USS Investment Management Ltd
In its 13F for Q2 2024 (holdings as of June 30, 2024, filed August 14, 2024), USS Investment Management Ltd reported 551 stock positions worth $12.5 billion. Its top holding was Microsoft (MSFT) at 7.1% of the portfolio, followed by Apple (AAPL, 4.7%) and Nvidia (NVDA, 4.4%). Compared with Q1 2024, it opened 17 new positions, sold out of 10, added to 392 and reduced 49. The biggest buy was Nvidia (NVDA, shares +1%) and the biggest sale Pepsico (PEP, shares −26%).
- Most Recent 13F
- Q2 2026
- Location
- London, X0
- CIK
- 0001587381
- Portfolio Value
- $12.5B (Q2 2024)
- SEC Filing
- 0000919574-24-004578 ↗ filed Aug 14, 2024
Holdings Value
Holdings 551 stocks · $12.5B
| MSFT Microsoft Corp. | 7.06% | 1,973,479 | $881.8M | Add +7.4% |
| AAPL Apple Inc. | 4.66% | 2,762,166 | $581.4M | Reduce -0.3% |
| NVDA Nvidia Corp. | 4.38% | 4,431,198 | $547.1M | Add +1.1% |
| V Visa Inc. Class A | 2.29% | 1,089,469 | $285.8M | Add +5.8% |
| HD Home Depot Inc. | 1.93% | 701,130 | $241.5M | Add +0.8% |
| UNH Unitedhealth Group Inc. | 1.93% | 472,480 | $240.6M | Add +3.7% |
| SPGI S&P Global Inc. | 1.91% | 535,428 | $238.9M | Add +7.7% |
| VRSK Verisk Analytics Inc. | 1.90% | 878,079 | $236.7M | Add +0.3% |
| ACN Accenture PLC Class A | 1.86% | 765,514 | $232.3M | Add +7.2% |
| MAR Marriott International Class A | 1.80% | 930,191 | $224.9M | Add +0.8% |
| OTIS Otis Worldwide Corp. | 1.79% | 2,315,953 | $223.0M | Add +5.0% |
| FERG Ferguson Jersey Ltd. | 1.69% | 1,088,509 | $210.6M | Add +1.2% |
| META Meta Platforms Inc. Class A | 1.65% | 408,489 | $205.9M | Add +19.0% |
| JNJ Johnson & Johnson | 1.62% | 1,384,893 | $202.4M | Reduce -9.6% |
| YUM Yum! Brands Inc. | 1.60% | 1,504,307 | $199.1M | Add +0.1% |
| PG The Procter & Gamble Co. | 1.56% | 1,184,451 | $195.3M | Reduce -17.4% |
| AON Aon PLC Class A | 1.52% | 647,643 | $190.1M | Add +5.5% |
| FAST Fastenal Co. | 1.45% | 2,871,555 | $180.4M | Add +0.1% |
| MDT Medtronic PLC | 1.43% | 2,274,286 | $179.0M | Add +0.2% |
| GOOGL Alphabet Inc. Class A | 1.38% | 946,221 | $172.3M | Add +4.0% |
| CL Colgate-Palmolive Co. | 1.30% | 1,670,650 | $162.0M | Reduce -15.4% |
| LLY Eli Lilly & Co. | 1.18% | 162,850 | $147.6M | Add +0.0% |
| AVGO Broadcom Inc. | 1.18% | 91,913 | $147.6M | Reduce -0.2% |
| GOOG Alphabet Inc. Class C | 1.17% | 794,986 | $145.8M | Add +0.7% |
| PEP Pepsico Inc. | 1.13% | 851,729 | $140.5M | Reduce -26.5% |
| CDNS Cadence Design SYS Inc. | 0.83% | 335,978 | $103.4M | Add +624.3% |
| JPM JPMorgan Chase & Co. | 0.75% | 464,925 | $94.1M | Add +2.3% |
| ABBV Abbvie Inc. | 0.67% | 485,923 | $83.3M | Add +1.7% |
| VWOB Vanguard Emerg MKTS Gov BND | 0.58% | 1,141,775 | $71.8M | No change |
