMON STOCK USD.1 23,250.000 | — | — | $1.5M | $1.5M | <0.1% | |
| PHINIA INC COMMON STOCK USD.01 30,547.000 | — | — | $1.3M | $1.5M | <0.1% | |
| APPLIED MATERIALS INC COMMON STOCK USD.01 9,000.000 | — | — | $377K | $1.5M | <0.1% |
Showing top 200 of 916 investments by value.