USS Investment Management Ltd
In its 13F for Q1 2024 (holdings as of March 31, 2024, filed May 15, 2024), USS Investment Management Ltd reported 542 stock positions worth $12.1 billion. Its top holding was Microsoft (MSFT) at 6.4% of the portfolio, followed by Apple (AAPL, 3.9%) and Nvidia (NVDA, 3.3%). Compared with Q4 2023, it opened 14 new positions, sold out of 24, added to 296 and reduced 175. The biggest buy was Nvidia (NVDA, shares +1%) and the biggest sale an exit from Vale SA-SP ADR (VALE).
- Most Recent 13F
- Q2 2026
- Location
- London, X0
- CIK
- 0001587381
- Portfolio Value
- $12.1B (Q1 2024)
- SEC Filing
- 0000919574-24-003133 ↗ filed May 15, 2024
Holdings Value
Holdings 542 stocks · $12.1B
| MSFT Microsoft Corp. | 6.36% | 1,837,300 | $771.7M | Add +0.7% |
| AAPL Apple Inc. | 3.92% | 2,770,518 | $475.1M | Add +1.6% |
| NVDA Nvidia Corp. | 3.26% | 438,071 | $395.4M | Add +0.9% |
| V Visa Inc. Class A | 2.37% | 1,029,711 | $287.0M | Reduce -0.1% |
| HD Home Depot Inc. | 2.20% | 695,607 | $266.7M | Reduce -0.4% |
| ACN Accenture PLC Class A | 2.04% | 714,282 | $247.2M | Add +6.7% |
| JNJ Johnson & Johnson | 2.00% | 1,531,662 | $242.3M | Reduce -1.3% |
| FERG Ferguson Jersey Ltd. | 1.94% | 1,075,877 | $235.0M | Add +4.4% |
| MAR Marriott International Class A | 1.92% | 922,917 | $232.8M | Reduce -0.3% |
| PG The Procter & Gamble Co. | 1.92% | 1,434,753 | $232.7M | Reduce -6.3% |
| UNH Unitedhealth Group Inc. | 1.86% | 455,536 | $225.2M | Add +0.4% |
| FAST Fastenal Co. | 1.82% | 2,869,084 | $221.3M | Add +0.6% |
| OTIS Otis Worldwide Corp. | 1.80% | 2,204,580 | $218.8M | Add +0.5% |
| SPGI S&P Global Inc. | 1.74% | 497,006 | $211.2M | Add +0.1% |
| YUM Yum! Brands Inc. | 1.72% | 1,502,975 | $208.3M | Reduce -0.3% |
| VRSK Verisk Analytics Inc. | 1.70% | 875,931 | $206.4M | Add +8.7% |
| AON Aon PLC Class A | 1.69% | 613,709 | $204.8M | Add +16.1% |
| PEP Pepsico Inc. | 1.67% | 1,158,324 | $202.7M | Reduce -6.8% |
| MDT Medtronic PLC | 1.63% | 2,269,928 | $197.8M | Add +0.6% |
| CL Colgate-Palmolive Co. | 1.47% | 1,974,052 | $177.7M | Reduce -8.2% |
| META Meta Platforms Inc. Class A | 1.37% | 343,340 | $166.7M | Add +0.9% |
| GOOGL Alphabet Inc. Class A | 1.13% | 909,839 | $137.2M | Reduce -0.8% |
| LLY Eli Lilly & Co. | 1.04% | 162,820 | $126.5M | Add +0.5% |
| AVGO Broadcom Inc. | 1.01% | 92,122 | $122.0M | Add +10.9% |
| GOOG Alphabet Inc. Class C | 0.99% | 789,741 | $120.2M | Reduce -0.4% |
| JPM JPMorgan Chase & Co. | 0.75% | 454,530 | $91.0M | Add +1.6% |
| ABBV Abbvie Inc. | 0.72% | 477,831 | $86.9M | Add +0.9% |
| MA Mastercard Inc. Class A | 0.64% | 160,835 | $77.4M | Add +1.7% |
| MRK Merck & Co. Inc. | 0.63% | 581,756 | $76.7M | Add +1.9% |
