SEC 13F Intelligence

Managers / Q3 2025

SHELL ASSET MANAGEMENT CO

CIK 0001211028 · P O BOX 575, THE HAGUE, 2501 CN · 31 70 3773899

Reported Value
$996M
Q3 2025
Positions
1,191
Filings on Record
28
2019–present window
Filed
Nov 7, 2025
original filing

Summary

Shell Asset Management Co reported $996M in U.S.-listed holdings across 1,191 positions for Q3 2025.

Its largest position, NVDA, represents 6.6% of the portfolio.

Compared with Q2 2025, the fund opened 40 new positions and exited 137.

Portfolio Metrics

Turnover
+0.6%
vs prior filed quarter
Top-10 Concentration
+32.4%
share of reported value
Largest Position
+6.6%
Nvidia Corporation
New / Exited
40 / 137
positions this quarter

Methodology: turnover is min(value bought, value sold) ÷ average reported value across the two quarters — value-based, so market moves inflate it slightly versus a share-based measure. Concentration and largest position are shares of the filing’s total reported value, options excluded, with multiple share classes and repeated sub-manager rows for the same issuer combined into one position — the same rule the holdings table uses by default. New/exited counts compare against the prior filed quarter. All figures derive solely from the fund’s 13F filings.

Reported Value by Quarter

13F Reported Value
Q4 ’18: $4.0BQ4 ’18Q1 ’19: $4.5BQ2 ’19: $4.5BQ3 ’19: $4.4BQ4 ’19: $4.6BQ4 ’19Q1 ’20: $3.6BQ2 ’20: $4.0BQ3 ’20: $4.3BQ4 ’20: $4.8BQ4 ’20Q1 ’21: $5.0BQ2 ’21: $5.2BQ3 ’21: $4.5BQ4 ’21: $4.9BQ4 ’21Q1 ’22: $4.2BQ2 ’22: $3.4BQ3 ’22: $2.6BQ4 ’22: $2.3BQ4 ’22Q1 ’23: $2.4BQ2 ’23: $2.5BQ3 ’23: $2.4BQ4 ’23: $2.2BQ4 ’23Q1 ’24: $2.3BQ2 ’24: $2.2BQ3 ’24: $2.3BQ4 ’24: $2.3BQ4 ’24Q1 ’25: $2.1BQ2 ’25: $2.9BQ3 ’25: $996Mfilingsflow.com

Portfolio Composition

By security type
Common Stock: 94.3%REIT: 2.4%ETP: 2.3%ADR: 0.8%Tracking Stk: 0.0%Other: 0.0%
  • Common Stock · 94.3% · $939M
  • REIT · 2.4% · $24M
  • ETP · 2.3% · $23M
  • ADR · 0.8% · $8M
  • Tracking Stk · 0.0% · $457,000
  • Other · 0.0% · $257,000

Quarter-over-Quarter Changes full breakdown →

vs Q2 2025 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
PENGPENGUIN SOLUTIONS INCNEW+2.8K2.8K+$74,000$74,000
UNITUNITI GROUP LLCNEW+8.2K8.2K+$50,000$50,000
AURA MINERALS INCNEW+1.1K1.1K+$38,000$38,000
OLLIOLLIES BARGAIN OUTLET HLDGSNEW+290290+$37,000$37,000
GGENPACT LIMITEDNEW+781781+$33,000$33,000
VZLAVIZSLA SILVER CORPNEW+4.8K4.8K+$21,000$21,000
AHRAMERICAN HEALTHCARE REIT INCNEW+422422+$18,000$18,000
FTAIFTAI AVIATION LTDNEW+8484+$14,000$14,000

Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.

