Public Market case studies

How Railpen is investing in Public Markets on behalf of RPS members.

Case study

As part of its Public Markets strategy, Railpen is currently invested in a variety of companies both in the UK and overseas.

Here are two recent examples…

Taiwan Semiconductor Manufacturing Company (TSMC)

TSMC makes cutting edge microchips used in smartphones, computers, datacentres and cars.

The company’s customers, such as Apple, rely on them to deliver their latest products on time, and at an agreed level of performance.

Since Railpen invested in TSMC in 2016, its share price has increased ten-fold.

TSMC has achieved its leading position by investing heavily in research and development and working closely with the entire manufacturing value-chain from design all the way through to how the chips are packaged.

It is currently one of only three companies in the world that can produce the most modern computer chips.

A technician in full protective clothing working in a lab
TSMC is also at the heart of current and future technology revolutions. Artificial intelligence (AI) is a good example, with the company holding close to a 100% market share of the semiconductors made for this purpose.
Oxford Nanopore

Oxford Nanopore is a UK-based company, that provides DNA and RNA sequencing technology for use in scientific research and other environments.

DNA and RNA are molecules that are present in all living things (organisms). DNA contains the genetic code, or instructions for building and operating an organism, while RNA carries instructions from the DNA to control the production of proteins, which are the building blocks of organisms.

Sequencing is the process of identifying the order of ‘bases’ on a molecule of DNA or RNA. This can help to identify what something is and whether it is healthy or diseased. 

Oxford Nanopore’s technology allows for fuller and faster sequence analysis, in a way that is both easy to use and can be scaled for portable or larger use.

Close up of a technician working in a laboratory

It is currently being used in multiple clinical research laboratories, for example to characterise infectious disease samples, to investigate tissue typing in advance of transplants, and to provide insights into reproductive health.

Railpen originally invested in Oxford Nanopore before it was publicly listed (when it was still a private company), giving it a good insight into the market and allowing time to develop a strong relationship with the company management.​

Since then, Oxford Nanopore has continued to grow in strength, with its sales increasing by 50% to around £180m between 2021 and 2024. 

Where can you find out more?

You can find more information about where we invest, and why, on the following pages of your member website: 

And on the Railpen website at railpen.com/investing  

What to read next...

Our approach to investing

Railpen focuses on the needs of you, as a member, and the Scheme, as part of the overall investment approach and beliefs. 

Where we invest

Railpen invest in a range of asset types both in the UK and around the world. This delivers better long-term outcomes for our members, and more resilience against current and future risks.

Sustainable Ownership

Learn more about the work we've done to incorporate sustainability into the investments we manage, while still aiming for the best possible financial returns.