| VWOB Vanguard Emerg MKTS Gov BND | 0.60% | 1,141,775 | $72.9M | No change |
| KO The Coca-Cola Co. | 0.51% | 1,012,621 | $61.9M | Add +1.4% |
| VZ Verizon Communications Inc. | 0.51% | 1,462,707 | $61.4M | Add +1.0% |
| COST Costco Wholesale Corp. | 0.50% | 82,841 | $60.7M | Add +504.7% |
| EWY iShares MSCI South Korea ETF | 0.49% | 878,778 | $59.0M | Add +1.2% |
| PDD PDD Holdings Inc. | 0.46% | 475,283 | $55.2M | Add +8.0% |
| FMX Fomento Economico Mex-SP ADR | 0.42% | 393,282 | $51.2M | Add +56.6% |
| WMT Walmart Inc. | 0.42% | 849,933 | $51.1M | Reduce -0.5% |
| EWT iShares MSCI Taiwan ETF | 0.42% | 1,036,221 | $50.4M | Add +125.8% |
| CSCO Cisco Systems Inc. | 0.41% | 988,506 | $49.3M | Add +2.9% |
| PFE Pfizer Inc. | 0.40% | 1,765,908 | $49.0M | Add +3.2% |
| AMD Advanced Micro Devices | 0.39% | 263,517 | $47.5M | Add +1.4% |
| LIN Linde PLC | 0.39% | 102,028 | $47.4M | Add +1.8% |
| EWM iShares MSCI Malaysia ETF | 0.39% | 2,148,953 | $46.8M | No change |
| CRM Salesforce Inc. | 0.37% | 149,908 | $45.1M | Add +2.3% |
| TMO Thermo Fisher Scientific Inc. | 0.36% | 75,716 | $44.0M | Add +2.6% |
| QCOM Qualcomm Inc. | 0.36% | 257,861 | $43.6M | Add +2.1% |
| MELI MercadoLibre Inc. | 0.36% | 28,580 | $43.2M | Add +0.9% |
| ABT Abbott Laboratories | 0.35% | 376,223 | $42.8M | Add +2.3% |
| MCD McDonald's Corp. | 0.35% | 151,215 | $42.6M | Add +1.1% |
| NFLX Netflix Inc. | 0.35% | 69,567 | $42.2M | Add +2.5% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.34% | 1,089,683 | $41.3M | Add +0.2% |
| ORCL Oracle Corp. | 0.33% | 318,024 | $39.9M | Add +2.8% |
| AMGN Amgen Inc. | 0.32% | 137,160 | $39.0M | Add +0.3% |
| CMCSA Comcast Corp. Class A | 0.32% | 897,421 | $38.9M | Reduce -1.4% |
| TXN Texas Instruments Inc. | 0.32% | 220,444 | $38.4M | Add +3.1% |
| XOM Exxon Mobil Corp. | 0.31% | 327,200 | $38.0M | No change |
| ADBE Adobe Inc. | 0.30% | 72,378 | $36.5M | Add +2.3% |
| AMAT Applied Materials Inc. | 0.30% | 176,013 | $36.3M | Add +2.3% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.29% | 290,992 | $35.6M | Add +1.3% |
| MCHI iShares MSCI China ETF | 0.29% | 889,881 | $35.4M | Reduce -39.8% |
| UNP Union Pacific Corp. | 0.28% | 139,047 | $34.2M | Add +1.7% |
| INTU Intuit Inc. | 0.28% | 52,407 | $34.1M | Add +0.1% |
| DHR Danaher Corp. | 0.28% | 134,172 | $33.5M | Add +2.5% |
| WFC Wells Fargo & Co. | 0.27% | 569,150 | $33.0M | Reduce -3.0% |
| NEE Nextera Energy Inc. | 0.27% | 508,969 | $32.5M | Add +3.8% |
| INTC Intel Corp. | 0.26% | 712,258 | $31.4M | Add +0.7% |
| LRCX Lam Research Corp. | 0.26% | 32,021 | $31.1M | Add +2.9% |
| LOW Lowe's Cos Inc. | 0.26% | 121,566 | $30.9M | Reduce -4.3% |
| UPS United Parcel Service Class B | 0.25% | 205,603 | $30.6M | Add +3.6% |
| GFI Gold Fields Ltd.-Spons ADR | 0.25% | 1,882,616 | $29.9M | No change |