Holdings — Q3 2025

496 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1NVDANVIDIA CORPORATIONhistory →COM6.64%$66M354.6K
2AAPLAPPLE INChistory →COM5.30%$53M207.1K
3MSFTMICROSOFT CORPhistory →COM5.17%$51M99.3K
4GOOGALPHABET INCCAP STK CL C · CAP STK CL A3.43%$34M140.1K
5AMZNAMAZON COM INChistory →COM2.97%$30M134.9K
6AVGOBROADCOM INChistory →COM2.18%$22M65.9K
7METAMETA PLATFORMS INChistory →CL A2.05%$20M27.8K
8INDAISHARES TRMSCI INDIA ETF · MSCI SAUDI ARBIA · MSCI INDIA SM CP · MSCI KUWAIT ETF1.90%$19M376.7K
9TSLATESLA INChistory →COM1.75%$17M39.2K
10JPMJPMORGAN CHASE & CO.COM0.96%$10M30.3K
11LLYELI LILLY & COCOM0.93%$9M12.2K
12VVISA INCCOM CL A0.90%$9M26.4K
13MAMASTERCARD INCORPORATEDCL A0.88%$9M15.3K
14COSTCOSTCO WHSL CORP NEWCOM0.80%$8M8.6K
15HDHOME DEPOT INCCOM0.78%$8M19.2K
16BRK/BBERKSHIRE HATHAWAY INC DELCL B NEW0.71%$7M14.1K
17ENBENBRIDGE INCCOM0.57%$6M112.3K
18NFLXNETFLIX INCCOM0.57%$6M4.7K
19IBMINTERNATIONAL BUSINESS MACHSCOM0.53%$5M18.9K
20ABBVABBVIE INCCOM0.52%$5M22.3K
21UNHUNITEDHEALTH GROUP INCCOM0.51%$5M14.8K
22PLTRPALANTIR TECHNOLOGIES INCCL A0.51%$5M27.9K
23PGPROCTER AND GAMBLE COCOM0.50%$5M32.6K
24GE AEROSPACECOM NEW0.50%$5M16.6K
25ORCLORACLE CORPCOM0.50%$5M17.7K
26INTUINTUITCOM0.48%$5M7.0K
27AMATAPPLIED MATLS INCCOM0.46%$5M22.3K
28BRBROADRIDGE FINL SOLUTIONS INCOM0.43%$4M18.0K
29PGRPROGRESSIVE CORPCOM0.42%$4M17.1K
30KBAKRANESHARES TRUSTBOSERA MSCI CHIN0.42%$4M139.8K
31SPGIS&P GLOBAL INCCOM0.42%$4M8.5K
32TDTORONTO DOMINION BK ONTCOM NEW0.41%$4M50.7K
33AMDADVANCED MICRO DEVICES INCCOM0.40%$4M24.5K
34KOCOCA COLA COCOM0.40%$4M59.8K
35LOWLOWES COS INCCOM0.39%$4M15.4K
36AXPAMERICAN EXPRESS COCOM0.39%$4M11.6K
37CSCOCISCO SYS INCCOM0.38%$4M55.6K
38AEMAGNICO EAGLE MINES LTDCOM0.38%$4M22.4K
39PMPHILIP MORRIS INTL INCCOM0.38%$4M23.1K
40NOWSERVICENOW INCCOM0.37%$4M4.0K
41UNPUNION PAC CORPCOM0.37%$4M15.4K
42ICEINTERCONTINENTAL EXCHANGE INCOM0.36%$4M21.5K
43QCOMQUALCOMM INCCOM0.36%$4M21.6K
44NEMNEWMONT CORPCOM0.36%$4M42.6K
45PDDPDD HOLDINGS INCSPONSORED ADS0.35%$4M26.7K
46GILDGILEAD SCIENCES INCCOM0.35%$4M31.6K
47ADPAUTOMATIC DATA PROCESSING INCOM0.35%$3M11.7K
48VZVERIZON COMMUNICATIONS INCCOM0.34%$3M76.0K
49ISRGINTUITIVE SURGICAL INCCOM NEW0.33%$3M7.4K
50MCOMOODYS CORPCOM0.33%$3M6.9K
51MRKMERCK & CO INCCOM0.33%$3M39.2K
52MCDMCDONALDS CORPCOM0.33%$3M10.7K
53MUMICRON TECHNOLOGY INCCOM0.32%$3M19.1K
54HONHONEYWELL INTL INCCOM0.32%$3M15.2K
55SHOPSHOPIFY INCCL A SUB VTG SHS0.31%$3M20.8K
56ADBEADOBE INCCOM0.31%$3M8.7K
57WELLWELLTOWER INCCOM0.30%$3M17.0K
58TRITHOMSON REUTERS CORPCOM0.30%$3M18.9K
59WMTWALMART INCCOM0.29%$3M28.2K
60COFCAPITAL ONE FINL CORPCOM0.29%$3M13.7K
61UBERUBER TECHNOLOGIES INCCOM0.29%$3M29.6K
62GEVGE VERNOVA INCCOM0.28%$3M4.6K
63AMGNAMGEN INCCOM0.28%$3M10.0K
64RTXRTX CORPORATIONCOM0.28%$3M16.6K
65AWKAMERICAN WTR WKS CO INC NEWCOM0.28%$3M19.8K
66MOALTRIA GROUP INCCOM0.28%$3M41.5K
67BSXBOSTON SCIENTIFIC CORPCOM0.27%$3M27.7K
68BACBANK AMERICA CORPCOM0.27%$3M52.0K
69SYKSTRYKER CORPORATIONCOM0.27%$3M7.3K
70CBOECBOE GLOBAL MKTS INCCOM0.27%$3M10.9K
71NDAQNASDAQ INCCOM0.27%$3M29.9K
72VRTXVERTEX PHARMACEUTICALS INCCOM0.26%$3M6.7K
73TXNTEXAS INSTRS INCCOM0.26%$3M14.0K
74MCKMCKESSON CORPCOM0.26%$3M3.3K
75MSIMOTOROLA SOLUTIONS INCCOM NEW0.26%$3M5.6K
76WCNWASTE CONNECTIONS INCCOM0.25%$3M14.3K
77CRMSALESFORCE INCCOM0.25%$2M10.5K
78CITHE CIGNA GROUPCOM0.25%$2M8.6K
79TJXTJX COS INC NEWCOM0.25%$2M17.0K
80HIGHARTFORD INSURANCE GROUP INCCOM0.24%$2M18.2K
81CMCANADIAN IMPERIAL BANK OF COCOM0.24%$2M30.3K
82BMOBANK MONTREAL QUECOM0.24%$2M18.6K
83ADIANALOG DEVICES INCCOM0.24%$2M9.7K
84LRCXLAM RESEARCH CORPCOM NEW0.24%$2M17.5K
85DVNDEVON ENERGY CORP NEWCOM0.24%$2M66.9K
86ELVELEVANCE HEALTH INC FORMERLYCOM0.24%$2M7.3K
87PRUPRUDENTIAL FINL INCCOM0.23%$2M22.4K
88FTSFORTIS INCCOM0.23%$2M45.6K
89CDNSCADENCE DESIGN SYSTEM INCCOM0.23%$2M6.6K
90FISVFISERV INCCOM0.23%$2M17.9K
91APPAPPLOVIN CORPCOM CL A0.23%$2M3.2K
92FASTFASTENAL COCOM0.23%$2M45.9K
93TRVTRAVELERS COMPANIES INCCOM0.22%$2M8.0K
94PTCPTC INCCOM0.22%$2M10.7K
95EXMOCEXXON MOBIL CORPCOM0.22%$2M19.2K
96SYFSYNCHRONY FINANCIALCOM0.22%$2M30.3K
97EAELECTRONIC ARTS INCCOM0.21%$2M10.4K
98FFIVF5 INCCOM0.21%$2M6.5K
99VICIVICI PPTYS INCCOM0.21%$2M63.5K
100TAT&T INCCOM0.21%$2M72.7K

