Railway Pension Liquidates All 1.65M CCJ Shares Worth $122.8 Million

Railway Pension Investments Ltd liquidated its entire position in Cameco Corporation (NYSE:CCJ) during the third quarter, an estimated $122.75 million trade.

What happened

On October 22, 2025, Railway Pension Investments Ltd disclosed a full exit from Cameco Corporation (NYSE:CCJ) in its Form 13-F filed with the Securities and Exchange Commission. The fund sold its entire position of 1,653,600 shares, with the estimated transaction value totaling $122.75 million based on the average share price for the quarter.

What else to know

Railway Pension Investments Ltd sold out of CCJ; post-trade stake is zero, now representing 0% of fund AUM. The position previously accounted for 1.7% of fund AUM.

Top holdings after the filing:

• MSFT: $484.7 million (6.5% of AUM)
• GOOGL: $265.4 million (3.6% of AUM)
• V: $200.5 million (2.7% of AUM)
• ABBV: $197.72 million (2.6786% of AUM)
• AMZN: $197.7 million (2.7% of AUM)

As of October 21, 2025, shares of Cameco Corporation were priced at $104.99, up 104.3% YTD, outperforming the S&P 500 by 87.7 percentage points during the same period.

Company Overview

Company Snapshot

• Produces and sells uranium, as well as providing uranium refining, conversion, and fuel fabrication services.
• Generates revenue primarily through uranium mining and fuel services, supplying nuclear utilities globally.
• Serves nuclear utilities in the Americas, Europe, and Asia as its main customer base.
• Cameco Corporation is a leading uranium producer with a vertically integrated business model spanning mining, refining, and fuel fabrication. The company leverages its expertise to supply critical nuclear fuel components to power utilities worldwide.

Foolish take

Railway Pension Investments just sold off its entire $122.8 million stake in Cameco Corporation stock, completely exiting the uranium producer after an incredible run. The shares have more than doubled in 2025, soaring over 100% as the world's interest in nuclear energy keeps accelerating. This move is most likely just taking profits after the huge rally, especially since Cameco's core business is still very strong.

As one of the world’s biggest uranium suppliers, Cameco is benefiting from the growing need for clean, reliable baseload power during the energy transition. Its fully integrated model—from mining and refining to fuel fabrication—positions it perfectly to meet the rising demand from power companies globally. While things like uranium prices and geopolitics can cause some volatility, Cameco’s size and long-term contracts give it a solid base. Railway Pension’s exit seems less about worrying over the company’s future and more about locking in gains after a fantastic year for both nuclear power sentiment and the stock’s performance.

Glossary

Liquidated: Sold off an entire investment position, reducing the holding to zero.
Assets Under Management (AUM): The total market value of investments managed by a fund or firm on behalf of clients.
Form 13-F: A quarterly SEC filing by institutional investment managers disclosing their equity holdings.
Vertically Integrated: A business model where a company controls multiple stages of its supply chain, from production to distribution.
Dividend Yield: Annual dividends paid by a company divided by its share price, shown as a percentage.
Fuel Fabrication: The process of converting refined uranium into fuel assemblies for use in nuclear reactors.
Conversion (Uranium): The process of transforming mined uranium into a chemical form suitable for enrichment and fuel production.
Outperforming: Achieving a higher return or growth rate than a benchmark, such as the S&P 500.
Stake: The amount or percentage of ownership an investor holds in a company or asset.
Quarterly Average Pricing: The average price of a security over a specific quarter, used to estimate transaction values.
Reportable U.S. Equity Assets: The portion of a fund's U.S. stock holdings that must be disclosed in regulatory filings.
TTM: The 12-month period ending with the most recent quarterly report.

Adam Palasciano has no positions in any of the stocks mentioned. The Motley Fool has positions in and recommends AbbVie, Alphabet, Amazon, Microsoft, and Visa. The Motley Fool has a disclosure policy.