| MA Mastercard Inc. Class A | 0.57% | 162,166 | $71.5M | Add +0.8% |
| COST Costco Wholesale Corp. | 0.57% | 83,713 | $71.2M | Add +1.1% |
| KO The Coca-Cola Co. | 0.55% | 1,080,906 | $68.8M | Add +6.7% |
| VZ Verizon Communications Inc. | 0.52% | 1,575,712 | $65.0M | Add +7.7% |
| PFE Pfizer Inc. | 0.45% | 2,023,632 | $56.6M | Add +14.6% |
| PDD PDD Holdings Inc. | 0.45% | 423,791 | $56.3M | Reduce -10.8% |
| WMT Walmart Inc. | 0.43% | 797,114 | $54.0M | Reduce -6.2% |
| MRK Merck & Co. Inc. | 0.42% | 428,151 | $53.0M | Reduce -26.4% |
| MELI MercadoLibre Inc. | 0.42% | 32,037 | $52.7M | Add +12.1% |
| CSCO Cisco Systems Inc. | 0.41% | 1,064,207 | $50.5M | Add +7.7% |
| LIN Linde PLC | 0.40% | 112,402 | $49.3M | Add +10.2% |
| QCOM Qualcomm Inc. | 0.39% | 242,664 | $48.3M | Reduce -5.9% |
| NFLX Netflix Inc. | 0.38% | 71,198 | $48.0M | Add +2.3% |
| TXN Texas Instruments Inc. | 0.37% | 240,258 | $46.7M | Add +9.0% |
| ORCL Oracle Corp. | 0.36% | 319,516 | $45.1M | Add +0.5% |
| AMAT Applied Materials Inc. | 0.36% | 187,928 | $44.4M | Add +6.8% |
| XOM Exxon Mobil Corp. | 0.35% | 385,000 | $44.3M | Add +17.7% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.35% | 1,113,536 | $44.3M | Add +2.2% |
| EWM iShares MSCI Malaysia ETF | 0.35% | 1,961,403 | $44.0M | Reduce -8.7% |
| AMD Advanced Micro Devices | 0.35% | 269,101 | $43.6M | Add +2.1% |
| AMGN Amgen Inc. | 0.35% | 139,029 | $43.4M | Add +1.4% |
| TMO Thermo Fisher Scientific Inc. | 0.34% | 77,334 | $42.7M | Add +2.1% |
| FMX Fomento Economico Mex-SP ADR | 0.34% | 393,282 | $42.3M | No change |
| MCD McDonald's Corp. | 0.33% | 162,810 | $41.5M | Add +7.7% |
| ADBE Adobe Inc. | 0.33% | 74,103 | $41.2M | Add +2.4% |
| ABT Abbott Laboratories | 0.32% | 382,913 | $39.8M | Add +1.8% |
| CRM Salesforce Inc. | 0.32% | 153,108 | $39.4M | Add +2.1% |
| CMCSA Comcast Corp. Class A | 0.31% | 981,392 | $38.4M | Add +9.4% |
| TME Tencent Music Entertainm-ADR | 0.29% | 2,599,961 | $36.5M | Add +49.6% |
| NEE Nextera Energy Inc. | 0.29% | 506,979 | $35.9M | Reduce -0.4% |
| INTU Intuit Inc. | 0.28% | 53,471 | $35.1M | Add +2.0% |
| WFC Wells Fargo & Co. | 0.28% | 581,442 | $34.5M | Add +2.2% |
| LRCX Lam Research Corp. | 0.27% | 32,196 | $34.3M | Add +0.6% |
| DHR Danaher Corp. | 0.27% | 136,484 | $34.1M | Add +1.7% |
| GFI Gold Fields Ltd.-Spons ADR | 0.26% | 2,189,676 | $32.6M | Add +16.3% |
| UNP Union Pacific Corp. | 0.26% | 141,836 | $32.1M | Add +2.0% |
| CVX Chevron Corp. | 0.26% | 204,100 | $31.9M | Add +11.0% |
| UPS United Parcel Service Class B | 0.25% | 226,489 | $31.0M | Add +10.2% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.24% | 297,418 | $29.5M | Add +2.2% |