| CAT Caterpillar Inc. | 0.24% | 79,961 | $29.3M | Reduce -24.5% |
| CVX Chevron Corp. | 0.24% | 183,900 | $29.0M | No change |
| AXP American Express Co. | 0.24% | 125,638 | $28.6M | Add +2.3% |
| CVS CVS Health Corp. | 0.23% | 349,399 | $27.9M | Add +2.2% |
| BLK BlackRock Finance Inc. | 0.22% | 32,001 | $26.6M | Add +1.9% |
| UBER Uber Technologies Inc. | 0.22% | 339,243 | $26.1M | Reduce -3.7% |
| ELV Elevance Health Inc. | 0.21% | 49,556 | $25.7M | Reduce -0.4% |
| NOW ServiceNow Inc. | 0.21% | 32,967 | $25.1M | Reduce -0.1% |
| ISRG Intuitive Surgical Inc. | 0.21% | 62,444 | $24.9M | Add +4.1% |
| NKE Nike Inc. Class B | 0.20% | 264,401 | $24.8M | Add +4.2% |
| KLAC KLA Corp. | 0.20% | 35,293 | $24.6M | Add +2.0% |
| VALE S A | 0.20% | 2,018,509 | $24.6M | New |
| SYK Stryker Corp. | 0.20% | 68,099 | $24.4M | Add +2.3% |
| BX Blackstone Inc. | 0.20% | 185,026 | $24.3M | Reduce -2.1% |
| MU Micron Technology Inc. | 0.20% | 204,854 | $24.1M | Add +0.5% |
| MDLZ Mondelez International Inc. Class A | 0.20% | 338,711 | $23.7M | Add +2.7% |
| ADP Automatic Data Processing | 0.19% | 94,615 | $23.6M | Add +2.1% |
| ADI Analog Devices Inc. | 0.19% | 118,339 | $23.4M | Add +7.2% |
| GE General Electric | 0.19% | 129,803 | $22.8M | Reduce -26.1% |
| GS Goldman Sachs Group Inc. | 0.19% | 54,227 | $22.6M | Add +2.7% |
| DE Deere & Co. | 0.18% | 54,408 | $22.3M | Reduce -2.3% |
| CME Cme Group Inc. | 0.18% | 103,134 | $22.2M | Add +2.7% |
| RY Royal Bank of Canada | 0.18% | 217,316 | $21.9M | Add +3.9% |
| PLD Prologis Inc. | 0.18% | 167,738 | $21.8M | Add +4.1% |
| MMM 3M Co. | 0.18% | 205,382 | $21.8M | Add +2.6% |
| SCHW Schwab (charles) Corp. | 0.18% | 299,574 | $21.7M | Add +1.7% |
| USB US Bancorp | 0.17% | 473,366 | $21.2M | Reduce -2.0% |
| DUK Duke Energy Corp. | 0.17% | 218,811 | $21.2M | Reduce -2.9% |
| WM Waste Management Inc. | 0.17% | 98,201 | $20.9M | Add +4.6% |
| BKNG Booking Holdings Inc. | 0.17% | 5,699 | $20.7M | Reduce -6.3% |
Portfolio Sells Q4 2023 → Q1 2024
| VALE Vale SA-SP ADR | Sold out | 0.00% | −0.29 |
| YUMC Yum China Holdings Inc. | Reduce -89.2% | 0.03% | −0.26 |
| MCHI iShares MSCI China ETF | Reduce -39.8% | 0.29% | −0.25 |
| PEP Pepsico Inc. | Reduce -6.8% | 1.67% | −0.23 |
| JNJ Johnson & Johnson | Reduce -1.3% | 2.00% | −0.19 |
| PG The Procter & Gamble Co. | Reduce -6.3% | 1.92% | −0.10 |
| EW Edwards Lifesciences Corp. | Sold out | 0.00% | −0.08 |
| CARR Carrier Global Corp. | Reduce -70.3% | 0.03% | −0.08 |
| CL Colgate-Palmolive Co. | Reduce -8.2% | 1.47% | −0.08 |
| PWR Quanta Services Inc. | Sold out | 0.00% | −0.08 |
| TRV The Travelers Cos Inc. | Sold out | 0.00% | −0.08 |
| ADM Archer-Daniels-Midland Co. | Reduce -50.6% | 0.04% | −0.05 |