Filing History

QuarterReported ValuePositionsFiledTypeLinks
Q3 2025$996M1,191Nov 7, 202513F-HRchanges · EDGAR ↗
Q2 2025$2.9B1,296Jul 23, 202513F-HRchanges · EDGAR ↗
Q1 2025$2.1B1,260May 14, 202513F-HRchanges · EDGAR ↗
Q4 2024$2.3B1,264Feb 14, 202513F-HRchanges · EDGAR ↗
Q3 2024$2.3B1,255Nov 7, 202413F-HRchanges · EDGAR ↗
Q2 2024$2.2B1,252Jul 25, 202413F-HRchanges · EDGAR ↗
Q1 2024$2.3B1,274May 14, 202413F-HRchanges · EDGAR ↗
Q4 2023$2.2B1,249Feb 14, 202413F-HRchanges · EDGAR ↗
Q3 2023$2.4B1,256Nov 8, 202313F-HRchanges · EDGAR ↗
Q2 2023$2.5B1,277Jul 28, 202313F-HRchanges · EDGAR ↗
Q1 2023$2.4B1,249May 15, 202313F-HRchanges · EDGAR ↗
Q4 2022$2.3B1,336Feb 7, 202313F-HRchanges · EDGAR ↗
Q3 2022$2.6B1,389Nov 14, 202213F-HRchanges · EDGAR ↗
Q2 2022$3.4B1,401Aug 9, 202213F-HRchanges · EDGAR ↗
Q1 2022$4.2B1,381May 4, 202213F-HRchanges · EDGAR ↗
Q4 2021$4.9B1,395Feb 9, 202213F-HRchanges · EDGAR ↗
Q3 2021$4.5B1,376Nov 4, 202113F-HRchanges · EDGAR ↗
Q2 2021$5.2B1,511Aug 12, 202113F-HRchanges · EDGAR ↗
Q1 2021$5.0B1,447May 10, 202113F-HRchanges · EDGAR ↗
Q4 2020$4.8B1,438Feb 16, 202113F-HRchanges · EDGAR ↗
Q3 2020$4.3B1,416Nov 13, 202013F-HRchanges · EDGAR ↗
Q2 2020$4.0B1,405Aug 10, 202013F-HRchanges · EDGAR ↗
Q1 2020$3.6B1,238May 11, 202013F-HRchanges · EDGAR ↗
Q4 2019$4.6B1,241Feb 13, 202013F-HRchanges · EDGAR ↗
Q3 2019$4.4B1,249Nov 12, 201913F-HRchanges · EDGAR ↗
Q2 2019$4.5B1,222Aug 12, 201913F-HRchanges · EDGAR ↗
Q1 2019$4.5B1,196May 9, 201913F-HRchanges · EDGAR ↗
Q4 2018$4.0B1,138Feb 13, 201913F-HRchanges · EDGAR ↗

13F filings are due up to 45 days after quarter end, so holdings shown here lag the fund’s current book. Source: original SEC filing on EDGAR ↗.