| KLAC KLA Corp. | 0.23% | 34,819 | $28.7M | Reduce -1.3% |
| ISRG Intuitive Surgical Inc. | 0.23% | 63,925 | $28.4M | Add +2.4% |
| AXP American Express Co. | 0.22% | 120,417 | $27.9M | Reduce -4.2% |
| MU Micron Technology Inc. | 0.22% | 209,882 | $27.6M | Add +2.5% |
| ADI Analog Devices Inc. | 0.22% | 120,309 | $27.5M | Add +1.7% |
| LOW Lowe's Cos Inc. | 0.22% | 123,496 | $27.2M | Add +1.6% |
| ELV Elevance Health Inc. | 0.22% | 49,807 | $27.0M | Add +0.5% |
| NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD | 0.21% | 2,073,053 | $26.7M | Add +30.9% |
| NOW ServiceNow Inc. | 0.21% | 33,879 | $26.7M | Add +2.8% |
| WM Waste Management Inc. | 0.21% | 123,467 | $26.3M | Add +25.7% |
| CAT Caterpillar Inc. | 0.21% | 77,156 | $25.7M | Reduce -3.5% |
| BLK BlackRock Finance Inc. | 0.20% | 32,420 | $25.5M | Add +1.3% |
| UBER Uber Technologies Inc. | 0.20% | 345,874 | $25.1M | Add +1.9% |
| GS Goldman Sachs Group Inc. | 0.20% | 55,489 | $25.1M | Add +2.3% |
| GE General Electric filed as GE AEROSPACE | 0.20% | 157,338 | $25.0M | Add +21.2% |
| CVS CVS Health Corp. | 0.20% | 418,695 | $24.7M | Add +19.8% |
| MDLZ Mondelez International Inc. Class A | 0.19% | 368,889 | $24.1M | Add +8.9% |
| RY Royal Bank of Canada | 0.19% | 223,082 | $23.8M | Add +2.6% |
| SYK Stryker Corp. | 0.19% | 69,356 | $23.6M | Add +1.9% |
| BKNG Booking Holdings Inc. | 0.18% | 5,819 | $23.0M | Add +2.1% |
| ADP Automatic Data Processing | 0.18% | 95,848 | $22.9M | Add +1.3% |
| VRTX Vertex Pharmaceuticals Inc. | 0.18% | 48,396 | $22.7M | Add +2.1% |
| VALE Vale SA-SP ADR | 0.18% | 2,018,509 | $22.5M | New |
| INTC Intel Corp. | 0.18% | 728,174 | $22.5M | Add +2.2% |
| BX Blackstone Inc. | 0.18% | 180,105 | $22.3M | Reduce -2.7% |
| T AT&T Inc. | 0.18% | 1,166,064 | $22.3M | Add +2.2% |
| DUK Duke Energy Corp. | 0.18% | 221,856 | $22.2M | Add +1.4% |
| BSX Boston Scientific Corp. | 0.18% | 287,319 | $22.1M | Add +2.4% |
| MMM 3M Co. | 0.17% | 212,697 | $21.7M | Add +3.6% |
| SCHW Schwab (charles) Corp. | 0.17% | 290,348 | $21.4M | Reduce -3.1% |
| REGN Regeneron Pharmaceuticals | 0.17% | 19,924 | $21.0M | Add +2.0% |
| MS Morgan Stanley | 0.17% | 215,494 | $20.9M | Add +1.6% |
Portfolio Sells Q1 2024 → Q2 2024
| PEP Pepsico Inc. | Reduce -26.5% | 1.13% | −0.55 |
| EWY iShares MSCI South Korea ETF | Sold out | 0.00% | −0.49 |
| JNJ Johnson & Johnson | Reduce -9.6% | 1.62% | −0.38 |
| PG The Procter & Gamble Co. | Reduce -17.4% | 1.56% | −0.35 |
| EWT iShares MSCI Taiwan ETF | Reduce -71.8% | 0.13% | −0.29 |
| MCHI iShares MSCI China ETF | Reduce -74.8% | 0.08% | −0.22 |
| MRK Merck & Co. Inc. | Reduce -26.4% | 0.42% | −0.21 |