| YUM Yum! Brands Inc. | Reduce -0.3% | 1.72% | −0.05 |
| COO Cooper Cos Inc. | Sold out | 0.00% | −0.05 |
| V Visa Inc. Class A | Reduce -0.1% | 2.37% | −0.05 |
| XYL Xylem Inc. | Reduce -86.1% | 0.01% | −0.05 |
| LNG Cheniere Energy Inc. | Reduce -43.9% | 0.04% | −0.05 |
| CTRA Coterra Energy Inc. | Reduce -61.7% | 0.03% | −0.04 |
| SPLK Splunk Inc. | Sold out | 0.00% | −0.04 |
| CAT Caterpillar Inc. | Reduce -24.5% | 0.24% | −0.04 |
| CMCSA Comcast Corp. Class A | Reduce -1.4% | 0.32% | −0.04 |
| TFX Teleflex Inc. | Sold out | 0.00% | −0.04 |
| PCAR Paccar Inc. | Reduce -53.2% | 0.04% | −0.04 |
| LULU Lululemon Athletica Inc. | Reduce -2.2% | 0.08% | −0.04 |
| JCI Johnson Controls Internation | Reduce -44.5% | 0.05% | −0.04 |
| ETSY Etsy Inc. | Sold out | 0.00% | −0.04 |
| CPAY Fleetcor Technologies Inc. | Sold out | 0.00% | −0.03 |
| TMUS T-Mobile US Inc. | Reduce -18.9% | 0.10% | −0.03 |
| CTLT Catalent Inc. | Sold out | 0.00% | −0.03 |
| PPL PPL Corp. | Reduce -70.8% | 0.01% | −0.03 |
| WEC WEC Energy Group Inc. | Reduce -35.7% | 0.04% | −0.03 |
| CBRE CBRE Group Inc. Class A | Reduce -75.5% | 0.01% | −0.03 |
| NUE Nucor Corp. | Reduce -36.1% | 0.06% | −0.03 |
| DOW Dow Inc. | Reduce -49.0% | 0.03% | −0.03 |
| PEG Public Service Enterprise GP | Reduce -37.1% | 0.05% | −0.03 |
| STLA Stellantis NV | Reduce -30.3% | 0.10% | −0.03 |
| XEL Xcel Energy Inc. | Reduce -12.9% | 0.06% | −0.03 |
| KMI Kinder Morgan Inc. | Reduce -17.5% | 0.10% | −0.03 |
| VLTO Veralto Corp. | Sold out | 0.00% | −0.03 |
| LNT Alliant Energy Corp. | Reduce -50.1% | 0.02% | −0.03 |
| F Ford Motor Co. | Reduce -36.1% | 0.05% | −0.03 |
| LYB Lyondellbasell Indu Class A | Reduce -31.7% | 0.05% | −0.03 |
| HAS Hasbro Inc. | Reduce -71.7% | 0.01% | −0.03 |
| EMN Eastman Chemical Co. | Reduce -59.0% | 0.02% | −0.03 |
| DOCU Docusign Inc. | Sold out | 0.00% | −0.02 |
| CNH CNH Industrial NV | Sold out | 0.00% | −0.02 |
| BKNG Booking Holdings Inc. | Reduce -6.3% | 0.17% | −0.02 |
| FMC FMC Corp. | Sold out | 0.00% | −0.02 |
| IP International Paper Co. | Reduce -73.2% | 0.01% | −0.02 |
| DUK Duke Energy Corp. | Reduce -2.9% | 0.17% | −0.02 |
Portfolio Buys Q4 2023 → Q1 2024
| NVDA Nvidia Corp. | Add +0.9% | 3.26% | +1.33 |
| COST Costco Wholesale Corp. | Add +504.7% | 0.50% | +0.42 |
| AON Aon PLC Class A | Add +16.1% | 1.69% | +0.31 |
| META Meta Platforms Inc. Class A | Add +0.9% | 1.37% | +0.29 |
| EWT iShares MSCI Taiwan ETF | Add +125.8% | 0.42% | +0.23 |
| VALE S A | New | 0.20% | +0.20 |
| LLY Eli Lilly & Co. | Add +0.5% | 1.04% | +0.19 |
| MSFT Microsoft Corp. | Add +0.7% | 6.36% | +0.19 |
| AVGO Broadcom Inc. | Add +10.9% | 1.01% | +0.17 |
| FAST Fastenal Co. | Add +0.6% | 1.82% | +0.16 |