| VALE S A | Sold out | 0.00% | −0.20 |
| CL Colgate-Palmolive Co. | Reduce -15.4% | 1.30% | −0.17 |
| EDWARDS LIFESCIENCES CORP | Sold out | 0.00% | −0.11 |
| PXD Pioneer Natural Resources Co. | Sold out | 0.00% | −0.10 |
| TRAVELERS COMPANIES INC | Sold out | 0.00% | −0.08 |
| QUANTA SVCS INC | Sold out | 0.00% | −0.06 |
| PBR Petroleo Brasileiro-Spon ADR | Reduce -25.0% | 0.10% | −0.05 |
| CRH CRH PLC | Reduce -26.6% | 0.07% | −0.04 |
| CAT Caterpillar Inc. | Reduce -3.5% | 0.21% | −0.04 |
| EL Estee Lauder Companies Class A | Reduce -11.5% | 0.05% | −0.03 |
| EWM iShares MSCI Malaysia ETF | Reduce -8.7% | 0.35% | −0.03 |
| COP Conocophillips | Reduce -18.7% | 0.07% | −0.03 |
| FIRSTSERVICE CORP NEW | Sold out | 0.00% | −0.03 |
| BF.B Brown-Forman Corp. Class B | Reduce -19.9% | 0.05% | −0.03 |
| TSN Tyson Foods Inc. Class A | Reduce -76.0% | 0.01% | −0.02 |
| ES Eversource Energy | Reduce -31.8% | 0.04% | −0.02 |
| BX Blackstone Inc. | Reduce -2.7% | 0.18% | −0.02 |
| COR Cencora Inc. | Reduce -8.0% | 0.08% | −0.02 |
| DHI D.R. Horton Inc. | Reduce -0.4% | 0.08% | −0.02 |
| CVE Cenovus Energy Inc. | Sold out | 0.00% | −0.02 |
| ETN Eaton Corp. PLC | Reduce -23.2% | 0.04% | −0.01 |
| COF Capital One Financial Corp. | Reduce -5.5% | 0.08% | −0.01 |
| LEN Lennar Corp. Class A | Reduce -0.2% | 0.08% | −0.01 |
| NUE Nucor Corp. | Reduce -0.7% | 0.05% | −0.01 |
| AXP American Express Co. | Reduce -4.2% | 0.22% | −0.01 |
| SOLV Solventum Corp. | Reduce -46.5% | 0.01% | −0.01 |
| VLO Valero Energy Corp. | Reduce -16.9% | 0.03% | −0.01 |
| AIZ Assurant Inc. | Sold out | 0.00% | −0.01 |
| HAS Hasbro Inc. | Sold out | 0.00% | −0.01 |
| PHM Pultegroup Inc. | Reduce -5.8% | 0.05% | −0.01 |
| MPC Marathon Petroleum Corp. | Reduce -9.7% | 0.02% | −0.01 |
| SCHW Schwab (charles) Corp. | Reduce -3.1% | 0.17% | −0.01 |
| SYF Synchrony Financial | Reduce -18.4% | 0.05% | −0.01 |
| DFS Discover Financial Services | Reduce -5.5% | 0.07% | −0.01 |
| TFC Truist Financial Corp. | Reduce -1.6% | 0.14% | −0.01 |
| DELL Dell Technologies -C | Reduce -45.0% | 0.01% | −0.01 |
| FITB Fifth Third Bancorp | Reduce -4.0% | 0.06% | −0.01 |
| JCI Johnson Controls Internation | Reduce -10.6% | 0.04% | −0.01 |
| FCX Freeport-McMoran Inc. | Reduce -4.7% | 0.12% | −0.01 |
| LNG Cheniere Energy Inc. | Reduce -15.4% | 0.04% | −0.00 |
| BNY Bank of New York Mellon Corp. | Reduce -5.2% | 0.10% | −0.00 |
| K Kellanova | Reduce -2.9% | 0.08% | −0.00 |
| PDD PDD Holdings Inc. | Reduce -10.8% | 0.45% | −0.00 |
Portfolio Buys Q1 2024 → Q2 2024
| NVDA Nvidia Corp. | Add +1.1% | 4.38% | +1.12 |
| CDNS Cadence Design SYS Inc. | Add +624.3% | 0.83% | +0.71 |
| MSFT Microsoft Corp. | Add +7.4% | 7.06% | +0.70 |
| META Meta Platforms Inc. Class A | Add +19.0% | 1.65% | +0.28 |
| GOOGL Alphabet Inc. Class A | Add +4.0% | 1.38% | +0.25 |
| VRSK Verisk Analytics Inc. | Add +0.3% | 1.90% | +0.19 |
| VALE Vale SA-SP ADR | New | 0.18% | +0.18 |
| GOOG Alphabet Inc. Class C | Add +0.7% | 1.17% | +0.18 |
| SPGI S&P Global Inc. | Add +7.7% | 1.91% | +0.17 |
| LLY Eli Lilly & Co. | Add +0.0% | 1.18% | +0.14 |
| TME Tencent Music Entertainm-ADR | Add +49.6% | 0.29% | +0.13 |
| EW Edwards Lifesciences Corp. | New | 0.10% | +0.10 |
| TBBB BBB Foods Inc. Class A | New | 0.10% | +0.10 |
| UNH Unitedhealth Group Inc. | Add +3.7% | 1.93% | +0.07 |
| COST Costco Wholesale Corp. | Add +1.1% | 0.57% | +0.07 |
| TRV The Travelers Cos Inc. | New | 0.07% | +0.07 |
| MELI MercadoLibre Inc. | Add +12.1% | 0.42% | +0.07 |
| NU Nu Holdings Ltd./Cayman Isl-A | Add +30.9% | 0.21% | +0.06 |
| TXN Texas Instruments Inc. | Add +9.0% | 0.37% | +0.06 |
| PWR Quanta Services Inc. | New | 0.06% | +0.06 |
| AMAT Applied Materials Inc. | Add +6.8% | 0.36% | +0.06 |
| PFE Pfizer Inc. | Add +14.6% | 0.45% | +0.05 |
| OKE Oneok Inc. | Add +103.9% | 0.09% | +0.05 |
| COO The Cooper Cos Inc. | New | 0.04% | +0.04 |
| KHC The Kraft Heinz Co. | Add +116.1% | 0.10% | +0.04 |
| XOM Exxon Mobil Corp. | Add +17.7% | 0.35% | +0.04 |
| FER Ferrovial NV | New | 0.04% | +0.04 |
| KO The Coca-Cola Co. | Add +6.7% | 0.55% | +0.04 |
| KDP Keurig Dr Pepper Inc. | Add +60.4% | 0.10% | +0.04 |
| WM Waste Management Inc. | Add +25.7% | 0.21% | +0.04 |
| NFLX Netflix Inc. | Add +2.3% | 0.38% | +0.04 |
| AWK American Water Works Co. Inc. | Add +50.1% | 0.10% | +0.04 |
| CPAY Corpay Inc. | New | 0.03% | +0.03 |
| ORCL Oracle Corp. | Add +0.5% | 0.36% | +0.03 |
| RSG Republic Services Inc. | Add +36.9% | 0.12% | +0.03 |
| MTD Mettler-Toledo International | Add +42.5% | 0.10% | +0.03 |
| ADBE Adobe Inc. | Add +2.4% | 0.33% | +0.03 |
| ALNY Alnylam Pharmaceuticals Inc. | Add +4.0% | 0.07% | +0.03 |
| TEL Te Connectivity Ltd. | Add +26.7% | 0.13% | +0.03 |
| ADI Analog Devices Inc. | Add +1.7% | 0.22% | +0.03 |
| AMGN Amgen Inc. | Add +1.4% | 0.35% | +0.03 |
| A Agilent Technologies Inc. | Add +44.7% | 0.12% | +0.02 |
| FSV Firstservice Corp. | New | 0.02% | +0.02 |
| PNR Pentair PLC | New | 0.02% | +0.02 |
| PANW Palo Alto Networks Inc. | Add +2.5% | 0.14% | +0.02 |
| CGNX Cognex Corp. | New | 0.02% | +0.02 |
| ANET Arista Networks Inc. | Add +1.7% | 0.14% | +0.02 |
| ISRG Intuitive Surgical Inc. | Add +2.4% | 0.23% | +0.02 |
| CARR Carrier Global Corp. | Add +63.3% | 0.05% | +0.02 |
| MU Micron Technology Inc. | Add +2.5% | 0.22% | +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 |