| TME Tencent Music Entertainm-ADR | New | 0.16% | +0.16 |
| NU Nu Holdings Ltd./Cayman Isl-A | New | 0.16% | +0.16 |
| FERG Ferguson Jersey Ltd. | Add +4.4% | 1.94% | +0.15 |
| FMX Fomento Economico Mex-SP ADR | Add +56.6% | 0.42% | +0.13 |
| ORLY O'reilly Automotive Inc. | New | 0.12% | +0.12 |
| EDWARDS LIFESCIENCES CORP | New | 0.11% | +0.11 |
| CRH CRH PLC | Add +259.8% | 0.12% | +0.09 |
| TRAVELERS COMPANIES INC | New | 0.08% | +0.08 |
| MRK Merck & Co. Inc. | Add +1.9% | 0.63% | +0.07 |
| GEHC GE Healthcare Technology | Add +591.7% | 0.08% | +0.07 |
| JPM JPMorgan Chase & Co. | Add +1.6% | 0.75% | +0.07 |
| COIN Coinbase Global Inc. Class A | New | 0.06% | +0.06 |
| DIS The Walt Disney Co. | Add +1.3% | 0.29% | +0.06 |
| QUANTA SVCS INC | New | 0.06% | +0.06 |
| ABBV Abbvie Inc. | Add +0.9% | 0.72% | +0.06 |
| NFLX Netflix Inc. | Add +2.5% | 0.35% | +0.05 |
| AMAT Applied Materials Inc. | Add +2.3% | 0.30% | +0.05 |
| AMD Advanced Micro Devices | Add +1.4% | 0.39% | +0.05 |
| MU Micron Technology Inc. | Add +0.5% | 0.20% | +0.04 |
| DASH DoorDash Inc. Class A | Add +48.6% | 0.09% | +0.04 |
| ARES Ares Management Corp. Class A | New | 0.04% | +0.04 |
| OTIS Otis Worldwide Corp. | Add +0.5% | 1.80% | +0.04 |
| LRCX Lam Research Corp. | Add +2.9% | 0.26% | +0.04 |
| ORCL Oracle Corp. | Add +2.8% | 0.33% | +0.04 |
| ICLR Icon PLC | New | 0.03% | +0.03 |
| QCOM Qualcomm Inc. | Add +2.1% | 0.36% | +0.03 |
| MA Mastercard Inc. Class A | Add +1.7% | 0.64% | +0.03 |
| AXP American Express Co. | Add +2.3% | 0.24% | +0.03 |
| FIRSTSERVICE CORP NEW | New | 0.03% | +0.03 |
| RACE Ferrari NV | Add +15.8% | 0.10% | +0.03 |
| CEG Constellation Energy | Add +1.4% | 0.08% | +0.03 |
| CRM Salesforce Inc. | Add +2.3% | 0.37% | +0.03 |
| PH Parker Hannifin Corp. | Add +6.2% | 0.16% | +0.02 |
| ISRG Intuitive Surgical Inc. | Add +4.1% | 0.21% | +0.02 |
| KLAC KLA Corp. | Add +2.0% | 0.20% | +0.02 |
| C Citigroup Inc. | Add +2.8% | 0.16% | +0.02 |
| SE Sea Ltd.-ADR | Add +42.8% | 0.05% | +0.02 |
| SYK Stryker Corp. | Add +2.3% | 0.20% | +0.02 |
| ABNB Airbnb Inc. Class A | Add +13.5% | 0.10% | +0.02 |
| WM Waste Management Inc. | Add +4.6% | 0.17% | +0.02 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 617 | $25.4B | SPYM, VOO, IVV, NVDA, AMZN |
| Q1 2026 | 512 | $23.6B | SPYM, VOO, IVV, NVDA, MSFT |
| Q4 2025 | 508 | $20.1B | SPYM, MSFT, NVDA, AAPL, AMZN |
| Q3 2025 | 526 | $20.8B | SPYM, MSFT, NVDA, VOO, IVV |
| Q2 2025 | 523 | $15.9B | SPYM, MSFT, NVDA, AAPL, V |
| Q1 2025 | 533 | $13.2B | SPYM, MSFT, AAPL, NVDA, V |
| Q4 2024 | 554 | $13.8B | MSFT, AAPL, NVDA, V, AMZN |
| Q3 2024 | 535 | $13.6B | MSFT, AAPL, NVDA, V, HD |
| Q2 2024 | 551 | $12.5B | MSFT, AAPL, NVDA, V, HD |
| Q1 2024 | 542 | $12.1B | MSFT, AAPL, NVDA, V, HD |